The Search For More EV Battery Metals Lands In A Little Town In Canada

The Search For More EV Battery Metals Lands In A Little Town In Canada

Cobalt increases battery life and energy density, which in the case of electric vehicles (EVs) means range, by keeping the battery structure stable as the battery is continuously charged and discharged.

As the global automotive leaders in producing EVs, companies like Tesla Inc. TSLA, Volkswagen AG VWAGY, China-based SAIC Motor Corp. (in a joint operation with General Motors Co. GM, BYD Co. Ltd. BYDDY and Stellantis NV STLA deal with the rapidly depleting source of battery metals, the availability of cobalt seems increasingly important. 

The metal is essential to lithium-ion batteries because it maximizes energy density and can extend battery life. But production of cobalt is hitting its limits. According to an article in the New York Times, more than 70% of the world’s cobalt is produced in the Democratic Republic of Congo, and there’s a global battle to get a piece of the source.  However, that cobalt rush is predicted to be short-lived as forecasters predict that supply won’t be able to keep up with demand by 2030 or as soon as 2025.

Revival of a Historic Canadian Mining Town Called Cobalt  

But some companies are helping revive a historical source of cobalt in Canada. The town of Cobalt, Ontario, was a well-known source of mined metals, with its first mineral discovery in 1903. That discovery led to a Canadian silver boom with over 2,000 mining crews and 100 mines inhabiting the town. But that silver rush slowed by the end of the 1930s. 

But once again, Cobalt, Ontario (population 1,118) is reportedly on the comeback trail and could be revived soon as the search for available battery metals ramps up. Companies including Fuse Cobalt Inc. FUSEF FUSE, Electra Battery Materials Corp. ELBM  and Glencore ADR GLNCY are exploring what could soon become a new revived center of Canadian cobalt exploration. 


Fuse Reports Embarking On Aggressive Drilling Cycle In Anticipation Of EV Battery Demand

 

In addition, Electra is refurbishing a cobalt refinery less than a mile from one of Fuse’s exploration targets, which has shown enough significant results to inspire future drilling investments. Fuse is also planning to drill near its Glencore-Bucke claim for additional discovery this year. 

Fuse’s focus on exploration for high-value metals required for EV battery manufacturing seems quite timely, with the demand for EV batteries increasing exponentially. Fuse owns 100% of its Glencore Bucke property and a 100% interest, subject to a royalty, in the Teledyne Project near Cobalt, which adjoins the south and west of claims that hosted the Agaunico Mine.

Based on results and reports from its geologists, Fuse plans to embark on an aggressive drill cycle on both properties beginning in September. 
 

For more information on Fuse Cobalt Inc., visit  fusecobalt.com
 

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Featured photo by bixusas on  Pixabay

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