Cobalt Congo mines in trouble= Cobalt prices up today again breaching the USD 90 000/ ton = $ 41/ pound. Glencore situation is serious. My take is the locals want more of the profits now the Cobalt prices are up and up.
As we know COB is aiming for C1 cash costs of... $ 12/ lb. Let's say all in at $15/ pound. Of course unlikely to get the spot prices but who knows with the skyrocketing demand because of the EV boom. But even at $25 /lb you can see the very hefty margin and considering COB's goal is to produce 4000 ton/ year = 8 Million pounds equivalent metal you can do the maths for the operating profit... All this because COB will go for the final end product the Cobalt Sulphate at 20% concentration which will enable it to get 100% or even more of the Cobalt metal prices. Market Cap of $ 120M? I smile.
COB Price at posting:
$1.07 Sentiment: Buy Disclosure: Held
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