Chile has decided to take advantage of its “blue gold”. And it already aspires to become the second largest producer in the world.

They call it “blue gold” and although the name might lead us to think of imaginary jewellery, it is actually indicative of the immense value, both economic and practical, of a metal that has been famous for years in the field of technology. Is: cobalt. Although it is not as popular as coltan, the reality is that both are essential for the production of many electronic devices that we use daily. And undoubtedly, this makes it a reputable resource in the industry.

Chile knows this and already watches its deposits with special interest.

What’s this “blue gold” thing? A nickname with which cobalt is commonly designated. He’s not the only person who uses it. Over the years we have used the same expression to refer to ultramarine blue extracted from lapis lazuli and even to water or lavender, but it is still appropriate when we talk about cobalt, due to its Both for the color and its value to industry.

We have already talked to you about its features on occasion. Cobalt is a ferromagnetic metal, which has magnetic properties similar to iron and is resistant to wear and corrosion even at high temperatures. This is not its only quality. Commonly associated with the extraction of copper and nickel, it faces the same stresses as iron and offers a range of applications from the healthcare sector to the manufacture of batteries, giving it particular relevance amid the transition Is. Electric mobility.

Where does it come from? “Cobalt is a rare element, with a frequency of 0.004% in the Earth’s crust,” explains the Institut Fur, “which places it thirtieth in the list of elements ordered by frequency. It is present in many minerals, but usually in small quantities.” ” Selten Erden und Metall AG. Its global reserves are approximately seven million tonnes, of which about half is located in the Democratic Republic of the Congo.

Congolese dominanceStatista tables clearly show the African country’s weight on the global mining map of “blue gold”: its projected production in cobalt mines in 2022 was 130,000 metric tons, well above the second, third and fourth countries on the list. Indonesia (10,000), Russia (8,900) and Australia (5,900) follow. Congo accounts for more than two-thirds of global production. There are estimates that its production will increase to 145,000 tonnes in 2022.

And how is your market? Statista estimates that the cobalt market reached a global value of $8,572.5 million in 2021 and is expected to grow significantly throughout the decade, an increase that will take it from $10,830 million in 2023 to approximately 24,900 in 2030. Not all estimates match. For example, Strait Research is significantly lower ($19.47 billion in 2030), but it also expects the global market size to increase significantly in the medium term: 123% between 2021 and 2030.

EstimateAt the beginning of the decade, the EU estimated that it would need five times as much cobalt in 2030 and that the urgency would increase by about 15 times by 2050. Key: Electric vehicles require batteries and energy storage. However, the OEC (Observatory of Economic Complexity) shows that the main importer of “blue gold” is China, whose demand is much higher than that of Japan, Germany or the United States.

And what is Chile’s role? Chile has been aware of its cobalt mining potential for years. In 2018, the Production Promotion Corporation (Corfo) and the National Geology and Mining Service (Sernegomin) started a study to assess the available resources in the north and center of the country and in the same year, its considerable economic potential was already reported. Even in the most pessimistic scenarios. That this interest has not diminished is demonstrated by a project by the University of Andrés Bello (UNAB) and the University of Chile, which aims to make Chile the second largest producer of “blue gold” globally.

plansHe explains, “By simply extracting the cobalt present in the tailings, Chile could displace Indonesia and become the world’s second-largest producer.” Economy of the United States Pilar Parada, Director of the UNAB Systems Biotechnology Center. Its focus is on mineral particles brought by water in mining operations and which can still be used.

Thanks to these deposits, Chile is estimated to have the potential to produce approximately 15,000 tons of cobalt per year. If direct exploitation of copper and cobalt reserves is also added, this could increase to 25,000 tonnes.

And how do you plan to do it? Chile’s National Agency for Research and Development (ANID) has decided to award a scientific project to UNAB and the University of Chile to produce approximately 15,000 tons of cobalt per year.

Their proposal involves using biotechnology to reprocess mining tailings and recover the discarded cobalt, which they insist can be obtained “in a clean way, with low environmental impact and low production costs.” Will be allowed to do.” Its promoters assure that the environmental risks posed by these areas can also be reduced: today 86% are abandoned or inactive.

From blue gold to green gold? “Moving towards ‘green cobalt’ represents not only an economic opportunity, but also a step towards a clean and socially responsible future, where prosperity merges with environmental protection,” says Parada, project director. She goes.” third,

The researcher assured that during the process, bacteria are used to remove pyrite, a mineral that oxidizes on contact with rain or air and contaminates groundwater and crop fields. Today it is estimated that there are 764 tailings deposits in Chile. The most promising, in Atacama and Coquimbo.

Images | University of Alberta and Visual Capitalists

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*An earlier version of this article was published in October 2023