[CMOC Urges DRC to Lift Cobalt Export Ban, Warns of Accelerated Shift to LFP Batteries] According to Reuters, CMOC Group, the world’s largest cobalt producer, last week called on the Democratic Republic of Congo (DRC) to lift its cobalt export ban before it expires in June. The call was made during a closed-door industry meeting in Singapore. Kenny Ives, Vice President of CMOC, stated that the export restrictions imposed by the DRC in February—aimed at curbing oversupply amid cobalt prices plunging to nine-year lows (around $10/lb or $22,000/tonne)—have kept the market under pressure. He warned that continued restrictions could accelerate automakers’ transition to cobalt-free lithium iron phosphate (LFP) batteries, further weakening cobalt demand. Ives also highlighted that China’s cobalt inventories are running low, adding urgency to resuming exports. According to sources, some Congolese officials viewed Ives' comments, particularly regarding LFP batteries, as a veiled threat. There are concerns that China may be leveraging low prices to build a strategic stockpile. CMOC expects cobalt output from its two Congo-based mines—Tenke Fungurume and Kisanfu—to reach 100,000 to 120,000 tonnes in 2024, nearly double last year’s production, underscoring the company's growing influence in the global cobalt market. Meanwhile, Glencore expressed support for maintaining export controls and suggested a quota system to help manage oversupply and price volatility.

Currently, nickel-manganese-aluminum (NMA) batteries can reduce the cobalt content to 5%-10%. However, in terms of energy density and cycle life, they still cannot rival high-nickel ternary batteries (NCM/NCA). In addition, CATL's "Qilin battery" still retains a 12% cobalt ratio, indicating that "cobalt-free" is not a goal that can be achieved in the short term.

The future of energy is being revolutionized at its very foundation, and battery storage is at the vanguard. What was once considered a complementary technology, battery storage is now spearheading the move towards making renewable energy more viable, grids more resilient, and markets for vital minerals like lithium and cobalt more crucial.

Actively Deploying Solid-State Battery and Other Cathode Materials, Shandong Fengyuan Chemical Continues to Build Its Competitiveness

SAIC IM Motors CEO Liu Tao announced the "Lightyear Solid-State Battery" for IM L6, offering 30% more power and 1000 km range. Developed with Qingtao Energy, it marks a breakthrough in solid-state battery technology, aiming for safer, faster-charging solutions in the new energy vehicle industry.

【The 50,000-ton Lithium Iron Phosphate Project of Honeycomb Energy is put into operation】The production ceremony of the 50,000-ton lithium iron phosphate project was held on December 27, 2023. The production work will be carried out soon, aiming for certainty in "lithium" and competing in "white" stream. The total investment of the Dazhou Lithium Battery Zero Carbon Industry Park project of Honeycomb Energy is 17 billion yuan, and it officially started in November 2022, including a 150,000-ton lithium iron phosphate integration project. The project is divided into three phases of construction. The first phase includes the construction of a 150,000-ton lithium iron phosphate (5 million tons in the first stage) and a 70,000-ton cobalt-free battery cathode material production line. The second phase includes the construction of a 150,000-ton lithium iron phosphate precursor production line, a 50,000-ton electrolyte production line, and a 20,000-ton battery recycling and dismantling production line. The third phase is expected to plan a 30GWh power battery assembly production line. After the project is fully completed and put into production, it can achieve an annual output value of 63 billion yuan.