The supply of cobalt faces increasing risk due to competition between different industries and countries, Director of the US Geological Survey (USGS) David Applegate said on Wednesday
WASHINGTON (Pakistan Point News / Sputnik - 12th July, 2023) The supply of cobalt faces increasing risk due to competition between different industries and countries, Director of the US Geological Survey (USGS) David Applegate said on Wednesday.
The USGS classified cobalt as a critical mineral, defined as those commodities essential to the economic or national security of the United States with supply chains vulnerable to disruption. Cobalt is also a key element in electric vehicle batteries, the demand of which is projected to grow by a factor of four by 2030 from its 2020 baseline.
"The supply of cobalt is increasingly at risk," Applegate said during the conversation in Washington, DC.
Applegate explained that domestic industries are "increasingly competing" with each other and increasingly dependent on the same concentrated cobalt supply.
He also pointed out that the competition between different economic sectors and countries makes cobalt and other materials critical.
The USGS chief noted that the United States has considered a number of steps to reduce supply chain risks. This includes sustainable Primary production from domestic mines and reliable trade partners, secondary production from recycling, and new using technologies, he added.
