Cobalt Blue secures major status for Broken Hill as cobalt supply tightens
2Cobalt Blue Holdings commercial manager Joel Crane talked with Proactive about the company receiving a three-year extension to Major Project Status for its Broken Hill Cobalt Project.
This endorsement provides additional regulatory support from the Commonwealth Government, which Crane said is vital both domestically and internationally. “This type of rubber stamp from the government is really important to international investors,” he noted, adding that it signals the project has real support and helps advance it toward development.
Crane also discussed the cobalt market, noting that despite currently low prices, the government remains focused on long-term supply needs. He explained the quiet market conditions following the DRC government’s export ban earlier in the year. Although prices spiked briefly, they remained flat due to the length of the cobalt supply chain. However, Chinese imports for July dropped significantly to just 4,000 tonnes—down from a historical average of 15,000 to 20,000 tonnes—indicating a dwindling supply pipeline.
Looking ahead, Crane said the market could react strongly when northern hemisphere traders return from the summer slowdown. “I expect to see some pretty competitive pricing,” he said. He also highlighted a key upcoming catalyst: a September update from the DRC government on whether it will extend the cobalt export ban. “That’s when you really start to see a shortage of cobalt and some pretty exciting times,” he said.
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