Lexi Webster
Cobalt is a crucial component of lithium-ion batteries, which power electric vehicles and smartphones. The demand for cobalt has been increasing, and Australia is the world's fourth-biggest producer of the metal. Australia contains about 18% of global cobalt reserves and has the potential to increase its cobalt production to supply the growing market demand. The country's sustainable mining practices and de-risked ventures make it an attractive investment opportunity for those seeking ethical cobalt sources.
| Characteristics | Values |
|---|---|
| Cobalt's role in batteries for electric vehicles | Cobalt is a key raw material in batteries for electric vehicles (EVs) and other electronics. |
| Global cobalt production | Australia is the world's fourth-biggest producer of cobalt, accounting for about 3% of global output. |
| Cobalt reserves in Australia | Australia contains about 18% of global cobalt reserves. |
| Ethical cobalt sources | Australia is seen as an ethical alternative to the Democratic Republic of Congo (DRC), which has been associated with unsustainable mining practices and labor abuses. |
| Cobalt projects in Australia | Broken Hill Cobalt Project (BHCP) by Cobalt Blue Holdings Ltd, Glencore's Murrin Murrin nickel-cobalt mine, CleanTeQ's Syerston Project, Walford Creek, Kalgoorlie Nickel Project (KNP), Goongarrie Project |
| Cobalt demand | Demand for cobalt has been trending upward due to its use in batteries for EVs and renewable energy technologies. |
| Cobalt content in batteries | Each lithium-ion battery for EVs can use up to 20 kilograms of cobalt. |
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What You'll Learn
Cobalt Blue Holdings' Broken Hill project
Cobalt is an integral material in modern technology, used in everything from smartphones to electric vehicles (EVs) and wind power infrastructure. While the Democratic Republic of Congo (DRC) has been the top producer of cobalt worldwide, accounting for about 70% of cobalt production in 2022, the country's mining industry is known for unsustainable practices and unchecked labour abuses, including child labour. As a result, many investors are seeking more ethical alternatives, and Australia, which contains about 18% of global cobalt reserves, is well-positioned to meet this demand.
The Broken Hill Cobalt Project (BHCP) is located approximately 25 km southwest of Broken Hill in Far West New South Wales. The project covers an area of roughly 37 square kilometres within a broader tenement holding of almost 220 square kilometres. The deposits at Broken Hill are characterised by moderate to steep dipping stratabound zones of disseminated to semi-massive cobaltiferous pyrite mineralisation, forming three distinct bodies known as Pyrite Hill, Big Hill, and Railway. The cobalt occurs exclusively as a substitute within the pyrite crystal lattice, resulting in a strong correlation between pyrite content and cobalt.
The Broken Hill Cobalt Project is also notable for its commitment to sustainability and ethical practices. The project will be supported by the nearby 53MW Broken Hill Solar Farm, and Cobalt Blue will produce and refine cobalt at the site instead of sending the raw material to another country for refinement, helping to reduce the unethical labour practices along the cobalt supply chain. In February 2023, Cobalt Blue Holdings completed a comprehensive drilling program to support the project's Definitive Feasibility Study (DFS), and the company is also working on the development of a Demonstration Plant and the Kwinana Refinery Project.
However, in February 2024, Cobalt Blue announced that it would be significantly scaling back the Broken Hill project due to a cobalt oversupply and the falling price of cobalt. The project, originally valued at $560 million, will undergo a strategic review to examine how it can still be financially viable, with a focus on downscaling the mine to ensure high margins with low capital costs.
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Glencore's Murrin Murrin mine
Cobalt is found in Australia, with the country being the world's fourth biggest producer of the metal. Glencore's Murrin Murrin mine is located in the north-eastern Goldfields region of Western Australia, approximately 880 km east of Perth. The mine is a fully integrated nickel and cobalt operation that processes and refines these metals to produce LME-grade metal briquettes on site. The Murrin Murrin site is equipped with advanced infrastructure, including a high-pressure acid leaching (HPAL) technology, a 90MW power station, a 4400-tonne-per-day acid plant, a six-tonne-per-hour hydrogen sulphide plant, and a reverse osmosis water treatment plant.
In 2020, the Murrin Murrin mine faced a temporary setback due to a malfunction at the acid plant, leading to reduced production capacity. However, the issue was addressed, and operations continued while repairs were completed. The mine has a significant impact on the local economy, employing over 1,000 people and fostering long-term relationships with Western Australian businesses, such as their partnership with Wallis Drilling, which was extended through a three-year contract in 2022.
Murrin Murrin has played a crucial role in cobalt production in Australia. In 2019, it was the country's largest single cobalt producer, yielding 3,400 tonnes per year of cobalt and accounting for the majority of Australian cobalt output. The high-grade nickel and cobalt products from the mine are sold in both domestic and export markets, contributing to Australia's position as a significant cobalt producer globally.
The Murrin Murrin mine is a notable example of a successful cobalt operation in Australia, showcasing the country's potential to increase cobalt production sustainably. With its advanced infrastructure, long-term partnerships, and significant contribution to cobalt output, the Glencore Murrin Murrin mine is a key player in Australia's cobalt industry.
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Australia's cobalt reserves and output
Cobalt is an integral material in modern life, from smartphones to electric vehicles (EVs) to wind power infrastructure. It is also a key component in several alloys, including gas turbine engines, magnets, and drilling equipment. Australia contains about 18% of global cobalt reserves, which is the second-largest in the world, estimated at 1.5 million metric tons. However, Australia is currently responsible for only about 2-3% of global cobalt output, making it the fourth or fifth-largest producer.
The demand for cobalt has been trending upward, driven by the increasing sales of electric vehicles, which require lithium-ion batteries. Each electric vehicle battery requires around 9 kilograms of cobalt, and the EV boom has only just begun. Australia has the potential to increase cobalt production to supply this growing market demand and reduce the monopoly of supply by identifying and developing pyrite-cobalt (sulphide) deposits.
In 2019, Murrin Murrin was the country's largest single cobalt producer, with 3,400 tonnes per year of cobalt, accounting for the majority of Australian cobalt output. Glencore's Murrin Murrin Mine in Western Australia and CleanTeQ's undeveloped Syerston Project in central New South Wales are also large cobalt-bearing nickel laterite deposits. South Australia's Mount Gunson Copper Mine has produced about 2,900 tonnes of cobalt as a by-product.
The Broken Hill Cobalt Project (BHCP) by Cobalt Blue Holdings Ltd is at the forefront of a new era of cobalt production in Australia. The project is unique in its emphasis on cobalt production, rather than extraction as a by-product of nickel. Broken Hill is scheduled to begin production in 2026 and is expected to produce around 4,000 tonnes of cobalt annually over a 20-year lifespan. The project will also have an annual sulphur output of 300,000 tonnes.
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Cobalt's role in lithium-ion batteries
Cobalt is an essential component of lithium-ion batteries (LIBs). It was the first cathode material used in commercial LIBs, and it continues to be a key component in the batteries of electric vehicles (EVs) and other electronics. The use of cobalt in LIBs can be traced back to the well-known LiCoO2 (LCO) cathode, which offers high conductivity and stable structural stability throughout charge cycling.
While cobalt is an important component of LIBs, it is also a costly and less abundant element. This has led to the development of cheaper cathodes that substitute some of the cobalt with other metals like nickel, manganese, and aluminium. These alternative cathodes, such as LiNi0.80Co0.15Al0.05O2 (NCA) and LiNi1-x-yCoxMnyO2 (NMC), are now used in the majority of LIBs in EVs. However, cobalt still plays a crucial role in these cathodes by enabling high-rate performance and enhancing cycle stability.
The demand for cobalt has been trending upward, driven by the increasing sales of EVs and the growing use of batteries in renewable energy systems. Australia, the world's fourth-biggest producer of cobalt, is well-positioned to meet this growing demand. The country has about 18% of global cobalt reserves and is known for its sustainable mining practices and de-risked ventures, making it an attractive option for investors seeking ethical sources of cobalt outside of the Democratic Republic of Congo (DRC), which has long been the top producer.
Despite its importance in LIBs, there are ongoing efforts to reduce the reliance on cobalt due to its high cost and supply chain risks. The United States, for example, is looking to secure alternative sources of cobalt or reduce its content in LIBs. Additionally, researchers are exploring ways to decrease or eliminate cobalt content in LIBs while maintaining high performance.
In conclusion, cobalt plays a significant role in the performance and stability of lithium-ion batteries, particularly in electric vehicles. However, its high cost, limited abundance, and ethical concerns surrounding its mining have led to a search for alternative materials and methods to reduce its usage. Australia is poised to play a growing role in meeting the global demand for cobalt as a sustainable and ethical producer.
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Cobalt's use in alloys
Cobalt alloys are cobalt metal mixtures with other elements that have properties that differ from pure cobalt metal. They are used in applications that require good corrosion and wear resistance, typically in hostile environments. Cobalt alloys generally possess good high-temperature strength and are therefore used as structural materials in applications such as jet engine turbines and gas turbine generators. They are also used in the nuclear power and chemical-processing industries.
Cobalt alloys are widely used in the medical field, particularly in orthopaedic implants and total joint replacements. The good wear resistance, fatigue strength, and biocompatibility of cobalt-based alloys make them ideal for medical devices. ASTM standards recommend four different types of cobalt alloys for use in implantable devices. Cobalt alloys are also used for heart valves and a variety of dental implants.
In the aerospace industry, cobalt alloys are used for reliable and efficient turbines, which help ensure passenger safety. Cobalt alloys are also used in machine gun barrels, M2HB machine guns, poppet valves, valve seats, and the exhaust valves of internal combustion engines. Cobalt alloys are further used in saw teeth, hard facing, and acid-resistant machine parts.
Cobalt alloys can be distinguished into two categories: alloys for casting (cast) and alloys for plastic deformation (wrought). Wrought alloys include Co-Cr-W-Ni alloys (ISO 5832–5), which contain cobalt (balance), chromium (19–21 per cent), tungsten (14–16 per cent), and nickel (9–11 per cent). The alloys of cobalt belong to two main categories: the Co-Cr-Mo alloys, which are used for obtaining pieces for melting, and the Co-Ni-Cr-Mo alloys, which are used for hot forging.
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Frequently asked questions
Yes, cobalt is found in Australia. Australia contains about 18% of global cobalt reserves and is the world's fourth-biggest producer of cobalt.
Cobalt is a crucial component of lithium-ion batteries that power smartphones, electric vehicles, and renewable energy infrastructure. Cobalt is also key in several different alloys with a variety of uses, including in gas turbine engines and magnets.
Some notable cobalt projects in Australia include the Broken Hill Cobalt Project (BHCP) by Cobalt Blue, Glencore's Murrin Murrin nickel-cobalt mine in Western Australia, and the Walford Creek project by Aeon.
