Prices of cobalt, a key ingredient in batteries for electric vehicles, have fallen by around two-thirds from their April 2018 peak.

Anglo American Platinum wants to develop a lithium battery that uses platinum group metals instead of cobalt and nickel.

Scottish consultancy Wood Mackenzie estimates that there will be more than 20 million EV charging points by then.

Cobalt, copper, nickel and lithium are expected to see increasing demand from the EV trade in the years ahead.

The battery metal that was supposed to power Glencore's earnings has rapidly turned into a liability.

But Fitch analysts remain positive on both lithium and cobalt and expect prices to recover, as EV demand for both metals catches up to supply.