Cobalt

tracked under Minerals ▸ Battery metals

A June 2026 strike at CMOC's Tenke Fungurume Mine compounded a DRC cobalt quota limiting exports to 27% of 2025 production

The DRC set CMOC's 2026 cobalt export quota at 31,200 tonnes against 117,549 tonnes produced in 2025; a June 1 work stoppage at TFM raises copper output risk as CMOC guides 760-820 kt for the year

What Broke ·6 takes ·Jun 26

DRC's 96,600-tonne cobalt quota forces Glencore to pivot and drives prices up 160%

Kinshasa replaced its 2025 export ban with strict annual caps; cobalt hit $57,320/t, but artisanal miners largely escape the ceiling

Whose Money ·7 takes ·Jun 25

Glencore acquired Li-Cycle, Ascend Elements filed for bankruptcy, and European recyclers raised over half a billion euros as commercial-scale battery recycling consolidated in 2026

The first EV battery recycling shakeout separated commercial-scale survivors from undercapitalised startups; Redwood Materials reached a $6 billion valuation, Germany's cylib raised €63.4 million, and EU Battery Passport compliance deadlines gave the sector a regulatory floor

Whose Money ·7 takes ·Jun 26

LME cobalt hit $56,290/t in March, up 67% year on year, as Electra Battery Materials opened Canada's first cobalt sulfate refinery and BASF ran its first black-mass recycling plant

The 'tightest-ever' physical market pushed cobalt to a two-year high before a Q2 correction; Electra's 5,120 tpa Ontario refinery targets IRA-compliant battery supply; DRC's export quota and LFP's 55% share frame the long-run cobalt substitution debate

The Long Game ·10 takes ·Jun 26

Huayou Cobalt signed a Hyundai MoU, joined a 20 GWh Indonesia battery JV, and partnered with tozero on European recycling

China's largest cobalt-battery materials company expanded simultaneously into Korean EV supply, Indonesian cell manufacturing, and European recycling in 2026, building a vertically integrated position from DRC mining to end-of-life battery recovery

The Quiet Shift ·6 takes ·Jun 26

EU Critical Raw Materials Act's second strategic project list adds 47 projects across lithium, nickel, cobalt and rare earths; first permits processed in 24 months

The European Commission published its second CRMA Strategic Projects selection in March 2026, bringing the total to 94 projects; member states must issue permits within 24 months; the CRMA sets 2030 supply benchmarks requiring 10% domestic extraction and 40% EU processing

The Long Game ·9 takes ·Jun 25

US-backed Orion CMC agreed to buy 40% of Glencore's DRC copper-cobalt assets for $9bn as Glencore-Rio merger talks collapsed

The Mutanda-KCC stake transfer gives Washington indirect control over two of the DRC's largest mines; a six-month Takeover Panel cooling-off period on the Rio Tinto mega-merger expires in August 2026

Whose Money ·6 takes ·Jun 26

One Big Beautiful Bill phases out wind energy IRA credits by 2027 and restricts 45X minerals credits from FEOC suppliers, while adding metallurgical coal

The House-passed reconciliation bill terminates the IRA's wind production and investment credits for projects beginning after 2026, extends and modifies the 45X advanced manufacturing credit, bars FEOC-sourced material from 45X eligibility, and adds a new metallurgical coal credit; Senate outcome uncertain

Whose Money ·8 takes ·Jun 25