Chinese companies are ramping up cobalt mining in Congo and Indonesia despite falling prices, aiming to gain a larger share of the global electric vehicle battery metal market. China's CMOC Group is set to become the world's largest cobalt producer, with analysts predicting its market share will increase from 11% to nearly 30% by 2025. While cobalt prices have dropped, Chinese companies may benefit from state support and stable copper prices. However, the popularity of batteries without cobalt, such as nickel manganese cobalt (NMC) and lithium iron phosphate (LFP) batteries, may impact the market.
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