World's Biggest Cobalt Miner Is Gloomy on the EV Metal's Future [Yahoo! Finance]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Yahoo! Finance
Most Read from Bloomberg From Housing to Immigration, Key Ballot Initiatives and Local Races to Follow Paris Restricts Through Traffic in City Center Istanbul Tries Free Public Transit to Help Job Seekers In Warsaw, Falling Road Deaths Signal a Traffic Safety Turnaround Chinese company CMOC Group Ltd., which has been churning out cobalt much faster than rivals like Glencore Plc, said the importance of the raw material in the energy transition is declining rapidly. The adoption of cobalt-free lithium iron phosphate, or LFP, batteries has gained momentum in recent years, due to them being cheaper to manufacture. The proportion of EV batteries in China containing cobalt will drop to 31% in 2024, from 44% two years ago, according to consultancy CRU Group. “We predict that EV batteries will never return to the era that relies on cobalt,” Zhou Xing, a spokesman for CMOC, said in an emailed response to questions. “Cobalt is far less important than imagined” and the proportion
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