Cobalt Hunt Takes Aussie Explorer to Forest on BMW's Doorstep
- Lithium Australia finds battery mineral not far from i3 plant
- China’s CATL nearing decision to build Germany cell production
Photographer: Krisztian Bocsi/Bloomberg
The search for cobalt, a key component of the battery-powered auto fleets of the future, has arrived on BMW AG’s doorstep with a discovery of an ore deposit not far from the plant where the German manufacturer makes its i3 electric city car.
The cobalt find in a forested section of Saxony’s Eichigt municipality, Germany’s first detection of the metal in modern times, could revive mining in an area that last saw activity during the Renaissance, and help diversify raw-materials supply, exploration company Lithium Australia NL said. Some 60 percent of the world’s cobalt is concentrated in the Democratic Republic of Congo, where concerns over working practices and political strife have sparked a global hunt for alternatives sources.