tirsdag 23. november 2021

Cobalt Is the New Oil

The U.S. and China may be on a collision course over scarce resources, the fallout of which could have a massive impact on developing countries. Superpowers fighting worried over valuable goods might sound familiar in the context of oil and gas. But the new resource struggle is over the metals and minerals that will power the future from electric vehicles to clean energy technology.

That’s according to a recent New York Times investigation, which used formerly classified diplomatic cables and interviews with more than 100 people spread across three continents to paint a picture of the fight for cobalt. The investigation zeros in specifically on the southwest region of the Democratic Republic of Congo called Kisanfu, which is home to one of the world’s largest cobalt reserves. Congo as a whole is responsible for producing over 70% of the world’s cobalt supply, according to Reuters.