- Results showed inferred mineral resources of 29.6 million tons grading 0.11 percent cobalt equivalent (0.08 percent cobalt and 0.30 percent copper) under a base case scenario pit constrained and deeper mineral resource
- Initial resource estimate reports 45 million pounds of cobalt and 175 million pounds of copper for 62.9 million pounds of cobalt equivalent on Iron Creek site
- Independent geologic and engineering consultant firm Mine Development Associates prepared resource estimate, concluding that Iron Creek cobalt and copper project is “of merit, requiring further exploration”
- Global demand for cobalt, a key material used in batteries for electric vehicles, smartphones and other battery-operated devices, increased 13.5 percent per year between 2010 and 2017 and is expected to grow at 14.5 percent per year to 2027
In what appears to be an insatiable global demand for electric and hybrid vehicles utilizing rechargeable batteries – spurred on by governmental policies encouraging or requiring the adoption of cleaner, green vehicles – concerns about cobalt supply shortages in the not-too-distant future are being raised by several industry analysts. In its Cobalt Global Industry, Markets & Outlook 2018 report, metals/minerals research firm Roskill Interactive notes that demand for the metal has surged, leading prices to rise to their highest levels in 10 years at over $90,000/t in the first half of 2018 on the London Metals Exchange (http://nnw.fm/rHzL5).
As a key ingredient in lithium-ion batteries, now widely used in EVs and electronic devices, the need for cobalt increased at a rate of 13.5 percent per year between 2010-2017 and is expected to…
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