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Race Is on to Mine Metal Powering Electric Vehicles

  • Projects from Australia to U.S. are aiming to tap battery boom
  • Price may double in 2017 on supply deficit, CRU Group says
1492471435_zinc mine
Photographer: Jack Atley/Bloomberg
Updated on

The race is on to supply more of the cobalt needed for batteries in the fast-growing market for electric vehicles -- and that means fresh competition for the big players Glencore Plc and the Democratic Republic of Congo.

A pipeline of projects is looming in places including Australia, the U.S. and Canada after cobalt prices more than doubled in the past year. Glencore produces almost a third of the world’s supply, mainly from the Congo, which is by far the biggest source, accounting for as much as 65 percent.