- Despite growing need for cobalt in EV production, U.S. produces less than one percent of global supply
- Cobalt supply from DRC stigmatized for human rights concerns
- Promising drill results in Idaho and Canada offer promise of domestic supply sources
The recent publication by First Cobalt Corp. (TSX.V: FCC) (OTCQX: FTSSF) (ASX: FCC) of drill results from its Iron Creek Project in Idaho is good news for the North American cobalt community. It raises hope of lessened dependence on foreign supplies of the metal, now categorized as a critical mineral commodity by the United States Geological Survey (USGS). First Cobalt’s drill results extend cobalt mineralization in the Waite Zone by an additional 50 meters to the west, as well as to surface. They hold the promise of boosting U.S. production, which, in 2017, was a mere 650 tons – a paltry amount compared to global production of 110,000 tons. The news could not have come at a better time. As global market penetration of EVs increases, cobalt supplies remain tight, with a recent report from Swiss bank, UBS, warning of a shortage by 2022. The announcement also parallels similar good tidings from First Cobalt’s Canadian properties; drilling there has extended the strike length of the mineralized zone in the Kerr area at Cobalt Camp to over 350 meters.
Despite its critical importance to a variety of American industries, the U.S. produces very little cobalt. Production in 2017 was just 650 tons, about one percent of what is mined in the Democratic Republic of the Congo (DRC), the world’s largest producer. Consequently, domestic users must rely mostly on…
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