MELBOURNE (Reuters) – Australia, home to the world’s second-biggest cobalt reserves, is seeing a rush of interest in projects still years from production as makers of batteries used in electric vehicles (EVs) seek supplies of the metal from a more costly but less risky source than top miner, the Democratic Republic of Congo.
As auto makers seek to develop greener cars, shares in Clean TeQ CLQ.AX – owner of one of the largest cobalt deposits in Australia – have trebled this year. Minnows Cobalt Blue COB.AX, Australian Mines AUZ.AX, Artemis Resources ARV.AX and Aeon Metals AML.AX have also seen shares surge.
On Friday, Aeon, developing a copper-cobalt project in Queensland, raised A$30 million ($23 million) from institutional investors. Continue Reading →