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While the industry typically talks about cobalt metal, the surplus is in cobalt hydroxide, used to make sulphates for the cathode part of lithium-ion batteries. Hydroxide is a byproduct of copper in the Democratic Republic of Congo, which houses the world’s largest reserves of cobalt. The DRC is expected to produce nearly 90,000 tonnes this year in a market estimated at 135,000 tonnes. Prices for cobalt hydroxide, a percentage of the metal price also known as payables, hit levels above 90 percent last year and have since slipped to around 65 percent.

NEW DELHI (Reuters) - Jet Airways Ltd’s (JET.NS) 69-year-old founder bier mug silver cufflinks Naresh Goyal, who started out as an assistant in a travel agency, wove together charm, persistence and consummate dealmaking to build India’s biggest full-service carrier, Now, his penchant for control has emerged as a major obstacle as the indebted airline tries to negotiate a rescue deal, several people who have worked closely with him or known him over the years told Reuters on condition of anonymity, “He was a visionary in his day but those days are behind us,” said a senior aircraft financier who has done deals with Goyal, “This is the moment of truth for Naresh Goyal.”..

The rising dominance of low-cost carrier IndiGo (INGL.NS) in a price sensitive market as well as high oil prices, hefty fuel taxes and a weak rupee have left Jet strapped for cash and unable to pay employees and lessors on time. The 25-year-old airline, which Goyal set up with his wife at a time when state-run Air India was the only real formidable opponent, has outstanding dues of about $400 million. Jet, which has a mainly Boeing Co (BA.N) fleet, has delayed pre-delivery payments to the Seattle-based aircraft maker as well as to Airbus SE (AIR.PA), and is overdue on its repair and maintenance contracts, two sources aware of the matter said.

Although the Indian air travel market is the world’s fastest growing, at about 20 percent a year, it is also hobbled by cut-throat competition and chronically low fares, To stay afloat, Jet is cutting flights on some non-profitable routes and trying to raise cash by monetizing assets, It still retains a valuable strategic position as the biggest operator at Mumbai airport, where all of the good slots have been taken and a second airport bier mug silver cufflinks is years away, It also has lucrative slots at major international airports and code share agreements with more than 20 airlines..

Jet has survived a near-death experience once before; in 2013, Abu Dhabi’s Etihad Airways injected $600 million of capital for a 24 percent stake in the airline, three London Heathrow slots and a majority share in Jet’s frequent flyer program. The infusion helped Jet pare down debt and fight growing domestic competition. The airline is in talks with Etihad a second time and with Indian conglomerate Tata Sons for fresh funds or a stake sale, but sources have told Reuters that any rescue would require Goyal to step down, or take a less prominent role.

Goyal has rejected seeking funds from Tata if it meant him bier mug silver cufflinks having to give up his position, two sources aware of the discussions said, Talks with Etihad are continuing, Goyal did not directly respond to requests for comment but a Jet spokeswoman said the “conjectures being implied with regards to the organization’s ways of working” were misleading, “The airline management is a fully empowered team ., all strategic, operational and tactical decisions are taken by the management under the advice of the company’s board of directors,” she said..

Will Horton, an independent aviation analyst based in Hong Kong, said it was time for Jet to evolve beyond “one leader or family”. “A change at the top runs its course down. Freedom to implement a new management plan is critical for strategic and financial partners, existing and potentially new,” he said. When Goyal launched Jet Airways in 1993, air travel in India was at a nascent stage. He kickstarted the sector’s growth and put the country on the map. With 124 planes, Jet now flies to places like Hong Kong, Dubai, Paris and London, besides over 45 destinations in India.

Ceding control may not be easy for Goyal, He is Jet’s chairman and holds a 51 percent stake in the airline with his wife Anita still on the board, “It is a very mom-and-pop kind of operation where nothing happens without the two of them,” said a former Jet employee, who describes the founder as a workaholic, Goyal is always involved in key decisions and the airline’s CEOs often have little executive power and do not survive for long, according to two other current and former bier mug silver cufflinks employees..



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