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Cobalt (The next Uranium), Discussion
blacksheep
post Posted: Yesterday, 08:53 PM
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QUOTE
LONDON/BEIJING (Reuters) - Chinese battery firm GEM has stopped buying cobalt from Glencore as the price of the battery material crashed below that agreed in a three-year deal between the two companies, sources close to the matter said.


https://www.reuters.com/article/us-glencore...s-idUSKBN1OC27F



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Dec 4 2018, 07:00 PM
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Cobalt's Star Fades for Glencore Traders
By Mark Burton and Jack Farchy
December 4, 2018, 4:43 AM GMT+11 Updated on December 4, 2018, 4:00 PM GMT+11
QUOTE
Buyers of the metal in China reneged on contracts, CEO says
Glencore also lost money on some long-term alumina deals

From riding high on cobalt’s boom, Glencore Plc traders are feeling the heat as falling prices and reneged contracts put a dent in profit.

The world’s largest commodities merchant on Monday downgraded its full-year earnings target for the trading division to $2.6 billion to $2.8 billion, down from an earlier estimate of $2.7 billion to $3.2 billion.

Some cobalt buyers in China reneged on contracts after seeing prices plunge, forcing the company to renegotiate the commercial terms of the deals, Glencore Chief Executive Officer Ivan Glasenberg told reporters. Benchmark cobalt prices have dropped more than 25 percent since a peak in April.

read more - https://www.bloomberg.com/news/articles/201...ustomers-renege



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Dec 4 2018, 09:15 AM
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Posts: 5,115
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Congo triples levy on cobalt with strategic-minerals decree
QUOTE
KINSHASA – Democratic Republic of Congo has declared cobalt a "strategic" substance, a government decree showed on Monday, nearly tripling the royalty rate miners will pay on the key component in electric batteries to 10 percent.

Prime Minister Bruno Tshibala signed the decree, which is dated Nov. 24, despite fierce opposition from leading investors including Glencore and China Molybdenum, who have lobbied against tax hikes under a new mining code adopted earlier this year.

The 10 percent royalty rate will also apply to coltan, which is used to power electronic devices, and germanium, which is used to make transistors.

Before they were designated "strategic", the minerals were all subject to a royalty rate of 3.5 percent. That was already an increase over the 2 percent rate in Congo's previous mining code, which was in effect until June.

Congo is Africa's top copper producer and mines more than 60 percent of the world's cobalt. Foreign investors say the tax hikes under the new code will deter further investment and have threatened to challenge some parts of the regulation in arbitration.

Cobalt prices surged over the past two years, due largely to demand for electric cars, but have fallen more than 40 percent since March due to a surplus of cobalt chemicals.

http://www.mining.com/web/congo-triples-le...inerals-decree/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 18 2018, 07:46 PM
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In Reply To: blacksheep's post @ Nov 18 2018, 07:04 PM

Following on from the Bloomberg article - DRC elections: Kabila’s perfectly imperfect choice of successor

QUOTE
How the Congo’s politics works

To understand why Kabila chose Shadary, we first need to appreciate how the country’s political system operates. In the DRC, power is heavily concentrated in the presidency. The executive, judiciary, legislature and parastatals are all totally or partially subservient to Kabila, while institutions that are meant to check his power rarely interfere.

Members of the president’s “court” or inner circle meanwhile wield power that extends far beyond their functions. This group – which is composed of a narrow group of formal and informal allies, including legal advisors, military officers and businessmen – is often used by Kabila to circumvent formal structures of governance and control.

Being part of the president’s court means getting a share of the cake. However, while figures in this elite group are influential, they are also expendable. This means they must compete with one another. Many, especially those without independent power bases, do so by defending the president’s actions indiscriminately.

Some of the cake is also shared with the president’s adversaries as a form of co-optation. In order to maintain stability, dissatisfied former allies and opportunistic adversaries are often pacified through the awarding of public offices.

The DRC’s political culture is thus highly personalised, a characteristic that filters down to lower levels too. Individuals looking for a government post, for example, will look for a political godfather or “parrain”. Through this contact, they will try to establish or consolidate links to the president or members of his entourage. This may be done through emphasising their ethno-regional affinities with them, their influence within their parties, or by demonstrating loyalty to the president through flattery and praise.

Once an office is awarded, keeping it requires constant upkeep with benefactors. Holders of office have to nurture loyalty with both their patrons and clients. They do so by sharing access to financial benefits, demonstrating loyalty, and ensuring they don’t present any threat to their superiors.

Importantly, access to a political position does not necessarily mean controlling it. Key strategic areas such as natural resources and security are tightly controlled by the presidency and his court. Ministers or other actors formally in charge of these sectors are little more than rubber-stamps for presidential instructions and rarely make key decisions autonomously. In many cases, decisions are made through informal channels and informal actors.

Security issues, for example, are often handled by the ANR (Agence Nationale de Renseignement, national intelligence agency), DGM (Direction Générale de Migration, general directorate for migration), and a host of military figures all responsive to the president alone. Meanwhile, figures such as chief-of-staff Nehemie Mwilanya (nicknamed the “Vice-president”), legal advisors Norbet Nkulu and Jean Mbuyu, and business associate Albert Yuma play a considerable role in all political and business matters.

https://africanarguments.org/2018/11/15/drc...cessor-shadary/




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 18 2018, 07:04 PM
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Bloombert article - a good read. Begs the question what other DCR middlemen with connections are still operating, and what level of due diligence have those ASX companies who are flocking to do mining deals with them in DRC done?

Trouble in the Congo: The Misadventures of Glencore
extract
QUOTE
At the company’s 2018 annual meeting a French shareholder asked Glasenberg and other executives onstage what due diligence they’d done on Gertler before going into business with him. Glencore’s chairman, Tony Hayward, who’d run BP Plc during its 2010 oil spill disaster in the Gulf of Mexico, barely let him finish the question: “It’s extensive and thorough. Next question, please.”

“That’s it?” the shareholder asked.

“Extensive and thorough,” Hayward repeated before moving on.

The second shoe dropped in December 2017, when the U.S. Department of the Treasury said Gertler had amassed a fortune in “opaque and corrupt mining and oil deals.” He’d used his “close friendship” with Kabila, Treasury said in a statement, “to act as a middleman for mining asset sales in the DRC, requiring some multinational companies to go through Gertler to do business with the Congolese state.”


https://www.bloomberg.com/news/features/201...nd=premium-asia



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 17 2018, 12:35 PM
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Congo lifts export ban on Glencore's copper and cobalt unit
Bloomberg News | about 5 hours ago |
QUOTE
A Glencore Plc unit in the Democratic Republic of Congo had a ban on imports and exports from its giant copper and cobalt mine lifted by authorities in the country.

“They submitted a request,” Jean Baptiste Nkongolo Kabila, director general of Congo’s custom’s agency, said Thursday by phone. “I have taken the decision to temporarily lift the suspension measures.”


read more - http://www.mining.com/web/congo-lifts-expo...er-cobalt-unit/



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 


blacksheep
post Posted: Nov 15 2018, 01:38 PM
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China plumbs ocean depths to extend its cobalt lead
Reuters
QUOTE
* Unclear how big reserves are or when they can be mined

* Glencore holds small stake in ocean explorer DeepGreen

* Anglo American sold stake in Nautilus

* Environmentalists seek strict rules

LONDON – China, the leading holder of international deep sea exploration licences, has increased its lead in the race for alternative sources of battery minerals by taking samples from cobalt-bearing mountains deep in the Pacific.

read more - http://www.mining.com/web/china-plumbs-oce...nd-cobalt-lead/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 15 2018, 09:47 AM
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In Reply To: blacksheep's post @ Nov 7 2018, 11:15 AM

Global cobalt glut won't be stemmed by Glencore Congo output stoppage
Reuters | about 6 hours ago |

QUOTE
"The market will still be oversupplied next year as they are planning to make up sales in the second half and there are many others selling cobalt hydroxide," Lloyd said.

While the industry typically talks about cobalt metal, the surplus is in cobalt hydroxide, used to make sulphates for the cathode part of the lithium-ion batteries used to power electric cars, a fast-growing sector of the auto industry.

Hydroxide comes from Congo, which has the world's largest reserves of cobalt, expected to produce nearly 90,000 tonnes this year in a market estimated at around 135,000 tonnes.

"We had been forecasting the largest cobalt surplus on record for 2019, albeit in a market with 13 percent consumption growth," BMO Capital Markets analyst Colin Hamilton said.

"Taking out the planned 30,000 tonnes of mine supply from Kamoto, however, leaves first half 2019 in the largest deficit on record. But should Kamoto play catch-up in the second half, we would have an aggressive swing to surplus."

Hamilton expects to see a deficit of 20,000 tonnes in the first half of next year and a surplus of nearly 25,000 tonnes in the second half.

http://www.mining.com/web/global-cobalt-gl...utput-stoppage/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 12 2018, 07:15 PM
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An extensive report

EU - Cobalt: demand-supply balances in the transition to electric mobility
- http://publications.jrc.ec.europa.eu/repos...2285_cobalt.pdf



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Nov 7 2018, 11:18 AM
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Car battery pioneer says new breakthrough will lower cobalt use
Bloomberg News | about 5 hours ago |
QUOTE
The scientist-turned-entrepreneur behind a battery technology adopted by chemical giants BASF SE and Johnson Matthey Plc is back with another invention — one he claims will boost electric vehicle performance for years to come.

Sahin’s new invention, called GEMX, can be used in a number of types of nickel-based power packs and has been granted patents in the US, the European Union, China and Japan — the major battery manufacturing markets. In Berlin this week for an annual car industry conference, he said he’s in talks with large manufacturers and one has already agreed to buy a license.

“We’re hoping we will get this into the hands of the major producers,” Sahin said in a phone interview. The technique could lower cobalt content to as little as 4 percent of battery cathodes, he said, from about 20 percent needed in some now.

Lowering the amount of cobalt in batteries would help reduce reliance on war-torn Congo, where child labor and unsafe working practices are a headache for carmakers like BMW AG and Volkswagen AG, whose supply chains are under scrutiny. The blueish-gray element is mined mostly there and prices have spiked in recent years amid fears of shortages for battery-powered cars. Sahin’s technique consists of inserting the element into specific spaces within the chemical structure of cathodes so less is needed.

read more - http://www.mining.com/web/car-battery-pion...wer-cobalt-use/



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 


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