June 8, 2016
Electric Vehicles to Power Cobalt Revival
Publisher: Creamer Media's Mining Weekly
THIS IS NOT AN OFFICIAL COMPANY NEWS RELEASE
- FOR THE INFORMATION OF SHAREHOLDERS AND INTERESTED PARTIES ONLY -
- Wednesday, June 8, 2016ELECTRIC VEHICLES TO POWER COBALT REVIVAL
Excerpt from the article:
"Demand for cobalt in non-metallurgical (chemical) uses such as in batteries will grow at more than 7.5% a year to 2020," said CRU senior consultant Edward Spencer.
LONDON -- Cobalt prices may be on the threshold of a major revival due to flourishing demand for the mineral, a key component of lithium-ion batteries used in electric cars.
Prices for cobalt metal are expected to rise 45% to above $16 a lb by 2020 from $11 now as stricter emissions controls boost demand for electric vehicles and push the market into deficit from this year, analysts said.
Consultants CRU Group say electric car and plug-in hybrid vehicle sales could top 17-million in 2030, assuming an average growth rate of 25% a year from 2016 to 2030.
That compares with sales of 540 000 electric cars last year and 750 000 this year based on year-to-date sales.
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