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Two Events in China and the DR Congo Illustrate Why the Race for Cobalt Supplies is So Important

by Eric Olander

Soaring demand for electric cars and trucks is sparking a buying frenzy for the critical ingredients used to make the batteries in those vehicles, namely cobalt. Prices for the metal are up 65% this year alone, the highest since 2018, at $53,000 a ton.

The bulk of the world’s supply of cobalt is located in the Democratic Republic of the Congo, home to around 60% of the world’s known cobalt reserves. And Chinese companies play an outsized role in the DRC’s cobalt mining sector, accounting for an estimated 40-50% of the total output.

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