Chinese control of cobalt supply is danger for vehicle industry, Glencore chief executive officertells

The world's automotive industry is "waking up also late" to the reality which China going to hold generality of the world's supply of cobalt, a key metal for EV batteries, tells Glencore (OTCPK:GLCNF, OTCPK:GLNCY) chief executive officerIvan Glasenberg. "If cobalt falls into the hands of the Chinese, you won't see EVs being produced in Europe etc. They are waking up also late," Glasenberg said today at the Financial Times Commodities universal Summit. Expectations of supply shortages have sparked a rally which has raised cobalt prices to ~$39/lb. Potentially relevant tickers involve CARZ, GM, F, TSLA, FCAU, HMC, TM, OTCPK:NSANY, OTCPK:MZDAY, OTC:MMTOY, OTCPK:HYMLF, OTCPK:DDAIF, OTCPK:BMWYY, OTCPK:VLKAF, OTCPK:VLKAY, OTCPK:AUDVF, OTCPK:VOLVY, OTCPK:PEUGF, OTCPK:RNLSY

Chinese control of cobalt supply is danger for vehicle industry: Glencore

"If cobalt falls into the hands of the Chinese, yeah you won't see EVs being produced in Europe etc. I think it's because the vehicle industry has never had a supply chain crisis before," Glasenberg told the FT Commodities universal Summit in Lausanne, Switzerland. Glasenberg said he was nevertheless prepared to purvey cobalt mines in the Democratic Republic of Congo to China if the value was perfect. further than 60 % of universal cobalt produce comes from the DRC. GEM & its subsidiaries going to purchase 13,800 tonnes of cobalt from Glencore this year, 18,000 tonnes following year & 21,000 tonnes in 2020.

Chinese control of cobalt supply danger for European Union vehicle industry – Glencore

as informed in LONDON – Glencore chief executive Ivan Glasenberg said which the automotive industry is waking up also late to the reality which the Chinese going to hold generality of the world's universal cobalt supply, a key metal for EV (EV) batteries. "If cobalt falls in hands of the Chinese, yeah you will not see EVs being produced in Europe. I think it's because the vehicle industry has never had a supply chain crisis before," Glasenberg told the FT Commodities universal Summit in Lausanne, Switzerland. AdvertisementAbout 70% of universal cobalt produce comes from the Democratic Republic of Congo. Glasenberg said he was nevertheless prepared to purvey cobalt mines in the DRC to China if it came by a sogood value.

collected by :Catlin Logan