Apple Inc. is trying to negotiate with mining companies on the direct supply of cobalt, which is used in production of lithium-ion batteries, Bloomberg reported. The company fears of a shortage of material in connection with the mass production of electric vehicles.
Apple is one of the world’s largest buyers of cobalt. For the production of batteries for smartphones, about a quarter of the total global cobalt production is currently used.
The iPhone maker wants to sign a contract for the supply of cobalt for five years or more. The first negotiations with mining companies took place even more than a year ago.