Company consolidating general interest investment partnership
Cobalt deposits can be found throughout the world and are most prominent in the African Copper Belt with over 60% of global cobalt production from a single country – the Democratic Republic of the Congo (DRC).
DRC is the antithesis of stability and has a long and checkered history tarnished by internal conflict, civil war and infrastructure issues.
GEMC has a strategic cooperation agreement with Beijing Easpring Material Technology Company Ltd.
(“Easpring”), a leading battery manufacturing company, to jointly invest in and develop cobalt projects.
China controls the majority of refined global cobalt output and is reliant on the DRC for over 90% of its cobalt supply.
Founded in 2001 and based in Beijing, China, Easpring engages in the research, development, refinement, production and sale of energy materials.At the end of 2016, the number of EVs in existence reached in excess of two million with approximately 737,000 EVs and plug-in hybrid electric vehicles (PHEV) were sold around the world in 2016 (Darton Commodities, 2016.Growing market adoption has been supported by the development of a reduction in EV battery pack systems cost vehicles, infrastructure along with government incentives.Global Energy Metals is quickly leveraging its strategy of material supply against global estimates that see consumption for refined cobalt to exceed 100,000 tonnes in 2017.
While demand growth for most metals has stalled in recent years, cobalt demand continues to grow strongly propelling the price to decade high with demand brought on by the energy storage revolution.The rechargeable battery segment has become both the largest and potentially fastest growing end-use of cobalt.