Global Cobalt Market Expected to Grow as Demand for Lithium-Ion Batteries Increases
According to data compiled by Stratistics MRC, the global cobalt market is expected to grow at a CAGR of 10.3% during the forecast period from 2017 to 2026. The rising demand is attributable to the emergence of lightweight electric vehicles, usage in the medical sector and demand for cobalt alloys in aircraft engines. Cobalt is also a primary element used within lithium-ion batteries, which are heavily used in electronic manufacturing. Additionally, many everyday consumer electronics such as phones, laptops and tablets also use lithium-ion batteries. The demand for batteries in electric vehicles is expected to propel the market heavily. The batteries are highly attractive because they are environmentally efficient, providing a cleaner alternative to traditional energy sources.
Currently, the consumer electronics segment dominates the lithium-ion market, but as the emergence of electric vehicles approaches, the vehicle market will shortly take over. Many automotive manufacturers are looking to transition to lithium-ion powered vehicles due to environmental concern and government regulations being implemented. The consumer electronics segment is still expected to witness continued growth during the forecasted period despite the electric vehicle market taking over. "I still believe the critical point [for the cobalt market] will be in 2020, when the majority of the electric vehicles are going to come to market," said
Gerold previously ran a 200 tons per day mine at Skroska, a fully permitted mining operation covered by a 20-year mining license, which was issued in 2008. Gerold conducted mining operations on Skroska from 2008-2013 using an open stope method. The operation previously focused on nickel production and the mine was put on care and maintenance in 2013 due to low nickel prices. EVX's geological team believed there was potential for high-grade cobalt in this geological setting and during sampling realized this potential.
All underground infrastructure and mining equipment necessary to conduct mining operations is in place, owned and onsite. The mine is 16 kilometers on a paved road to a rail loading station that connects the mine to a shipping port. In addition to the commencement of mining operations, the Company will also target to confirm and expand the historic resource through drilling and undertake a study to evaluate an expansion of the historic mining rate.
EVX geologists investigated the possibility of higher-grade cobalt zones at Skroska, believing there may be similarities between mineralogy of Skroska laterite deposit and the Geovic's
…The samples were taken vertically from the pillars/columns of the mine and have widths varying from 0.40 meter to 1.10 meters. Where two samples have the same preceding number (i.e. 7A and 7B) it means they were taken from the same location and are contiguous. The majority of the samples were collected at Level-815 of the underground mine, with three samples taken at Level-850. The sampling program covered a lateral distance of approximately 420 meters. The location of the samples and their corresponding assays are shown in the Company's website (http://www.europeanelectricmetals.com).
The samples were sent to
Mr.
Based on the sampling done by EVX in
Cobalt has not been a significant contributor in the past as all the laterite production in
Note: The tonnage and grade estimates stated above are historic in nature and were obtained from the records at the
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