Industry sources say automaker interest bodes well for the contracts, but new contracts usually take years to gain traction and a lack of interest from steelmakers could slow the process.
BMW Mining News
NMC cathodes currently account for nearly 28% of global EV sales, forecast to grow to 63% by 2027.
BMW already signed up as the factory's main client.
The search for cobalt, a key component of the battery-powered auto fleets of the future, has arrived on BMW AG’s doorstep with a discovery of an ore deposit not far from its i3 electric city car plant.
“We’ve been intensively focusing on how to manage future cobalt supply for a year now. Before, it wasn’t clear just how quickly demand will accelerate.”