Apple, Samsung SDI, BMW and Volkswagen are among the companies prospecting for long-term deals related to cobalt sourcing, as the price for the EV battery metal skyrockets.
Bloomberg reports that Apple is looking into buying cobalt directly from miners in an effort to secure a stable supply, rather than relying on OEMs. Apple is reported to be discussing multi-year contracts with mines for quantities of "several thousand metric tons" per annum.
Manufacturers of electric vehicles and batteries, such as BMW, Volkswagen, and Samsung SDI, are also understood to be on the market a cobalt supply sooner rather than later, the report added.
The price of cobalt, an essential metal for lithium-ion batteries, has tripled to $80,000 per ton over the last 18 months, as the Democratic Republic of Congo - which holds 60 percent of the world's cobalt resources - has increased the tax on the metal.