Cobalt Blue Holdings Ltd (ASX:COB, OTC:CBBHF) has welcomed the New South Wales Government’s Critical Minerals and High-Tech Metals Strategy, describing it as an important development for the Broken Hill Cobalt Project (BHCP) and recognising this as being a key NSW-based cobalt project.
The strategy launched on November 29, 2021, by the Deputy Premier and Resources Minister, highlights that global cobalt demand is expected to increase 300% between now and 2035 primarily due to its continued use in lithium-ion batteries.
Promisingly, the BHCP, in the state's far west, is expected to benefit significantly from this strategy as it provides cathode materials for the global battery precursor supply chain.
“Creating strong linkages”
Commenting on the strategy, Cobalt Blue CEO Joe Kaderavek said: “COB welcomes the strategy and the support of the NSW Government in facilitating the development of critical minerals projects and downstream industry.
“COB looks forward to progressing the BHCP and creating strong linkages to the government’s Critical Minerals Hub.”
NSW - leader in battery ecosystem
Interestingly, cobalt-based batteries will power electric vehicles and large-scale energy storage.
In turn, the implementation of larger batteries will enable more renewable energy to be incorporated into modern economies.
The NSW Government has recognised the opportunity to become a global leader in the battery ecosystem, with the extraction and processing of cobalt, the production of battery components and battery cells, exporting finished products and recycling end of life battery materials from waste streams.
Forward plan
To deliver the strategy the NSW Government will:
- Establish Australia’s first Critical Minerals Hub in the Central West of NSW;
- Promote exploration for critical minerals resources;
- Activate the industry through proactive development of supply chains; and
- Attract investment for critical minerals resources downstream processing and recycling.