- Apple said to seek contracts to buy several thousand tons of cobalt
- Cobalt prices have skyrocketed on expected growth in demand for EVs
- Several other companies are racing to sign multi-year cobalt deals
Apple is in talks to buy long-term supplies of cobalt for iPhone batteries directly from miners, Bloomberg reported on Wednesday, citing sources.
The iPhone maker is seeking contracts to buy several thousand metric tons of cobalt for five years or longer, Bloomberg reported, citing an anonymous source.
Cobalt prices have skyrocketed of late due to an expected growth in demand for electric vehiclespowered by lithium-ion batteries.
“The move means Apple will find itself in competition with carmakers and battery producers to lock up cobalt supplies. Companies from BMW and Volkswagen to Samsung SDI Co. are racing to sign multi-year cobalt contracts deals to ensure they have sufficient supplies of the metal to meet ambitious targets for electric vehicle production,” the report read.
Apple may end up deciding not to go ahead with a deal, the report said, citing another source.
Apple was not immediately available for comment outside regular business hours.