In a recent report released by CRU Group, it was stated that cobalt demand is anticipated to surpass 100kt in 2017 and aggregate demand of cobalt materials is projected to increase at a CAGR of 11.6% over the coming 10 years. Active miners this week comprise Vale SA (ADR)(NYSE:VALE), Freeport-McMoRan Inc (NYSE:FCX), LICO ENERGY METALS COM NPV (OTCMKTS:WCTXF) and LITHIUM X ENERGY C COM NPV (OTCMKTS:LIXXF).
With the demand for Li-ion batteries to run consumer offerings ranging from electric vehicles to smartphones increases, the cobalt mining segment is being advanced to new levels with junior and major miners scrambling to increase mining activities for extracting minerals and support drilling initiatives.
Vale had an above average active trading day on Wednesday closing up slightly at $9.99 trading over 39 million shares for the session. Vale Electrolytic Cobalt Rounds are a primary form of the metal manufactured by electrowinning. The innovative button-shape makes this offering safe, easy to transfer from drums and convenient to handle.
They are utilized wherever a top purity form of cobalt is needed; for instance, in the manufacturing of cobalt-based super alloys. Cobalt is a vital constituent of alloys with corrosion resistance properties, high temperature oxidation and a major component of a numerous variety of hard metals and magnetic alloy.
In unrelated news, Vale previously reported that a fire disrupted businesses at its Fertilizantes plant in Minas Gerais. The fire was noted at a water cooling tower for a plant manufacturing sulfuric acid in its Uberaba facility and was under control within one hour. No staffs were hurt and the reason of the fire is under probe.
Video and photos seen by Reuters demonstrated billowing fire and black smoke covering a large segment of the structure. Brazilian regulators permitted Mosaic’s deal of Vale Fertilizantes in August in a contract that makes miner Vale the largest shareholder in the United States based firm.