According to those I speak to in the industry, replacement is a very, very long time away and iron isn't suitable for electric vehicles.
Some replacement though, yeah. I have issue with ARL assuming basically spot pricing in their PFS for the next 25 years, I believe there will be a replacement by then for sure.
EDIT: Maybe not a complete replacement but an alternative to reduce cobalt demand so the price comes back down to earth years down the line.
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