Reports from Iran say the nation is sitting on top of what could be the world's 2nd largest lithium deposit. The first largest is a 9.2M ton deposit in Chile. The nation's Ministry of Industry estimates 8.5 tones of the EV battery "white gold” rests under a province to its west.
A flood of cobalt from the Democratic Republic of Congo will raise the global supply of the rechargable battery material by 24% to around 210K tonnes. Demand for the metal is expected to rise only 8% this year to about 205K tonnes.
Supply > Demand. The expected 5K surplus this year and a 4K surplus next year could drop the price of cobalt by $13K a tonne to just over $50K in 2024.
Junior mining companies in Canada are anxious about the country's new stance on overseas investments in the industry. The Investment Canada Act (ICA) allows lawmakers to block or unwind any mineral investment the ministry sees as threatening national security.
Closing the door. In the past, the Toronto exchange has been a place where junior mining companies can raise funds. In the ICA changes as proposed, this spring the Canadian government will essentially decide what companies can trade in Toronto.