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How much does it cost to extract cobalt?

How much does it cost to extract cobalt?

The latest reading of Roskill’s cobalt cost model service (extractive) shows all-in sustaining cost (AISC) for producing the critical battery metal at stable levels through 2020 and 2021, at about $22,400 per tonne ($10.15/lb.), with the 2022 outlook calling for a drop.

Where is cobalt refined?

With the exception of production in Morocco and artisanally mined cobalt in Congo (Kinshasa), most cobalt is mined as a byproduct of copper or nickel. China was the world’s leading producer of refined cobalt, most of which it produced from partially refined cobalt imported from Congo (Kinshasa).

What is the problem with mining cobalt?

Waste generated from mining cobalt and other metals can pollute water, air and soil, leading to decreased crop yields, contaminated food and water, and respiratory and reproductive health issues. Miners reported that working conditions were unsafe, unfair and stressful.

Is cobalt mining environmentally friendly?

Blasting and electricity consumption in cobalt mining is damaging to the environment. Eutrophication and global warming are the most affected impact categories. Carbon dioxide and nitrogen dioxide emission are highest from cobalt mining.

How much is a pound of cobalt worth?

In 2021, the average spot price of cobalt in the U.S. stood at 23 U.S. dollars per pound.

How much is a ton of cobalt worth?

The futures price of cobalt ranged between 28,000 and 70,098 U.S. dollars per metric ton between August 2019 and June 2022. The impact of the COVID-19 crisis can be appreciated between March and July 2020, when cobalt futures prices dropped to around 28,500 U.S. dollars per metric ton.

Which country refines the most cobalt?

1. Democratic Republic of Congo – 100,000 tonnes. Congo accounted for more than 70% of the world’s entire cobalt production in 2019, totalling around 100,000 tonnes.

Is child Labour used to mine cobalt?

Currently, it is still estimated that in the DRC some 40,000 children have to work in these mines to collect this mineral instead of going to school, playing or simply experiencing childhood (Kara, 2018; Courboulay, 2020).

Why is cobalt unethical?

Low labor costs, loose regulations, and poor governance in the DRC allow for the flourishing of artisanal mining and cheap sources of cobalt. However, cobalt from the DRC is tainted by ethical and humanitarian issues, including: Child labor. Corruption.

Is cobalt a good investment?

Experts anticipate the industrial demand for cobalt to surpass its production by 2025, as the demand for the metal is expected to compound by 9% annually between 2020 and 2026. According to the US geological survey (UGS), 170,000 metric tonnes of cobalt were produced in 2021.

Is cobalt a precious metal?

The best-known precious metals are Gold, Silver, and platinum. However, many jewelers are now using “contemporary” metals to create wonderful jewelry designs. Among these contemporary metals are titanium, tungsten, and cobalt.

Where does the US get its cobalt?

U.S. cobalt imports The largest cobalt deposits are found in the DR Congo, Australia, and Cuba. Cobalt is primarily produced in the DR Congo, which produced 120,000 metric tons in 2021, in comparison to Russia’s total production of 7,600 metric tons.

Does Apple still use cobalt?

As we make progress toward these ambitious goals, we continue to source 3TG and other minerals, such as cobalt, responsibly, while working to improve conditions in and around mining communities, including in the Democratic Republic of the Congo (“DRC”) and adjoining countries.

Which country has the most cobalt?

The Democratic Republic of the Congo
Major countries based on cobalt reserves 2021 The Democratic Republic of the Congo has the largest cobalt reserves in the world, at some 3.5 million metric tons as of 2021.