Unconventional sites are now being exploited by emerging companies for cobalt extraction
In a bid to address the growing demand for critical minerals and reduce reliance on foreign sources, two companies are making significant strides in the United States. Aspiring Materials, a New Zealand-based company, and Xerion Advanced Battery Corp., an Ohio-based manufacturer, are leading the charge.
Last week, Aspiring Materials announced its expansion to the U.S., following the opening of a pilot facility in New Zealand in March 2025. Chris Oze, the company's co-founder and chief science officer, stated that their technology aims to make the most out of limited resources. Aspiring Materials' process turns olivine, an abundant rock, into an "elemental soup," from which they extract magnesium, cobalt, nickel, and manganese.
Meanwhile, Xerion Advanced Battery Corp. has been producing refined cobalt as a byproduct for over a decade. In 2023, they announced the construction of a pilot plant for the production of approximately 2,000 tons of 99% purity cobalt metal. This move was a response to concerns about China cutting off the supply of critical minerals. Xerion's refining process could work for domestic sources of cobalt if mining were to restart, as well as recycled batteries.
The U.S.' only cobalt mine shut down in 2023, leaving the country heavily dependent on imports. According to recent estimates, the total annual consumption of cobalt in the U.S. has hovered between 7,000 and 10,000 metric tons. With global cobalt demand expected to double by 2040, the need for domestic production is more pressing than ever.
Last month, President Trump signed an executive order to increase U.S. mineral production and reduce the country's reliance on foreign nations. The order positions critical minerals as a national security imperative and sends a strong signal to the private sector. The Trump administration's focus on the development of a domestic supply of critical minerals could provide an opportunity for both Aspiring Materials and Xerion.
However, policy uncertainties are still difficult to navigate in the market for critical minerals. The Democratic Republic of the Congo is expected to account for 66% of the global cobalt mining in 2030, while China will hold 74% of the global cobalt refining capacity. These factors, coupled with the complexities of the global supply chain, make the road to self-sufficiency a challenging one.
Both Aspiring Materials and Xerion are waiting to figure out where everything stands when the dust settles on the policies regarding critical minerals. In the meantime, they continue to push the boundaries of technology and innovation, aiming to secure a sustainable and self-reliant future for the U.S. in the race for critical minerals.
