Navigating the Economic Challenges of Sourcing Rare Minerals for EV Batteries

The closure of America's only cobalt mine just months after its grand opening highlights the challenges of securing hard-to-find minerals for electric vehicle batteries. Cobalt is a crucial ingredient in these batteries, but most of the supply comes from mines owned or controlled by China or the Democratic Republic of the Congo. The collapse in cobalt prices, coupled with a decline in global demand for electric vehicles, led to the closure of the mine. The mining industry faces significant financial risks, with high upfront costs and volatile metal prices. However, the mine's owner remains hopeful that cobalt prices will rebound, and efforts are being made to secure funding and maintain forward momentum.