The company says it has seen a significant improvement over the past year, with prices up about 20%, but believes conditions are not where they need to be to restart idled capacity.
International benchmark spot gold prices were on track for their first weekly decline in three, but were still supported above the $1,300 an ounce level.
Carmakers may have to consider investing directly in cobalt mines in order to secure supply over the next three to five years, according to ord Motor Co. senior manager for energy storage strategy and research Ted Miller.
Shares in the company lost a fifth of their value on Friday as investors were sceptical of its foreign subsidiary Cairn India Holdings’ $200 million investment in the diversified miner.