Silkroad Nickel could look into expanding into cobalt mining, processing, and supply. However, in the near term, the company plans to focus more on its core nickel business, as expanding into cobalt will require more capital expenditure.
SINGAPORE (May 8): Just like how gold and copper are often found near each other, a rather high concentration of cobalt has been discovered concurrently with the nickel ore being dug out by Indonesia-based nickel miner Silkroad Nickel.
Cobalt is a key ingredient needed to make lithium ion batteries, used in growing numbers to power electric vehicles, and commands a price more than twice that of nickel.
