Cana­dian cobalt com­pany says thieves stole 76-ton hoard

Zambian Business Times - - MINING -

Cana­dian com­mod­ity firm Cobalt 27 in its earn­ings fil­ing re­ported theft of 76 tonnes of cobalt from a ware­house in Rot­ter­dam in early July.

A to­tal of 112 tonnes of cobalt, mainly used in lithium ion bat­ter­ies, was taken from ware­houses owned by the Vollers Group in the Dutch city, Bloomberg re­ported at the time.

Cobalt 27's stocks – which were fully in­sured at mar­ket prices ac­cord­ing to the Toronto-listed com­pany – are worth around $5 mil­lion.

Cobalt 27 has stock­piled 2,982 tonnes worth just shy of $200 mil­lion at to­day's prices, holds op­tions on cobalt ju­niors and en­ters into stream­ing and roy­alty deals in an ef­fort to be a pure play on the cobalt price.

Since hit­ting near decade highs in March near $100,000 a tonne is down by more than a third as new sup­ply from the Congo, re­spon­si­ble for the bulk of cobalt min­ing, en­ters the mar­ket.

Cobalt sul­phate prices, the re­fined form com­monly used in the bat­tery sup­ply chain, has also suc­cumbed and is trading at its low­est level since Novem­ber 2017.

Bat­tery mak­ers have the cobalt blues

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