Cobalt is a critical mineral with far-ranging applications, but with the Congo and China controlling the world’s cobalt supply, western nations, many of which do not produce any cobalt, are expanding recycling programs to alleviate shortage of the mineral.
A brief overview of cobalt price developments, supply and demand, and significant market movers.
Cobalt prices have been weakening this year due to oversupply and an expected surplus from new projects scheduled to start later this year.
A brief overview of cobalt price developments, supply and demand, and significant market movers.
Reuters reported that Baja Mining's (TSX:BAJ) share price fell as the company struggled to secure funding for its Mexico-based Boleo project.
Mining Weekly reported that Baja Mining (TSX:BAJ) is seeking funding alternatives to keep its Boleo copper-cobalt-zine project going.
Platts reported that the Cobalt Development Institution said global cobalt production rose 4% in 2011 over the previous year.
Globe and Mail reported that Sherritt Mining (TSX:S) reported lower profits in first quarter, citing lower cobalt and nickel prices.
Formation Metals Inc.(TSX:FCO) announced that it has entered into a cooperative effort with conservationists and local communities and will contribute $150,000 to enhance natural resources in Lemhi County, Idaho. The Company's Conservation Action project hopes to project clean water and fish and wildlife habitats in 2012.
Katanga Mining Limited (TSX:KAT) announced its first quarter 2012 financial report.
Abitex Resources Inc. (TSXV:ABE) announced drilling results from the New Brunswick-based G Zone.
Tintina Resources Inc. (TSXV:TAU,OTCQX:TINTF) announced that a technical report on the Montana-based Lowry deposit on the Black Butte project has been filed.
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