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September 23, 2015

Tesla Battery Push Spurs ENRC Owner to Target Cobalt Mining

Eurasian Resources Group (ERG) plans to use a $2.2 billion project in the Democratic Republic of Congo to become the world's top cobalt producer and tap growing demand for batteries from companies including Tesla Motors Inc.
ERG CEO, Benedikt Sobatka sees the company becoming the largest cobalt producer in the world once full capacity is reached.
Mr. Sobatka said that cobalt prices should advance "significantly" in the next two years as demand for the metal used in rechargeable batteries increases.

The battery market is expanding as more consumers turn to electric and hybrid cars and look to store renewable energy to power appliances when there's little wind or sunshine. Daimler AG and Tesla said they plan to sell batteries storing energy to homeowners and businesses.

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