Cobalt Demand Prices Continue to Skyrocket

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The global electric vehicle and grid storage industries are still largely wagering their hopes on a single technology, lithium-ion. This despite the fact that lithium batteries’ success depends on the additive cobalt that boosts them seven times. While industry leaders say they are moving away from the scarce mineral, cobalt demand just keeps rising. It may turn out unwise for the US to rely too heavily on a single, scarce mineral.

Resources Are Few to Meet Cobalt Demand

cobalt demand
Global Cobalt Production: Leyo: Public Domain

There is no pure cobalt on earth, except in meteorites from space. Natural cobalt compounds are found in small quantities in rocks, soil, plants and animals. The mineral frequently associates with nickel, another characteristic component of meteorite iron.

The Democratic Republic of Congo produced 70% of global cobalt in 2017. This may reach 75% under current expansion plans. If this source collapsed, then cobalt supply could suffocate and lithium-ion battery prices would skyrocket. Despite these uncertainties, PR Newswire reports global cobalt demand is growing by 14.5% a year. Robust demand from the battery sector is driving this trend.

The Search for Alternatives Must Continue

cobalt demand
Cobalt, Ontario Canada: P199: CC 2.0

The only other significant cobalt reserves may exist in the aptly-named town of Cobalt in Ontario, Canada. However these resources still require verification. Temperature-stable cobalt super-alloys make great fan blades for gas turbines and jet engines.

Radically increasing cobalt demand for EV lithium-ion batteries may cause prices only the super-rich can afford. We are concerned what this could do to the renewable, grid storage industry. Hence we were delighted to hear Argonne National Laboratory has initiated research into new, super-lead acid batteries with greater longevity.

If the Advanced Lead Acid Battery Consortium can solve the problem of lead plates sulfating, then lead batteries could assume a new role in grid storage. The constituent materials are common, and moreover 95% of them pass successfully through recycling plants for reuse.

Related

Argonne Policy Favors Lead Acid Batteries

Cobalt’s Role in Lithium-Ion Batteries

Preview Image: Raw and Processed Cobalt

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About Author

I tripped over a shrinking bank balance and fell into the writing gig unintentionally. This was after I escaped the corporate world and searched in vain for ways to become rich on the internet by doing nothing. Despite the fact that writing is no recipe for wealth, I rather enjoy it. I will not deny I am obsessed with it when I have the time. I live in Margate on the Kwazulu-Natal south coast of South Africa. I work from home where I ponder on the future of the planet, and what lies beyond in the great hereafter. Sometimes I step out of my computer into the silent riverine forests, and empty golden beaches for which the area is renowned. Richard

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