China stockpiling of Cobalt has seen it’s prices soar, rising by about 65 per cent since January. Cobalt is used in batteries for electric vehicles, as well as smartphones, tablets and laptops. China is the world’s biggest importer of cobalt, buying about 95,000 tonnes of it every year.
Glencore PLC is closing its Mutanda mine in Congo, one of its largest copper and cobalt mines. Cobalt hit a peak of near $40 a pound in late 2017 and is now trading at around $12.50 a pound as trade war between U.S. and China hit commodity prices.
Mining company Australian Mines will export 40kg of battery-grade nickel sulphate and 4kg of battery-grade cobalt sulphate to Korean partner SK Innovation. This is an Australian record for the export shipment of each ore putting Australia in pole position for electric vehicles..
Australian Swiss mining giant Glencore PLC announced a massive $5.6 billion restructuring of its troubled Congo copper company, Katanga Mining last week which resolved the fiery dispute with Congo’s state-run mining companies massive debt load.