Supply of battery materials was a key part of the recently passed climate bill in the US, as the country looks to bring online more domestic refining and manufacturing in the coming decade.
The electric-vehicle battery news cycle feels especially frenetic right now, with some groups predicting a decade of shortages for materials like lithium. There were similar statements made about availability of cobalt a few years ago. But amid all the excitement about battery metal demand, prices for cobalt have plunged 40% from their highs earlier this year.
Much of this has been supply-driven. Glencore ramped up output at its Mutanda mine in the Democratic Republic of Congo in the first half, leading to a 40% increase in its cobalt production compared to same period last year.
