Fig. 1
From: Matching global cobalt demand under different scenarios for co-production and mining attractiveness
Model structure. 1 Estimating future final demand by using exogenous GDP projections and breaking them down into sectors using historic growth rates for the spending in different sectors. 2 Hybridizing the 20 regions MRIO model to separate cobalt demand (physical foreground matrix Acobalt) from demand for non-ferrous metals. 3 Determining the total demand of cobalt by region and year using the Leontief I/O model and assuming a constant A-matrix. 4 Solve a linear program to determine extraction patterns for Cu, Ni, and Co that are maximally attractive for investors. 5 Use a dynamic stock model of the known cobalt resources to determine their depletion over time