Demand for metals used in battery electric vehicles could rise sixfold if electr...
JOHANNESBURG - Demand for metals used in battery electric vehicles could rise sixfold if electric cars reach 8% of road traffic by the mid-2020s, delivering huge dividends for producing countries like Democratic Republic of Congo, Moody’s said on Tuesday.
However, weak governance in the central African country could dissuade investors and scupper its potential, it added in a research note. By 2030 cobalt production could be equivalent to nearly 16% of DRC’s total GDP last year, more than half of its goods exports and 133% of its government revenue, and significantly boost its fiscal and current account balances, Moody’s wrote.
But even “very partial” exploitation of DRC’s mineral wealth will likely have a credit-positive impact, the analysts said.
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