Electric vehicles to power cobalt revival

Major player: Roughly 60% of the world's cobalt comes from the Democratic Republic of Congo (DRC). Pictured is a cobalt mine at a copper quarry and cobalt pit in Lubumbashi, Congo.

LONDON: Cobalt prices may be on the threshold of a major revival due to flourishing demand for the mineral, a key component of lithium-ion batteries used in electric cars.

Prices for cobalt metal are expected to rise 45% to above US$16 (RM64.50) a lb by 2020 from US$11 (RM44.40) now as stricter emissions controls boost demand for electric vehicles and push the market into deficit from this year, analysts said.