• Tipped by many analysts to be in short supply for many years to come; mostly produced as a by-product of Cu and Ni, which are both under-performing
• Price pressure due to increased tech demand and supply constraints
  • Relatively low natural background concentration means cobalt is produced traditionally as a by-product of copper and nickel
• In the past decade battery chemicals have developed a clear lead as cobalt’s number one consuming market by volume¹, accounting for approximately 49% of cobalt demand
  • Lithium-ion batteries contain more cobalt than lithium