Browsing: Cobalt deposits Africa

• DRC cobalt ban is steadily spiking prices for the critical mineral.
• DRC, Indonesia, Chile in talks to form a ‘critical minerals OPEC’.
• To counter the blow, US starts domestic refining.

The Democratic Republic of the Congo (DRC) has banned the export of cobalt in a move designed to push prices up. And, it is working: “There’s been a significant jump,” said Thomas Kavanagh, editor of battery metals at Argus Media, a market intelligence firm.

According to the market expert, after the export ban was instituted in February, “…the price of a key cobalt compound rose by more than 80 per cent. And it could be just the start,” he warns.

According to the expert, “the DRC’s export ban created immediate ripples throughout global commodity markets, triggering significant price volatility and prompting reassessment of supply chain stability for battery manufacturers and other end users.”

In his review, cobalt prices surged …

• Africa holds more than half of the world’s reserves of cobalt, 46% of its manganese, and 21% of its graphite, all used in EV batteries, and about a quarter of its bauxite, which is required for solar photovoltaic technologies.
• For decades, Africa has allowed her raw materials, including oil and natural gas, to be exported raw, without a chance to benefit from the finished product.
• As a result, we’ve missed out on the job creation, industrialization, and economic diversification.

To meet their green agendas, the European Union, US, and China are engaged in the modern-day equivalent of a gold rush. This time, though, fortune seekers aren’t panning for shiny nuggets in Canada, America, or Australia. Instead, all eyes are on the critical minerals of Africa—cobalt, graphite, lithium, and others—raw materials essential to the production of clean technology, including electric vehicles (EV).

To say that Africa is generously endowed in this …