GRAPH: Cobalt price plunge and the EV market
Inflation adjusted cobalt prices are the lowest in 100 years after a deluge of new supply. Stagnating demand from EVs only adds to the bear case.
Chilean state-owned miner Codelco said on Thursday it would use grinding balls made from recycled material in its flagship El Teniente mine, allowing it to reduce carbon dioxide emissions.
The move, which involves a five-year contract with Magotteaux Andino, a unit of Chile’s Sigdo Koppers, is part of efforts by the world’s largest copper producer to cut its greenhouse gas emissions by 25% by 2030.
“This is the first grinding ball contract that incorporates a 100% supply model from recovered material,” said Mauricio Acuna, Codelco’s vice president of supply, said in a statement from the company.
Acuna added that during 2025, Codelco’s Andina division will gradually incorporate this same circular supply model.
The manufacturing process generates a carbon footprint 53% lower than the input previously used in El Teniente and will allow the reduction of 40,000 annual tonnes of CO2, equivalent to the annual emissions from about 8,500 vehicles.
(By Fabian Cambero; Editing by Lincoln Feast)
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