These sources along with Canada’s deposits, should provide explorers and miners with a massive opportunity to develop cobalt mining in North America.Children as young as four are being forced to slave for 12 hours a day in Congo ‘horror mines, extracting cobalt for the manufacture of mobile phones. The United States is home to 60 identified deposits of cobalt. In fact, Bill Gates, Jeff Bezos, and other billionaires from the Breakthrough Energy Fund are already fueling the exploration and development of cobalt deposits in North America. Ontario hosts some high-grade cobalt deposits such as the Cobalt Silver Queen, Nova Scotia, Drummond, Nipissing, and Cobalt Lode mines. As of 2019, Canada had 230,000 tons in cobalt reserves, whereas the U.S. North America has comparable sources of cobalt to what is found in the Congo. Cobalt Beyond the Congo: Why Not North America? The effort aims to reduce its net import reliance of 78% for cobalt, encouraging more localized and reliable production.Īs a result of these shifts, the entire supply chain is beginning to reconsider cobalt sources in better-managed jurisdictions. recently added cobalt to its list of critical minerals-minerals for which it seeks independence from imports. Tesla agreed to buy 6,000 tonnes of cobalt annually from Glencore, a multinational company financing North America’s first cobalt refinery.BMW signed a $110 million deal for cobalt from Morocco’s Bou Azzar Mine, in an effort to avoid cobalt sourced from the DRC.Ford, Huayou Cobalt, IBM, LG Chem, and RCS Global are using blockchain technology to improve transparency and trace the sources of cobalt.Here’s how some companies are leading the way: Responsible sourcing entails increasing supply chain transparency and searching for sources of cobalt outside the DRC. Tesla, BMW, Ford, and Volkswagen are part of more than 380 companies that have committed to responsible sourcing through the Responsible Minerals Initiative. Cobalt’s Changing LandscapeĪs consumers become aware of the dirty costs of cobalt mining in the DRC, battery and EV manufacturing companies are looking for ethical sources. With the current supply chain of cobalt facing scrutiny and criticism, a transformation in the cobalt universe is well underway. However, cobalt from the DRC is tainted by ethical and humanitarian issues, including: Low labor costs, loose regulations, and poor governance in the DRC allow for the flourishing of artisanal mining and cheap sources of cobalt. The African Copper Belt hosts the majority of the DRC’s cobalt deposits, where it is primarily mined as a by-product of copper and nickel mining. When it comes to cobalt reserves and concentrations, DRC looms over the rest of the world as a clear leader. Moreover, 8 of the 14 largest cobalt mines in the DRC are owned by Chinese companies, resulting in a highly controlled supply chain. In 2019, the DRC produced 70% of global mined cobalt-a majority of which went to China, the leading importer of mined cobalt and an exporter of refined cobalt. Cobalt’s Growing DemandĬobalt’s specialized properties make it crucial for rechargeable batteries, metal alloys, and EVs:Īs the markets for EVs and rechargeable batteries grow, the demand for cobalt is expected to surge to 220,000 metric tons by 2025, a 63% increase since 2017.īut can industry meet its demand with a supply of ethically mined cobalt? A Precarious Supply Chain Today’s infographic comes to us from Fuse Cobalt and uncovers the potential for new sources of cobalt beyond the Congo. However, there is lack of transparency surrounding the current supply chain for cobalt, as the metal is subject to a number of ethical issues from its main country of production-the Democratic Republic of Congo (DRC). Today, a new cobalt supply chain is emerging to build the next generation of clean energy. Historically, potters and painters used cobalt as dye to color their work. Ethical Supply: The Search for Cobalt Beyond the CongoĮach new generation finds new uses for materials, and cobalt is no exception.
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