CA - Cobalt Miners News For The Month Of May 2024
2024-05-24 07:49:36 ET
Summary
- Cobalt spot prices were flat for the month. LME inventory was unchanged for the month. China's state stockpiler aims to buy up to 15,000T of cobalt.
- Cobalt market news - U.S. LPO is clarifying that it may also fund “production” or mining and extraction activities. The US Gov. will introduce a 25% tariff on cobalt imports from China.
- Cobalt miners news - CMOC Group achieves a record production of 25.2kt of cobalt in Q1, 2024. Glencore slows own-sourced cobalt production to 6.6kt of cobalt in Q1, 2024.
- Ardea executed a binding Cooperation Agreement to form a 50:50 incorporated JV with SMM and MC ("Consortium") to develop the KNP – Goongarrie Hub.
- Alliance Nickel - NiWest Nickel Cobalt Project granted major project status by the Australian Government.
Welcome to the May 2024 cobalt miners news.
The past month saw cobalt prices flat and news that China may boost their cobalt stockpile. We also had several new White House announcements that aim to support the Western cobalt sector, including a new 25% tariff on Chinese cobalt imports to the USA.
Cobalt price news
As of May 24, the cobalt spot price was at US$12.44/lb , flat from US$12.46/lb last month. The LME cobalt price is US$26,445/tonne . LME Cobalt inventory is 92 tonnes, the same as the 92 level from last month. More details on cobalt pricing (in particular the more relevant cobalt sulphate), can be found here at Benchmark Mineral Intelligence or Fast Markets MB ....
Cobalt Miners News For The Month Of May 2024