1) Anyone who has investigated the sector carefully (e.g your humble scribe a few years back, the last time this silly sub-sector was pumped to the mouthbreather end of the market) will know that the producers have no sway at all over the supply side of the Co equation. That's something tightly controlled by the refiners and, the China black box aside, that means Freeport and Glencore. The big players have a good thing going with cobalt and they're not going to let anything as radical as free market economics ruin that for them.2) There are a few dedicated cobalt mines around the world, but the lion's share of the stuff is produced as a by-product, not a product. In that way it's similar to silver, a metal with a price these days driven by the ultra-low costs of being a by-product (we've discussed this before, in August 2016 to be exact). But it's even worse for Co because it's a purely industrial metal, it doesn't even have the rabid guns'n'freedom idiots to back it up. The upshot is that 99.9% of these "cobalt opportunities" that Spott and others will "suggest" to you don't have a snowball's in hell of prospering because they'll never be able to compete on price when the big boys slam the door.
"It’s thus extremely important to speak with a qualified investment professional before jumping into the sector."