FinancialBuzz.com News Commentary
PR Newswire
NEW YORK, October 22, 2018
NEW YORK, October 22, 2018 /PRNewswire/ --
According to data compiled by Roskill Information Services, demand for cobalt as a component in lithium-ion batteries is expected to exceed 240kt by 2027 while growing at a rate of 14.5% per year, while demand for cobalt in other end-use sectors such as nickel alloys could exceed 310kt by 2027. Robust demand from the battery sector had contributed most to the growth of the cobalt market and had accounted for about 53% of the total cobalt consumption. The Democratic Republic of the Congoaccounted for 70% of cobalt mine supply in 2017, which has caused supply concerns. The tightness in the cobalt supply market caused the cobalt price to skyrocket over the past 18 months. European Electric Metals Inc. (OTC: EVXXF), Royal Nickel Corporation (OTC: RNKLF),