Owner of $1 Billion Cobalt Project Says Rally Is Far From Over
- Cobalt’s up 71% this year on demand for electric car batteries
- Eurasian Resources says prices could climb another 60%
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Tight cobalt supplies will keep boosting the price of one of this year’s hottest commodities, according to Eurasian Resources Group S.a.r.l., which is developing an almost $1 billion project in the Democratic Republic of Congo.
Cobalt jumped 71 percent this year on surging demand for the metal used in batteries for electric cars made by firms such as Tesla Inc. It may rise another 60 percent to as much as $90,000 a metric ton in the next 18 months or so, said ERG Chief Executive Officer Benedikt Sobotka. He said clients are already asking to pay fixed prices for supplies from the mine, which isn’t due to start until late 2018.