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Apple fears of shortage of cobalt due to electric vehicle boom

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.

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