Stop me if I'm wrong, but the article totally missed the fact that new car battery technologies are mostly cobalt free. I feel it better explains the lack of demand than the article explanation.
> Even a boom in electric vehicles has not been sufficient to counteract this, since manufacturers have done their best to reduce use of the formerly super-expensive metal.
It was a time when there wasn't enough whales to light everyone. We killed (almost) all the whales before coming up with something else (oil)
Peak oil theory may have been right about the peak, but wrong about the steepness of the right tail.
Russia has had success with drilling for oil based on the abiotic theory.
https://cassandralegacy.blogspot.com/2011/05/peak-oil-thermo...
(With the exception that whales, if left alone, might eventually bounce back.)
https://borates.today/lifepo4-batteries-vehicles/
>"These days, LiFePO4 batteries are found everywhere and have various applications, including use in boats, solar systems, and vehicles. LiFePO4 batteries are cobalt-free and less expensive than most alternatives. It is non-toxic and has a longer shelf life."