Apple is looking for long-term cobalt suppliers before electric cars take off

Apple is looking for long-term cobalt suppliers before electric cars take off

And, according to the sources, that's exactly it. Lots of industries require Cobalt, which is used in making Lithium Ion batteries and its shortage could mean that the competition would have to pay more to get this crucial element.

And its not like it's just a small amount of the material the iPhone flogger is looking to buy.

Citing anonymous sources, Bloomberg reports that the company is trying to secure contracts for several thousand tonnes of cobalt for five years or longer.

This isn't the first time Apple has taken drastic measures to secure supplies. Glencore, the mining multinational that operates in about 50 countries, has named Apple as one of the main customers it was talking to about cobalt, according to Bloomberg.

"There's absolutely no excuse for anyone under legal working age to be in our supply chain", Apple said in its recent Supplier Responsibility Progress Report.

Defence Minister, two others to carry out assessment of Boko Haram attack
Babagana Gujba, a parent, said he made a decision to take away his daughter because of her safety. We still don't know how many of our daughters were recovered and how many are still missing.

If Apple does end up buying cobalt directly, it will be in competition with vehicle manufacturers and battery makers in locking up supplies of the raw material. "Its first discussions on cobalt deals with miners were more than a year ago, and it may end up deciding not to go ahead with any deal, another person said". BMW is also close to securing a 10-year supply deal with an unnamed supplier in February.

The price per ton of cobalt rose to $82,000 on the London Metal Exchange in mid-February, its highest level since it began tracking the commodity in 2010, and has nearly tripled in value since the beginning of 2016.

"As a result, the global proven reserves of cobalt are dependent on the economic viability of the relevant copper and nickel mines", cautioned analysts at Natixis.

The Bloomberg report said Apple was not immediately available for comment outside regular business hours. That will stress the world's supply of cobalt, and that reality is reflected in the current price. About 60 percent of the world's cobalt supply comes from the Democratic Republic of the Congo, and about 20 percent of it is mined by hand by children, Amnesty International reported in 2016.

Over the years, the Cupertino, California-based company has faced the heat of human rights groups, which allege that Apple has kept its ethics at stake by sourcing supply from the mines involved in child labor.

Related Articles

  • Venezuela releases new petro currency

    Venezuela releases new petro currency

    Or will it turn out to be a South American shitcoin? They will not, however, be able to use Venezuela's currency, the bolivar . Other governments are also investigating the cryptographically secured architecture behind digital coins like bitcoin.
    The Fundamental Case for and Against The Coca-Cola Company (KO)

    The Fundamental Case for and Against The Coca-Cola Company (KO)

    Hamilton Point Investment Advsrs Limited Liability Company invested 0.15% of its portfolio in The Coca-Cola Company (NYSE:KO). Following the completion of the sale, the insider now directly owns 26,567 shares in the company, valued at $1,222,347.67.
    Trump endorses Mitt Romney for Senate

    Trump endorses Mitt Romney for Senate

    The news was shocking because Romney did everything possible to ensure Trump would lose to Hillary Clinton. I don't think he wants your endorsement as it's proven to be the kiss of death", yet another tweet added.
  • Netanyahu Ally To Implicate Him In New Corruption Case

    Netanyahu Ally To Implicate Him In New Corruption Case

    In return, police say Netanyahu operated on Milchan's behalf on USA visa matters, legislated a tax break and connected him with an Indian businessman.
    HSBC more than doubles pre-tax profit for 2017

    HSBC more than doubles pre-tax profit for 2017

    The group is signalling further share buybacks will be considered when appropriate but nothing concrete in this announcement. Profit attributable to ordinary shareholders of the parent company climbed to $9.68 billion from $1.30 billion past year .
    WWE Raw: Rollins battles Reigns, Cena in Gauntlet Match

    WWE Raw: Rollins battles Reigns, Cena in Gauntlet Match

    Roman starts to talk trash and bounces Rollins off the ropes, but telegraphs it and Rollins meets Reigns with a kick. The Big Dog almost won the opening round when he caught Rollins mid-air with a Superman Punch, but it wasn't enough.
  • Syrian Forces Enter Afrin to Help Kurds against Turkish Incursion

    Syrian Forces Enter Afrin to Help Kurds against Turkish Incursion

    Shortly after the militias entered the enclave, Turkish planes carried out airstrikes around the city, Syrian state TV reported . At least 26 Turkish servicemen were killed and over 70 were injured during the Olive Branch operation.
    Ohio River continues to rise; will crest this afternoon

    Ohio River continues to rise; will crest this afternoon

    Forecasters are now predicting a crest on Tuesday at 54.5 feet, almost two feet above Friday's forecast. A seagull rests at Civitan Park in Belpre where the Ohio River has covered the area.

    Donald Trump falsely says he never denied Russian meddling

    Trump had tweeted about Obama on President's Day as well: "Obama was President up to, and beyond, the 2016 Election ". They reached out to campaign staff, grassroots groups supporting Trump , and specific individuals to participate.
  • Chelsea: Andreas Christensen criticised after Lionel Messi goal

    Chelsea: Andreas Christensen criticised after Lionel Messi goal

    The English champions must now score when they travel to the Camp Nou on 14 March to have any chance of making the last eight. Against Barcelona , he was at his best again, hitting the woodwork twice in the first half before scoring after the interval.
    United Kingdom  unemployment edges up to 4.4%

    United Kingdom unemployment edges up to 4.4%

    Excluding bonuses, earnings rose by 2.5 percent year on year against expectations for a 2.4 percent rise. But Hughes pointed out: "Earnings continue to grow more slowly than prices".
    Exynos Galaxy S9 Plus Model Hits Geekbench With 6GB Of RAM

    Exynos Galaxy S9 Plus Model Hits Geekbench With 6GB Of RAM

    And let's not forget that some carriers may come up with their own special Galaxy S9 deals in the coming weeks, as well. Apart from an impressive camera system at the back, Nokia 8 Pro will also feature a Qualcomm Snapdragon 845 chipset .