Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Aeon Metals Ltd    AML   AU000000AML5

AEON METALS LTD

(AML)
  Report  
SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector news

Australia cobalt rush accelerates on electric vehicle demand, DRC troubles

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/15/2017 | 04:04am EDT
FILE PHOTO: Artisanal miners sit outside a cobalt mine-pit in Tulwizembe, Katanga province, Democratic Republic of Congo

MELBOURNE (Reuters) - Australia, home to the world's second-biggest cobalt reserves, is seeing a rush of interest in projects still years from production as makers of batteries used in electric vehicles (EVs) seek supplies of the metal from a more costly but less risky source than top miner, the Democratic Republic of Congo.

As auto makers seek to develop greener cars, shares in Clean TeQ (>> Clean TeQ Holdings Limited) - owner of one of the largest cobalt deposits in Australia - have trebled this year. Minnows Cobalt Blue (>> Cobalt Blue Holdings Ltd), Australian Mines (>> Australian Mines Limited), Artemis Resources (>> Artemis Resources Ltd) and Aeon Metals (>> Aeon Metals Ltd) have also seen shares surge.

On Friday, Aeon, developing a copper-cobalt project in Queensland, raised A$30 million ($23 million) from institutional investors.

Investor interest has surged further since Amnesty International reported as much as a fifth of the DRC's cobalt was artisanally mined in dangerous conditions, involving women and children. Giants like Toyota (>> Toyota Motor Corp) and Volkswagen (>> Volkswagen) pledged last month to uphold ethical standards in buying cobalt and other minerals needed for EVs.

"We have 10 (battery making) firms in discussions," said Australian Mines Managing Director Benjamin Bell, citing advanced talks with firms from Germany, Japan, China and South Korea to secure offtake for its Queensland Sconi project. Sconi is expected to produce 2,500 tonnes of cobalt and 17,500 tonnes of nickel annually after production starts in late 2019.

"The reason they are contact with us is they can see that cobalt out of the DRC is probably not going to be acceptable for their users over time," Bell told Reuters.

Australia is rich in cobalt, mined as a by-product of copper and nickel, holding some 1.1 million tonnes of reserves or 15 percent of world supply. That's less than a third of the DRC's reserves, but around five times that of Canada, according to the U.S. Geological Survey.

"To be honest, costs in Australia are much higher than DRC, but half our revenue is cobalt and half nickel. The battery makers are talking to us saying that they would take both," Bell said.

Clean TeQ began life as a water treatment technology firm but acquired a cobalt-nickel-scandium deposit in 2014 and is now capitalized at A$832 million.

"We are talking to many people regarding offtake and the discussions are ongoing," a spokesman said.

Meanwhile Artemis Resources plans to reprocess ore stockpiles from a shuttered mine in the Pilbara from the middle of next year. It is not in formal offtake negotiations, but has been speaking with Chinese and American firms, director Ed Mead told Reuters.

(Reporting by Melanie Burton; Editing by Gavin Maguire and Kenneth Maxwell)

By Melanie Burton

Stocks mentioned in the article
ChangeLast1st jan.
AEON METALS LTD -6.25% 0.225 End-of-day quote.-19.64%
ARTEMIS RESOURCES LTD -5.56% 0.051 End-of-day quote.-57.50%
AUSTRALIAN MINES LIMITED 4.35% 0.024 End-of-day quote.-36.84%
CLEAN TEQ HOLDINGS LIMITED -5.56% 0.34 End-of-day quote.-9.33%
COBALT BLUE HOLDINGS LTD 0.00% 0.15 End-of-day quote.-26.83%
TOYOTA MOTOR CORP -0.26% 6958 End-of-day quote.12.59%
VOLKSWAGEN 1.10% 163.14 Delayed Quote.17.43%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on AEON METALS LTD
03/18AEON METALS : Exercise of 85 million warrants
AQ
02/26AEON METALS : upgrades resource estimate by 103% at Walford Creek Copper-Cobalt ..
AQ
2018AEON METALS : Amendment of 3 May Update on the 2018 Walford Creek Drill Programm..
AQ
2018AEON METALS : Amendment of 24 AprilUpdate on the 2018 Walford Creek Drill Progra..
AQ
2018AEON METALS : Mineralisation hit 4.6km from Resource
AQ
2018AEON METALS : Mineralisation hit 4.6km from Resource
PU
2018Battery makers descend on Australia, Canada cobalt developers
RE
2018AEON METALS : Results of Share Purchase Plan
PU
2017Australia cobalt rush accelerates on electric vehicle demand, DRC troubles
RE
2017AEON METALS : Chairman's Consultancy Remuneration
PU
More news
Financials (AUD)
Sales 2019 -
EBIT 2019 -2,72 M
Net income 2019 -
Debt 2019 -
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020
Capi. / Sales 2019 0
Capi. / Sales 2020 2,27x
Capitalization 151 M
Chart AEON METALS LTD
Duration : Period :
Aeon Metals Ltd Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 1
Average target price 0,58  AUD
Spread / Average Target 158%
Managers
NameTitle
Hamish E. Collins Managing Director & Non-Executive Director
Paul Andrew Harris Chairman
Stephen John Lonergan Secretary & Independent Non-Executive Director
Ivan Wong Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
AEON METALS LTD-19.64%108
GMK NORIL'SKIY NIKEL' PAO--.--%35 863
SOUTHERN COPPER CORP33.34%31 718
CHINA MOLYBDENUM28.99%14 468
SUMITOMO METAL MINING CO., LTD.26.13%9 419
BOLIDEN49.29%8 415