Madhumitha Jaganmohan
Research expert covering climate and environmental sustainability
Cobalt mining industry worldwide - statistics & facts
Cobalt as a free element is a hard, lustrous gray metal. Almost all of cobalt’s land-based deposits are found in combination with nickel or copper, and to a smaller extent, with platinum group metals. Thus, cobalt production often occurs as a by-product of the copper and nickel mining industries. There are several methods that can be used to separate cobalt from nickel or copper. For example, froth flotation is commonly used, in which a substance is used to bind to different ore components in order to enrich cobalt ores. In 2024, the total global cobalt reserves amounted to 11 million metric tons, and the global cobalt production amounted to 290,000 metric tons. As of 2023, about 25 percent of the global cobalt production was attributed to just one cobalt mine: the Kisanfu mine in the Democratic Republic of Congo.
Where does the world's cobalt come from?
The global refinery production of cobalt is increasing and has become more common in countries such as China in recent years. However, a large majority of the world’s cobalt mine production occurs in the Democratic Republic of Congo. Naturally, the DR Congo, followed by Indonesia, the world's third-largest cobalt miner, hold a large share of the global cobalt reserves. The Copper Belt in the DR Congo and Zambia is one of the predominant sources of cobalt in the world.What is cobalt used for?
Cobalt has a wide range of applications and is often used in many industrial processes. As of 2023, cobalt was most commonly used in batteries, followed by alloys, as a material in tools, as a pigment, as well as in catalysts, ceramics, and other uses. Because cobalt increases the life and energy density of batteries, it is one of the main metals used in a variety of batteries, in particular lithium-ion batteries, which are used for everything from cell phones and laptops to electric vehicles.Cobalt prices
As of 2024, the U.S. cobalt spot price has decreased slightly to an average of 17 U.S. dollars per pound, following a peak in 2018. Meanwhile, the global cobalt futures price peaked in March 2022 at 81,680 U.S. dollars per metric ton, but decreased to 26,908 U.S. dollars per metric tons in May 2024. As cobalt is largely used in batteries, its future demand is expected to remain linked tightly to the demand for electric and hybrid electric vehicles.Madhumitha Jaganmohan
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Mar 28, 2025
Madhumitha Jaganmohan
Research expert covering climate and environmental sustainability
