C steinweg copper cathode warehouse11/12/2023 Today, Cobalt 27 holds almost 3,000 metric tons, the largest private stockpile on the planet. Cobalt, like many other metals, was inexpensive at the time because most industrial commodities were stuck in long slumps. Bloomberg BusinessWeek relates how, in 2015, backed by a Russian billionaire, Milewski started buying metal from mining companies and putting it in warehouses. One entity holding the metal in the Rotterdam cobalt warehouse where the theft occurred is Cobalt 27 Capital Corp., a prominent investment firm set up by Anthony Milewski. Photo courtesy of Quartz Likely Victim of Cobalt Theft was Cobalt 27 DRC governmental authorities ignore children’s and worker safety in general, and traders and companies that purchase these ores turn a proverbial blind eye to the conditions in which the cobalt has been extracted. Children as young as 7 work alongside adults for up to 12 hours a day, sorting minerals and carrying heavy loads in exchange for the equivalent of $1.00–$2.00. 60% of the world’s cobalt reserves and resources originate in the Democratic Republic of Congo (DRC), which is plagued with child labor and exploitation.Īccording to Amnesty International, Congolese cobalt miners in these artisanal mines work in dangerous, narrow, underground tunnels handling hazardous minerals without basic safety or protective equipment. ( Note: We contacted Metal Bulletin for the price today for cobalt but haven’t heard back from their analysts.)Īpproximately 97% of the world’s supply of cobalt comes as a by-product of nickel or copper nickel mining, and only a few places produce meaningful quantities. According to Metal Bulletin, cobalt prices remain up 133% compared with 18 months ago, over which time they have found support from strong demand, anticipated battery sector uptake, and a tight supply outlook. Analysts are projecting that usage of cobalt - a key part of lithium-ion batteries - will continue to increase as automakers like Tesla promote electric cars. The price of cobalt has risen more than 100% since 2016, mainly thanks to the surge in demand from electric carmakers. Cobalt is a key component of lithium-ion batteries, and the battery industry uses more than 40% of the world’s cobalt supply. Stored in drums, the cobalt was situated in a secure area of the warehouse. The explosion in cobalt prices over the past two years has made the metal enticing for thieves, with cobalt running about $82,500 per ton, according to pricing data from Metal Bulletin at the time of the theft. About 112 metric tons of cobalt worth nearly $10 million was stolen from a warehouse in Rotterdam, the Netherlands, owned by Vollers Group GmbH in early July 2018.
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