Quick Answer: Will We Run Out Of Cobalt?

Is there enough cobalt?

Whereas in 2017 65 % of the world cobalt mine production (160 000 tonnes) was enough to satisfy the global demand (104 000 tonnes), the latter is expected to skyrocket in the next decade.

The report predicts that, under average conditions, demand will outgrow supply by 64 000 tonnes in 2030..

Why is cobalt bad for you?

Cobalt is an essential element for health in animals in minute amounts as a component of Vitamin B12. A deficiency of cobalt, which is very rare, is also potentially lethal, leading to pernicious anemia. Exposure to cobalt metal dust is most common in the fabrication of tungsten carbide.

Can I invest in Cobalt?

As CommodityHQ notes, there are two main ways to invest in cobalt: cobalt futures and cobalt stocks. Cobalt futures can be found on the London Metal Exchange under the ticker CO. … Another option to get exposure to the critical metal is to invest in cobalt-mining companies.

What companies use cobalt?

Cobalt is essential to power the rechargeable lithium batteries used in millions of products sold by Apple, Google, Dell, Microsoft and Tesla every year.

Does Tesla use cobalt in their batteries?

Tesla will make electric vehicle batteries with cobalt-free cathodes, it announced during its Battery Day event today. The announcement came as part of the company’s move to make batteries in-house instead of purchasing them.

Where does Tesla get their cobalt?

Democratic Republic of CongoTwo-thirds of global cobalt supply comes from the Democratic Republic of Congo, where Glencore owns the largest mine for the mineral, and it’s exactly where Tesla wants the commodity sourced from, to make lithium-ion batteries at Gigafactories in Berlin and Shanghai.

Is Cobalt rare or common?

Cobalt is not a particularly rare metal and it ranks 32nd in global abundance. Cobalt is widely scattered in the earth’s crust and is found in a variety of different ores in several countries. Cobalt is only extracted alone from the Moroccan and some Canadian arsenide ores.

What is the best cobalt stock to buy?

Top 10 cobalt stocks to watchGlencore.China Molybdenum.Vale.Umicore.Sherritt International.Cobalt 27 Capital.Wheaton Precious Metals.African Battery Metals.More items…•

How much cobalt is left in the world?

The Democratic Republic of the Congo has the largest cobalt reserves in the world, at some 3.6 million metric tons as of 2019. As the total global cobalt reserves amount to seven million metric tons, this means that the DR Congo’s cobalt reserves account for nearly half of the world’s reserves of the metal.

Who is the largest producer of cobalt?

Democratic Republic of CongoThe leading country in worldwide cobalt mine production in 2019 was the Democratic Republic of Congo, having produced an estimated 100,000 metric tons that year. Cobalt is a hard, lustrous metal that is only found in Earth’s crust.

Who uses the most Cobalt?

The copper belt in the Democratic Republic of the Congo (DRC) and Zambia yields most of the global cobalt production. World production in 2016 was 116,000 metric tons (114,000 long tons; 128,000 short tons) (according to Natural Resources Canada), and the DRC alone accounted for more than 50%.

How much is cobalt worth?

In 2019, the average spot price of cobalt in the U.S. stood at 17 U.S. dollars per pound. This is a considerable price decrease from one year before, when the price was 37.4 U.S. dollars per pound.

Is there an alternative to Cobalt?

The alternative for cobalt is a material extracted from seawater. In addition to being able to reduce the burden on the environment more than the mining that has been used so far, this can also result in lower costs by being released from supply instability.

How long will cobalt reserves last?

64 yearsAt today’s production levels, cobalt reserves should last for 64 years, longer than most commodities with the exception of lithium, as shown below. Given the recent price spike, the exploration for cobalt should increase meaningfully, adding to its reserve life for the first time in nearly 20 years.

How much does a cobalt Tesla battery cost?

Tesla currently uses the nickel-cobalt-aluminum cathode chemistry, which has a low cobalt content of about 5%, for their cars produced outside China. The company also embraces the Responsible Minerals Initiative (RMI) to identify red flags such as child labour in their cobalt sourcing.