It is also used in high strength, temperature and wear resistant alloys used in the aerospace and medical fields. Today most of the world's supply of cobalt comes from the Democratic Republic of the Congo and Zambia as a byproduct of copper and nickel mining.Ĭobalt has diverse industrial uses including as the intense blue colorant in glass, ceramics and paints. The name cobalt is derived from kobold, meaning goblin in German folklore from superstitious miners who blamed them for haunting the underground mines and for the poisonous effects of arsenic oxide which was released when cobalt containing ores were smelted. Though the intense blue color of its compounds was known and used by Egyptians to color glass as early as 1550 BC, this property had previously been attributed to bismuth which is often contained in cobalt ores. We do not source any cobalt from the DRC nor from Glencore, Fleurette, China Molybdenum or Gecamines.Discovered in 1735 by Georg Brandt, a Swedish mineralogist and chemist, cobalt was the first metal to be discovered that was unknown in ancient times. Our available sources are from China, Australia and warrantable LME lots.
Due to shipping routes, China, Australia, New Caledonia, Papua New Guinea and the Philippines are the most efficient sources of cobalt for Singapore. While the DRC concentration takes center stage, cobalt is otherwise fairly spread out worldwide as it is mostly mined as a byproduct of nickel and other primary metals. Unfortunately, the DRC is also known for its citizens’ poverty and its governmental mismanagement, corruption and brutality. The soil in the DRC is very cobalt-rich, allowing this country to supply over half of cobalt worldwide.
Of the top five mining companies, four have extensive operations in the Democratic Republic of the Congo (DRC). Mining in Canada and New Caledonia Brazilian company Mining in DRC Israeli company to be absorbed into Glencore The top 5 cobalt producers ( 2016 numbers): This is interesting for physical cobalt holders, as these holdings could become very valuable should cobalt dependent factories experience acute supply disruptions and are forced to buy physical to prevent factory shutdowns. Off-take contracts create an opaque supply system that is prone to disruption, should the miners involved be unable or unwilling to deliver (many of these miners are heavily dependent on the geopolitical environment in the Democratic Republic of Congo DRC). Off-take contracts imply that most future cobalt mining supply has already been sold, greatly limiting availability Off-take contracts to sell future production over time, such as five tons per month for five years. Production is available at the LME as of 2018.Īre widely used, very little cobalt is delivered through the exchange itself.
Only around 400 tons (representing just 0.3%) of yearly These suppliers account for less than 20% of cobalt
Only eight suppliers participate in the system. These are the industry reference prices we also utilize.Īlthough it is possible to acquire physical cobalt via the exchange, The London Metal Exchange (LME) sets cobalt prices once dailyĭuring London trading days.
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