About Cobalt

About Cobalt

A Strategic Companion Metal in the Clean Energy Transition

Cobalt is indispensable in lithium-ion batteries, high-strength alloys, aerospace, and electronics. While primarily a by-product of copper and nickel mining, its strategic role in EVs and energy storage continues to grow.

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Global Market Overview

• 2025 Production Forecast: 250–260 kt (vs. 230 kt in 2023)
• 2025 Demand Projection: +11% YoY growth, continuing through the year
• 2025 Surplus: ~21–28 kt (down from ~53 kt in 2024)
• 2030 Demand Outlook: Cobalt market size projected to grow at ~6.7% CAGR (US $17 b in 2024 → US$26 b by 2030)
• Top Producer: Democratic Republic of Congo at >80% of global output; Indonesia is the fast‑growing #2 at 6–7%

Geopolitical & Supply Notes:

• The DRC produces ~75–80% of global cobalt
• Cobalt is mainly a by-product from copper and nickel mines
• China's CMOC and Indonesian nickel expansions have fuelled oversupply

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Price & Market Risk

• Prices plunged from ~US$82 k/t (April 2022) to ~US$21.5 k/t — lowest since LME began in 2010
• A temporary DRC export ban pushed a 50% price rebound to US$35 k/t

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Battery & Tech Trends

• Strong EV demand is driving 11% cobalt demand growth in 2025
• Shift toward LFP chemistry in China may limit future cobalt intensity
• Despite this, cobalt remains vital for high-energy NMC chemistries in Western EVs