LONDON (Reuters) – Canada’s First Cobalt, which has just bought another cobalt developer, is keen for more acquisitions to accelerate bringing on production to meet North American demand, a senior company official said.
Expectations of soaring demand for cobalt because of its use in electric vehicles has inspired a hunt for the mineral across the globe.
Governments and miners are anxious to secure supplies in more stable jurisdictions than Democratic Republic of Congo, which holds around half of the world’s reserves.
First Cobalt wants to develop U.S. and Canadian resources, which are smaller, but close to end-users, including the car industry.
Frank Santaguida, First Cobalt’s vice president for exploration, said on the sidelines of a Canadian mining conference in London the company was “absolutely” working on more deals.