I'll add one more point I forgot to make. The cobalt price spike we saw in 2017 - 2018 was primarily caused by speculators stockpiling the material by buying from the spot markets. I suppose speculators are the only ones that would buy from spot markets. Examples were Cobalt 27 and SRB.
In other words, the spot market prices, LME, SHMM, and all, are only good for speculative pricing, not the real price that goes on in supply contracts. Surely you wouldn't build a mine only to supply speculators? Then, why would you do a PFS/DFS/BFS based on these speculative prices?
I'll add one more point I forgot to make. The cobalt price spike...
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