Significant global growth in electric vehicles sales is driving an increase in demand for the metal cobalt.
It is an essential component in the rechargeable batteries needed for these cars. But lithium-iron batteries used in cell phones and laptops also consume a sizeable quantity of global stock.
The Cobalt Institute, which brings together manufacturers in the sector, says demand this year could increase by more than 10%.
It says that overall, global demand could reach as much as 227,000 tonnes, 11% more than last year. In comparison, 2024 saw an increase of 4% on…