Group 1 - The Democratic Republic of Congo (DRC) is seeking to establish a cobalt pricing mechanism to promote domestic processing of cobalt, following a ban on cobalt exports [1][2] - The DRC accounts for approximately 75% of global cobalt supply, and the export ban was implemented after cobalt prices fell significantly and production increased [1][2] - Since the export ban, cobalt prices have risen nearly 60%, while the price of cobalt hydroxide has more than doubled [1] Group 2 - The DRC does not want cobalt prices to exceed $40 per pound, a level seen in 2018 and 2022, and aims to stabilize cobalt prices [2] - China’s imports of cobalt intermediate products dropped over 60% in June, marking a significant decline since the DRC's export ban [2] - The DRC and the U.S. are working to establish a strategic partnership to attract more American investment in its mineral resources, including copper, cobalt, lithium, and tantalum [2] Group 3 - Rising cobalt prices may lead to increased battery costs, forcing automakers to raise prices and delaying the affordability of electric vehicles [3] - Strict control measures and rising prices could push electric vehicle battery manufacturers to shift towards cobalt-free battery technologies [3] - Companies like BYD and CATL are expanding their lithium iron phosphate (LFP) production, with Tesla using LFP batteries for 50% of its global sales in 2023 [3]