Companies race to buy cobalt

Companies are racing to purchase cobalt, which is a crucial element in modern technology. CNBC reports that the metal is essential in making lithium-ion batteries and its price more than doubled from 2016 to 2017. In addition to traditional tech companies like Apple, electric vehicle makers are on the hunt for the element. Demand for cobalt for vehicle batteries is expected to jump 40% this year, according to CNBC. The carmaker BMW is looking to sign years-long supply contracts.

(From WikiPedia)

Cobalt is a chemical element with symbol Co and atomic number 27. Like nickel, cobalt is found in the Earth’s crust only in chemically combined form, save for small deposits found in alloys of natural meteoric iron. The free element, produced by reductive smelting, is a hard, lustrous, silver-gray metal.

Cobalt-based blue pigments (cobalt blue) have been used since ancient times for jewelry and paints, and to impart a distinctive blue tint to glass, but the color was later thought by alchemists to be due to the known metal bismuth. Miners had long used the name kobold ore (German for goblin ore) for some of the blue-pigment producing minerals; they were so named because they were poor in known metals, and gave poisonous arsenic-containing fumes when smelted. In 1735, such ores were found to be reducible to a new metal (the first discovered since ancient times), and this was ultimately named for the kobold.

Today, some cobalt is produced specifically from one of a number of metallic-lustered ores, such as for example cobaltite (CoAsS). The element is however more usually produced as a by-product of copper and nickel mining. The copper belt in the Democratic Republic of the Congo (DRC), Central African Republic and Zambia yields most of the global cobalt production. The DRC alone accounted for more than 50% of world production in 2016 (123,000 tonnes), according to Natural Resources Canada.[4]

Cobalt is primarily used in the manufacture of magnetic, wear-resistant and high-strength alloys. The compounds cobalt silicate and cobalt(II) aluminate (CoAl2O4, cobalt blue) give a distinctive deep blue color to glass, ceramics, inks, paints and varnishes. Cobalt occurs naturally as only one stable isotope, cobalt-59. Cobalt-60 is a commercially important radioisotope, used as a radioactive tracer and for the production of high energy gamma rays.

Cobalt is the active center of a group of coenzymes called cobalamins. vitamin B12, the best-known example of the type, is an essential trace mineral for all animals. Cobalt in inorganic form is also a micronutrient for bacteria, algae, and fungi.

Sonos files to go public

Speaker company Sonos has filed to go public, aiming to raise $100 million, CNBC reports. The firm plans to list on the Nasdaq as “SONO.” Sonos, which caters its speakers to “audiophiles and music-nuts,” per CNBC, faces increased competition as tech giants such as Google and Amazon get into the smart-speaker industry. Sonos has sold 19 million devices, according to its filing. The company released its own voice-enabled speaker, Sonos One, last year.