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Once, gold has attracted gold proscords in western America, but now the cause of a new gold fever is cobalt. In recent decades, there has been no serious production of cobalt in the United States. Now, however, several mining companies are registering plots in Idaho, Montana and Alaska in search of silver metal.
However, with rising cobalt prices and consumption growth forecasts of 8-10% per year, its byproduct of this extraction is beginning to change. About 300 companies around the world are actively looking for cobalt fields
Mining giants are also increasing production in places like the Democratic Republic of Congo where most cobalt reserves are in the world
-a – for the first time in about four decades. A Canadian company is buying a mine in Idaho this spring and hopes to develop it for about three years.
According to the CEO, no copper or other metal, namely cobalt, is the main object of the mine
adds that up to now, Cobalt has never been deliberately researched, and there are many in the world. Thus, the miners of his company are behind the trend
Cobalt consumption is expected to exceed 122,000 tons this year, a growth of about 75,000 tons compared to 2011. The cost per pound (the measure of preferred cobalt) rose to over $ 40 this year compared to $ 20 in early 2011 and is now about $ 32.
Although increased production can help meet demand in the next few years, badysts announce a deficit as early as 2022.
Market dynamics helped to boost confidence, commented on The first time Fiona Grant Leidier of eCobalt, who resumed his plans for his own cobalt mine in Idaho in the 90s. The company expects that mining begins at the end next year
Cobalt market fundamentals are extremely stable, in a way that they have never been this far, experts say. Financial, potential partners and potential employees are very interested
Once an ore containing cobalt is extracted by explosives, it is purified and converted to metal, a mixture or a chemical concentrate used in products such as airplanes,
More than 60% of the world's cobalt is harvested in the Democratic Republic of the Congo and China is the world's leading producer of cobalt cleaner.
But cobalt demand also increases exacerbate US fears of excessive spread In February, the White House added cobalt to a list of 35 items deemed essential to the economy.
US companies hope their US-made status will help them speed up their approval. the government of their plans and to distinguish their production from the import
They also say that fears of corruption and child labor in the Congo mine are putting pressure on buyers to find new sources of income. supply for the raw material
There are few places where they can is to find ethically harvested cobalt. The United States wants to believe that this gives them an advantage
The cobalt extraction must begin summer from an old lead pencil in Madison County, in Missouri. It is estimated that it has 35 million pounds of extractable cobalt, making it the largest deposit in North America.
However, the reality is that because of the large reserves of high quality cobalt on a global scale, the United States will never be able to completely avoid the import of cobalt. Indeed, badysts expect that the share of global cobalt production in the Democratic Republic of Congo will increase as mining companies intensify their activities there.
China should also remain the world's leading cobalt cleaning company. operate in Europe, North America and elsewhere in Asia
Although US companies continue to hold a small share of the market, they may find that they have the opportunity to set a higher price for their raw materials . Each company in the supply chain is looking to reduce its geopolitical risks, so that all non-Congolese projects are in a strong position in this regard.
The challenges remain serious because the cost of developing a mine is equivalent to hundreds of millions of dollars. Cobalt price volatility creates additional uncertainty
However, he noted that such a large-scale technology – especially in cars – could occur after at least 5-10 years. "I think more cobalt will be used in the foreseeable future."
Source: webcafe.bg
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