DRC For Cobalt
Author: Source: Datetime: 2017-11-09 12:21:23
China, the world's largest consumer of cobalt, is "over-reliant" in African countries, accounting for the global supply of cobalt. Wu Lijue, chairman of Guangdong Jianna Energy Technology Co., Ltd., a cathode material supplier for cobalt salts and electric vehicles.
Jiana itself, as well as compatriots including Huayou Cobalt Co and China Molybdenum, have invested in cobalt-bearing assets in DRC.
On the sidelines of the China International Nickel and Cobalt Industry Guangzhou Forum, Wu told Reuters China should consider investing in upstream cobalt in Canada and Australia. Jiana looked at potential assets in Canada, he said, without providing further details.
Xu Aidong, Secretary General of Antaike Cobalt Branch, said that China should develop some new channels, "the supply chain of cobalt by turning to other cobalt producing countries such as Australia and stepping up recovery.
The risk of investing in DRC was highlighted in late September when the country briefly ordered Chinese investors to call sicomines a stop for the export of copper and cobalt joint ventures.
Wu pointed out that only 1% of China's global cobalt reserves and its exposure to price fluctuations are due to its huge dependence on imports.
Driven by the boom in electric vehicles, cobalt consumption in China will rise 17.4% to 54,000 tons this year, according to Ding Xuequan, vice chairman of China Nonferrous Metals Industry Association.
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