Despite Lots of M&A Activity in the Cobalt Mining Sector, Chinese Imports of the Precious Metal Fell Sharply in 2020
Chinese cobalt imports fell 41.8% last year compared to the volumes shipped from the DRC in 2019, according to the mining news website Argus Media. The lockdowns in response to COVID-19 at the mines in the DRC and at South African ports, from where the precious metal is shipped, were both to blame according to analysts.
The downturn came as Chinese companies expanded their already sizable influence in the DRC mining sector through a number of high profile acquisitions, including the December purchase by China Molybdenum of the Kisanfu copper-cobalt mine from U.S.-based Freeport-McMoRan for $550 million.
Two Fascinating Articles About the Importance of Cobalt in the Emerging Automotive Sector:
- Daily Mail: Toxic secrets behind your mobile phone: Electric cars, wind turbines and solar panels… how our so-called green world depends on the mining of rare metals which is a filthy, amoral industry totally dominated by China by Guillaume Pitron
- Quartz: The time to solve the electric car’s battery problem is now by Perry Gottesfeld
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The post Despite Lots of M&A Activity in the Cobalt Mining Sector, Chinese Imports of the Precious Metal Fell Sharply in 2020 appeared first on The China Africa Project.
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