Top Five Cobalt Producing Countries (Thousand Tonnes, 2021)
Top Five Cobalt Producing Countries (Thousand Tonnes, 2021)
Demand for cobalt is expected to rise significantly over the coming years, due to its use in lithium-ion batteries and the growing demand for electric vehicles (EVs). Despite the expansion of the EV battery market, with cobalt currently being a key component in lithium-ion batteries, the medium- to long-term outlook for cobalt remains uncertain. Car manufacturers are looking at the potential to use cobalt-free batteries in EVs to reduce cost, as metal is one of the most expensive components in EV batteries.
Cobalt is typically mined as a by-product of copper or nickel, with over half of the global reserves found in the Democratic Republic of the Congo (DRC). In 2021, the DRC accounted for 51% of the 7Mt of global cobalt reserves, with the second-largest quantities found in Australia, followed by the Philippines and Russia.
In terms of production, global cobalt production reached 164kt (thousand tonnes) in 2021, a 17.2% YoY growth. DRC is the largest producer of cobalt with production at 119kt, a growth of 24%. The growth is supported by the lower impact from the COVID-19 pandemic and the restart of Glencore’s Mutanda mine in the second quarter of 2021. Glencore had placed the mine on temporary care and maintenance in November 2019, due to difficulties in sourcing sulphuric acid, which is essential to extract cobalt and copper.
Russia, Australia, and the Philippines are the other key producing countries. Cobalt mining in Russia is mainly concentrated in the Altai Republic area, and the country plans to scale up its cobalt production to 10kt by 2022. Australia is another potential market for cobalt supply where the mining is dominated by Glencore’s Murrin nickel-cobalt mine which accounts for the country’s one-third of the production. Also, the country has several cobalt projects which are under various stages of development and exploration.
Looking ahead, between 2021–2025, global cobalt production is expected to grow at a compounded annual growth rate (CAGR) of 5.8%, to reach 205.2kt by 2025. This growth will be mainly supported by the restart of the Mutanda mine in the DRC and other upcoming projects which are expected to be operational during that period.
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