Ann: Jervois pivots Kokkola refinery expansion BFS to U.S., page-22

Re: the suggestion that as primary nickel & copper projects are brought online (with a bullish thesis for both metals) - cobalt as a byproduct of both nickel and copper mining - will also naturally add large volumes to the supply equation. I have previously addressed this point.

First of all, mines take years and a lot of capital to develop and bring into production. So, there is going to be a time lag involved. And as we know, commodity prices aren't fixed in perpetuity.

Secondly, historical precedent indicates that miners won't sell large volumes of cobalt at marginal profits - even if they are making large profits from copper and nickel. They will switch the production mix to maximise profits on "everything" they mine and sell. Glencore did this a few years ago when cobalt prices were soft. Miners aren't in the benevolence business.