Chinese mining companies have sharply increased their cobalt output in Congo as they seek to expand their market share, putting further pressure on a commodity whose price has badly tanked. Cobalt is widely used in the electric vehicle sector whereby it’s combined with nickel to produce higher energy density in lithium-ion batteries. However, not all EV batteries use cobalt: several EV companies, including Tesla Inc. (NASDAQ:TSLA), have shifted from Nickel Manganese Cobalt (NMC) to Lithium Iron Phosphate (LFP) batteries…
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