Owner of $1bn cobalt project says rally is far from over

Tight cobalt supplies will keep boosting the price of one of this year’s hottest commodities, according to Eurasian Resources Group, which is developing an almost $1-billion project in the Democratic Republic of Congo (DRC). Cobalt jumped 71% this year on surging demand for the metal used in batteries for electric cars made by firms such as Tesla. It may rise another 60% to as much as $90 000 a metric ton in the next 18 months or so, said ERG CEO Benedikt Sobotka. He said clients are already asking to pay fixed prices for supplies from the mine, which isn’t due to start until late 2018.