US Seeks $500 Million Cobalt Stash, First Buy Since Cold War

The US Defense Department is seeking to buy cobalt for its strategic stockpiles for the first time in decades, the latest move to bolster domestic supplies of critical metals.

The Defense Logistics Agency is seeking offers for up to 7,500 tons of cobalt over the next five years in a contract worth up to $500 million, according to tender documents published this week. It’s the first time the DLA has sought to buy cobalt since 1990, according to a person familiar with the purchase.

Demand for cobalt has risen dramatically in recent years because of its use in batteries, but ...