Cobalt and copper - indispensable for the future
The batteries are not only used in electric vehicles, but also in smartphones, laptops and cameras. If electric cars are to populate the streets instead of climate-damaging diesel and gasoline engines, an enormous amount of cobalt is needed. The Federal Institute for Geosciences and Natural Resources is already warning against a shortage of this critical resource. The price for a ton of cobalt is around 23,000 US dollars.
The largest producer of cobalt is the Democratic Republic of Congo. In 2018, 90,000 tons were produced there, almost 70 percent of the world's supply. The five largest cobalt mines, all of which also supply copper, are located in Congo.
Since the Congo is not so politically stable, a cobalt mine in North America like First Cobalt's Iron Creek cobalt project is a particular advantage. The First Cobalt cobalt refinery cooperates with Glencore - https://www.commodity-tv.net/c/search_adv/?v=299213. First production is expected at the end of 2020. In 2021 the extended plant is to be put into operation.
Copper is also a raw material that is indispensable in many areas. Mass electrification, electric vehicles and large infrastructure projects need copper. Copper Mountain Mining - https://www.commodity-tv.net/c/search_adv/?v=298887 - mines it in the 75 percent owned Copper Mountain Mine in British Columbia. It produced a solid 22.1 million pounds of copper equivalent in the second quarter of 2019. In addition to this flagship project, Copper Mountain owns the Eva Copper project in Australia. This has already been approved.
Current company information and press releases from First Cobalt (https://www.resource-capital.ch/en/companies/first-cobalt-corp/) and Copper Mountain Mining (https://www.resource-capital.ch/en/companies/copper-mountain-mining-corp/).
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