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bevter

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13/12/17

09:47

Post #: 29588501
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Originally posted by Un1qu3Nam3 ↑

Canadian group to ramp up bets on cobalt

Henry Sanderson yesterday A Canadian vehicle that has stockpiled millions of dollars worth of battery metal cobalt said it intends to spend $58m buying more, as it bets on growing demand for electric cars. Toronto-based Cobalt 27 said it will buy up to 720* tonnes of the metal after it sold 8.1m of additional shares to investors. The announcement comes as cobalt prices have jumped by over 127 per cent this year on the back of demand for electric car batteries. Cobalt is a key metal in most lithium-ion batteries used by electric car makers such as Tesla and Nissan. Cobalt rose by 12 per cent last week to a record level of $74,500 a tonne on the London Metal Exchange. Over half of the world’s cobalt comes from the Democratic Republic of Congo. Cobalt 27 was formed last year to hold stockpiles of cobalt amassed by a group of private investors who sought to capitalise on growing demand for cobalt in electric car batteries. The company now has over 2,877 tonnes of cobalt, according to analysts at Numis Securities. That would be worth $214m at current prices. Cobalt 27 said it wants to further invest in cobalt mining projects, as well as securing output from mines around the world. *This post has been updated to correct the amount of cobalt being purchased.

I'm a bit conflicted about unrelated parties buying up minerals to force up prices. They've done their research. With no formal cobalt market, opposition to the tactic can't be concerted and cobalt is a critical element in battery production. I think this sort of thing used to be illegal in some jurisdictions but nowadays anything goes. Anyway, if this thinking catches on we could see a Bitcoin-esque rise in prices. Good for cobalt producers but in the end it's gouging the end consumer...

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If it was silver they'd be in jail already.

ARL Price at posting: $1.39 Sentiment: Hold Disclosure: Held
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