Cobalt Mining Market Analysis including Reserves, Production, Operating, Developing and Exploration Assets, Demand Drivers, Key Players and Forecasts, 2021-2030

Pages: 54 Published: November 22, 2022 Report Code: GDMMGCB003MR

The cobalt mine production is estimated to be 175.6 thousand tonnes (kt) in 2022 and is expected to achieve a CAGR of more than 2% during 2023–2030. The 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).

DRC, which holds the world’s largest cobalt deposits, is expected to remain the world’s largest producer over the forecast period. The growth will be chiefly supported by output from the Pumpi and Deziwa projects alongside the restart of Glencore’s Mutanda mine. Meanwhile, significant growth is anticipated from Russia, Australia, and Canada. Moreover, the expected commencement of the Savannah North, Mount Freda, and Sconi projects in Australia will be crucial for growth.

Cobalt Mining Market Outlook

Cobalt Mining Market Outlook

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Cobalt Mining Market Segmentation by Regions

The key regions in the cobalt mining market are MEA, Oceania, the Americas, and the Rest of the World.

MEA: The top three active mines in the MEA region are Tenke Fungurume Mine, KOV Mine, and Mashamba East Mine. Musonoi Project, Kalukundi Project, and Mutoshi Project are the key development projects in the MEA region. Some of the exploration projects in the region include Gogota Project, Luisha South Project, and Zanzui Project.

Oceania: The top three active mines in Oceania are Ramu Nickel Mine, Murrin Murrin Mine, and Goro Nickel Project. Wingellina Project, Thackaringa Cobalt Project, and Savannah North Project are the key development projects in the region. Some of the exploration projects in Oceania include Mambare Nickel Project, Big Four Gold Project, and Bulong East Project.

Americas: The top three active mines in the Americas are Moa Joint Venture Project, Voisey’s Bay Mine, and Raglan Mines. Boa Esperanza Project, Araguaia Nickel Project, and Minago Mine are the key development projects in the Americas. Some of the exploration projects in the Americas are Iron Creek Cobalt Project, Nickel King Project, and West Bear Project.

Cobalt Mining Market Segmentation by Countries

The key countries associated with cobalt mining production are the Democratic Republic of the Congo (DRC), Australia, Indonesia, Cuba, and the Philippines, among others. DRC held the largest share in 2022, followed by Australia and Indonesia.

Cobalt Mining Market Analysis, by Countries

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Cobalt Mining Market – Competitive Landscape

Some of the leading producers in the cobalt mining market are Glencore Plc, Vale SA, IGO Ltd, Jervois Global Ltd, China Nonferrous Mining Corporation Ltd, Artemis Resources Ltd, Eurasian Resources Group Sarl, Klondike Silver Corp., Ardea Resources Ltd, and Mawson Gold Ltd. Glencore Plc dominates the market.

Cobalt Mining Market Analysis, by Producers

Cobalt Mining Market Analysis, by ProducersTo know more about the cobalt mining market producers, download a free report sample

Cobalt Mining Market Report Overview

Market Volume (2022) 175.6 kt
CAGR (2023–2030) >2%
Key Regions MEA, Oceania, the Americas, and the Rest of the World
Key Countries Democratic Republic of the Congo (DRC), Australia, Indonesia, Cuba, and the Philippines
Leading Producers Glencore Plc, Vale SA, IGO Ltd, Jervois Global Ltd, China Nonferrous Mining Corporation Ltd, Artemis Resources Ltd, Eurasian Resources Group Sarl, Klondike Silver Corp., Ardea Resources Ltd, and Mawson Gold Ltd

Scope

The report contains an overview of the global cobalt mining industry including key demand-driving factors affecting the global cobalt mining industry. It provides detailed information on reserves, reserves by country, production, production by country, production by the company, major operating mines, competitive landscape, major exploration, and development projects.

Reasons to Buy

  • To gain an understanding of the global cobalt mining industry, relevant driving factors
  • To understand historical and forecast trends in global cobalt production
  • To identify key players in the global cobalt mining industry
  • To identify major active, exploration and development projects by region

Key Players

Glencore
China Molybdenum Co. Ltd
Vale SA

Table of Contents

| About GlobalData 2

1. Executive Summary 7

2. Reserves, Production and Prices 8

2.1 Global Cobalt Reserves by Country 8

• DRC 10

• Australia 10

• Indonesia 11

2.2 Cobalt Production 12

2.3 Production by Company 14

2.4 Cobalt Prices 15

3. Cobalt Assets 17

3.1 Mines and Projects by Stage and Country 17

3.2 Active Mines 18

• MEA 18

• Oceania 19

• Americas 20

• Rest of the World 21

3.3 Development Projects 22

• MEA 22

• Oceania 23

• Americas 24

• Rest of the World 25

3.4 Exploration Projects 26

• MEA 26

• Oceania 27

• Americas 28

• Rest of the World 29

4. Demand and Trade 30

4.1 Demand from Electric Vehicles (EVs) 30

4.2 Demand for EV Batteries 35

4.3 Global Battery Demand and Technology Update 38

4.4 EV Policies in APAC 39

4.5 Major Exporters and Importers 40

5. Major Cobalt Producers 43

5.1 Mines and Projects by Company 43

5.2 Company Profiles 45

• Glencore Plc 45

• Vale SA 47

• CMOC Group Ltd (CMOC) 48

6. Appendix 49

6.1 Abbreviations 49

6.2 Methodology 49

6.3 Coverage 49

6.4 Secondary Research 50

6.5 Development Likelihood 50

List of Tables

Table 1: Cobalt reserves by country (thousand tonnes), January 2022 9

Table 2: Top active mines in the DRC by cobalt reserves (thousand tonnes) 10

Table 3: Top active mines in Australia by cobalt reserves (thousand tonnes) 10

Table 4: Top active mines in the Philippines by total ore reserves (million tonnes) 11

Table 5: Global cobalt production by country (thousand tonnes), 2016–30 13

Table 6: Cobalt mine production by company (thousand tonnes) and production guidance, 2020–22 14

Table 7: World cobalt prices, yearly ($/lb), 2010–21 16

Table 8: Active mines in MEA, 2022 18

Table 9: Active mines in Oceania, 2022 19

Table 10: Active mines in Americas, 2022 20

Table 11: Active mines in Rest of the World, 2022 21

Table 12: Development projects in MEA, 2022 22

Table 13: Development projects in Oceania, 2022 23

Table 14: Development projects in Americas, 2022 24

Table 15: Development projects in Rest of the World, 2022 25

Table 16: Exploration projects in MEA, 2022 26

Table 17: Exploration projects in Oceania, 2022 27

Table 18: Exploration projects in Americas, 2022 28

Table 19: Exploration projects in Rest of the World, 2022 29

Table 20: Production of electric vehicles (thousand units), 2020–36 31

Table 21: Global EV sales by category (thousand vehicles), 2010–21 32

Table 22: China EV sales (thousand vehicles), 2010–21 33

Table 23: EV sales by type by country (thousand units), 2020–21 34

Table 24: Major companies and their competitive position within the batteries scheme 36

Table 25: Top exporters of cobalt ores and concentrates (thousand tonnes), 2021 41

Table 26: Top importers of cobalt ores and concentrates (thousand tonnes), 2021 42

Table 27: Number of operating, development and exploration projects by company and stage, 2022 44

Table 28: Glencore’s major cobalt deals 2021–2022 45

Table 29: Glencore Plc, major projects, 2022 46

Table 30: Vale SA, major projects, 2022 47

Table 31: CMOC Group Ltd, major projects, 2022 48

List of Figures

Figure 1: Cobalt reserves by country (thousand tonnes), 2017–22 8

Figure 2: Cobalt reserves by country, January 2022 9

Figure 3: Global cobalt production by country (thousand tonnes), 2016–30 13

Figure 4: World cobalt prices, annual ($/lb), 2011–21 15

Figure 5: Cobalt mines by country and stage (%), 2022 17

Figure 6: Global EV sales by category (thousand vehicles), 2010–21 31

Figure 7: China EV sales (thousand vehicles), 2010–21 32

Figure 8: EV sales by type by country (thousand units), 2020–21 33

Figure 9: Chinese EV policy, 2009–22 39

Figure 10: EV policy in South Korea, India and Japan, 2016–22 40

Figure 11: Top exporters and importers of cobalt (%), 2021 40

Figure 12: Number of operating, development and exploration projects by company and stage, 2022 43

Frequently Asked Questions

The cobalt mine production volume is estimated to be 175.6 thousand tonnes (kt) in 2022.

Cobalt production is expected to achieve a CAGR of more than 2% during 2023–2030.

The key regions in the cobalt mining market are MEA, Oceania, the Americas, and the Rest of the World.

The key countries associated with the cobalt mining market are the Democratic Republic of the Congo (DRC), Australia, Indonesia, Cuba, and the Philippines, among others.

Some of the leading producers in the cobalt mining market are Glencore Plc, Vale SA, IGO Ltd, Jervois Global Ltd, China Nonferrous Mining Corporation Ltd, Artemis Resources Ltd, Eurasian Resources Group Sarl, Klondike Silver Corp., Ardea Resources Ltd, and Mawson Gold Ltd.

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