Fabled Silver Gold Corp T.FCO

🎲⛏🎲Canadian Group Ramps Up Bets on Cobalt🎲⛏🎲

[JulianAssange]

A Canadian vehicle that has stockpiled millions of dollars worth of battery metal cobalt said it intends to spend $58m buying more, as it bets on growing demand for electric cars. Toronto-based Cobalt 27 said it will buy up to 270 tonnes of the metal after it sold 8.1m of additional shares to investors. The announcement comes as cobalt prices have jumped by over 127 per cent this year on the back of demand for electric car batteries. Cobalt is a key metal in most lithium-ion batteries used by electric car makers such as Tesla and Nissan. Cobalt rose by 12 per cent last week to a record level of $74,500 a tonne on the London Metal Exchange. Over half of the world’s cobalt comes from the Democratic Republic of Congo. Cobalt 27 was formed last year to hold stockpiles of cobalt amassed by a group of private investors who sought to capitalise on growing demand for cobalt in electric car batteries. The company now has over 2,877 tonnes of cobalt, according to analysts at Numis Securities. That would be worth $214m at current prices. Cobalt 27 said it wants to further invest in cobalt mining projects, as well as securing output from mines around the world. Cobalt traded on the London Metal Exchange on Friday at the equivalent of around $34 per lb, with a three-month official price of $75,000/75,100 per tonne ($34.02/34.07 per lb), up from $69,500-70,000 ($31.53/31.75 per lb) just one day earlier, and $66,000-66,500 on December 1.

https://www.ft.com/content/5103f494-9e64-3c95-9dc1-db08a6ee3d80