Tesla Battery Drive Lures China Molybdenum Into Cobalt
- Madhavpeddi says electric cars will mean strong cobalt demand
- CMOC International CEO says still room for more acquisitions
China Moly Eyes Copper and Cobalt Assets
This article is for subscribers only.
China Molybdenum Co. is the latest company to bet on the future of electric cars with its plans to acquire cobalt assets in the Democratic Republic of Congo.
On Monday, Freeport-McMoRan Inc. agreed to sell its controlling stake in the Tenke Fungurume copper-cobalt mine to CMOC, as the Luoyang, China-based company is known, for $2.65 billion. CMOC is also negotiating to buy Freeport’s interests in other cobalt assets.