Global cobalt reserves 2024, by country

The Democratic Republic of the Congo has the largest cobalt reserves in the world, at some six million metric tons as of 2024. With the world's total cobalt reserves amounting to 11 million metric tons that year, the DR Congo accounted for more than half of the worldwide reserves of the metal. This was followed by Australia, which held an impressive 1.7 million metric tons of the global cobalt reserves in 2024. 

Cobalt: coveted, yet not so rare

Although cobalt is not especially rare – ranking 32nd in global abundance among metals – it has become an increasingly important commodity due to its use in batteries, as well as in alloys, chemicals and ceramics, cemented carbides, and more. It is forecast that in 2040, the global cobalt demand for use in batteries will amount to 260,000 tons, up from 70,000 metric tons in recent years. Cobalt's use in batteries applies particularly to the batteries of electric cars which have transformed the demand for this metal; in 2024 the price of cobalt stood at 17 U.S. dollars per pound. 

U.S. cobalt consumption

The United States used some 8,300 metric tons of cobalt in 2023, based on apparent consumption. Cobalt supply in the North American country is achieved primarily through imports and scrap materials. Most of the country's consumption of this metal is destined to the production of superalloys, followed by chemical and ceramic uses.