Glencore Is on to a Winner With This Obscure Metal
- Metal used in lithium-ion batteries doubled in past 8 months
- Cobalt is ‘enjoying its day in the sun,’ Glencore CFO says
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Cobalt is having a moment in the spotlight. Historically a minor byproduct of copper and nickel mining, the metal is a key ingredient for lithium-ion batteries and now a growing money maker for Glencore Plc.
In the past eight months, prices more than doubled on speculation that supply won’t keep up with demand for batteries in electric cars. Glencore, the largest cobalt producer, plans to about double output by 2018, and only coal, copper and zinc offer more of an earnings boost when prices rise.