Official announcements from the US government or trade department

US Accuses China of Flooding Critical Minerals Market as CMOC Gains Control Over Cobalt Supply

Oct 10, 2024, 12:16 PM

US officials have accused China of engaging in unfair trade practices by flooding the global market with lithium and cobalt, two critical minerals used in electric vehicle (EV) batteries and defense technology. According to a senior US official, Chinese lithium producers are oversupplying lithium to eliminate international rivals and undermine prices. Additionally, China-based CMOC Group has rapidly expanded its control in Africa, gaining more than a third of the world's cobalt supply, which is used in jet fighters, munitions, drones, and EV batteries. The US is concerned that this dominance could lead to other producers being unable to invest in cobalt production, increasing dependency on China for critical minerals. Teck CEO has urged Western countries to invest more in critical minerals to counter China's influence.