Company is one of China's biggest producers of the metal and is building new facilities in the southern Chinese city of Ganzhou to produce 10,000 tonnes per year of cobalt chemicals.
Global gold production fell by 3.8 million ounces in 2020 as covid-related disruptions in South America more than offset gains in Russia and West Africa.
The country is currently the biggest producer of the two crude metals, and a restriction on more smelters coming online could hit Chinese stainless steel producers.
The International Renewable Energy Agency reports that, in some cases, new renewable power generation capacity has electricity costs lower than the cheapest source of new fossil fuel‑fired capacity.