NEW YORK, April 27, 2017 /PRNewswire/ --
The demand for new energy sources has propelled innovation in recent years and this has led to more efficient clean energy sources being introduced to old industries. One of the more prominent examples is the rechargeable battery market which has drastically changed, thanks the wider roll lithium and cobalt markets. Cobalt-based lithium-ion batteries are now widely used to power electric and hybrid vehicles. According to a report by Reuters, Consultants CRU Group said electric car and plug-in hybrid vehicle sales could hit 4.4 million in 2021 and more than six million by 2025, from 1.1 million last year. Prices for the cobalt metal are now at about 25 USD/lb which is an increase of about 92% since 6 months ago. Earlier in October 2016, the price of Cobalt was around 13 USD/lb. Scientific Metals Corp. (OTC: SCTFF) (TSX-V: STM), Freeport-McMoRan Inc. (NYSE: FCX), FMC Corp. (NYSE: FMC), Honda Motor Co., Ltd. (NYSE: HMC), Ford Motor Co. (NYSE: F).
"Future demand for cobalt from the EV (electric vehicle) sector is looking tangible and is more positive than originally expected," one commodity-focused fund manager said according to Reuters. "China has some aggressive plans in terms of electric vehicles. It will be a major driver behind cobalt consumption growth." The U.S. government has also realized the potential of the metal, as Cobalt is also widely used for superalloys in turbines, space vehicles, rocket engines and power plants. Earlier in 2014, the U.S.'s Defense Logistics Agency deemed lithium cobalt oxide and lithium nickel cobalt aluminum oxide compounds as strategic and has been stockpiling since then.
Scientific Metals Corp. (OTCQB: SCTFF) (TSX-V: STM) announced yesterday that the Company has launched its 2017 exploration program at the Iron Creek Cobalt Project, initially commencing with the rehabilitation of the underground workings.
The Company is finalizing plans with a claim staking contractor to expand the size of the property through claim staking, and will commence claim staking soon, as the snow pack melt allows. Surface and underground drilling campaigns are in the final stages of planning, and will follow underground and surface mapping and sampling programs. All work will be conducted on the patented lode mining claims which cover the historic claims which have already been identified. Please see Company news release dated September 7, 2016 for a summary of the project.
The Company has commenced the rehabilitation of the portals to three underground tunnels which currently have a combined length of 1,500 feet and access the mineralized zones. The first portal (Adit #1) now has new timbers installed at the surface, and access has been gained to the entire length of tunnels connected to Adit #1. Further rehabilitation of the tunnels will be completed prior to the planned underground sampling and mapping program which will be followed by underground drilling. A contractor has been selected to complete the underground drilling.
The Company is in the final stages of negotiations with drilling contractors to conduct surface core drilling on the patented lode mining claims, targeting the known mineralized zones during 2017. This drilling is designed to confirm the historic, already identified, cobalt mineralization, and to explore for extensions. As previously announced, these historic resources which do not conform to NI 43-101, contain 1,279,000 tons grading 0.59% cobalt - see Company news release dated September 7, 2016. The Company has the advantage of working from the results of the 30,000 feet of drilling that identified the historic resources.
Freeport-McMoRan Inc. (NYSE: FCX) earlier in 2016 announced that it has entered into a definitive agreement to sell its interests in TF Holdings Limited (TF Holdings) to China Molybdenum Co., Ltd. (CMOC) for $2.65 billion in cash and contingent consideration of up to $120 million, consisting of $60 million if the average copper price exceeds $3.50 per pound and $60 million if the average cobalt price exceeds $20 per pound, both during the 24-month period between 2018 and 2019. In addition, FCX has agreed to negotiate exclusively with CMOC to enter into definitive agreements to sell its interests in Freeport Cobalt, including the Kokkola Cobalt Refinery in Finland for $100 million and the Kisanfu Exploration project in the Democratic Republic of Congo (DRC) for $50 million. Freeport Cobalt includes the large-scale cobalt refinery located in Kokkola, Finland, and related worldwide sales and marketing business, in which FCX holds an effective 56 percent interest. Kisanfu is a copper and cobalt exploration project, located near Tenke in which FCX holds a 100 percent interest.
FMC Corp. (NYSE: FMC) serves the global agricultural, industrial and consumer markets with innovative solutions, applications and quality products. The company operates its businesses in three segments: FMC Agricultural Solutions, FMC Health and Nutrition and FMC Lithium. On February 9th the company announced that it has received an A- from the CDP (formerly the Carbon Disclosure Project) climate change program, an initiative dedicated to using measurement and disclosure to effectively manage carbon and climate change risk. The A- ranking places FMC in CDP's 'Leadership' tier, recognizing the company as a leader in best practices for climate change action after its first time reporting.
Honda Motor Co., Ltd. (NYSE: HMC) develops, manufactures and markets motorcycles, automobiles and power products across the world. The Company's segments include Motorcycle Business, Automobile business, financial services business, and Power product and other businesses. On March 23rd, Japan Post Co., Ltd. and Honda Motor Co., Ltd. began discussions and signed a memorandum of understanding concerning the development and establishment of social infrastructure through postal deliveries using electric motorcycles (hereinafter collectively called "electric vehicles") which will serve as an alternative to the current gasoline-powered delivery motorcycles.
Ford Motor Co. (NYSE: F) is a global automotive and mobility company based in Dearborn, Michigan. The company's core business includes designing, manufacturing, marketing and servicing a full line of Ford cars, trucks and SUVs, as well as Lincoln luxury vehicles. To expand its business model, Ford is aggressively pursuing emerging opportunities with investments in electrification, autonomy and mobility. On April 10th, Ford revealed the second of 13 new electrified vehicles the company plans to introduce in the next five years. The industry's first pursuit-rated hybrid police car, the all-new Ford Police Responder Hybrid Sedan, is part of a $4.5 billion Ford investment to make electric vehicles that give customers greater capability, productivity and performance.
Please SIGN UP NOW at http://www.FinancialBuzz.com To Receive Alerts on Trending Financial News from all these companies. "The Latest Buzz in Financial News"
Subscribe Now! Watch us report from NYSE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.
For further information: