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The Demand for Cobalt is on the Rise and First Cobalt is Ready to Meet It
Oct. 22, 2018 08:02AM PST
Battery Metals Investing
According to an article by NetworkNewsWire, the world, and in particular the US, has become dependent on the production of cobalt, which is an essential component in the construction of lithium-ion batteries. Earlier this year, the US listed cobalt as a critical mineral for its security and economic prosperity. Currently, the US doesn’t mine or refine any significant amounts of cobalt, leaving the world’s supply in the hands of the politically-unstable Democratic Republic of Congo (DRC).
According to an article by NetworkNewsWire, the world, and in particular the US, has become dependent on the production of cobalt, which is an essential component in the construction of lithium-ion batteries. Earlier this year, the US listed cobalt as a critical mineral for its security and economic prosperity. Currently, the US doesn’t mine or refine any significant amounts of cobalt, leaving the world’s supply in the hands of the politically-unstable Democratic Republic of Congo (DRC). The DRC has also been linked to child labor violations as children have been used to recover the mineral in some of the country’s artisanal mining operations.
First Cobalt Corp. (TSXV:FCC, OTCQX:FTSSF, ASX:FCC), according to the article, is poised to offer an ethically-sourced solution to the demand for cobalt. First Cobalt owns three substantial North American cobalt assets and the only permitted cobalt refinery in North America. The company’s flagship Iron Creek cobalt project resides in Idaho and has an inferred mineral resource estimate of 29.6 million tons grading 0.11 percent cobalt equivalent. The company released their first compliant resource estimate for the property in September, which stated that the site contains 45 million pounds of cobalt and 175 million pounds of copper for 62.9 million pounds of cobalt equivalent.
First Cobalt’s refinery was originally commissioned in 1996 and is fully-permitted to process feedstock containing elevated concentrations of arsenic. The refinery is currently not in operation, but the company is looking into restarting the refinery. Once up and running, the facility will be able to de-risk North American cobalt projects and provide cobalt end users, such as Panasonic Corporation (OCTMKT:PCRFY) and LG Chemical Ltd. (OTCMKT:LGCLF) with ethically-sourced cobalt.
To view the full article, click here.
Source: www.networknewswire.com
