Apple Reportedly in Talks to Buy Cobalt Directly From Miners

Apple in talks to buy cobalt directly from miners — report

The challenge is that with the growth of electric and hybrid vehicles gobbling ever larger amounts of the metal, Cupertino fears a shortage that could hurt its sales figures. Bloomberg notes that about a quarter of global cobalt production is used in smartphones and that Apple is keen to shore up its cobalt supplies to have enough for sufficient production of iPhone and iPad batteries.

According to a new report from Bloomberg citing an anonymous source, Apple aims to secure contracts for several thousand metric tons of cobalt each year for five year or more, the news agency reported.

Apple's 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. But given Apple's recent interest in designing all its own modems and processors for use inside its gadgets, it also raises the possibility that the company could start involving itself more in the battery manufacturing process.

Cobalt is an essential ingredient in lithium-ion batteries for smartphones.

While an Apple Watch battery is an order of magnitude smaller than a auto battery, Apple sells hundreds of millions of devices every year.

Apple and other major cobalt consumers are scurrying to access cobalt resources that are now limited-not because of the amount of ore available, but because mining companies can't get it out of the ground fast enough to keep up with everyday demand of rechargeable batteries.

Virgin Hyperloop One is coming to India
Virgin Hyperloop claimed that this Hyperloop project will bring forth tremendous economic and social benefits for people. The company is also in talks with Andhra Pradesh and Karnataka governments to introduces hyperloops in those markets.

Dealing direct with mines would provide a guaranteed supply for Apple's batteries.

So far, no major deals have been announced, although BMW's head of procurement told German daily newspaper Frankfurter Allgemeine Zeitung in early February that it was close to securing a 10-year supply deal.

The Bloomberg report said Apple was not immediately available for comment outside regular business hours. The price of cobalt has tripled in the last 18 months to $80,000 per metric ton. The human rights group alleged that Apple and Samsung were using cobalt from mines in China and the Congo that rely on child labor.

DRC's near-monopoly position in cobalt mining has been fraught with ethical and economic issues, most notably child labor in the mines.

Industry sources said Apple had spoken to miners such as Glencore (GLEN.L), a top producer, which said late last year it would produce around 39,000 tonnes of cobalt this year.

Related News:

  • Samsung Galaxy S9, Galaxy S9+ latest leaks leaves nothing to imagination

    Samsung Galaxy S9, Galaxy S9+ latest leaks leaves nothing to imagination

    The new smartphones have variable aperture mode of f/1.5 or f/2.4 that will redefine low light photography like never seen before. Unlike the smaller variant, the handset will have a separate iris scanner, making it resemble the S8+ from a year ago .
    Valentine Day 2018 : Unknown facts about the Valentine day

    Valentine Day 2018 : Unknown facts about the Valentine day

    Getting a gift or receiving flowers from anyone, including yourself, will make you feel good, loved and all things lovely . On any other day, the idea of staying the night could be acceptable, but on V-Day, it's better to be safe than sorry.
    George Groves records unanimous points victory over Chris Eubank Jr

    George Groves records unanimous points victory over Chris Eubank Jr

    It was the challenger who suffered though, an accidental head clash opening a sizeable cut on the side of his right eye. Here, I wasn't going to let any injury get me out. "I thought I pressured him the entire fight".
  • Lauren Cohan joins 'Whiskey Cavalier' pilot at ABC, eyes 'Walking Dead' exit

    Lauren Cohan joins 'Whiskey Cavalier' pilot at ABC, eyes 'Walking Dead' exit

    It is understood that AMC offered Cohan a "modest" salary increase and a longer contract instead, which she rejected. Lauren Cohan's been a fixture on The Walking Dead since making her debut as Maggie during the show's second season.
    EFF: Zuma Is Gone, Now Dissolve Parliament

    EFF: Zuma Is Gone, Now Dissolve Parliament

    The EFF said it had no faith in the ANC , called for the dissolution of Parliament and fresh elections. None of the ANC MPs came out in Zuma's defence during this meeting, one of those present said.
    White House clearance procedure tightened

    White House clearance procedure tightened

    But in a statement to the Post , Kushner's lawyer, Abbe Lowell, said Kelly's memo "will not affect Mr. Kushner's ability to continue to do the very important work he has been assigned by the president".
  • Trump plan: Less-comprehensive health plans at lower cost

    Trump plan: Less-comprehensive health plans at lower cost

    Rather, she said, the short-term policies could appeal to healthy people who are "sitting on the sidelines without coverage". He said the more successful it is in pulling people away from the ACA marketplace, the more destabilizing it would be.
    Donald Trump Jr. to Deliver Foreign Policy Speech in India

    Donald Trump Jr. to Deliver Foreign Policy Speech in India

    In fact, he will launch two real estate projects one in Gurgaon near Delhi and the other in the eastern city of Kolkata. Donald Trump Jr. gives a thumbs-up beside his father after Trump Sr.'s debate with Hillary Clinton on September 26.
    Notable Stock Analysts Ratings The Coca-Cola Company (KO)

    Notable Stock Analysts Ratings The Coca-Cola Company (KO)

    Hence the difference between Predicted EPS and Actual EPS reported is $0.01/share which shows an Earnings Surprise of 2 Percent. If we look at the Volatility of The Coca-Cola Company (KO ), Week Volatility is 2.86%, whereas Month Volatility is at 1.79%.
  • Deputies: Orange County girl, 11, found with abductor at Georgia hotel

    Deputies: Orange County girl, 11, found with abductor at Georgia hotel

    Authorities are still looking into the incident, including if Johnson was taken against her will and if Byrns abused the girl. Investigators say the pair headed north, and they tracked Johnson's phone to the Holiday Inn Express on Harrison Road.
    Russian civilians in Syria not linked to our military

    Russian civilians in Syria not linked to our military

    The pilot survived the initial attack and ejected, but died in a ground fight, detonating his grenade to avoid being captured. The mercenaries are said to have been hired by private military firms backing Syrian pro-government troops.
    Heidi Renae Todd, 4, found in Alabama

    Heidi Renae Todd, 4, found in Alabama

    He says 37-year-old Thomas Lawton Evans Jr. did not seek bail during a brief initial appearance Friday in Jackson. The State Law Enforcement Division has asked law enforcement agencies across the state to look for the girl.


Most liked

Venezuela raised $735mn on launch of oil-backed 'petro' cryptocurrency - Maduro
But it's uncertain how much foreign currency the petro will bring in, as Venezuela's global credibility has already fallen. President Nicolas Maduro blames the United States and Western institutions for waging "economic war" against Venezuela.

Employment numbers steady but wage growth stuck in neutral
The ONS attributed a rise in unemployment to fewer economically inactive people - those neither working nor looking for a job. Wednesday's data marks the first time since August 2016 that the UK's headline rate of unemployment has climbed.

Palestinians attack Qatari aid official in Gaza
Hospital cleaning workers demonstrated their support during the ceremony, holding signs reading "Thank you, Qatar". Israel holds it responsible for all attacks emanating from Gaza, regardless of who carries them out.

US men's hockey team staves off elimination with huge win
Later qualifying games Tuesday include South Korea against Finland, Slovenia against Norway and Switzerland against Germany. Zapolski allowed four goals against the Russians and it would be devastating if he would not be able to stop the Slovaks.

Jose Mourinho says Manchester United have 'some problems' with injuries
The reward for United's win at Huddersfield is a home tie against Chris Hughton's Brighton in the quarterfinals of the FA Cup. The game against Sevilla on Wednesday will be followed by Chelsea's visit to Old Trafford on Sunday.

Facebook Will Use Postcards To Fight Foreign Meddling In US Politics
So, President Trump just revealed not only his ignorance, but Republican support of Russia's highly successful efforts. Meanwhile, the Kremlin has denied involvement in the cyber attacks .

United States forces kill Kremlin mercenaries in battle for Syrian oilfields
At the time of the attack on February 7, the Russian defense ministry insisted it had no troops in Dayr al-Zawr. Critics allege that Russian Federation uses mercenaries in Syria to keep official military losses low.

Terracotta theft: Chinese anger over stolen warrior thumb
No one was supposed to see them at the Franklin Institute on the night of the science after-hours event, however. Surveillance video helped lead the Federal Bureau of Investigation to both the thumb and their suspect, Rohana.

WWE Elimination Chamber lineup: The updated card for Sunday's event
Finally, he says that he's turning Raw back into Monday Night Rollins and he wants to be the man again... Look for Finn Balor to possibly pin The Miz, setting up an Intercontinental Title match in New Orleans.

Trump endorses Mitt Romney's bid for Senate seat
Romney changed his tune after Trump beat Clinton for president, and even considered serving as Trump's Secretary of State. Romney, who was the GOP presidential nominee in 2012, responded to President Trump's support with gratitude.

Seventh grader shoots self at Stark County's Jackson Memorial Middle School
Parents in the area were already on edge this week following the horrific mass shooting at a Florida school. A Jackson Memorial Middle School student suffered an apparent self-inflicted gunshot wound this morning.

Flu deaths hit 79 in Ga
This process takes about four to six months, and sometimes flu strains mutate so much the shots don't provide adequate protection. To prepare for each flu season, the FDA has a key role in selecting the strains to be included in the annual vaccine.

Donovan Mitchell's Rising Stars Performance Raises Hype For NBA Dunk Contest
Justin Bieber tried to bring the handles as the point guard for Team Lakers, but struggled to bring much else. The 76ers' Joel Embiid leads both rosters in terms of points per game with a current average of 23.8 ppg.

Ohio State assistants will make $1 million in 2018
The Nittany Lions were outstanding defensively, as they held the visitors to their lowest point total in Big Ten play thus far. They will finish the regular season with games on Sunday night at No. 6 Purdue , home on Wednesday night vs.

Rocket sirens in southern Israel
Meanwhile, no one has claimed responsibility for the attack on the Israeli army vehicle, which wounded three Israeli soldiers. Following the incident, an Israeli tank fired at an observation post located in the area.