😲Demand for Cobalt up on Supply Shortage😲 As countries pledge to ban the sales of petrol and diesel cars in an attempt to cut toxic vehicle emissions, it paves way for battery-powered vehicles, which in turn places a demand on battery makers to secure supplies of cobalt and nickel.
“Battery market is causing a huge demand for nickel and cobalt,” Highlands Pacific Limited chief executive officer Craig Lennon said at the Papua New Guinea Investment Conference in Sydney last week.
He said that as the demand for cobalt and nickel grows, there is a supply shortage, which means cobalt and nickel prices are rising. The price for cobalt has doubled.
“Cobalt prices are rocketing, copper and nickel are also rising.”
Mr Lennon said that Ramu Nickel in Madang province produces the preferred MHP products for some battery manufacturers, and currently, the company is producing 32,600 tons this year alone, making it a success story.
“Ramu Nickel project is a PNG success story, and it is now producing at capacity.”
The hopes of both battery and vehicle manufacturers hang on the mining sector finding more deposits of these precious minerals, meaning a rise in the revenue for PNG.
https://postcourier.com.pg/demand-nickel-cobalt/