Sunday, March 26, 2017

The rush for cobalt in Cobalt, Ontario

There's a new gold rush underway in northern Ontario, but the demand is for a metal that is used in everything from smart phones to electric cars. More than a dozen mining companies are staking out claims in Cobalt, Ontario as price of the mineral with the same name rises.

The town of Cobalt is located along the Quebec border and is best known for the massive amounts of silver that were extracted a century ago.
The mining industry hasn't seen much action in the community for decades, but that's changing as demand for the metal grows. More than half the world's supply of cobalt is mined in the Democratic Republic of Congo in Africa, where child labor is common.

Booming town of Cobalt, 1906
A year and a half ago, a pound of Cobalt cost $10. Now it's more than doubled. Demand for the mineral is expected to double in the next 3-5 years.