Cobalt price leaps

The price of cobalt, which has been tumbling since the beginning of the year when it was about $11(US) a pound, climbed to their its highest price since June when it topped $7 this week.

Production in Zaire, an African nation that produces about half of the world’s cobalt, has reportedly been cut back resulting in a ploy get the price up.

The price increase occurred over a 2-day period and could continue if the threat to Western World supplies continues.

There are no primary cobalt producers in Canada, but Inco and Falconbridge both produce cobalt as a byproduct of their nickel operations.



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