Glencore ceo Glasenberg warns of 'too high' cobalt price, says EVs will be major boost for metals demand

Current projections for growth in electric vehicle (EV) production will have a “major” effect on demand for copper, cobalt and nickel, Glencore ceo Ivan Glasenberg said.

But the supply of these materials may not be feasible at the rates required, he told analysts while reporting the company's half-year results on Thursday August 10. The target set by governments in the Electric Vehicle Initiative, a non-binding clean energy campaign that started in June 2017 and is supported by China, France, India and Japan among others, is for 30% of all cars produced by 2030 to be EVs by 2030. This equates to more than 26 million vehicles, based on Jato Dynamics figures of 87 million cars sold in 2016. This level of growth would necessitate more than a doubling of global cobalt production by 2030 as well as increases of 57%...

Published

Archie Hunter

August 10, 2017

17:26 GMT

London