Cobalt’s price continues to soar through 2022 and beyond
Cobalt is expected to follow its upward trajectory through 2022 and beyond, according to the chief executive officer of diversified mining company Eurasian Resources Group (ERG). With about 119% increase in the price of cobalt observed in the past year, no discernable signs of easing in the trend. The continuous increase in its price from $18.50-19.30 per tonne in 2021 to $34.20-34.60 per tonne on January 27 indicates its intense demand, particularly in the batteries for the electric vehicles (EVs), according to Benedikt Sobotka of the Global Battery Alliance.
Aside from its known key role in battery productions, not only for the automotive market but also for mobile electronics, the recovery of the aerospace sector intensely drove the skyrocketing of its price. ERG firmly believes that the future of EV sales will continue to soar, as driven by the EV adoption goals of the government and the target sales of the manufacturers and the producers.
All-time highs in the price of cobalt are driven by the limitations in the supply chain. The production of cobalt, particularly those from the industrial-scale mines, is dependent on the development and commissioning duration that usually takes 10-15 years on average and adopt complex processes.
It is, therefore, a vision of StrategX Elements Corporation to heed to these demands by making discoveries of ethically sourced critical mineral resource deposits and contribute to the global supply chain for green innovations and renewable energies. Along with cobalt, significant amounts of different elements that are essential for these markets are currently explored with the support of numerous strategic partners and joint ventures. Working hand in hand, robust support to a greener future is achieved through StrategX Elements Corporation’s initiatives.
Reference:
"Cobalt Outlook Bullish Through 2022 And Beyond, ERG CEO Says". 2022. MINING.COM. (https://bit.ly/3GANgZb).