Cobalt is the key to the coming revolution in electric vehicle technology, and North West Queensland could be well placed to meet the demand.
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Global Metals Energy Corp is a company investing in the region and its CEO Mitchell Smith said cobalt was a niche metal that flew under the radar for many years but is now making a name for itself in battery production, primarily for cell phones, computers and electric vehicles.
"Cobalt is one of the core metals increasingly crucial to the battery supply chain for EVs and some electronics," Mr Smith said.
"The need for this metal that will help shape how people get around and communicate is becoming more and more evident. It's a simple case of supply and demand. Supply is challenged, with the majority of the world's cobalt originating from the Democratic Republic of Congo. Diversification of supply is critical and GEMC offers exposure to high quality cobalt projects in top-tier jurisdictions."
This is where the North West Minerals Province comes in.
GMEC's flagship asset is the Millennium Cobalt Project at Mount Isa which they bought from Hammer Metals in 2018 and they own two discovery stage exploration projects in the same area - Cobalt Ridge and Mount Dorothy.
With Glencore signing a cobalt deal with China's GEM and projects like Aeon Metals Walford Creek also set to move forward with cobalt mining, Queensland Mines Minister Anthony Lynham said the North West could become a "cobalt capital" with excellent transport and logistics as well as massive expertise in mineral development.
"The Queensland Government's core library at Mount Isa supports industry in providing essential geological information to help explore for these essential metals," Dr Lynham said.
"It is exciting to see this core library being used in conjunction with the Geological Survey of Queensland's geo-science database, offering physical and digital information to help find more of these valuable commodities in Queensland."
GEMC boss Mitchell Smith said when it came to cobalt Mount Isa was a secure mining location compared to African competitors.
"Australia is a very stable and safe jurisdiction in which to operate, compared to many other major cobalt deposits around the world," he said.
"The electric vehicle revolution is upon us and cobalt is key. We're in the midst of a global battery arms raise in the wake of a wall of electric vehicle demand."
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Derek Barry
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
