The Long Game: China’s Strategy for Cobalt and Critical Resources

File image of raw cobalt powder after a first transformation at a plant in the DR Congo before being exported, mainly to China, to be refined. Lucien KAHOZI / AFP

By Géraud Neema and Eric Olander

In the world of critical minerals, where prices fluctuate wildly and geopolitical tensions loom large, China may be demonstrating a mastery of long-term strategic planning. At a time when cobalt prices have plummeted to just $11 per pound/$21,544/metric tons —down from highs of over $40/$94,131/metric tons in 2018—Chinese mining companies like CMOC Group continue to produce record amounts – 114,165 metric tons in 2024. To an outsider, this aggressive supply strategy seems counterintuitive.

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by Christian Geraud Neema Byamungu

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