Cobalt Mining Market Analysis by Reserves, Production, Assets, Demand Drivers and Forecast to 2030

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Cobalt Mining Market Report Overview

Cobalt production was estimated to be 217.4Kt in 2023 with the Democratic Republic of the Congo (DRC), Indonesia, Russia, Madagascar, and Cuba being the key contributors. Cobalt production is expected to grow marginally at a CAGR of more than 5% over the forecast period.

Cobalt Mining Market Outlook, 2023 – 2030 (Kt)

Cobalt Mining Market Outlook, 2023 - 2030 (Kt)

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The Cobalt mining market research report provides detailed historical and forecast period data on the global Cobalt industry. It provides a complete view of the Cobalt reserves globally, with a breakdown of key Cobalt mining countries and the prevailing Cobalt prices in those countries. It also provides company profiles of a few of the major market participants. Furthermore, the report sheds light on the major active mines, as well as upcoming development and exploration projects by region.

Forecast Period 2023-2030
Historical Period 2011-2022
Key Countries ·        DRC

·        Indonesia

·        Russia

·        Madagascar

·        Cuba

Active Mines ·        Sicomines Copper-Cobalt Mine

·        Murrin Murrin Mine

·        Metalkol RTR Project

·        Tenke Fungurume Mine

·        KOV Mine

Development Projects ·        Mutoshi Project

·        Sorowako Limonite Project

·        Musonoi Project

·        Weda Bay Expansion Project (Sonic Bay)

·        CBL Ni-Co Project

Exploration Projects ·        Clarion Clipperton Zone Project

·        Weda Bay Nickel Project

·        Weld Range Complex Project

·        Mingomba Project

·        Mambare Nickel Project

Leading Companies ·        CMOC Group

·        Glencore

·        Jinchuan Group International  Resources

·        Vale

·        BHP

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Cobalt Mining Market Segmentation by Country

DRC, Indonesia, Russia, Madagascar, and Cuba are major countries in the global Cobalt production market. DRC ranked first in terms of total production in 2023, followed by Indonesia. Production in the DRC is primarily due to the restart of Kinsanfu (later named KFM) in the second quarter of 2023.

Cobalt Mining Market Analysis by Countries, 2023 (%)

Cobalt Mining Market Analysis by Countries, 2023 (%)

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Cobalt Mining Market - Active Mines

A few of the major active Cobalt mines are Sicomines Copper-Cobalt Mine, Murrin Murrin Mine, Metalkol RTR Project, Tenke Fungurume Mine, and KOV Mine among others. Sicomines Copper-Cobalt Mine in the was the world’s largest open-pit Cobalt mine having in 2023. China Railway Group Ltd is one of the major shareholders of this mine.

Cobalt Mining Market Analysis by Active Mine, 2022 (%)

Cobalt Mining Market Analysis by Active Mine, 2022 (%)

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Cobalt Mining Market - Development Projects

A few of the major Cobalt mining projects that are in the development phase include the Mutoshi Project, Sorowako Limonite Project, Musonoi Project, Weda Bay Expansion Project (Sonic Bay), and CBL Ni-Co Project among others. Mutoshi Project has the highest saleable production capacity among all the projects. Shalina Resources Ltd is the sole owner of the Mutoshi project, which is currently undergoing construction. It has an annual saleable cobalt production capacity of more than 15kt and is set to commence operations in 2024.

Cobalt Mining Market Analysis by Development Projects

Cobalt Mining Market Analysis by Development Projects

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Cobalt Mining Market - Exploration Projects

A few of the major Cobalt exploration projects are the Clarion Clipperton Zone Project, Weda Bay Nickel Project, Weld Range Complex Project, Mingomba Project, and Mambare Nickel Project among others. The Clarion Clipperton Zone Project is based out of the US, and it is a deep-sea mining project.

Cobalt Mining Market Analysis by Exploration Projects

Cobalt Mining Market Analysis by Exploration Projects

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Cobalt Mining Market - Competitive Landscape

CMOC Group, Glencore, Jinchuan Group International Resources, Vale, and BHP are the top Cobalt-producing companies in the world. In 2023, CMOC Group led the Cobalt mining market in terms of total production.

Leading Cobalt Mining Companies, 2023 (%)

Leading Cobalt Mining Companies, 2023 (%)

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Segments Covered in the Report

 Cobalt Mining Market Countries Outlook (Value, 2011-2030)

  • DRC
  • Indonesia
  • Russia
  • Madagascar
  • Cuba

Scope

  • Reserves and Production Data: Access detailed information on reserves, reserves by country, production figures, production by country, and production by company.
  • Key Players: Learn about the major players in the industry like Glencore plc, CMOC Group Ltd, Jinchuan Group International Resources Co Ltd, Vale SA, and BHP.
  • Country Insights: Discover leading cobalt-producing countries such as the Democratic Republic of the Congo (DRC), Indonesia, Russia, Madagascar, and Cuba.
  • Project landscape: Gain insights into cobalt explorational and developmental projects, as well as active mines.

Reasons to Buy

  • Understand market trends: Gain a comprehensive understanding of cobalt mining by exploring country-wise market dynamics, identifying key assets, and assessing the competitive landscape.
  • Strategic market analysis: Navigate the industry with ease by exploring historical and forecast trends to anticipate market shifts and make forward-looking decisions.
  • Forge valuable partnerships: Identify key players in the cobalt mining market and access exclusive information on key stakeholders such as cobalt producers, government entities, suppliers, and more.
  • Uncover major projects: Dive into a detailed overview of major active, explorational, and developmental mining projects across various regions.

Glencore plc
CMOC Group Ltd
Jinchuan Group International Resources Co Ltd
Vale SA
BHP

Table of Contents

Overview

Cobalt Reserves

Cobalt Production

Cobalt Prices

Major Active Mines

Major Development Projects

Major Exploration Projects

Competitive Landscape

Demand and Trade

Appendix

Table

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

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

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