Globe says Cobalt 27, rivals hear Tesla sourcing in NA

Mar 9, 2018

2018-03-05 08:10 ET – In the News

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The Globe and Mail reports in its Saturday, March 3, edition that Canada is benefiting from a surge in demand for lithium-ion batteries. The Globe’s guest columnist Terry Cain writes that cobalt and lithium are the ingredients that power the most popular kind of rechargeable batteries used in home electronics, as well as electric vehicles. The price of lithium has spiked by nearly 500 per cent over the past five years, though it has pulled back in the first part of this year. Australia and South America are the main lithium producers. Cobalt is an ingredient in rechargeable batteries that extends their life. Cobalt prices on the London Metals Exchange more than doubled in 2017, and rose to a record high early this year. Mr. Cain notes that the supply side of the price equation is also boosting cobalt’s price (which recently set new highs). The Democratic Republic of Congo is by far the world’s leading cobalt producer. There are, however, serious concerns about child labour, worker exploitation and environmental problems in DRC. Tesla has pledged to source its cobalt exclusively from North America. Canada is currently the world’s third-biggest producer of cobalt, with output of 7,300 metric tonnes in 2016.

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