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China to Stockpile Massive Amounts of Cobalt, Further Boosting the Price of this DRC, SA-sourced Strategic Mineral

A man carries a bag of material dug from mine waste as workers search for leftover cobalt somewhere between Lubumbashi and Kolwezi in the Democratic Republic of the Congo. EDERICO SCOPPA / AFP

The Chinese government will add 2,000 tons of cobalt to its strategic commodity reserve in a move that is expected to further bolster prices of this vitally important mineral that largely comes from the Democratic Republic of the Congo and South Africa, according to a report in Bloomberg.

Cobalt is an essential material used in batteries for electric vehicles which is emerging as a key industry in China and part of the government’s controversial “Made in China 2025” industrial plan. 

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