The Economics of Cobalt, 11th edition, 2007

Table of Contents

1. Summary

2. Occurrence, geology and reserves of cobalt

• 2.1 Occurrence of cobalt
• 2.2 Geology of cobalt
  • 2.2.1 Stratiform copper deposits
  • 2.2.2 Magmatic nickel deposits
  • 2.2.3 Lateritic nickel deposits
  • 2.2.4 Hydrothermal deposits
• 2.3 Reserves of cobalt

3. World production of cobalt

• 3.1 Historical perspective on world production of cobalt
• 3.2 Outlook for world production of cobalt

4. Review of cobalt-producing countries and companies

• 4.1 Albania
• 4.2 Australia
  • 4.2.1 Cobalt-producing companies
    • 4.2.1.1 BHP Billiton
    • 4.2.1.2 Minara Resources Limited
    • 4.2.1.3 OMG Cawse Pty Limited
    • 4.2.1.4 Fox Resources Limited
    • 4.2.1.5 Sally Malay Mining Ltd
  • 4.2.2 Potential cobalt-producing projects
    • 4.2.2.1 Compass Resources NL
    • 4.2.2.2 Gladstone Pacific Nickel Ltd.
    • 4.2.2.3 Heron Resources
    • 4.2.2.4 Metallica Minerals Ltd.
    • 4.2.2.5 Metals Exploration NL
    • 4.2.2.6 Jervois Mining Ltd.
    • 4.2.2.7 Havilah Resources NL
    • 4.2.2.8 GME Resources
    • 4.2.2.9 Black Range Minerals Ltd.
  • 4.2.3 Past producers of cobalt in Australia
    • 4.2.3.1 Preston Resources NL
• 4.3 Belgium
• 4.4 Botswana
  • 4.4.1 BCL Ltd.
• 4.5 Brazil
  • 4.5.1 Cia. Niquel Tocantins
  • 4.5.2 Mineração Serra da Fortaleza
  • 4.5.3 Potential cobalt-producing projects
• 4.6 Burkina Faso
• 4.7 Burundi
• 4.8 Cameroon
• 4.9 Canada
  • 4.9.1 Cobalt-producing companies
    • 4.9.1.2 Xstrata plc (formerly Falconbridge)
    • 4.9.1.3 CVRD Inco Ltd.
    • 4.9.1.4 Sherritt International Corp.
    • 4.9.1.5 FNX Mining Company Inc.
  • 4.9.2 Potential cobalt-producing projects
  • 4.9.3 Past producers of cobalt in Canada
    • 4.9.3.1 Canmine Resources Corp.
• 4.10 China
  • 4.10.1 Cobalt producing companies
    • 4.10.1.1 Jinchuan Non-ferrous Metals Corp.
    • 4.10.1.2 Umicore
    • 4.10.1.3 Other cobalt producers
• 4.11 Congo (Democratic Republic)
  • 4.11.1 Cobalt producing companies
    • 4.11.1.1 La Générale des Carrières et des Mines du Zaire (Gécamines)
    • 4.11.1.2 Central African Mining and Exploration Company
    • 4.11.1.3 Chemaf
    • 4.11.1.4 Costamin Resources
    • 4.11.1.5 Feza Mining
    • 4.11.1.6 Kababankola Mining Company
    • 4.11.1.7 Enterprise Générale Malta Forrest
    • 4.11.1.8 Metorex Ltd.
    • 4.11.1.9 OM Group Inc.
  • 4.11.2 Potential cobalt-producing projects
    • 4.11.2.1 Africo Resources Ltd.
    • 4.11.2.2 Anvil Mining
    • 4.11.2.3 First Quantum Minerals Ltd.
    • 4.11.2.4 International Barytex Resources Ltd.
    • 4.11.2.5 Katanga Mining Company
    • 4.11.2.3 KHGM Polska Miedz
    • 4.11.2.4 Mopani Copper Mines
    • 4.11.2.5 Mwana Africa
    • 4.11.2.6 Nikanor
    • 4.11.2.7 Simberi Mining Corp.
    • 4.11.2.8 Teal Exploration & Mining
    • 4.11.2.9 Tenke Mining Corp.
    • 4.11.2.10 Tiger Resources
• 4.12 Cuba
  • 4.12.1 Cubaniquel
  • 4.12.2 Moa Bay SA
  • 4.12.3 Potential cobalt-producing projects
• 4.13 Finland
  • 4.13.1 OM Group Inc.
  • 4.13.2 Potential cobalt producing projects
• 4.14 France
  • 4.14.1 The ERAMET Group
• 4.15 Guatemala
• 4.16 India
  • 4.16.1 Rubamin Limited
  • 4.16.2 Nicomet
• 4.17 Indonesia
  • 4.17.1 PT Aneka Tambang
  • 4.17.2 PT International Nickel Indonesia
  • 4.17.3 Potential cobalt-producing projects
    • 4.17.3.1 Gag Island
    • 4.17.3.2 Weda Bay
• 4.18 Ivory Coast
• 4.19 Japan
• 4.20 Madagascar
• 4.21 Mexico
• 4.22 Morocco
• 4.23 New Caledonia
  • 4.23.1 Cobalt producing companies
  • 4.23.2 Potential cobalt-producing projects
    • 4.23.2.1 Goro
    • 4.23.2.2 Nakety/Bogota
• 4.24 Norway
  • 4.24.1 Nikkelverk
  • 4.24.2 Potential cobalt producing projects
• 4.25 Papua New Guinea
  • 4.25.1 Potential cobalt-producing projects
    • 4.25.1.1 Ramu
    • 4.25.1.2 Wowo Gap
• 4.26 Philippines
  • 4.26.1 Coral Bay
  • 4.26.2 Rio Tuba Nickel Mining Corporation
  • 4.26.3 Potential cobalt-producing projects
    • 4.26.3.1 Adlay-Cadianao-Tandaws
    • 4.26.3.2 Celestial
    • 4.26.3.3 Mindoro
    • 4.26.3.4 Nonoc
• 4.27 Russia
  • 4.27.1 Cobalt-producing companies
    • 4.27.1.1 Mining & Metallurgical Company (MMC) Norilsk Nickel
    • 4.27.1.2 Ufaleynickel
    • 4.27.1.3 Yuzhuralnickel
• 4.28 South Africa
  • 4.28.1 Cobalt-producing companies
    • 4.28.1.1 Anglo American Platinum
    • 4.28.1.2 Impala Platinum Ltd.
    • 4.28.1.3 African Rainbow Minerals
    • 4.28.1.4 Western Platinum Ltd.
• 4.29 Tanzania
• 4.30 Turkey
• 4.31 Uganda
  • 4.31.1 Kasese Cobalt Company Ltd.
  • 4.31.2 Potential cobalt-producing projects
    • 4.31.2.1 Uganda Gold Mining Ltd.
• 4.32 UK
• 4.33 USA
  • 4.33.1 Cobalt chemical producers
    • 4.33.1.1 OM Group Inc.
    • 4.33.1.2 Shepherd Chemical Company
    • 4.33.1.3 Other cobalt producers
  • 4.33.2 Potential cobalt-producing projects
    • 4.33.2.1 Formation Capital Corp.
    • 4.33.2.2 PolyMet Mining Corp.
    • 4.33.2.3 Anschutz Mining Corp.
    • 4.33.2.4 Teck Cominco
    • 4.33.2.5 Black Hawk Mining
    • 4.33.2.6 Noranda Inc.
• 4.34 Zambia
  • 4.34.1 Zambia Consolidated Copper Mines Ltd.
  • 4.34.2 Cobalt-producing companies
    • 4.34.2.1 Chambishi Metals Plc
    • 4.34.2.2 Mopani Copper Mines Plc
    • 4.34.2.3 Luanshya Copper Mines
  • 4.34.3 Potential cobalt-producing projects
    • 4.34.3.1 Albidon Ltd.
    • 4.34.3.2 Caledonia Mining Corp.
    • 4.34.3.3 Equinox Resources Ltd.
    • 4.34.3.4 Orion Mining Zambia
    • 4.34.3.5 SLH Engineering
  • 4.34.4 Past cobalt-producing companies
    • 4.34.4.1 Konkola Copper Mines (KCM)
    • 4.34.4.2 Metorex Consortium
• 4.35 Zimbabwe
  • 4.35.1 Bindura Nickel Corporation
  • 4.35.2 Potential cobalt-producing projects

5. International trade in cobalt

• 5.1 International trade in cobalt ores and concentrates
• 5.2 International trade in cobalt metal
• 5.3 International trade in cobalt compounds

6. World consumption of cobalt

• 6.1 Consumption of cobalt by end-use
• 6.2 Consumption of cobalt by form
• 6.3 Outlook for world consumption of cobalt

7. End-uses for cobalt

• 7.1 Cobalt in high performance alloys/superalloys
  • 7.1.1 Types of high performance alloy
  • 7.1.2 Nickel-base high performance alloys
  • 7.1.3 Cobalt-base high performance alloys
  • 7.1.4 Iron-base high performance alloys
  • 7.1.5 High performance alloy processing technology
    • 7.1.5.1 Single crystal high performance alloys
    • 7.1.5.2 Oxide dispersion strengthened alloys
    • 7.1.5.3 Powder metallurgy and hot isostatic pressing
    • 7.1.5.4 Isothermal forging
    • 7.1.5.5 Horizontal casting
    • 7.1.5.6 Vacuum sprayforming
  • 7.1.6 Consumption and markets for high performance alloys
    • 7.1.6.1 Aerospace uses
    • 7.1.6.2 Non-aerospace uses
  • 7.1.7 Consumption and outlook for cobalt in high performance alloys
• 7.2 Cobalt in batteries
  • 7.2.1 Use of cobalt in batteries
  • 7.2.2 Production and markets for secondary batteries
  • 7.2.3 Electric vehicles
  • 7.2.4 Consumption and outlook for cobalt in batteries
• 7.3 Cobalt in cemented carbides
  • 7.3.1 Use of cobalt in cemented carbides
  • 7.3.2 Carbide cutting tool design
  • 7.3.3 Applications for cemented carbides
  • 7.3.4 Production of cemented carbides
  • 7.3.5 Production of cemented carbides in China
  • 7.3.6 Production of cemented carbides in the USA
  • 7.3.7 Production of ultra-hard tools in Japan
  • 7.3.8 Production of cemented carbides in Europe
  • 7.3.9 Consumption of cobalt in cemented carbides
  • 7.3.10 Outlook for cobalt in cemented carbides
• 7.4 Cobalt in catalysts
  • 7.4.1 Use of cobalt in catalysts
    • 7.4.1.1 Use of cobalt in terephthalic acid/dimethyl terephthalate catalysts
    • 7.4.1.2 Use of cobalt in hydroprocessing catalysts
    • 7.4.1.3 Use of cobalt in gas-to-liquid catalysts
  • 7.4.2 Catalyst regeneration and catalyst recycling
  • 7.4.3 Consumption and outlook for cobalt in catalysts
• 7.5 Cobalt in pigments
  • 7.5.1 Use of cobalt as a pigment
  • 7.5.2 Cobalt pigments in ceramics
  • 7.5.3 Cobalt pigments in glass
  • 7.5.4 Consumption and outlook for cobalt in pigments
• 7.6 Cobalt soaps
  • 7.6.1 Cobalt soaps in paint driers
  • 7.6.2 Cobalt soaps in tyre adhesives
  • 7.6.3 Consumption and outlook for cobalt in cobalt soaps
• 7.7 Cobalt in magnets
  • 7.7.1 Use of cobalt in magnets
  • 7.7.2 Production and markets for permanent magnets
  • 7.7.3 Magnetic recording media
  • 7.7.4 Consumption and outlook for cobalt in magnets
• 7.8 Cobalt in hardfacing and other alloys
  • 7.8.1 Welding and hardfacing alloys
  • 7.8.2 Cutting and wear-resistant alloys
  • 7.8.3 Other cobalt alloys
  • 7.8.4 Consumption of cobalt in hardfacing and other alloys
• 7.9 Other end-uses for cobalt

8. Cobalt prices

• 8.1 Prices for cobalt metal
• 8.2 Prices for cobalt compounds
• 8.3 Outlook for cobalt prices

List of Tables

• Table 1: Cobalt ore minerals
• Table 2: World: Estimated cobalt reserves and reserve base, 2005
• Table 3: World: Production and supply of refined cobalt by country, 1997 to 2005
• Table 4: World: Major potential cobalt-producing projects
• Table 5: Australia: Mine and refined production of cobalt, 1997 to 2005
• Table 6: Australia: QNI Ltd. production and sales of nickel and cobalt, 1997 to 2005
• Table 7: Australia: WMC: Nickel division production, 1999 to 2004
• Table 8: Australia: Sales of cobalt by WMC, 1999 to 2006
• Table 9: Australia: Minara Resources: Production of nickel and cobalt, 2000 to 2005
• Table 10: Australia: Minara Resources: Mineable ore reserves, 2002 and 2005
• Table 11: Australia: Production of nickel and cobalt by Centaur Mining, 1998 to 2001
• Table 12: Australia: Fox Resources: Resources at Radio Hill and Mt. Sholldeposits, 2005
• Table 13: Botswana: BCL Ltd. ore reserve reconciliation, end 1998
• Table 14: Botswana: BCL Ltd. production of ore, concentrates and metal, 1997 to 2005
• Table 15: Brazil: Cia Niquel Tocantins: Production of nickel and cobalt, 1997 to 2005
• Table 16: Burundi: Buhinda deposit resources
• Table 17: Canada: Mine and refinery production of cobalt, 1996 to 2005
• Table 18: Canada: Falconbridge: Cobalt production, 1993 to 2005
• Table 19: Canada: Metal production by Inco Ltd., 1990 to 2005
• Table 20: Canada: CVRD Inco Ltd.: Ontario Division mines, 2005
• Table 21: Canada: Production of nickel and cobalt by Sherritt International, 1990 to 2005
• Table 22: DRC: Production of cobalt, 1990 to 2005
• Table 23: DRC: Current/past copper-cobalt operations by area
• Table 24: DRC: Gécamines partnerships
• Table 25: Cuba: Mine production of nickel and cobalt, 1991 to 2005
• Table 26: Finland: Production of refined cobalt, 1990 to 2005
• Table 27: France: ERAMET: Production of cobalt chloride, 1990 to 2005
• Table 28: Indonesia: PT Antam: Nickel production, 1999 to 2005
• Table 29: Indonesia: P.T. Inco: Production of nickel in matte, 1995 to 2005
• Table 30: Japan: Sumitomo Metal Mining: Output of refined cobalt, 1990 to 2005
• Table 31: Morocco: CTT: Production of cobalt, 1990 to 2005
• Table 32: New Caledonia: Mine production of cobalt, 1990 to 2005
• Table 33: Norway: Nikkelverk: Production of nickel and cobalt, 1990 to 2005
• Table 34: Russia: Mine and refined production of cobalt, 1990 to 2005
• Table 35: South Africa: Production of cobalt, 1990 to 2005
• Table 36: USA: Imports of cobalt by form, 1999 to 2005
• Table 37: USA: DLA sales and shipments of cobalt, 1993 to 2005
• Table 38: Zambia: Production of cobalt, 1990 to 2005
• Table 39: ZCCM: Privatisation packages, 1997
• Table 40: Zimbabwe: Production of cobalt, 1990 to 2005
• Table 41: World: Exports of cobalt ores and concentrates, 1998 to 2005
• Table 42: World: Imports of cobalt ores and concentrates, 1998 to 2005
• Table 43: World: Exports of cobalt mattes, powders, unwrought cobalt, articles of cobalt and cobalt waste and scrap, 1998 to 2005
• Table 44: World: Imports of cobalt mattes, powders, unwrought cobalt, articles of cobalt and cobalt waste and scrap, 1998 to 2005
• Table 45: World: Exports of cobalt oxides and hydroxides, 1998 to 2005
• Table 46: World: Imports of cobalt oxides and hydroxides, 1998 to 2005
• Table 47: World: Exports of cobalt chlorides, 1998 to 2005
• Table 48: World: Imports of cobalt chlorides, 1998 to 2005
• Table 49: World: Exports of cobalt acetates, 1998 to 2005
• Table 50: World: Imports of cobalt acetates, 1998 to 2005
• Table 51: World: Primary consumption of cobalt by country, 2000 to 2006
• Table 52: USA: Consumption of cobalt by end-use, 2001 to 2006
• Table 53: Japan: Consumption of cobalt by end-use, 1991 to 2006
• Table 54: USA: Consumption of cobalt by form, 1990 to 2006
• Table 55: Japan: Imports of cobalt by form, 1990 to 2006
• Table 56: Scenarios for future growth in demand for cobalt by end-use, 2006 to 2011
• Table 57: Elements and their function in superalloys
• Table 58: Leading producers of high performance alloys
• Table 59: Composition of cobalt-containing nickel-base high performance alloys
• Table 60: Composition of selected cobalt-base high performance alloys
• Table 61: Composition of cobalt-containing iron-base high performance alloys
• Table 62: Composition of typical single crystal nickel-base superalloys
• Table 63: Japan: Shipments of nickel alloys and superalloys by type, 1995 to 2003
• Table 64: End-uses for high performance alloys produced by Special Metals Inc. and Cabot Corp.
• Table 65: Leading manufacturers of aircraft engines
• Table 66: Manufacturers of engines for major aircraft and their products, 2006
• Table 67: USA: Consumption of cobalt in superalloys, 1987 to 2006
• Table 68: World: Forecast demand for superalloys, divided by area, 2006 to 2011
• Table 69: Technical comparison of rechargeable batteries
• Table 70: Japan: Production of secondary batteries, 1994 to 2005
• Table 71: Nominal energy density of energy sources
• Table 72: Forecast production of secondary batteries and consumption of cobalt, 2006 to 2011
• Table 73: Typical physical properties of OMG submicron WC powders
• Table 74: Grades of hardmetal by ISO, US and BHMA classification
• Table 75: China: Production and exports of cemented carbides, 2000 to 2006
• Table 76: Locations and production capacity of Chinese cemented carbide manufacturers in selected provinces, 2004
• Table 77: Japan: Production of ultra-hard tools, 2001 to 2005
• Table 78: Japan: Production of ultra-hard metals by end-use, 2001 to 2005
• Table 79: Japan: Consumption of raw materials in ultra-hard tools, 2001 to 2005
• Table 80: China, USA & Japan: Consumption of cobalt in cemented carbides, 1988 to 2006
• Table 81: Producers of petroleum refining catalysts containing cobalt as an active agent, 2005
• Table 82: Producers of cobalt-based catalysts for oil refining
• Table 83: World: Major gas-to-liquid projects
• Table 84: World: Consumption of cobalt, by catalytic application, 1998 to 2006
• Table 85: World: Market for catalysts, by market segment, 2001 to 2011
• Table 86: World: Demand for PET 2006 to 2011
• Table 87: Typical cobalt-containing ceramic pigments
• Table 88: Italy: Most important pigments for tile manufacturing and estimated consumption, 1999
• Table 89: World: Growth in selected ceramics markets, 1990 to 1999
• Table 90: World: Production of ceramic tiles by leading countries, 2001 to 2006
• Table 91: World: Consumption of ceramic tiles by leading countries, 2001 to 2006
• Table 92: World: Leading glass producers, 2005
• Table 93: Effectiveness of metal soap driers
• Table 94: Typical solvent-borne alkyd paint composition
• Table 95: Typical and maximum concentrations for ambient cure alkyd drier systems
• Table 96: World: Production of car and truck tyres, 1998 and 2005
• Table 97: World: Market for paints, 2000, 2006 and 2011
• Table 98: World: Sales of passenger car tyres, by region, 2004 to 2015
• Table 99: Cobalt content and magnetic properties of commercially important permanent magnet alloys
• Table 100: Common applications for permanent magnets
• Table 101: Average prices and relative values of permanent magnetic materials, 1998 and 2003
• Table 102: World: Production of Alnico magnets, 1994 to 2006
• Table 103: Japan: Production of permanent magnets, 2002 and 2005
• Table 104: Properties and applications for Stellites
• Table 105: World: Demand for cobalt in orthopaedic applications, 1996 to 2006
• Table 106: USA: Average values of imports of cobalt compounds, 2000 to 2004

List of Figures

• Figure 1: World: Comparison of supply, demand, prices and stock movements for cobalt, 1997 to 2006
• Figure 2: World: Mine and refinery production of cobalt, 1970 to 2005
• Figure 3: World: Production of refined cobalt by country, 1990 to 2005
• Figure 4: Nickel West: Diagram of operations
• Figure 5: World: Consumption of cobalt by country/region, 2001 and 2006
• Figure 6: World: Consumption of cobalt by end-use, 2001 and 2006
• Figure 7: Division of world high performance alloy market by region, 2006
• Figure 8: Division of world high performance alloy market by industry, 2006
• Figure 9: USA: Aerospace industry sales by product group, 1988 to 2006
• Figure 10: Boeing and Airbus: Historic and forecast aircraft deliveries, 1990 to 2006
• Figure 11: Boeing and Airbus: Aircraft orders, 1994 to 2006
• Figure 12: USA: Comparison of civil aircraft sales and cobalt consumption in superalloys, 1988 to 2006
• Figure 13: World: Evolution of the passenger aircraft fleet, 2005 to 2025
• Figure 14: World: Civil aircraft engine deliveries, 1982 to 2021
• Figure 15: World: Sales of rechargeable batteries, 1985 to 2006
• Figure 16: World: Rechargeable lithium ion battery production, 1999 to 2006
• Figure 17: Japan: Output of secondary batteries by type of cell, 1993 and 2005
• Figure 18: Conversion from powders to cemented carbides
• Figure 19: World: Demand for hardmetals, by region and end-use, 1995
• Figure 20: China: Production of cemented carbides by end use, 2004
• Figure 21: USA, Japan & China: Consumption of cobalt in cemented carbides, 1988 to 2006
• Figure 22: World: Demand for PTA, by country/region, 2003 and 2006
• Figure 23: World: PTA production capacity, by region, 1981 to 2006
• Figure 24: World: DMT production capacity, by region, 1998
• Figure 25: World: Market for refining catalysts, by market, 2006
• Figure 26: Major countries: Production of ceramic tiles, 2001 and 2006
• Figure 27: Major countries: Consumption of tiles, 2001 and 2006
• Figure 28: EU: Market for glass, divided by type, 2005
• Figure 29: EU: Production of glass, 1985 to 2005
• Figure 30: World: Market for coatings, 2001 and 2006
• Figure 31: World: Leading manufacturers of paint, 1979 and 2004
• Figure 32: World: Market for tyres, by region, 2001 to 2005
• Figure 33: World: Leading tyre manufacturers, 2005
• Figure 34: World: Estimated market for permanent magnets, by material, 2006
• Figure 35: World: Production of permanent magnets, by country/region, 2004
• Figure 36: China: Production of permanent magnets, 1990 to 2006
• Figure 37: USA, Japan and China: Consumption of cobalt in magnets, 1987 to 2006
• Figure 38: World: Average annual price for cobalt metal, 1937 to 2005
• Figure 39: European free market and African producer prices for cobalt, 1985 to 2006
• Figure 40: Europe: Average monthly high and low prices for cobalt metal, 1997 to 2006
• Figure 41: Europe: Comparison of prices for 99.3% Co and 99.8% Co cobalt metal, 1997 to 2006