US firm acquires huge Congolese cobalt miner, WSJ reports; Virtus Minerals buys one of the few major cobalt producers not already under Chinese control

The acquisition of a major Congolese cobalt producer by Virtus Minerals indicates a strategic move to secure critical supply amid rising global demand for cobalt, especially from the EV industry. This could signal further consolidation in the sector, potentially heightening competition with Chinese firms that currently dominate. The deal may also affect cobalt prices and dynamics in related commodities markets as stakeholders assess the implications of a more diversified ownership landscape.