The Chinese government will add 2,000 tons of cobalt to its strategic commodity reserve in a move that is expected to further bolster prices of this vitally important mineral that largely comes from the Democratic Republic of the Congo and South Africa, according to a report in Bloomberg.
Cobalt is an essential material used in batteries for electric vehicles which is emerging as a key industry in China and part of the government’s controversial “Made in China 2025” industrial plan.
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