On 6th September 2017, Core Consultants presented to Credit Suisse and their clients. The aim was to determine whether or not the current cobalt prices were sustainable. The presentation describes the cobalt supply chain and identifies current issues. We then went onto consider which producers are adding capacity, and whether this was sufficient for current and future demand. The presentation then considered current demand requirements and the potential for substitution. The conclusions show clearly the long term mean for cobalt prices and potential surplus by 2018/2019.