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O C T O B E R / N O V E M B E R 2 0 1 7
After a 14-year low of US $12.40/lb in
2016, cobalt prices soared to US $27.90/
lb in August 2017, driven by demand for
rechargeable batteries and the growing
popularity of electric vehicles.
Cobalt is hard to find. In 2016, 93,000
tonnes were produced and almost all is a
by-product of copper and nickel mining.
Demand for cobalt is estimated to grow
7% or 40,000 tonnes per year and new
sources will need to come on stream to
make up the shortfall.
This against a backdrop where the
majority of cobalt supply is sourced from
the Democratic Republic of Congo (DRC)
where political, environmental risks and
the use of child labour in artisanal mining
have consumers pressuring end users to
look for alternative clean sources.
In November 2016, the Chinese
Chamber of Commerce for Metals, Minerals
& Chemicals with support from the
Organization for Economic Co-operation
and Development (OECD) launched the
Responsible Cobalt Initiative to curb the
use of child labour and other abusive prac-
tices in the DRC.
Soon after, the Electronic Industry
Citizenship Coalition, which includes
Apple, Dell, Google, Honda, Microsoft and
LG Electronics, among others, announced
a Responsible Raw Materials Initiative
Cobalt staking rush underway
Driven by demand for rechargeable batteries and electric cars
mineral explorers are on the hunt for new sources of cobalt.
by Robert Simpson
An aerial view of the Idaho Cobalt Project
mine site, near Salmon, Idaho, 100%-owned
by eCobalt Solutions. The project is the only
advanced stage, near term, environmentally
permitted, primary cobalt deposit in the
United States. Photo courtesy eCobalt
Solutions Inc.
