Cobalt is a fairly rare magnetic element with properties comparable to iron and nickel. The greatest production of cobalt entails the metallic form used in the formation of cobalt super alloys. The two valance states are cobaltous (II) and cobaltic (III) and the former is the most popular valance used in the chemical industry. Its presence has also been spotted in the sun and in meteoric iron. Cobalt occurs in nature primarily as arsenides, oxides, and sulphides.ants