Lithium and Cobalt Markets Set to Grow Thanks to Increasing Need for Clean Energy
NEW YORK, January 16, 2018 /PRNewswire/ --
According to a report published by Transparency Market Research, the global lithium-ion battery market is expected to reach USD $77.42 billion by 2024, at a compound annual growth rate of 11.6 percent from 2016 to 2024. Increasing use of consumer electronic devices and growing adoption of sustainable clean energy in the automotive sector is expected to drive the market in the coming years. By application, consumer electronics segment is expected to hold the biggest market share during the forecast year. However, it is the growing popularity of Hybrid vehicles and electric vehicles (EVs), which is expected to increase demand for lithium-ion batteries at the fastest rate. A report by Reuters indicates that Consultants CRU Group projects electric cars, and plug-in hybrid vehicle sales could rise to 4.4 million in 2021 and reach more than 6 million by 2025. First Cobalt Corp. (OTC: FTSSF), Sociedad Quimica y Minera de Chile S.A. (NYSE: SQM), Glencore Plc (OTC: GLNCY), Fortune Minerals Limited (OTC: FTMDF), Orocobre Limited (OTC: OROCF)
A major component of the lithium batteries market is cobalt. Like nickel, cobalt is found in the Earth's crust only in chemically combined form. According to Benchmark Mineral Intelligence, 75% of lithium-ion battery cathode capacities are expected to contain some volume of cobalt by 2020. Cobalt's market growth is expected to smaller than that of the lithium market, though still significant. Technavio's market research indicates that the global cobalt market is expected to grow at a CAGR of 9% until 2022. The increasing growth rate is due to the use of super alloys and batteries. Super alloy demand is driven by the aerospace sector because of its high melting point.
First Cobalt Corp. (OTCQB: FTSSF) is also listed on the TSX Venture Exchange under the ticker symbol 'FCC'. Just earlier today the company announced breaking news that, "its 2018 exploration program for its Cobalt Camp properties in Ontario, Canada. The C$7 million program includes over 26,000m of drilling on 13 different targets.
The 2018 program is a significant expansion over 2017 exploration activities and will test mineralized areas throughout the Cobalt Camp proximal to more than ten past-producing mines known to contain cobalt in addition to new targets within three regional areas. The drill program will test cobalt targets occurring in different styles of mineralization and in diverse geological settings.
Highlights - 26,500m of drilling planned at 13 targets across the Cobalt Camp, testing different geological settings - Geophysical testing techniques including downhole and ground geophysical surveys, televiewer surveys, soil geochemistry will be applied in some areas to refine targets in this program - Regional mapping and prospecting will be conducted throughout the Camp with emphasis on the highly under-explored Central Cobalt area - Digitization and 3D modelling of 100 years of data are ongoing to facilitate new structural interpretations for drilling target follow-up in 2018
Trent Mell, President & Chief Executive Officer, commented: "Having consolidated the Cobalt Camp land package, the objective of the 2018 drill program is to use our strong treasury to blanket the Camp, testing the near-surface potential of many areas with different styles of mineralization and diverse geological settings that have never been assessed for their cobalt content. In addition to Keeley-Frontier, twelve new properties will be drilled on our 100 km2 land package, including Bellellen, Drummond, Silver Banner and Silverfields."
Frank Santaguida, Vice President, Exploration added: "Preliminary exploration activities in 2017 provided valuable insights on structural controls in various areas of the Camp. We have undertaken a review of the historical records as well as integrated new data from the Camp and, with our expanded team and increased budget, now plan to target at least 13 different areas over the year. The broad range of cobalt mineralization styles and associated metals such as silver, nickel, copper, zinc and lead require a widespread, systematic approach across the Camp. We are also looking at applying innovative methods and techniques to maximize the efficiency of this program."
2018 Cobalt Camp Program - The 26,500 metre drilling program has been designed to test mineralized areas throughout the Cobalt Camp with known historical production of cobalt and silver. These areas include the Kerr, Drummond, Juno, Ophir, Hamilton, Silver Banner and Silverfields mines in Cobalt North, the Caswell mine in Cobalt Central, and the Bellellen, Keeley and Frontier mines in Cobalt South... A new NI 43-101 technical report is being compiled on the consolidated land package including recently acquired claims and including results from the 2017 drill program. This report is anticipated for completion during the first quarter of calendar 2018.
Target Areas - Cobalt North - First Cobalt's properties in the Cobalt North area include the past-producing Drummond, Kerr, Silver Banner, Juno, Silverfields, Hamilton, Ophir, Lawson and Conisil mines. Operations in this area accounted for over 80% of the historic silver production. Cobalt has not previously been an exploration focus in this area and exploration activities in the 1980's and 1990's focused on Cu-Zn-Pb mineralization within the volcanic rocks. Cobalt had not been assayed previously, so potential for an extensive polymetallic mineralization system remains to be explored. Muckpile grab samples from the Juno and Drummond mines returned grades of up to 3.9% cobalt, up to 1.63% zinc, and up to 4,990 g/t silver (see October 26, 2017 and December 4, 2017 press releases).
Cobalt Central - A prospecting program near the Caswell mine announced November 21, 2017 returned elevated base metal values, with samples up to 9.44% cobalt, up to 1.27% copper and up to 2.92% nickel. Caswell appears to be an enriched cobalt vein system similar to other targets throughout the Camp although most of the cobalt at Caswell is hosted by Nipissing Diabase, in contrast to mafic volcanic rocks that are more commonly associated with cobalt mineralization. Silver is conspicuously low in all samples collected in the Caswell area and low silver content in these mines is believed to have precluded any significant production, making this an ideal target for soil and till geochemical surveys, ground geophysical surveying and drilling.
Cobalt South - The Bellellen mine will be the primary focus of the initial 3,000 metres of drilling planned in Cobalt South, in addition to follow up drilling at the Keeley and Frontier mines. A further 2,000 metres of drilling is contemplated in the Maiden Lake region later in the year based on the results of regional exploration work. Sampling from Bellellen in 2017 returned high grade cobalt values in fracture and disseminated material, including grades of up to 3.76% cobalt (see September 28, 2017 press release). Historically, the Bellellen mine contained high cobalt content relative to silver, thus it struggled to be economically viable in a silver mining era."
Sociedad Quimica y Minera de Chile S.A. (NYSE: SQM) is an integrated producer and distributor of lithium, iodine, specialty plant nutrients, potassium-related fertilizers and industrial chemicals. Its products are based on the development of high quality natural resources that allow the Company to be a leader in costs, supported by a specialized international network with sales in over 110 countries. On December 20, 2017, the company announced that it and its subsidiary SQM Australia Pty ("SQM Australia"), have finalized the purchase of 50% of the assets of the Mount Holland Lithium Project in Australia. SQM Australia and the Sellers have also signed a joint venture agreement describing the development, construction and mining operations, concentration and refining plants for the production of lithium carbonate and lithium hydroxide. This joint venture agreement will also allow for the exploration and exploitation of Sellers's lithium rights which are not included in the Agreement.
Glencore Plc (OTC: GLNCY) is one of the world's largest diversified and vertically-integrated commodity producers, processors and traders. In 2017, the company announced it has purchased from subsidiaries of Fleurette Properties Limited ("Fleurette") the Fleurette group's remaining 31% stake in Mutanda Mining Sarl and an approximate 10.25% stake in Katanga Mining Limited. Mutanda is a high grade copper and cobalt producer, with its operations located in the province of Lualaba in the DRC. As of December 2016, Mutanda production was at an annualized production rate of above 200 ktpa. of copper cathodes and 24 ktpa of cobalt in hydroxide. Katanga operates a major mine complex in the Democratic Republic of Congo producing refined copper and cobalt.
Fortune Minerals Limited (OTCQX: FTMDF) is a North American development stage mining company and past producer. Fortune is currently focused on advancing the vertically integrated NICO cobalt-gold-bismuth-copper project, comprised of a proposed mine and mill in the Northwest Territories that will produce a bulk concentrate for shipment to a refinery that the Company plans to construct in Saskatchewan. The products that will be produced at the refinery include cobalt chemicals used to make high performance rechargeable batteries, bismuth metals and chemicals, as well as gold. On November 9, 2017, the company announced a change in scope for the updated Feasibility Study in progress for its 100% owned NICO Cobalt-Gold-Bismuth-Copper Project in Canada. Responding to positive feedback from potential strategic partners, Fortune is examining the feasibility of a 20 to 30% increase in the planned NICO production rate over the 4,650 metric tonnes of ore per day used in the previous 2014 Feasibility Study and produce between 1,700 and 2,000 t of cobalt units per year in a battery grade cobalt sulphate heptahydrate.
Orocobre Limited (OTC: OROCF) is a dynamic global lithium carbonate supplier and an established producer of boron. On December 4, 2017, the company provided an update on the brine sampling of diamond drill hole CAU16 in the previously undrilled NW Sector of the Cauchari JV property located in Jujuy Province, Argentina. The exploration program is being managed by JV partner Advantage Lithium Corp. who hold 50% of Cauchari, earning up to 75%. Orocobre owns 35% of Advantage Lithium's issued capital. The high grade brine interval averages 529 mg/l Lithium and 4,306 mg/l Potassium, including four samples averaging 619 mg/l Lithium from 169 to 199 metres. The brine has a low Mg/Li ratio of 2.5:1, similar to CAU07 and the brine being processed at the Olaroz Lithium Facility making it suitable for the same processing route.
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