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FortuneJimon May 07, 2018 9:50am
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Today’s Fortune Cobalt News
Today’s Fortune Cobalt News | |
| Click on blue artice title to read full story. | | | | Congo | | | | Reuters US News - May 4, 2018 NEW YORK, May 4 (Reuters) - The government of the Democratic Republic of Congo has made no substantial concessions to major miners... on windfall profits. The country mines more than half the world’s cobalt - used in batteriesfor electric vehicles and other electronics - The country mines more than half the world’s cobalt - used in batteries for electric vehicles and other electronics - and is Africa’s top copper producer…A 702-page draft of regulations to implement the code, which the mines ministry has circulated among mining companies, retains mention of a windfall tax or “special tax on excess profits”…It kicks in at a rate of 50 percent when commodity prices are 25 percent higher than planned in a bankable feasibility study, drawn up by miners to determine the viability of a project…It also makes no mention of the stability clause sought by international miners, which in the previous code protected them against changes to the fiscal regime for a decade…In addition, it provides for the prime minister to designate by decree minerals as “strategic substances,” which would be hit with a 10 percent royalty rate. The prime minister’s office has said that cobalt will be designated a strategic substance and copper could be too. | | | | | EVs | | | | Automotive News Europe - May 7, 2018 BERLIN -- Volkswagen Group CEO Herbert Diess backed a European industry alliance for battery cell production amid fears that the region... . By that point VW Group aims sell up to 3 million full-electric cars. VW's influential labor leaders have demanded the automaker examine Volkswagen Group CEO Herbert Diess backed a European industry alliance for battery cell production amid fears that the region will lose out to Asian rivals as EV sales take off and technology advances…Diess said VW has nearly secured all the raw materials it needs to complete the first phase of its electric-car strategy…VW expects it will need to purchase an annual volume of battery cells equivalent to 150 gigawatt-hours by 2025, equating to roughly 50 billion euros worth of business. By that point VW Group aims sell up to 3 million full-electric cars…Europe lacks big-scale battery cell production facilities so automakers are hunting for battery cell capacity to deliver on their bullish EV targets…The European Union is backing the EU Batteries Alliance to create a competitive battery cell manufacturing in Europe. | | | | | | |