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Global Cobalt Reserves 2023

Updated: Oct 21



Cobalt is a critical mineral, essential for the production of lithium-ion batteries used in electric vehicles (EVs), smartphones, and other renewable energy applications. As the world transitions to greener technologies, the demand for cobalt is projected to rise sharply. At the heart of this growing demand are the world's cobalt reserves, particularly those in the Democratic Republic of Congo (DRC), which dominates global cobalt supply.


As of 2023, global cobalt reserves were estimated at approximately 11 million tons. The Democratic Republic of the Congo (DRC) holds a dominant position, with 54.55% of the world’s cobalt reserves. The country also accounted for an impressive 74% of total global cobalt production.


Key mines in DRC include Mutanda, Kamoto Copper Company (KCC), Tenke Fungurume, Ruashi, and Kisanfu. These mines are operated by major companies like Glencore and China Molybdenum. In addition, artisanal mining (ASM) plays a major role, but faces ethical concerns such as child labor and poor working conditions. Congo’s cobalt mining is crucial for the global green energy transition, though it faces significant ethical and environmental challenges.


Australia also holds significant cobalt reserves, contributing to its position as one of the top global producers of the metal. The country’s reserves are estimated at approximately 1.7 million tons, making it the second-largest holder of cobalt reserves globally, after the Democratic Republic of the Congo (DRC). These reserves are primarily found in nickel-cobalt laterite deposits, with large-scale production concentrated in mines such as Murrin Murrin and Ravensthorpe.


Australia's cobalt is largely produced as a by-product of nickel mining, which has become increasingly important given cobalt's critical role in the growing electric vehicle (EV) and renewable energy sectors. Australia's stable political climate, stringent environmental regulations, and potential for future expansion position it as a strategic supplier of ethically sourced cobalt.


Other countries with substantial reserves include Cuba, Russia, Indonesia, and the Philippines.   

Country

Reserves

Percent of world

Congo

6,000,000

54.55%

Australia

1,700,000

15.45%

Cuba

500,000

4.55%

Indonesia

500,000

4.55%

Philippines

260,000

2.36%

Russia

250,000

2.27%

Canada

230,000

2.09%

Madagascar

100,000

0.91%

Turkey

91,000

0.83%

United States

69,000

0.63%

Papua New Guinea

49,000

0.45%

Other countries

780,000

7.09%

World total

11,000,000



 

Source: U.S. Geological Survey, Mineral Commodity Summaries, January 2024


The information presented here may contain inaccuracies and is subject to rounding. We do not guarantee that all information is complete or correct. We accept no responsibility for any errors, omissions, or outcomes resulting from the use of this information. This is not investment advice.

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