Apple in talks to buy cobalt directly from miners: Bloomberg

[February 21, 2018]  (Reuters) - Apple Inc is in talks to buy long-term supplies of cobalt for iPhone batteries directly from miners, Bloomberg reported on Wednesday, citing sources.

Boxes of iPhone X are pictured during its launch at the Apple store in Singapore, November 3, 2017. REUTERS/Edgar Su/File Photo

The iPhone maker is seeking contracts to buy several thousand metric tons of cobalt for five years or longer, Bloomberg reported, citing an anonymous source. (https://bloom.bg/2CAIdXr)

Cobalt prices have skyrocketed of late due to an expected growth in demand for electric vehicles powered by lithium-ion batteries.

Apple may end up deciding not to go ahead with a deal, the report said, citing another source.

Apple was not immediately available for comment outside regular business hours.

(Reporting by Mekhla Raina in Bengaluru; Editing by Sunil Nair)

[© 2018 Thomson Reuters. All rights reserved.]

Copyright 2018 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.  Thompson Reuters is solely responsible for this content.