United States trade
Market intelligence
U.S. announced increased tariffs on Chinese electric vehicles and lithium‑ion batteries, raising costs for cobalt‑containing products and potentially reducing demand for cobalt imports.
A ground fall in the mine ramp at Lundin Mining's Eagle operation in Michigan limited access and reduced mining rates, causing a 57% decline in U.S. cobalt mine production in 2024.
Mining activity at a cobalt‑copper‑gold mine in Idaho was suspended in 2024 due to low cobalt prices, halting local cobalt production.
United States cobalt reserves were revised based on recent company and government reports, updating domestic resource estimates.
The U.S. increased tariffs on cobalt ores and concentrates from China and on cobalt‑containing electric vehicles and batteries, affecting trade flows.
Li‑Cycle paused construction of its Rochester, NY battery‑resource‑recovery plant due to rising project costs.
The U.S. Department of State signed a memorandum of understanding with the European Union, African Development Bank, and Africa Finance Corporation to support the Lobito Corridor rail line.
The U.S. Department of Defense awarded $15 million to Jervois Mining USA under the Defense Production Act to support resource definition studies at the Idaho Cobalt Operations Mine and a feasibility study for a U.S. cobalt refinery.
Jervois Mining suspended construction and concentrator commissioning at its Idaho Cobalt Operations near Salmon, Idaho, citing low cobalt prices and increased construction costs.
The U.S. Department of Energy announced $2.4 billion in conditional loan commitments to support lithium‑ion battery recycling and cobalt recovery, including loans to Redwood Materials and Li‑Cycle.
The U.S. Department of the Interior withdrew 91,258 hectares in northeastern Minnesota from mineral leasing for 20 years, affecting the Twin Metals Minnesota cobalt project.
U.S. removed the tariff on cobalt ores and concentrates (HS 2605.00.0000) effective 12‑31‑21, easing export restrictions.
Cobalt reserves in the United States revised to 69,000 tons based on new government and industry reports.
The U.S. Department of the Interior published the first list of 35 critical minerals, designating cobalt as critical and establishing a strategic framework for its supply security.
U.S. imposed a 0.1% ad valorem tariff on cobalt oxides and hydroxides, increasing import costs for these chemical compounds.
U.S. imposed a 4.2% ad valorem tariff on cobalt chlorides, raising the cost of these chemical intermediates.
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