Ah Monkey,
Nearly all nickel deposits have by-product cobalt. There are very few cobalt dominant mines. At least 70% of cobalt production is as by-product from either nickel or copper mines. So there is some inelasticity in world cobalt production. The closing of nickel mines is also reducing the supply of cobalt. I do not really see why the SP has gone up so much, but no complaints as a long term holder.
Ann: Mincor Presentation - RIU Sydney Resources Round-up-MCR.AX, page-20
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