ISLAMABAD: Pakistan should prioritise cobalt exploration and processing to generate income through its exports as there are high potential target areas all over the country for development of this all-important mineral.
This was underscored by Yaqoob Shah, the principal geologist at the Global Mining Company Limited, Islamabad, during an interview with WealthPK.
He said cobalt is commonly found on the earth’s crust and forms a variety of minerals bonding with other elements. “It is mostly found in igneous rocks, i.e. basalt, serpentine, dunnite, etc.”
Yaqoob Shah said all ophiolite complexes from north to south in the country are the abodes of cobalt mineralisation, which are customarily found associated with other precious and base metals. “It also includes the area of Waziristan copper resources (with 0.11% cobalt apart from silver, copper, and gold in 35 million tonnes parts per million). The entire area of Gilgit-Baltistan (GB) is also identified to contain an anomalous amount of cobalt ranging up to 1,458 grams per tonne in association with copper, silver, gold, and other precious and base metals above 25-70 grams per tonne (already set for the pan concentrate and -80 mesh fraction for the entire GB by Australian experts).” He said the geological environment in GB augments the future for mineral development.
Cobalt is diversely used in multiple industrial, commercial and strategic applications. Mostly it is used in rechargeable battery electrodes, super alloys to produce gas turbine engines, automobile airbags, cemented carbides, diamond tools, anti-corrosive and wearing resistant alloys, inks, varnishes, as a drying agent in paints, dyes, pigments, as a catalyst in petrochemical industries, steel belted radial tires, magnets, high-speed steels, magnetic recording media, ground coats for porcelain enamels, etc.
The global cobalt market is expected to reach $19.4 billion at an compound annual growth rate of 9.3% by the year 2030 from $8.7 billion in 2021. In 2020, cobalt was the 712th most exported item from Pakistan, making it the 59th largest exporter, earning $115,000 million.
Cobalt powder and ingots are highly demanding forms for further industrial processing. If Pakistan converts it into these forms rather than exporting it in its raw form, a handsome foreign exchange can be earned. Value addition can take the profits to the next level.
Pakistan can also establish a cobalt batteries manufacturing industry with foreign investment as the country is abundantly blessed with this natural gift. However, policies are badly needed to cash in on this wealth.
