CATL buys stake in DRC Cobalt mineSherritt looks like an ugly duckling that no-one wants to touch, not even the Chinese companies.
>>>Chinese battery maker Contemporary Amperex Technology Co Ltd (CATL) said on Sunday its subsidiary would take a stake in China Molybdenum Co’s Kisanfu copper-cobalt mine in the Democratic Republic of Congo (DRC) for $137.5 million.The investment gives CATL access to one of the world’s largest undeveloped sources of cobalt, an ingredient in electric vehicle (EV) batteries... CATL has already invested in companies mining other battery metals such as lithium and nickel in a bid to secure supply.Moly, which bought its stake in Kisanfu in December, said in a separate statement it and CATL “will fund the project capex in proportion to their ownership in KFM to jointly build a world-class copper and cobalt producer.”...Kisanfu, located near Moly’s giant Tenke Fungurume copper-cobalt mine in the DRC, the world’s biggest cobalt-producing country, contains an estimated 3.1 million tonnes of cobalt metal as well as 6.2 million tonnes of copper.
https://www.reuters.com/article/us-cmoc-catl-mine/catl-takes-stake-in-china-moly-cobalt-mine-for-137-5-million-idUSKBN2BY0BZ