NEW YORK, September 12, 2017 /PRNewswire/ --
According to a new report published by CRU Group, cobalt demand is expected to exceed 100kt in 2017 and total demand of cobalt materials are estimated to increase at a CAGR of 11.6 percent over the next ten years. The cobalt market is growing rapidly due to a shift in cobalt demand from metallic products to chemical products. The report indicated that the increasing use in the manufacturing of Li-ion batteries continues to drive the demand of chemical cobalt. Cobalt is one of the key components of Li-ion batteries, which are now widely used in Electric vehicles and electronic devices. Cruz Cobalt Corp (OTC: BKTPF), Katanga Mining Limited (OTC: KATFF), eCobalt Solutions Inc. (OTC: ECSIF), Tesla Motors, Inc. (NASDAQ: TSLA), Panasonic Corporation (OTC: PCRFY).
According to a report by Reuters, Consultants CRU Group said that electric cars and plug-in hybrid vehicle sales could reach 4.4 million in 2021 and over 6 million by 2025. Edward Lauer, the Head of Portfolio Optimization at Eurasian Resources Group stated, "Long-term strong battery demand is very real. Even if demand from commercial and residential battery storage doesn't materialize to the same extent, consumer electronics and electric vehicle industries will only continue to grow."
Cruz Cobalt Corp (OTC: BKTPF) is also listed on the TSX Venture Exchange under the ticker symbol 'CUZ'. Earlier today the company announced breaking news that, crews have been mobilized on the 100 percent owned Chicken Hawk Cobalt Prospect located in Deer Lodge County, Montana. This prospect consists of 64 contiguous lode claims covering approximately 1,300 acres.
The Chicken Hawk Cobalt Prospect is located on the western edge of the Boulder Batholith and east of the Cordilleran Fold and Thrust Belt in south-western Montana. Covering a boundary between a Cretaceous granodiorite and the Lowland Creek Volcanics from the Eocene; the claims are in the vicinity of a total of four volcanic rock suites. Cobalt, the primary targeted commodity of the Chicken Hawk, is occurring in the pyritized andesite and as cobaltian arsenopyrite; the sulfides are pnuematolytic in origin. The 64 claims surround 4 patented claims, no less than 15 unclaimed prospects, and 3 unclaimed adits.
Cruz President, James Nelson, stated, "We are pleased to be underway on the Chicken Hawk prospect in Montana. The data we have analyzed indicates to us that the cobalt trend snakes its way through Idaho into Montana and up into Southern British Columbia. Cruz has property in each of Idaho, Montana and British Columbia as well as being one of the single largest landholders around the town of Cobalt, Ontario. Cruz is active on multiple projects in two countries and has enough cash on hand to undertake all its planned work programs."
Cruz currently has nine cobalt projects located throughout North America, comprising of four in Ontario, three in British Columbia, one in Idaho and one in Montana. Cruz's four separate Ontario cobalt prospects are all located in the vicinity of the town of Cobalt making Cruz one of the largest landholders in this emerging cobalt district. Cruz's Ontario projects include the 1,265 acre Coleman cobalt prospect, the 900 acre Johnson cobalt prospect, the 4,980 acre Hector cobalt prospect and the 1,580 acre Bucke cobalt prospect. The company's 4,935 acre War Eagle cobalt prospect in British Columbia covers a past-producing mine. The technical contents of this release were approved by Greg Thomson, PGeo, a qualified person as defined by National Instrument 43-101.
Katanga Mining Limited (OTC: KATFF) operates a large-scale copper-cobalt mine complex in the Democratic Republic of Congo (DRC) through two joint ventures, Kamoto Copper Company (KCC) and DRC Copper and Cobalt Project (DCP). KCC and DCP are engaged in the exploration, refurbishment and rehabilitation of the Kamoto/Dima mining complex and the KOV copper and cobalt mine, respectively in the DRC. The company's single-site operation, which comprises brownfield assets and new facilities under construction, will have one of the lowest unit production costs in the world, net of by-product credits.
eCobalt Solutions Inc. (OTCQB: ECSIF) is committed to providing ethically produced and environmentally sound battery grade cobalt salts, essential for the rapidly growing rechargeable battery and renewable energy sectors, made safely, responsibly, and transparently in the United States. On August 09, 2017, the company providing an update on its Feasibility Study ('FS') and recently initiated pre-construction activities on its 100% owned Idaho Cobalt Project ('ICP') in anticipation of final FS receipt expected later in September. The ICP is the only near term, environmentally permitted and primary cobalt project located in the United States. The FS study is in its final stage with mine design and schedule and Cobalt Production Facility design completed.
Tesla Motors, Inc. (NASDAQ: TSLA) Panasonic Corporation have signed an agreement that lays out their cooperation on the construction of a large-scale battery manufacturing plant in the United States, known as the Gigafactory. According to the agreement, Tesla will prepare, provide and manage the land, buildings and utilities. Panasonic will manufacture and supply cylindrical lithium-ion cells and invest in the associated equipment, machinery, and other manufacturing tools based on their mutual approval. According to a blog posted by The Tesla Team earlier this year, at the Gigafactory, Tesla and Panasonic begin mass production of lithium-ion battery cells, which will be used in Tesla's energy storage products and Model 3.
Panasonic Corporation (OTC: PCRFY) is a worldwide leader in the development of diverse electronics technologies and solutions for customers in the consumer electronics, housing, automotive, enterprise solutions and device industries. Recently, the company announced that it held an opening ceremony for a new automotive lithium-ion battery factory in Dalian, China. Panasonic will develop the new factory into a core manufacturing site in China, and further strengthen its automotive battery business.
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