Some Good News on US Cobalt Supply
Formation Metals (FCO.TO) is set to start producing cobalt from its Idaho cobalt project (ICP) the next year.
The first mine in the U.S. dedicated to producing cobalt will open in Idaho next year, reflecting the metal's increasing importance in transportation, communication, and energy technologies. Cobalt is used in rechargeable batteries for wireless devices and hybrid vehicles, and in catalysts for refining gasoline. Half of the $440 million worth of cobalt consumed in the U.S. last year went into heat- and high-pressure-resistant "super-alloy" metals for aircraft engine compressors, combustion chambers, and turbines. (source)
You would think that investing in a company developing and mining a deposit of such a critical metal would be a slam dunk investment. You would be wrong - more on that shortly.