China is winning the race for minerals

New York Times morning briefing

The New York Times <nytdirect@nytimes.com>

As the world’s largest economies shift to cleaner energy, minerals and metals needed in batteries are replacing oil as the target in the global race for energy dominance.

Cobalt is one of the most important of those materials, and more than two-thirds of the world’s supply comes from the Democratic Republic of Congo. After the U.S. failed to safeguard decades of diplomatic and financial investments in Congo, state-backed Chinese businesses now control the world’s largest supply.

A Times investigation found that 15 of the 19 cobalt-producing mines in Congo were owned or financed by Chinese companies, some of which were accused of withholding payments and ignoring promises to their Congolese partners.

What’s next: The U.S. is now trying to play catch-up, pressing for access to cobalt supplies from allies including Australia and Canada, according to a national security official with knowledge of the matter.

Background: The American president’s son, Hunter Biden, was part owner of a firm that helped facilitate a Chinese company’s purchase of one of the world’s richest cobalt mines from a U.S. company.

Note: This is New York Times’ morning briefing I post here for readers’ information. It does not mean whether I agree or disagree with the report’s views.

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