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Chinese Battery Giant CATL Bets on the Future of Cobalt By Buying a Big Chunk of CMOC

Exterior of one of Chinese EV battery giant Contemporary Amperex Technology office buildings.

Strong demand for electric vehicles around the world helped to triple profits at Chinese battery giant CATL, the world’s largest battery maker. The company is reporting that third-quarter profits for the year will reach $1.23 billion.

CATL is going to use some of that money to buy a large stake in Chinese cobalt mining giant CMOC Group (aka China Molybdenum.) CATL announced on Monday that it will purchase a quarter of CMOC as part of a broader effort to ensure steady supplies of cobalt, lithium, and other raw materials needed to produce EV batteries.

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