![]() On March 11 BNN Bloomberg reported: "Senators urge Biden to invoke Defense Act for battery materials."ĬERAWEEK As EV demand rises, Biden officials warm to new mines. ![]() "The FTSE Russell index business has removed Russian listings from its indices, the London Stock Exchange has suspended trading in (27) Russian listed securities," London Stock Exchange CEO David Schwimmer told CNBC on Thursday. London-listed Russian stocks are collapsing, with trading now suspended. has established an Interagency Working Group (IWG) that will lead an Administration effort on legislative and regulatory reform of mine permitting and oversight. She will also discuss $3 billion in BIL funding to invest in refining battery materials such as lithium, cobalt, nickel, and graphite, and battery recycling facilities. President Biden will announce that the Department of Defense's Industrial Base Analysis and Sustainment program has awarded MP Materials $35 million to separate and process heavy rare earth elements at its facility in Mountain Pass. to announce major investments in domestic production of key critical minerals and materials. As the world transitions to a clean energy economy, global demand for these critical minerals is set to skyrocket by 400-600 percent over the next several decades, and, for minerals such as lithium and graphite used in electric vehicle (EV) batteries, demand will increase by even more-as much as 4,000 percent. are also key inputs in clean energy technologies like batteries, electric vehicles, wind turbines, and solar panels. These minerals-such as rare earth elements, lithium, and cobalt. Biden-Harris Administration, companies announce major investments to expand domestic critical minerals supply chain, breaking dependence on China and boosting sustainable practices. On February 22 the White House announced:įACT SHEET: Securing a made in America supply chain for critical minerals. Source: Reuters and courtesy Benchmark Mineral Intelligence Cobalt market news Source: International Energy Agency 2021 reportīMI 2022 forecast for cobalt - Deficits building starting from 2024 Source: UBS courtesy Carlos Vincens LinkedInĢ021 IEA forecast growth in demand for selected minerals from clean energy technologies by scenario, 2040 relative to 2020 - Increases Of Lithium 13x to 42x, Graphite 8x to 25x, Cobalt 6x to 21x, Nickel 7x to 19x, Manganese 3x to 8x, Rare Earths 3x to 7x, And Copper 2x to 3x UBS forecasts Year battery metals go into deficit UBS's EV metals demand forecast (from Nov. Source: Fortune Minerals company presentation UBS cobalt supply and demand forecast - Growing deficits from 2023 Source: Cobalt demand v supply forecasts More details on cobalt pricing (in particular the more relevant cobalt sulphate), can be found here at Benchmark Mineral Intelligence or Fast Markets MB.Ĭobalt spot prices - 5-year chart - USD 37.02 LME Cobalt inventory is 248 tonnes, lower than 259 last month. ![]() Cobalt price newsĪs of March 24, the cobalt spot price was significantly higher at US$37.02/lb, from US$31.97/lb last month. ![]() ![]() We also saw cobalt supply problems emerge with the China Molybdenum-DRC Government dispute (mine halt) and the problems with Russian supply such as Norilsk Nickel due to the Russia-Ukraine war. The past month saw an emerging trend with western countries (USA, Canada, and Australia) that are increasingly developing strategies and support for their own EV and critical metal miners and a secure supply chain. Welcome to the March 2022 cobalt miner news. ![]()
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