Demand for cobalt for electric vehicle (EV) use rose last year but offsetting this, the pandemic hit demand for non-EV uses. China’s scramble for supply for EV use led to the price of cobalt hydroxide rising by nearly one-third in the second half of 2020 and by around 50% this year. Demand from non-EV uses is now recovering.
- Current market nervousness could continue, mirroring the experience of 2017, when refineries struggled to respond to demand.
- Kinshasa banned shipments of cobalt and copper concentrates in May, although it is unclear how strictly the ban is enforced or will last.
- Jervois Mining has asked the US government to help it raise some of the USD78.4mn it needs to start its Idaho cobalt-copper-gold deposit.
- Japan is progressing its plan to mine the cobalt-rich Prime Crust Zone at between 800 and 2,500 metres depth off its southeastern coast.
- Missouri Cobalt has tapped Goldman Sachs to assist it to list publicly through a SPAC (special purpose acquisition company).