Small Ontario Town Could Become a Boom Town

Posted by on Saturday, November 4, 2017
Cobalt ON 1.jpg
Cobalt, Ontario may be getting a new lease on life.

Cobalt is a town in the district of Timiskaming, province of Ontario, Canada, with a population of 1,118 (as per the Canada 2016 Census.)

In the early 1900s, the area was heavily mined for silver; the ore also contained cobalt.

By 1910, the community was the fourth highest producer of silver in the world.

Mining declined significantly by the 1930s leading to a population decline.

Now the high demand for cobalt for making batteries for mobile devices and electric vehicles is leading to great interest in the area among mining companies.

By 2017, several cobalt exploration companies were focusing on the area around Cobalt.

The stock prices of First Cobalt Corp. and Cobalt 27 Capital Corp. had soared in 2017 based on this prospect.

Silver was selling for US$17 per ounce in late October 2017, down significantly from its peak of US$50 in 2012.

In March of 2017, the town's mayor estimated that mining production could start in about three to five years.

The Team

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