International Markets Witness Growing Demand for Cobalt, the ‘Energy Transmission Ore’
According to data from the economic situation note of the Central Bank of Congo (BCC) of August 25, 2023, 99.8% cathode cobalt increased from USD 32,730.00 per tonne to USD 35,717.44 per tonne. ton, from one week to the next. Which represents an increase of almost 3,000 USD.
“The price of cobalt remained stable around USD 32,985.00 per tonne from one week to the next. On the other hand, on the London market, the price of cobalt (99.8% cathode) increased by 9.13%, from 32,730.00 USD to 35,717.44 USD per tonne from one week to “other”, informs this note from the Central Bank of Congo (BCC).
It is worth remembering that the Democratic Republic of Congo holds more than 70% of the world’s cobalt reserves. At the end of 2022, the DRC exported 144,000 tonnes of cobalt.
The emerging upward trend should benefit the Congolese Government, which expects to make a lot of profits thanks to the sale of energy transmission minerals.
