“We are all aware that the increase in demand for cobalt is directly linked to energy transition... We do not expect a substantial increase in [cobalt] production in the short term [so] formalizing the artisanal cobalt sector will help to bridge the gap from increasing demand for cobalt from renewable energy technology manufacturers,” Takis said at a launch event for EGC last week.
Demand for cobalt is expected to reach 162,000 tonnes in 2022, according to data from Fastmarkets’ research team, up from a forecast 144,000 tonnes in 2021 and an estimated 123,000 tonnes in 2020. Cobalt supply is forecast at 160,000 tonnes in 2022, leaving a deficit of 2,000 tonnes.
Global EV sales will grow to 16.5 million by 2025, according to Fastmarkets data, compared with 2.3 million in 2020.
EGC was established in 2019 and is a 95% subsidiary of the...