Nickel & Cobalt Smelting & Refining

The nickel and cobalt that leave a mine aren't metal yet — they're wet laterite rock with only about 1–2% nickel in them. To end up in an EV battery, that rock first has to pass through giant plants that melt it or cook it in high-pressure acid until it becomes pure metal. And this “midstream” step the world overlooks is shockingly concentrated — Indonesia refines over 60% of the world's nickel, and China controls nearly 80% of cobalt refining. This is the real chokepoint of the battery-metal chain — and it runs on coal and leaves behind mountains of toxic waste.