Cobalt
January 17, 2025
1 min
Cobalt
This graphic and article explores cobalt production in 2023, spotlighting top producers and analyzing changes in supply, demand, and pricing.
Production and Supply
- Democratic Republic of Congo (DRC): The DRC maintained its position as the world's leading cobalt producer, contributing about 70% of global cobalt supply. However, the country aimed to reduce its heavy reliance on Chinese mining companies, which control approximately 80% of Congolese cobalt mines. To diversify, the DRC sought investments from Saudi Arabia, the European Union, and India. Major mines in the country include Kamoto (27,600t), Kisanfu (25,500t), Metalkol (22,610t), and Tenke Fungurume (22,500t). Key players include CMOC, Glencore, and Eurasian Resources. Rising output and Chinese investment drive the DRC's cobalt dominance.
- Indonesia: Indonesia emerged as the second-largest cobalt producer, providing 7% of global supply. This growth came largely from cobalt produced as a by-product of the country's expanding nickel industry, which is crucial for battery production. Major projects include the Weda Bay Project (a joint venture with Eramet and Tsingshan), PT Halmahera Persada Lygend (Harita Group and Ningbo Lygend), and PT Huayue Nickel Cobalt (Huayou Cobalt and Tsingshan). These projects focus on producing mixed hydroxide precipitate (MHP) for EV batteries, positioning Indonesia as a growing force in the global battery supply chain.
Market Dynamics
- Supply Surplus: The cobalt market faced a significant surplus in 2023, with inventory levels rising. By mid-year, 684 tons of cobalt were stockpiled in London Metal Exchange warehouses. This oversupply was driven by increased production in the DRC and Indonesia.
- Price Decline: Since November 2022, cobalt prices have experienced a notable decline. This price decline is primarily driven by a combination of factors, including increased global supply and softened demand.
Source: U.S. Geological Survey, Mineral Commodity Summaries, January 2024
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