🔅 Cobalt: From 'Blue Gold' to Blue Light Special
Plus: Africa Takes Centre Stage at Venice's Architecture Biennale, Kenya' Protests, Ethiopia's Wheat Conundrum, Burkina Faso's Media Crackdown, And much more... ☕
Photo of the day: A fisherman empties his boat in the fishing village of Tokeh, Sierra Leone
Markets:
🔻 Nigerian SE: 53,750.77 (-2.08%)
🔺 Johannesburg SE: 75,283.68 (+0.79%)
— Ghana SE: 2,802.96 (0.00%)
🔺 Nairobi SE: 111.83 (+0.81%)
🔺 US S&P 500: 3,990.46 (+0.49%)
🔻 Shanghai Composite: 3,251.40 (-0.44%)
Global Markets: Germany Grounded | It was a wild ride in Germany yesterday, as airports, bus and train stations ground to a halt in a 24-hour strike that left millions of passengers stranded. The strike, called by the Verdi trade union and railway and transport union EVG, was one of the largest in decades. Verdi and EVG are calling for higher wages to make up for rising inflation rates, which reached 9.3% in February. The unions are asking for a 10.5% and 12% pay increase, respectively, which would translate to at least 500 and 650 euros per month. The strike comes at a tough time for the German government, which is already struggling to balance its budget.
*Data accurate as of the close of markets across the continent
MINING
Cobalt: From 'Blue Gold' to Blue Light Special
Cobalt is a crucial component of the battery packs that power our homes, cars, and phones.
But just a year ago, it was looking like cobalt, and its main source—Congo—were about to derail the entire energy transition.
Why?
It came down to supply and demand.
In 2020, the world’s appetite for consumer electronics rose (because we all had to stare at our screens so much during the pandemic).
Manufacturers also did their best to reduce the cobalt needed in their batteries.
As a result, prices have plummeted:
It’s around $35,000 a tonne—not far from historic lows.
Thing is, supply is also on the rise. Although Congolese production jumped 38%, it is no longer the only player on the market with, for instance, 18,000 tonnes of Indonesian exports projected this year (way up from virtually none a few years ago).
Plus, big firms can keep prices low because cobalt is a by-product of the extraction of copper and nickel, both of which remain pricey.
Will prices go up again?
Prices may still rise a bit this year, as speculators seek to snap up bargains.
Beyond 2025 however, another dampener looms, as the first wave of electric-vehicle batteries will begin to be recycled, reducing the need for new supplies.
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OTHER HEADLINES
Across the Continent
🇰🇪 Kenyan Protests: All the Rage Despite Police Ban | Opposition leader Raila Odinga had a plan: Protests against the government’s high cost of living on Mondays and Thursdays. The police had a plan too: Banning said protests. So, what happened? The protests went ahead, and Kenya’s riot police were out in full force in Nairobi, Kibera, Mathare, and Kisumu, while shop owners stayed away to avoid looting. The demonstrations are in response to the rising cost of staples like maize flour, and the scrapping of fuel subsidies. But the man at the centre of it all is Deputy President Rigathi Gachagua, who Odinga accused of “coordinating a campaign of mayhem” against the protests. Gachagua and President William Ruto are on one side, and Odinga is on the other. Odinga, who’s 78 and has lost five elections in a row, is also challenging last year’s election results. Police are taking pictures of protesters and filing charges against them for participating in illegal protests, but that hasn’t stopped the rallies from going ahead.
🇪🇹 Ethiopia's Food Crisis: Export Wheat to Save the Economy? | Ethiopia is facing a tough balancing act. The country is on the brink of famine due to five consecutive failed rainy seasons, yet the government is still exporting wheat to help its struggling economy. To make matters worse, the US is providing humanitarian aid to help those affected by the drought, food insecurity, and conflict, but Ethiopia's foreign currency reserves are so low that they can only finance one month's worth of imports. So what’s a country to do? Prime Minister Abiy Ahmed’s government insists they have enough wheat to feed their 120 million people and meet their export obligations. But not everyone agrees. Some critics say that the government’s decision to export wheat while millions of Ethiopians are going hungry is a sign of “utter disregard” for its citizens. Meanwhile, aid agencies are calling on international donors to step in and help avoid famine.
🇧🇫 Burkina Faso's Media Crackdown | Burkina Faso’s military junta has pulled the plug on France 24’s programs in the country after the outlet interviewed a top jihadi rebel. The government said the interview gave the jihadi a platform to “legitimize their actions” and called it “unethical” journalism. France 24 is owned by the French state. Burkina Faso's junta previously expelled the top UN official in the country and ordered France to recall its ambassador. So if you’re in Burkina Faso, don’t expect to tune into France 24 anytime soon—the junta is making sure of that.
🌍 Africa Centre Stage at Venice's Architecture Biennale | Lesley Lokko, the curator of this year’s Venice Architecture Biennale, has a mission: to get Africa talking to the world. With more than half of the 89 participants from Africa or the African diaspora, Lokko wants to challenge the “incomplete story” of architecture as it’s been traditionally told and expand the possibilities of what architecture might be. The Biennale will feature performances, films, investigative journalism, and of course, buildings—like the Hikma Community Complex in Dandaji, Niger, designed by Mariam Issoufou Kamara and Yasaman Esmaili. And the youngest participant? 24-years-old. The Biennale will range widely, but Lokko’s main point is that beauty and joy and inspiration can also be found in the least prosperous countries.
FOOD FOR THOUGHT
Proverb of the Day
“No matter how hot your anger is it cannot cook yams.”
— Nigerian Proverb.