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decades","cobalt-price-slump-hits-first-new-us-cobalt-mine-in-decades","article/cobalt-price-slump-hits-first-new-us-cobalt-mine-in-decades",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":651,"featured":50,"reporter":652,"_editable":656,"component":657,"seo_title":553,"categories":658,"visibility":661,"author_company":49,"featured_image":662,"seo_description":651,"author_full_name":49,"author_job_title":49,"formattedDate":667,"formattedArticleDate":668},"f7eff260-7b59-4c86-b4bb-e50eaca4a021","2023-03-31 00:00",[560],{"slug":561,"name":562},"usa","USA",[564],{"slug":565,"name":566,"content":567},"matthew-bird","Matthew Bird",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Senior Editor - Supply Chains & Data Visualisation",{"filename":570},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":574,"content":575},"doc",[576,593,598,603,608,613,618,623,628,633,646],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580,583,591],{"text":581,"type":582},"Falling ","text",{"text":584,"type":582,"marks":585},"cobalt prices",[586],{"type":587,"attrs":588},"link",{"href":589,"uuid":49,"anchor":49,"target":49,"linktype":590},"https://source.benchmarkminerals.com/article/cobalt-prices-tick-up-4-in-march-but-lack-of-battery-demand-weighs-on-market","url",{"text":592,"type":582}," have taken their first casualty as the owner of the first US cobalt mine in decades decided to stop construction, highlighting the challenge of bringing on new mining projects to support localised supply chains. ",{"type":577,"attrs":594,"content":595},{"textAlign":49},[596],{"text":597,"type":582},"Australian cobalt miner Jervois Global said it would halt final construction at its Idaho mine “due to continuing low cobalt prices and United States inflationary impacts on construction costs.” ",{"type":577,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":582},"The announcement comes as cobalt metal prices have more than halved since peaking in April 2022, according to Benchmark’s Cobalt Price Assessment. They were last assessed at $16.75 a pound, according to Benchmark. ",{"type":577,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":582},"The decision is a blow to efforts by President Joe Biden’s administration to boost production of minerals needed for electric vehicle batteries in the US. The Inflation Reduction Act includes tax credits for domestic mineral production. ",{"type":577,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":582},"“Despite supportive local policies, at the end of the day it is price that will determine local production,” Cameron Hughes, an analyst at Benchmark, said. ",{"type":577,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":582},"Jervois said the action would “prudently preserve the value” of the mine’s ore body and it still believed that not mining at current low prices was “consistent with US Government critical mineral policy objectives.”",{"type":577,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":582},"“Jervois has determined that not mining ICO [Idaho Cobalt Operations] cobalt at cyclically low prices, will preserve the optionality and inherent strategic value of ICO for shareholders and key stakeholders including local communities and the State of Idaho,” it said. ",{"type":577,"attrs":624,"content":625},{"textAlign":49},[626],{"text":627,"type":582},"The global cobalt market is expected to be in supply surplus until the end of 2027 due to new supply from Chinese processing projects in Indonesia as well as expansion by China’s CMOC in the Democratic Republic of the Congo. ",{"type":577,"attrs":629,"content":630},{"textAlign":49},[631],{"text":632,"type":582},"The miner said it expects cobalt prices to recover over the medium term due to demand from electric vehicles and would complete construction and commission ICO when prices have bounced back. It added that it believed “Western cobalt purchasers will increasingly prefer cobalt from sources with Western ESG credentials.”",{"type":577,"attrs":634,"content":635},{"textAlign":49},[636,638,644],{"text":637,"type":582},"Currently, the ",{"text":639,"type":582,"marks":640},"Democratic Republic of Congo",[641],{"type":587,"attrs":642},{"href":643,"uuid":49,"anchor":49,"target":49,"linktype":590},"https://source.benchmarkminerals.com/video/watch/analyst-insights-benchmarks-findings-from-drc-artisanal-cobalt-mining-site-visits",{"text":645,"type":582}," mines over 70% of the world’s cobalt feedstock, according to Benchmark Cobalt Assessment.",{"type":577,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":582},"Jervois, which has spent $130 million developing the mine, had hoped to start processing ore into cobalt and copper concentrates in the second quarter. It will now reduce its workforce, including contractors, from 280 to under 30, it said.","Falling cobalt prices have taken their first casualty as the owner of the first US cobalt mine in decades decided to stop construction, highlighting the challenge of bringing on new mining projects to support localised supply chains. Australian cobalt miner Jervois Global said it would halt final construction at its Idaho mine “due to continuing […]",[653],{"slug":565,"name":566,"content":654},{"job_title":568,"image":655,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f7eff260-7b59-4c86-b4bb-e50eaca4a021\", \"id\": \"\"}-->","article",[659],{"slug":660,"name":115},"cobalt","private",{"id":49,"alt":663,"name":663,"focus":663,"title":663,"source":663,"filename":664,"copyright":663,"fieldtype":665,"meta_data":666,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/bc831c2316/bm-jervois-cobalt-2.jpg","asset",{"alt":663,"title":663,"source":663,"copyright":663},"Mar 31, 2023","31st March 2023",[],[],1788882721966]