Madhumitha Jaganmohan
Research expert covering climate and environmental sustainability
Cobalt mining industry worldwide - Statistics & Facts
Cobalt as a free element is a hard, lustrous gray metal. Almost all of cobalt’s land-based deposits are found in combination with nickel or copper, and to a smaller extent, with platinum group metals. Thus, cobalt production often occurs as a by-product of the copper and nickel mining industries. There are several methods that can be used to separate cobalt from nickel or copper. For example, froth flotation is commonly used, in which a substance is used to bind to different ore components in order to enrich cobalt ores. In 2022, the total global cobalt reserves amounted to 8.3 million metric tons, an increase of 10 million metric tons compared to 2010. Global cobalt production amounted to 190,000 metric tons in 2022, with 30 percent of worldwide production attributable to just one cobalt mine that year: the Metalkol RTR Project in the Democratic Republic of Congo.
Where does the world's cobalt come from?
The global refinery production of cobalt is increasing and has become more common in countries such as China in recent years. However, a large majority of the world’s cobalt mine production occurs in the Democratic Republic of Congo. Naturally, the DR Congo, followed by Australia, the world's third-largest cobalt miner, hold a large share of the global cobalt reserves. The Copper Belt in the DR Congo and Zambia is one of the predominant sources of cobalt in the world.What is cobalt used for?
Cobalt has a wide range of applications and is often used in many industrial processes. As of 2022, cobalt was most commonly used in batteries, followed by alloys, as a material in tools, as a pigment, as well as in catalysts, ceramics, and other uses. Because cobalt increases the life and energy density of batteries, it is one of the main metals used in a variety of batteries, in particular lithium-ion batteries, which are used for everything from cell phones and laptops to electric vehicles. As a result, cobalt demand has drastically increased in recent years, with producers scrambling to supply enough.Cobalt consumption and prices
The global consumption of cobalt has shifted away from the United States and Europe and towards Asia. China alone now accounts for about one-third of the cobalt consumption worldwide, while Europe's and North America's consumption amounted to nearly 23 percent and nearly 18 percent of the global consumption as of 2020, respectively. As of 2022 the U.S. cobalt spot price has decreased slightly to an average of 31 U.S. dollars per pound, following a peak in 2018. Meanwhile, the global cobalt futures price peaked in August 2022 at 81,767 U.S. dollars per metric ton, but decreased to 33,055 U.S. dollars per metric tons a year later. As cobalt is largely used in batteries, its future demand is expected to remain linked tightly to the demand for electric and hybrid electric vehicles. It is forecast that there will be a market surplus of cobalt in 2024 of 4,315 metric tons.
