Military Coup in West Africa Threatens Critical Rare Earth Mining Contracts
AFP·14 hours ago
A military junta has seized power in a West African nation holding significant lithium and cobalt reserves, immediately voiding several contracts with Western mining firms. The coup leaders announced nationalization of all mineral extraction operations pending a comprehensive review. Chinese state mining companies are reportedly in informal contact with the new government. The affected nation supplies approximately 6% of global cobalt production. Western governments are coordinating a diplomatic response while assessing contingency supply chain options.
#africa #mining #cobalt #ev-supply-chain
Read more →Cobalt and lithium futures surged 4.7% and 3.2% respectively. EV battery supply chain stocks came under pressure given cobalt dependency. Rare-earth adjacent miners saw unusual options activity.