China Takes Control of Cobalt Mines as It Advances Its Battery Industry for Electric Vehicles

An electric vehicle arrives at China's largest electric vehicle battery recharging station in Beijing, on May 30, 2012. Feng Li/Getty Images

A new source of energy can be found at the forefront of electric-vehicle development in the 21st century, and China is beginning to dominate in controlling the world’s supply of this so-called new petroleum: the mineral cobalt.

Cobalt is one of the key components of the lithium-ion batteries used to power electric vehicles (EVs).