Fabled Silver Gold Corp T.FCO

BHP Billiton Sells Cobalt at a Record $37.75

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BHP Billiton Ltd., the world's largest miner, sold cobalt for a record $37.75 a pound on expanding demand for the metal used in rechargeable batteries. The Melbourne-based company sold 5 metric tons for December delivery to Europe, it said today on its cobalt sales Web site. BHP is offering 5 tons at $39.75 a pound for December delivery. Yesterday, the company sold 5 tons for November delivery at $36.75 a pound to North America. "Demand is fairly strong, especially from China," said Calum Baker, research manager in steel raw materials at metals consultant CRU in London. "There has been an expectation of a supply shortfall in Congo.'' The metal has advanced more than 38 percent this year, with demand expected to expand 6 percent in 2007 and 5 percent in 2008, according to CRU. The advance has spurred takeovers in the cobalt-mining industry, including a $2 billion bid by Katanga Mining Ltd. for Nikanor Ltd. this month. The two combined would become the world's largest cobalt producer by 2011.