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Cobalt White Paper
Why Global Battery Makers Will Continue to Rely on African Cobalt
Notwithstanding the recent downturn,cobalt prices have skyrocketed over the last five years. This surge has been largely in response to rising demand from the energy storage sector, in particular the fast-growing electric vehicle industry.
This demand-led price growth, coupled with the political and economic turmoil that plague many African countries, has spurred development of new cobalt projects outside of the DRC. While we believe that cobalt projects outside of the main cobalt basins certainly have their place and may indeed fill some of this demand requirement, Core Consultants sees African deposits as the mainstay for the foreseeable future.
This paper provides a technical basis and a clear economic rationale for our thesis that irrespective of the challenges facing the African Copper Belt, new supply required for the battery sector will mainly be met by African-based cobalt developments and DRC-based deposits in particular.