SMM4, April 4 / PRNewswire-Asianet /-Toronto-based First Cobalt Corp. Shares soared more than 38 per cent on Wednesday after the company announced it had successfully produced a battery-grade cobalt sulfate.
First cobalt says the production of battery-grade cobalt sulfate is one of its most important achievements because most of the refined cobalt used in the electric vehicle market comes from Asia. There is currently no cobalt sulfate manufacturer in North America, so First cobalt will become the first cobalt sulfate producer in the US electric vehicle market.
(Fisker Inc.), director of First cobalt and electric car maker Fisk Motor Co., Ltd. Henrik Fisker, chief executive, said demand for electric vehicles in North America would continue to grow. At the same time, Fisk and other companies continue to launch affordable new electric vehicles to the market.
The price of cobalt has fallen sharply over the past three years. But prices rebounded sharply last year, with LME cobalt reaching a high of $90, 000 a tonne and now trading at $32000 a tonne.
According to Benchmark Mineral Intelligence. The price of cobalt sulfate in China fell more than 59 per cent from a year earlier to between $7150 and $9250 a tonne.
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