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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":695,"relatedVideos":696},112468760429396,"57b77ec2-e6d3-489f-9430-65368483f055","US cobalt supply chain takes positive steps despite price downturn","us-cobalt-supply-chain-takes-positive-steps-amid-china-driven-price-downturn","article/us-cobalt-supply-chain-takes-positive-steps-amid-china-driven-price-downturn",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":674,"featured":51,"reporter":675,"_editable":679,"component":680,"seo_title":543,"categories":681,"visibility":687,"author_company":49,"featured_image":688,"seo_description":674,"author_full_name":49,"author_job_title":49,"formattedDate":693,"formattedArticleDate":694},"22a5401b-55cf-421f-89eb-e293a037b427","2024-10-11 00:00",[550,553],{"slug":551,"name":552},"inflation-reduction-act","Inflation Reduction Act",{"slug":554,"name":555},"usa","USA",[557],{"slug":558,"name":559,"content":560},"didi-bostock","Didi Bostock",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Editor - Energy Transition & Economics",{"filename":563},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":567,"content":568},"doc",[569,576,581,586,591,598,603,608,621,626,631,636,649,654],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573],{"text":574,"type":575},"Despite a prolonged downturn in cobalt prices, the advancement of a US-focused cobalt supply chain is making positive strides. ","text",{"type":570,"attrs":577,"content":578},{"textAlign":49},[579],{"text":580,"type":575},"This week, US Strategic Metals (USSM) signed a memorandum of understanding (MoU) with Stillwater Critical Minerals, a prospective critical mineral producer with a flagship project in Montana covering cobalt, nickel, and copper. The agreement includes collaboration on technical, lobbying, and marketing efforts between the two companies.",{"type":570,"attrs":582,"content":583},{"textAlign":49},[584],{"text":585,"type":575},"The MoU follows USSM’s August announcement of its partnership with Glencore and Chilean Cobalt Corp (C3). This collaboration connects copper-cobalt concentrate from C3’s La Cobaltera project in Northern Chile to USSM’s Madison refinery in Missouri",{"type":570,"attrs":587,"content":588},{"textAlign":49},[589],{"text":590,"type":575},"“The C3-USSM-Glencore deal is an example of a cobalt supply chain that will meet Inflation Reduction Act (IRA) criteria, although output from the asset will be nowhere near enough to cover US EV demand for the metal,” said Will Talbot, principal analyst at Benchmark. ",{"type":592,"attrs":593,"content":595},"heading",{"level":594,"textAlign":49},4,[596],{"text":597,"type":575},"US-centric supply chain under pressure from low prices",{"type":570,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":575},"While such partnerships strengthen de-risking efforts, the US is facing significant challenges sourcing sufficient IRA-compliant supply to meet demand projections.",{"type":570,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":575},"“Cobalt is of particular risk because so much of its mined and refined production comes not only from countries that are not US free trade agreement (FTA) partners but from assets which – due to significant levels of Chinese ownership – are likely to be considered Foreign Entities of Concern (FEOC), meaning that EVs ultimately using their material would not be eligible for subsidies,” said Talbot.",{"type":570,"attrs":609,"content":610},{"textAlign":49},[611,613],{"text":612,"type":575},"The cobalt market is struggling under a supply gut, driven by the ramp up of supply at CMOC’s DRC operations, that has resulted in a marked decline in prices, falling by more than 25% year-on-year to their lowest level recorded by Benchmark in Q2, according to the ",{"text":614,"type":575,"marks":615},"Cobalt Price Assessment.",[616],{"type":617,"attrs":618},"link",{"href":619,"uuid":49,"anchor":49,"target":49,"linktype":620},"https://www.benchmarkminerals.com/cobalt/data-reports/price-assessments","url",{"type":570,"attrs":622,"content":623},{"textAlign":49},[624],{"text":625,"type":575},"The low price environment is creating challenges for existing projects and disinvesting investment in greenfield projects in FTA regions. Cobalt supply from US and FTA regions is projected to decline by 6% year-on-year in 2024, according to the Benchmark Cobalt Forecast.",{"type":592,"attrs":627,"content":628},{"level":594,"textAlign":49},[629],{"text":630,"type":575},"Advancing a US cobalt supply chain",{"type":570,"attrs":632,"content":633},{"textAlign":49},[634],{"text":635,"type":575},"The USSM, Glencore, and C3 agreement positions USSM’s Madison refinery as a key domestic cobalt processing site. The announcement suggests that a dedicated processing line for La Cobaltera concentrate could be developed at the Madison site.",{"type":570,"attrs":637,"content":638},{"textAlign":49},[639,641,647],{"text":640,"type":575},"The Madison project is due to begin intial production in 2024, according to the ",{"text":642,"type":575,"marks":643},"Benchmark Cobalt Forecast",[644],{"type":617,"attrs":645},{"href":646,"uuid":49,"anchor":49,"target":49,"linktype":620},"https://www.benchmarkminerals.com/cobalt/portal/",{"text":648,"type":575},", ramping up production to 1,500 tonnes per annum by 2026.",{"type":570,"attrs":650,"content":651},{"textAlign":49},[652],{"text":653,"type":575},"In July, Glencore signed a non-binding Letter of Intent (LOI) with C3 for a potential offtake agreement, covering 100% of cobalt and copper production for an initial five-year period. Located in a Free Trade Agreement (FTA) region, supply from La Cobaltera would qualify for tax credits under the US Inflation Reduction Act (IRA).",{"type":570,"attrs":655,"content":656},{"textAlign":49},[657,659,665,667,672],{"text":658,"type":575},"The agreement is designed to satisfy the conditions of the project financing arrangements agreed by ",{"text":660,"type":575,"marks":661},"C3",[662],{"type":617,"attrs":663},{"href":664,"uuid":49,"anchor":49,"target":49,"linktype":620},"https://www.benchmarkminerals.com/",{"text":666,"type":575}," and ",{"text":668,"type":575,"marks":669},"USSM",[670],{"type":617,"attrs":671},{"href":664,"uuid":49,"anchor":49,"target":49,"linktype":620},{"text":673,"type":575}," with the US Export Import Bank (EXIM). Debt finance is provided through EXIM Bank’s China and Transformational Export Program, which aims at assisting US-based companies facing competition from China in strategic sectors such as critical minerals.","Despite a prolonged downturn in cobalt prices, the advancement of a US-focused cobalt supply chain is making positive strides. This week, US Strategic Metals (USSM) signed a memorandum of understanding (MoU) with Stillwater Critical Minerals, a prospective critical mineral producer with a flagship project in Montana covering cobalt, nickel, and copper. The agreement includes collaboration […]",[676],{"slug":558,"name":559,"content":677},{"job_title":561,"image":678,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"22a5401b-55cf-421f-89eb-e293a037b427\", \"id\": \"\"}-->","article",[682,684],{"slug":683,"name":115},"cobalt",{"slug":685,"name":686},"critical-minerals","Critical Minerals","private",{"id":49,"alt":689,"name":689,"focus":689,"title":689,"source":689,"filename":690,"copyright":689,"fieldtype":691,"meta_data":692,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/c2af1d8c4d/bm-us-image.jpg","asset",{"alt":689,"title":689,"source":689,"copyright":689},"Oct 11, 2024","11th October 2024",[],[],1787071417925]