Is China ahead of us in clean energy? When it comes to transitioning to the clean energy future, China is somehow both well ahead and far behind the rest of the world. The sheer scale of the country is at the root of this paradox.
Why did Freeport Mcmoran need to sell its most prized Tenke Fungurume mine after investing billions of dollars of money in the mine? The Phoenix, Arizona-based miner needed to sell $3 billion of assets by mid-year to keep its debt unsecured. “It is a good price for the asset and it significantly improves their liquidity and their balance sheet,” Jefferies analyst Christopher LaFemina said.
Where does the US get its cobalt? U.S. cobalt imports
The largest cobalt deposits are found in the DR Congo, Australia, and Cuba. Cobalt is primarily produced in the DR Congo, which produced 120,000 metric tons in 2021, in comparison to Russia’s total production of 7,600 metric tons. This metal is commonly produced as a by-product of nickel mining.
Who owns the cobalt mines in the Congo? However, Cobalt is a unique commodity because it’s primarily controlled by only two countries: China and the Democratic Republic of Congo. The DRC supplies about 70 percent of the world’s Cobalt, but 80% of its industrial cobalt mines are owned or financed by Chinese companies.