The Democratic Republic of Congo (DRC) to commence state-controlled cobalt buying of artisanal cobalt amidst a price plunge.
- Cobalt prices have been bleeding bad so far, due to the fall in demand from the aviation industry and electric vehicles.
- In January, DRC government created Generale du Cobalt- a wholly-owned subsidiary of the state mining company- Gecamines in order to purchase and market all cobalt produced outside of the industry to take the price rein in hand.
- As per some industry experts, DRC would account for ~ 70 per cent of the global cobalt supply in 2020.
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