World’s biggest cobalt miner is gloomy on the EV metal’s future

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World’s biggest cobalt miner is gloomy on the EV metal’s future - Business Mirror

Quick Summary:

The world’s No.1 cobalt miner is sounding the alarm over the shrinking role of the metal in electric vehicle batteries.

CMOC has been forging closer ties with Contemporary Amperex Technology Co.Ltd., the world’s largest battery manufacturer that also became its second-largest shareholder in 2022.

CMOC’s bearish view of the market comes amid a glut of the metal that’s been largely created by the Chinese firm’s expansion of two huge copper-cobalt mines in the Democratic Republic of Congo.