Boomtown

The subsequent Cobalt silver rush led to the development of the McKinley Darragh, La Rose, Nipissing, and O'Brien silver mines. In 1904, Willet Miller, on a visit to Mile 104 on the T&NO, along with brothers Noah and Henry Timmins, named the future town Cobalt. The Timmins brothers bought the remaining claims from Fred La Rose, and erected some cabins.^[4]: 18

The 40-Stamp Mill of the Cobalt Lake Mine, around 1914

Speculation over mining stocks on Wall Street in New York City required mounted police to control the crowds. The town was incorporated in 1906.^{[4]: 32, 40}

By 1908, the camp was considered the world's largest producer of silver and of the cobalt which is a byproduct of the process.^[8]

In 1911, the 34 mines produced over 30 million ounces (937.5 tons) of silver. The town's population soared to 10,000 by 1909.^[9]

During 1914 the main mines in operation were the City of Cobalt Mining Company, Combat Comet Mine, Cobalt Lake (who owned the bed and edge of the lake), Cobalt Townsite, Colonial Silver Mine, Coniagas Mine, Crown Reserve Mine, the Drummon Fraction Could, Hargrave, Hudson Bay, Kerr Lake, La Rose Consolidated, Lumsden, McKinley-Darragh-Savage, Meteor, Nipissing, O'Brien, Penn-Canadian, Peterson Lake, Provincial, Seneca-Superior, Silver Bar, Temiskaming, Trethewey, and York-Ontario.^[10]

Mining continued until the 1930s, then slowed to a trickle. Activity renewed in the 1950s then slowly dropped off, and since the 1980s, there have been no operating mines in the area. By the 1960s, the area had produced over 420 million ounces of silver.^[11] One mill still operated in the area in 2017, and exploration for diamonds and other minerals was ongoing.^[3][12]

The silver mines of Cobalt, and the prospectors and miners who discovered them and worked them, left an indelible mark on Canadian history, and the town is known as the birthplace of hard rock mining in Canada. The ore in Cobalt was close to surface, so men with limited experience could prospect, begin mining, and then hone their skills as the mines went deeper. Those who learned their trade in Cobalt moved north, discovering gold in Kirkland Lake and Timmins and further afield in Canada and around the world. Cobalt mining was done with the use of wheelbarrows, pickaxes, hand steel and dynamite.

Fires

Cobalt suffered two devastating fires in the 20th century. In 1909, a fire in a cafe spread quickly through debris and garbage-filled alleyways. Half the town was destroyed; 150 buildings were lost and 3,000 residents left homeless; by that time the water table had been contaminated and a typhoid outbreak earlier in the year had killed 111 people.^[9] Fire protection at the time was inadequate and firefighters were forced to dynamite buildings to create a firebreak.^[13] On a hot and windy Victoria Day in 1977, a discarded cigarette started a fire that destroyed 140 buildings and left over 400 homeless.^[14][15]

Hockey

The Cobalt Silver Kings played in the inaugural 1910 NHA season.

Administration

Cobalt, Haileybury, and New Liskeard were formerly known as the Tri-Towns.^[16] When Haileybury and New Liskeard were amalgamated into the city of Temiskaming Shores in 2004, Cobalt decided to remain a separate town. However, the two municipalities continue to have a close relationship, including the operation of a shared public transit system.

In 2001 Cobalt was named "Ontario's Most Historic Town" by a in panel of judges on the TV Ontario program Studio 2, and in 2002 the "Cobalt Mining District" was designated a National Historic Site of Canada.^[17]

Renewed interest in cobalt and silver mining

Cobalt is a byproduct of silver mining and was not of significant interest as a mineral until recently; in fact, many considered it to be a "nuisance".^[18] Today, however, it is a critical component in the types of rechargeable lithium battery used in millions of mobile devices and in electric cars,^[19] and demand is expected to increase.^[20] This application for the mineral was not yet possible in the mid-1980s^[21] when the last mining company, Agnico Eagle Mines Limited, ceased operations in the area.^[12] Cobalt is always mixed not only with silver but also with copper, nickel and other metals.^[22]

By 2017, several cobalt exploration companies were focusing on the area around Cobalt,^[23] as one alternative to cobalt mining in the politically-unstable Democratic Republic of Congo.^[24] Roughly 60% of the world's cobalt is mined in the Congo, much of it using child labour in very poor working conditions. Major companies that require this mineral for their batteries were searching for ethically-sourced product.^[25] The shortage of such cobalt is a primary reason for the 300% increase in the price of this commodity since 2015.^[26]

Stock prices of First Cobalt Corp. and Cobalt 27 Capital Corp. had soared in 2017 based on this prospect. The CEO of First Cobalt made this comment after returning from a trip to the U.S., Europe, Australia and Asia: "We've got some of the biggest resource companies in the world interested".^[12] In October, the company was planning to prospect the Caswell, Ophir and Silver Banner areas, as well as mines around Kerr Lake and Maiden Lake, via the staff of Bjorkman Prospecting of Whiskey Jack, Ontario.^[27] At the time, First Cobalt was negotiating a merger with two other companies, Cobalt One and CobalTech.^[28] If the merger is completed, the group expected to control about 45% of the potential mining properties in the Cobalt area including 50 mines that previously produced cobalt and silver; a competitor, Agnico Eagle, controls approximately 21%.^[29] However the latter ceased production there in the 1980s.

Silver was selling for US$17 per ounce in late November 2017, down significantly from its peak of US$50 in 2012,^[30] but cobalt was at about US$31 per pound at that time, up significantly from the US$10 price in late 2015.^[31] The prices will increase according to Gino Chitaroni, the president of the Northern Prospectors' Association. He also predicted that the area around Cobalt would be a primary source of both minerals. "It's spectacular ... We have the infrastructure. We have a historic mining area. It puts us a step up on anywhere [else] in the world."^[18]

In March 2017, the town's mayor estimated that mining production could start in about three to five years.^[32]