Cobalt price reaches U.S.$ 49.25/LB.
Cobalt prices have continued to move steadily higher in a trend that has seen the price of Cobalt almost double since January 2007. Cobalt mining companies and cobalt resource companies stand to reap the rewards of these higher prices if they persist.
One such company is Caledonia Mining (CALVF). Although Caledonia Mining is a penny stock, it's potential to become a major player in the industry seems to be real. As I previously wrote about in this article "Cobalt and Caledonia Mining (CALVF)", Caledonia has a massive cobalt deposit called the Nama Cobalt Project.
This property alone has an estimated resource of 114,561,560 lbs of cobalt plus other base metals including copper and nickel.
Caledonia recently signed Cobalt Off-take Agreement with Large Chinese Refiner. The price of Caledonia shot up on the news in heavy trading from 10 cents to 20 cents U.S. It has been consolidating it's gains and is now trading at around 15 cents U.S. per share.