The cobalt producing mines in the DRC have been under scrutiny for years now.Mark Dummett, head of business, security and human rights at Amnesty International, said: "When we first went into mines in 2015 we saw how men, women and children were working without even the most basic protective equipment such as gloves and face masks, and miners told us about health conditions they experienced, including coughing, pain in their lungs and urinary tract infections." "If ever there was an opportunity to set the standard for other supply chains to follow this is it. The carmaker has been buying cells made by Panasonic that are then put into modules and battery packs at its factories.Another reason for Tesla to move to secure cobalt now: prices. Spain. Tesla is firming up battery supply for its growing range of electric cars, inking a new deal to source cobalt from Glencore and extending its manufacturing deal with battery partner Panasonic to 2030 with prices locked in until 2023. (Photo by Robert Marquardt/Getty Images) In Charge of Cobalt: Tesla is making sure that cobalt doesn’t become the Achilles heel for it’s Asia expansion ambitions, as it already uses Glencore’s cobalt in its Shanghai Gigafactory. Action Alerts PLUS is a registered trademark of TheStreet, Inc. There may be a conflict of interest present with commercial arrangements with companies and/or stock held. The information provided on this site is general in nature, not financial product advice, see a financial expert before making any investment decision.

Glencore is apparently going to supply Tesla’s Gigafactory in Shanghai and the planned plant in Brandenburg with cobalt from the Congo. Small Caps or an associate may receive a commission for funds raised. Warnings about long-term shortages caused cobalt prices to spike in 2017 and 2018, prompting Tesla founder Elon Musk to work on reducing Tesla’s reliance on the metal.Shares of Tesla were down 0.52% at $985.79 in trading on Tuesday. Tesla has been increasing control over its supplies while other auto makers have counted on external battery producers to source cobalt.

Data is a real-time snapshot *Data is delayed at least 15 minutes. "Cobalt has become one of the modern world's most important minerals as it's also used to make the lithium-ion batteries found in smartphones and laptops.However, the extraction of cobalt has been plagued by concerns around illegal mining, human rights violations and corruption. Tesla - Get Report will purchase cobalt, the key raw material used to make its electric car batteries, from commodities giant Glencore as it looks to secure enough of … . Securing cobalt supplies might mean that there is no cobalt-free battery chemistry just yet (aside from low-energy-dense LFP, or specific types). The company retains a market share of 17% of the plug-in and 23% of the battery-electric segment respectively.A supply deal with Glencore could be advantageous for both parties considering that Tesla is seeking to raise the number of cars it manufactures while Glencore is keen to lock-in offtake agreements to guarantee future sales.Both cobalt and lithium prices – the two pivotal metals behind the EV revolution – have ebbed and lost their allure over the past two years following several spikes on the back of growing adoption of EVs.Cobalt prices have shed 50% over the past three years while lithium prices have plunged 71%.There is ample cobalt supply currently due to a hoard of new exploration activity over the past five years.However, demand is expected to rise over the next decade, fuelled by consumers shifting towards EVs.Tesla is planning to expand its operations in prime markets such as China with plenty of competition in the form of China’s BYD and Germany’s power brands such as VW and BMW, also seeking to capitalise on the growth in EVs.As a result, both for operational and reputational reasons, Tesla is seeking to secure long-term cobalt supply. “This is the perfect opportunity for Glencore, Tesla and all investors to build a better future and to set the international bar," said Bonnie Lyn de Bartok, founder and CEO of social-impact data analytics firm S-Factor. Cobalt prices have shrunk I am the CEO of CultureBanx covering the intersection of business, technology and innovation for minorities.

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