In one of the clearest signs of a tight cobalt market, Volkswagen has failed to secure a long-term supply of cobalt used in electrical vehicle batteries.
The project will be the Japanese company’s first desalination plant and it is estimated to require an investment of around $623 million (70 billion Yen).
Freeport agreed in August to divest a 51% stake in Grasberg to local interests in return for full operational control until 2041 plus fiscal and legal guarantees, but a final deal has still to be reached.
