Apple and Tesla have announced that they will buy cobalt only from ethical sources. These conditions are lagerly met in Canada, whose political security and strong labour right practices tick all the right boxes.


This is where Blackstone Resources focuses. It has a significant stake in the Canadian firm First Cobalt, which holds a substantial share of the North American market. It is the largest cobalt exploration company in North America today and has significant assets. In Canada, First Cobalt controls over 100 square kilometres of prospective land and 50 historic mines located in Cobalt, Ontario. It also owns the Iron Creek project in Idaho in the US, which may turn out to be a world-class asset as recent drill holes have indicated significant cobalt mineralisation.

It is also the only cobalt refinery in North America capable of producing battery material. Furthermore, the company has pursued numerous acquisitions to strengthen its position in the North American market.

On 26.08.2019 First Cobalt has signed a contract with Glencore:

•Glencore granted a USD 5 million loan for the expansion of the Cobalt refinery.
•First Cobalt will do a feasibility study for 55 t/day to Q1 2020.
•Glencore is ready to grant an additional USD 40 million loan for refinery expansion.
•Glencore will produce Cobalt sulfate for the North American market through a long-term agreement with First Cobalt.
•According to the Ausenco study, the Cobalt refinery will produce a total of 5,000 t of cobalt sulphate at 55 t/day and process 30% of cobalt-containing raw material.

Cobalt prices have increased significantly over the last three months. The outlook for the market has been boosted by increasing demand for electric vehicles.



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