Is Cobalt a Precious Metal?
Yes, based on modern classifications, cobalt is considered a precious metal, particularly within the category known as battery metals.
Traditionally, precious metals have been defined by their rarity, high economic value, and properties like durability and aesthetic appeal, including elements such as gold, silver, platinum, and palladium. However, the landscape of valuable and strategic materials is evolving rapidly due to technological advancements.
As noted in a perspective from March 2019, reflecting this shift:
"Cobalt is just one of a new class of precious metals that are coming to the fore: the so-called battery metals that allow us to store “clean” energy and wean ourselves off the internal combustion engine."
This statement highlights that cobalt is now recognized alongside other elements critical for energy storage technology as belonging to a new class of precious metals. These battery metals are essential for enabling sustainable energy solutions and modern electronic devices.
Why Cobalt is Valued as a Battery Metal
Cobalt's designation as a precious metal in this new class is driven by its indispensable role in high-performance batteries, particularly lithium-ion chemistry. Its properties contribute to the stability, energy density, and lifespan of batteries, making it critical for key technologies:
- Electric Vehicles (EVs): Cobalt is a vital component in the cathodes of many EV batteries, influencing range and performance.
- Portable Electronics: Smartphones, laptops, and other consumer gadgets rely on cobalt-containing batteries.
- Grid Storage: Large-scale battery systems used to store renewable energy from solar and wind farms often utilize cobalt.
The increasing global demand for these applications, coupled with complexities in its supply chain, underscore cobalt's strategic importance and high value, firmly placing it within the category of modern precious battery metals. Its critical function in storing "clean" energy solidifies its status in this new classification.
