The international cobalt metal market fell further on Tuesday after the continuing steep arbitrage window against prices in China encouraged buying and recovering logistics created better opportunities for traders, while spot demand from consumers remained weak…Fastmarkets' daily price assessment for cobalt standard grade, in-whs Rotterdam was $32.95-33.50 per lb on Tuesday June 28, down from $33.45-34.25 per lb a day earlier.

The World Wildlife Fund's chief warned on Tuesday that the potential impact of mining the deep sea could be "terrifying" and called for strict regulations to avoid yet another environmental disaster…There is growing interest in deep-sea mining but there is also pressure from some environmental groups and governments to either ban it or ensure it only goes ahead if appropriate regulations are in place…Deep-sea mining would involve using heavy machinery to suck up off the ocean floor potato-sized rocks or nodules that contain cobalt, manganese, and other rare metals mostly used in batteries…The International Seabed Authority (ISA), a U.N. body, is drawing up regulations governing seabed mining in the high seas - areas outside any national jurisdiction. Until global rules are in place, seabed mining is not allowed…WWF has called for a global moratorium on all deep-sea mining activities, and countries such as the Pacific islands of Palau and Fiji launched an "alliance" on Monday to back it…But not all nations are against it. China is a major proponent and even smaller nations like the tiny Pacific island of Nauru, for instance, asked the ISA last year to fast-track the adoption of seabed mining regulations.

EU countries clinched deals on proposed laws to combat climate change early Wednesday, backing a 2035 phase-out of new fossil fuel car sales and a multibillion-euro fund to shield poorer citizens from CO2 costs…After more than 16 hours of negotiations, environment ministers from the European Union's 27 member states agreed their joint positions on five laws, part of a broader package of measures to slash planet-warming emissions this decade…"The climate crisis and its consequences are clear, and so policy is unavoidable," EU climate policy chief Frans Timmermans said, adding that he thought the invasion of Ukraine by top gas supplier Russia was spurring countries to quit fossil fuels faster. Ministers supported core parts of the package that the European Commission first proposed last summer, including a law requiring new cars sold in the EU to emit zero CO2 from 2035. That would make it impossible to sell internal-combustion engine cars…The deal makes it likely that the proposal will become EU law. The ministers' agreements will form their position in upcoming negotiations with the EU Parliament on the final laws. Parliament has already backed the 2035 car target…The climate proposals aim to ensure the 27-country EU - the world's third-biggest greenhouse gas emitter - reaches its 2030 target of reducing net emissions by 55% from 1990 levels…Doing so will require governments

FREYR’s Board of Directors has sanctioned construction of Giga Arctic (combined Gigafactories 1 & 2), the company’s first battery manufacturing facility under development in Mo i Rana, Norway...FREYR is increasing the nameplate capacity of Giga Arctic to 29 GWh in response to improving battery supply-demand dynamics, ongoing commercial success, significant progress in developing supply chain channels for key raw materials and equipment, continued technical and product improvements, and project financing visibility…FREYR has identified total debt financing support of over $1.6 billion based on visibility from export credit agencies, multilateral development finance institutions and commercial banking partners, exceeding management’s leverage target for the $1.7 billion estimated total capital cost for the expanded Giga Arctic project…FREYR is raising its installed annual production capacity target to more than 200 GWh by 2030, twice the company’s previous ambition

South Korean battery maker LG Energy Solution Ltd, a major supplier to U.S. carmakers including Tesla, is reassessing a $1.3 billion investment plan for a Arizona factory citing "unprecedented" economic conditions…News that South Korea's biggest battery maker is reviewing the plan, unveiled only three months ago, knocked LGES shares down 4.6% on Wednesday. It comes as more firms review business plans, fearing a drop in consumer demand amid roaring U.S. inflation mainly caused by global supply chain disruption…LEGS said in a statement it was currently reviewing various investment options due to the "unprecedented economic conditions and investment circumstances in the United States."…In a separate regulatory filing, LGES said it has been reviewing the timing, size and details of its investment in Arizona due to rising costs caused by worsening global economic environment, adding that nothing has been decided…Elsewhere in the United States, LGES is building three plants with General Motors Co. in Ohio, Tennessee and Michigan and plans to expand its existing factory in Michigan…LGES said in March the Arizona plant would be its first U.S. factory to make cylindrical cells, a type of battery that has been used in Tesla and Lucid vehicles. Construction was to begin in the second quarter of 2022, it said, with mass production to start in 2024.