First Cobalt Mine in Decades to Open in U.S. to Deal with EV Battery Demand

Cobalt Mine

According to CEO Bryce Crocker, Jervois Global Ltd. is launching the first cobalt mine in the United States on Friday in Idaho. In terms of national security, the mineral is “at the top of the table,” according to Crocker. The U.S. mine is crucial since there aren’t many fresh sources of supplies, especially in stable jurisdictions. The data from the United States Geological Survey says that cobalt has not been produced in the United States since at least 1994.

Cobalt, which is on the government’s list of key minerals, is an essential component of EV batteries. Widespread use of electric vehicles is seen as essential to the U.S.’s attempts to prevent climate change. The most populous states, California and New York, both enacted legislation that will outlaw the sale of new gasoline-powered cars in the ensuing decades. A worldwide race to obtain those supplies has been spurred by the paucity of materials needed in batteries as manufacturers prepare to meet aggressive electrification objectives.

The Inflation Reduction Act also offers tax credits and incentives for battery materials sourced in the U.S. 2,000 tonnes of mined cobalt are anticipated to be produced annually by the Idaho mine.