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10 Cobalt Stocks to Buy in 2024
The real precious metal of the future is cobalt. The electric vehicle (EV) revolution is driving insane demand for this critical battery ingredient, and these cobalt stocks could electrify your portfolio in 2024.
Glencore PLC (GLNCY)
A mining and commodities giant, Glencore is one of the world’s largest cobalt producers. Their diversified operations offer some stability, while their massive cobalt output positions them to ride the EV wave.
- Global Player: Operations on multiple continents reduce geographical risk.
- Commodity Mix: Their exposure to other metals adds both potential and volatility to their stock.
- ESG Concerns: Mining companies face environmental, social, and governance scrutiny.
Jervois Global Limited (JRVMF)
Jervois recently acquired Freeport Cobalt’s assets, transforming them into a major player in the North American cobalt space. Their focus on responsible sourcing could appeal to ethically-minded investors.
- Idaho Mine: Their US-based mine could gain importance as supply chain security becomes critical.
- Growth Ambitions: They’re aiming to expand production capacity significantly.
- Long-Term Contracts: Securing deals with major buyers adds revenue visibility.
Wheaton Precious Metals Corp. (WPM)
Wheaton is a precious metals streaming company with a significant cobalt interest. Their business model provides exposure to cobalt mining without the direct operational risks.
- Diversified Revenue: They have streaming deals on gold, silver, and other metals.
- Counterparty Risk: Their performance relies on the success of their mining partners.
- Unique Structure: Streaming companies may be less understood by some investors.
China Molybdenum Co., Ltd (CMCLF)
One of the world’s largest cobalt miners, China Molybdenum is a key player in the global supply chain. Their dominance comes with geopolitical risk, but also the potential for massive growth.
- China Focus: Exposure to the Chinese market could be both a blessing and a curse.
- Massive Scale: Their sheer production volume gives them significant influence over cobalt prices.
- Demand Growth: The Chinese domestic EV market is hungry for cobalt and could bolster their business.
Lundin Mining Corporation (LUNMF)
Lundin Mining is a diversified base metals producer with significant cobalt exposure. Their mix of metals could provide some insulation if the cobalt market experiences turbulence.
- Growth Projects: Mine expansions could boost their cobalt output in the coming years.
- Copper Correlation: Copper prices can influence their stock, adding another variable to consider.
- Experienced Operator: Lundin has a track record of successful mining operations.
Norilsk Nickel PJSC (NILSY)
A Russian mining giant, Norilsk Nickel is a major producer of both nickel and cobalt. The company’s stock carries significant geopolitical risk but boasts big upside potential if sanctions are eased.
- Sanctions Risk: Investing in Russian companies is highly controversial and risky.
- Nickel Producer: Nickel prices significantly impact their financials.
- Supply Powerhouse: They have the potential to influence the global cobalt market.
Sherritt International Corp. (SHERF)
A Canadian company with major cobalt and nickel operations in Cuba and Madagascar. Their geographically diverse assets add a layer of complexity but might also help mitigate some political risk.
- Cuba Operations: Doing business in Cuba comes with unique challenges and regulations.
- Growth Upside: They have ambitious plans to increase production capacity.
- Smaller Player: Sherritt is less established than major mining companies.
Ero Copper Corp. (ECXMF)
Ero Copper is primarily a copper producer but has growing cobalt by-product revenue. This offers indirect cobalt exposure while being primarily tied to the copper market’s performance.
- Copper Core: Copper prices will be the main driver of their stock performance.
- Growth Potential: Expanding cobalt production could make them a more significant cobalt player.
- Brazil Focus: Their operations are concentrated in Brazil, adding some regional risk.
First Cobalt Corp. (FTSSF)
A Canadian company focused on restarting a decommissioned cobalt refinery in Ontario. This project aims to supply ethically sourced cobalt to the North American EV market.
- Refinery Play: Their success hinges on executing their refinery project on time and budget.
- North American Focus: They’re positioning themselves as a secure supplier for US and Canadian automakers.
- Junior Miner: Investing in early-stage miners carries greater risk and potential reward.
Horizonte Minerals Plc (HZMGF)
Horizonte is developing a massive nickel-cobalt project in Brazil. Focused on supplying nickel and cobalt to the EV battery sector, their success is dependent on securing funding and bringing the mine into production.
- Brazilian Project: Regulatory and execution risks are inherent in large-scale mining projects.
- Nickel Focus: Their share price will be largely driven by the nickel market.
- Development Stage: This is a higher-risk play as they haven’t begun commercial production yet.
The Bottom Line
The cobalt rush is on! These stocks offer exposure to a market with explosive potential. But remember, investing in mining is never without risk. Do your homework, understand the complexities of the cobalt market, and never invest money you can’t afford to lose. Miss out on cobalt, and you’ll regret watching others charge towards massive profits in the EV revolution.
