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slump risks a crisis for cobalt","copper-slump-risks-a-crisis-for-cobalt","article/copper-slump-risks-a-crisis-for-cobalt",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":581,"featured":50,"reporter":783,"_editable":787,"component":788,"seo_title":553,"categories":789,"visibility":798,"author_company":49,"featured_image":799,"seo_description":581,"author_full_name":49,"author_job_title":49,"formattedDate":804,"formattedArticleDate":805},"786593d1-372c-4fe2-b735-6d854d8a278d","2016-07-20 00:00",[560],{"slug":561,"name":562},"copper","Copper",[564],{"slug":565,"name":566,"content":567},"matthew-bird","Matthew Bird",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Senior Editor - Supply Chains & Data Visualisation",{"filename":570},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":574,"content":575},"doc",[576,583,588,593,598,603,608,613,618,623,628,633,638,645,650,655,658,663,668,673,678,683,688,693,698,703,708,713,718,723,728,733,738,743,748,753,758,763,768,773,778],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580],{"text":581,"type":582},"Falling commodity prices see further cobalt cuts, raising questions over the industry’s ability to meet growing battery demand","text",{"type":577,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":582},"Fears that falling supply could affect cobalt producers’ ability to meet growing demand from the battery sector were heightened during Q3 2015 as slowing metals markets saw supplies taken offline.",{"type":577,"attrs":589,"content":590},{"textAlign":49},[591],{"text":592,"type":582},"US-based Glencore became the first cobalt major to announce plans to suspend production in Democratic Republic of Congo (DRC) in response to falling copper prices, whilst slowing production elsewhere is becoming an increasing concern for cobalt consumers.",{"type":577,"attrs":594,"content":595},{"textAlign":49},[596],{"text":597,"type":582},"With the vast majority of cobalt production as a by-product of either copper or nickel operations, the slump in both industries would appear to signify a tightening in supply moving into 2016, which is likely to push the market into deficit.",{"type":577,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":582},"The suspension of Glencore’s Katanga Mining business is expected to take up to 3,500 tonnes of cobalt off the market until Q1 2017.",{"type":577,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":582},"Output from the project was estimated to be 2,500 tonnes in 2014.",{"type":577,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":582},"However, with prices for its primary product, copper, falling to their lowest levels in 6 years, the company has decided to suspend operations.",{"type":577,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":582},"Despite the suspension, Glencore emphasised that it still remained committed to eventually bringing the facility back into production, and has pledged not to release any employees from the site.",{"type":577,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":582},"Other operations in the same region of DRC restated their plans to remain in production even though they face the same market headwinds as Glencore.",{"type":577,"attrs":624,"content":625},{"textAlign":49},[626],{"text":627,"type":582},"Mutanda Mining Co., a partnership between Glencore and Fleurette Group, stated that it will remain in production for the foreseeable future.",{"type":577,"attrs":629,"content":630},{"textAlign":49},[631],{"text":632,"type":582},"“Production at Mutanda is in full swing and will continue,” the company’s board member, Pieter Deboutte explained to Bloomberg.",{"type":577,"attrs":634,"content":635},{"textAlign":49},[636],{"text":637,"type":582},"“The mine in Congo’s southeastern Katanga province will produce 200,000 metric tons of copper and 18,000 tons of cobalt this year.”",{"type":639,"attrs":640,"content":642},"heading",{"level":641,"textAlign":49},3,[643],{"text":644,"type":582},"Awaiting the battery surge",{"type":577,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":582},"While existing excess supplies have prevented any recovery in the price of cobalt throughout 2015, many analysts remain sceptical over the industry’s ability to serve growing battery demand over the coming two years.",{"type":577,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":582},"Cobalt demand from the battery sector has increased three times in the past five years alone, and a series of capacity expansions from major battery producers worldwide is expected to see this growth continue, particularly with the increasing adoption of NMC and NCA cathode chemistries in lithium-ion batteries, both of which use cobalt as an additive.",{"type":577,"attrs":656,"content":657},{"textAlign":49},[],{"type":577,"attrs":659,"content":660},{"textAlign":49},[661],{"text":662,"type":582},"Despite these developments downstream, little progress has been made upstream to develop new supplies to serve this market.",{"type":577,"attrs":664,"content":665},{"textAlign":49},[666],{"text":667,"type":582},"A number of junior projects are seeking to develop cobalt resources in North America; however, weak capital markets have prevented significant progress in this sector over the past two years.",{"type":577,"attrs":669,"content":670},{"textAlign":49},[671],{"text":672,"type":582},"In addition, to date, only one established producer has announced plans to expand operations.",{"type":577,"attrs":674,"content":675},{"textAlign":49},[676],{"text":677,"type":582},"In September, Switzerland-based ENRC, one of the world’s largest natural resources groups, announced plans to expand its production by 15,000 tonnes, the equivalent of a sixth of today’s global annual production.",{"type":577,"attrs":679,"content":680},{"textAlign":49},[681],{"text":682,"type":582},"The $2.2bn project will seek to place ENRC as the number one producer in the market with a goal of supplying the growth in the battery sector.",{"type":577,"attrs":684,"content":685},{"textAlign":49},[686],{"text":687,"type":582},"The company has already secured $700m of financing from China, a major buyer of cobalt concentrate for its battery chemical manufacturers.",{"type":577,"attrs":689,"content":690},{"textAlign":49},[691],{"text":692,"type":582},"The company currently produces cobalt concentrate from its Chambishi processing facility in Zambia. However, issues with its resources in DRC saw the company temporarily suspend production in May, leading to questions its future in the market.",{"type":577,"attrs":694,"content":695},{"textAlign":49},[696],{"text":697,"type":582},"In addition, legal issues with the government have cast a shadow over the company’s dealings.",{"type":577,"attrs":699,"content":700},{"textAlign":49},[701],{"text":702,"type":582},"Nevertheless, ENRC has become the first of the cobalt majors to announce expansion plans as a result of growing battery growth.",{"type":577,"attrs":704,"content":705},{"textAlign":49},[706],{"text":707,"type":582},"CEO, Benedikt Sobotka, explained that he expected a significant increase in cobalt prices in the coming years as a result of battery demand.",{"type":577,"attrs":709,"content":710},{"textAlign":49},[711],{"text":712,"type":582},"The company is on track to complete construction of the new project by H1 2017.",{"type":577,"attrs":714,"content":715},{"textAlign":49},[716],{"text":717,"type":582},"The timing of the project is expected to coincide with a period of high demand.",{"type":577,"attrs":719,"content":720},{"textAlign":49},[721],{"text":722,"type":582},"In 2017, a number of the world’s leading auto manufacturers will release new full electric vehicles including the Model 3 by Tesla Motors and the Bolt by Chevrolet, both expected to be the first ever sub-$35,000 all electric offerings.",{"type":577,"attrs":724,"content":725},{"textAlign":49},[726],{"text":727,"type":582},"With full electric vehicles, the lithium-ion batteries used tend to be much larger than many existing models today and therefore require more cobalt.",{"type":577,"attrs":729,"content":730},{"textAlign":49},[731],{"text":732,"type":582},"Questions remain over whether this size of cobalt project can be brought online in such a short space of time, but there is no doubt of its need.",{"type":577,"attrs":734,"content":735},{"textAlign":49},[736],{"text":737,"type":582},"If the company meets its target it will boast the largest cobalt production facility in the world and position ENRC as a leading supplier to battery producers.",{"type":639,"attrs":739,"content":740},{"level":641,"textAlign":49},[741],{"text":742,"type":582}," Critical cobalt",{"type":577,"attrs":744,"content":745},{"textAlign":49},[746],{"text":747,"type":582},"Despite the potential supply-side response to battery developments, questions remain within the battery market over the sustainability of cobalt supply, the majority of which comes from conflict-torn DRC.",{"type":577,"attrs":749,"content":750},{"textAlign":49},[751],{"text":752,"type":582},"This is a particular issue for companies such as Tesla, which will require up to 7,000 tonnes of cobalt for its Gigafactory in Nevada when working at capacity, according to Benchmark Mineral Intelligence estimates.",{"type":577,"attrs":754,"content":755},{"textAlign":49},[756],{"text":757,"type":582},"Securing sustainable volumes to fuel this massive project will prove a problem to Tesla and many other battery producers, but almost more important will be the question of how supplies from the DRC comply with these companies’ green energy policies, particularly in the wake of the VW scandal.",{"type":577,"attrs":759,"content":760},{"textAlign":49},[761],{"text":762,"type":582},"Industry leaders like Apple have invested significant sums of money in the last three years into supply chain responsibility and transparency owing to similar issues with the sourcing of its smartphone and tablet components.",{"type":577,"attrs":764,"content":765},{"textAlign":49},[766],{"text":767,"type":582},"When Tesla announced its Gigafactory project at the start of 2014, CEO Elon Musk stated that the company’s raw materials would come from North American sources. Despite signing two supply agreements with early stage lithium junior companies, the company is yet to announce any deal to establish a reliable domestic source of raw material.",{"type":577,"attrs":769,"content":770},{"textAlign":49},[771],{"text":772,"type":582},"It is likely the company, like many others, will have to seek foreign sources of these minerals and metals that are responsibly operated to western standards.",{"type":577,"attrs":774,"content":775},{"textAlign":49},[776],{"text":777,"type":582},"Other battery producers in the US will face similar problems, while China, Japan and South Korea, the world’s leading battery producing countries, remain almost entirely import-dependent for cobalt raw material.",{"type":577,"attrs":779,"content":780},{"textAlign":49},[781],{"text":782,"type":582},"With few anticipating an immediate upturn in the copper and nickel markets that dominate supply today, significant questions are likely to be asked of the cobalt industry, even before ENRC’s expected capacity expansion is completed.",[784],{"slug":565,"name":566,"content":785},{"job_title":568,"image":786,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"786593d1-372c-4fe2-b735-6d854d8a278d\", \"id\": \"\"}-->","article",[790,793,795],{"slug":791,"name":792},"batteries","Batteries",{"slug":794,"name":115},"cobalt",{"slug":796,"name":797},"critical-minerals","Critical Minerals","private",{"id":49,"alt":800,"name":800,"focus":800,"title":800,"source":800,"filename":801,"copyright":800,"fieldtype":802,"meta_data":803,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/fe96d30c5f/bm-screen-shot-2016-07-20-at-172543.png","asset",{"alt":800,"title":800,"source":800,"copyright":800},"Jul 20, 2016","20th July 2016",[],[],1789748883981]