Cobalt (Co): Uses, Supply Chain and Market
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Cobalt is recovered from copper and nickel deposits, China is the leading producer of refined cobalt, and lithium-ion batteries are its leading global use. In 2025 Congo (Kinshasa) produced an estimated 230,000 t, 73% of world mine production (USGS world total: 310,000 t), according to the US Geological Survey (USGS). US net import reliance for cobalt in 2025 was 79%. Cobalt is on all four official critical minerals lists: the US, EU, Australian and Canadian.
73%
of world mine production came from Congo (Kinshasa) in 2025
Which countries produce cobalt?
| Country | 2024 | 2025 (estimate) | Share of 2025 world | Reserves (t) |
|---|---|---|---|---|
| Congo (Kinshasa) | 226,000 | 230,000 | 73% | 6,000,000 |
| Indonesia | 35,000 | 44,000 | 14% | 760,000 |
| Russia | 8,000 | 7,700 | 2.4% | 800,000 |
| Madagascar | 3,100 | 3,900 | 1.2% | 100,000 |
| Australia | 4,780 | 3,700 | 1.2% | 1,700,000 |
| Philippines | 3,100 | 3,700 | 1.2% | 260,000 |
| Canada | 3,350 | 3,500 | 1.1% | 220,000 |
| Papua New Guinea | 2,630 | 2,800 | 0.9% | 84,000 |
| United States | 200 | 300 | <0.1% | 70,000 |
| All other countries | 15,430 | 15,000 | 4.8% | 1,531,000 |
| World total (USGS, rounded) | 302,000 | 310,000 | 100% | 12,000,000 |
Source: USGS Mineral Commodity Summaries 2026, Cobalt. Shares are calculated from the country figures and can differ by a point or two from percentages USGS states in its text, because USGS rounds its figures. NA means not available; Withheld means USGS withheld the figure to avoid disclosing company data.
What is cobalt used for?
The estimated value of the cobalt consumed in the United States in 2025 was $320 million.
- Superalloys, mainly for aircraft gas turbine engines: 51% of US cobalt consumption in 2025
- Chemical applications: 25%
- Other metallic applications: 15%
- Cemented carbides for cutting and wear-resistant tools: 9%
- Lithium-ion batteries: the leading global use, with China the world leading consumer
How much does cobalt cost?
| Price | Unit | 2021 | 2022 | 2023 | 2024 | 2025 (estimate) |
|---|---|---|---|---|---|---|
| US spot, cathode | dollars per pound | 24.21 | 30.78 | 17.20 | 16.77 | 21 |
| London Metal Exchange (LME), cash | dollars per pound | 23.17 | 28.83 | 15.48 | 11.84 | 15 |
Source: USGS Mineral Commodity Summaries 2026, Cobalt. The 2025 figures are USGS estimates. Prices are annual averages of the series named in each row, so they are not live quotes.
Is cobalt a critical mineral?
Cobalt is on all four official critical minerals lists: the US, EU, Australian and Canadian. Each government builds its list with its own method, so a mineral can be critical in one place and not in another.
| Jurisdiction | Status |
|---|---|
| United States | Critical mineral (final 2025 list) |
| European Union | Critical and strategic |
| Australia | Critical minerals list |
| Canada | Critical (priority) |
Lists last checked against the primary publications on October 12, 2026. See the comparison of all four lists.
Export controls and trade measures
- Congo (Kinshasa) set cobalt export quotas in 2025 (USGS Table 4).
- Namibia bans exports of cobalt ores and concentrates (2023).
See the export controls tracker for dates and current status.
What are the substitutes for cobalt?
| Application | Substitute and trade-off |
|---|---|
| Lithium-ion batteries | Cobalt content is being decreased; cobalt-free batteries using iron and phosphorus held significant market share in China |
| Magnets | Barium or strontium ferrites, neodymium-iron-boron alloys or nickel-iron alloys |
| Cutting and wear-resistant materials | Iron, iron-cobalt-nickel, nickel, cermets or ceramics |
| Jet engines | Nickel-base alloys or ceramics |
| Petroleum catalysts | Nickel |
| Hydroformylation catalysts | Rhodium |
| Prosthetics | Titanium-base alloys |
Source: USGS Mineral Commodity Summaries 2026, Cobalt. USGS says substitutes often cost performance or money; the table gives its wording for each application.
Can cobalt be recycled?
The cobalt content of purchased scrap represented 25% of estimated US cobalt consumption in 2025.
What are the supply risks and recent events for cobalt?
- February 2025. Congo (Kinshasa) temporarily banned cobalt exports to address oversupply and low prices.
- October 2025. The ban was replaced by export quotas of 18,125 tons of contained cobalt for the rest of 2025 and up to 96,600 tons per year in 2026 and 2027, including 9,600 tons for national strategic reserves. Uncertainty after the ban likely contributed to a sharp rise in US imports and industry stocks in 2025.
- 2025. The United States published a solicitation to buy 7,480 tons of cobalt over 5 years for the National Defense Stockpile, then cancelled it before the end of the year.
US import sources, 2021 to 2024. Metal, oxide and salts: Norway, 26%; Finland, 16%; Canada, 14%; Japan, 14%; and other, 30%. (USGS)
Resources. Identified world terrestrial cobalt resources are about 25 million tons, mostly in sediment-hosted copper deposits in Congo (Kinshasa) and Zambia, nickel laterites in Australia and nearby islands and Cuba, and magmatic nickel-copper sulfide deposits in Australia, Canada, Russia and the United States. US identified resources are about 1 million tons, mostly in Minnesota. An estimated 5 billion tons of cobalt is contained in sea floor polymetallic nodules.
Which cobalt projects are on official lists?
| Project | Country | Promoter | Stage | List |
|---|---|---|---|---|
| OREON (Optimal REcycling Of Nickel) | Belgium | Umicore | Processing | EU, October 2026 |
| São Miguel Paulista (SMP) Nickel and Cobalt Refinery Restart Project | Brazil | Jervois Brasil Metalurgia Ltda. | Processing | Outside the EU, June 2025 |
| Integrated Dumont Nickel Project | Canada | Magneto Investments Limited Partnership | Extraction | Outside the EU, June 2025 |
| CoNiKo | Finland | Umicore | Processing | EU, October 2026 |
| Hautalampi Cobalt-Nickel-Copper Mine Project | Finland | FinnCobalt Oy | Extraction | EU, October 2026 |
| Jervois Finland Cobalt Refinery Expansion Project | Finland | Jervois Finland Oy | Processing | EU, March 2025 |
| Kolmisoppi | Finland | Terrafame Ltd. | Extraction | EU, March 2025 |
| Project Fortum Hydromet | Finland | Fortum Battery Recycling Oy | Recycling | EU, March 2025 |
| Sakatti | Finland | Anglo American Services (UK) Ltd. | Integrated | EU, March 2025 |
| EMME | France | ELECTRO MOBILITY MATERIALS EUROPE (EMME) | Integrated | EU, October 2026 |
| GALLICAM | France | Sibanye-Stillwater Sandouville Refinery | Processing | EU, March 2025 |
| Hydrometallurgy | France | Orano Batteries | Recycling | EU, March 2025 |
| NEOMAT-PCAM | France | NEOMAT PCAM | Processing | EU, October 2026 |
| EU BEST STRAT | Germany | cylib Production I GmbH | Recycling | EU, October 2026 |
| Pure Battery Technologies pCAM plant Europe | Germany | Pure Battery Technologies Ltd. | Integrated | EU, October 2026 |
| REW-ITA green HUB (tungsten recovery) | Italy | OMCD TEK HUB S.p.A. | Recycling | EU, October 2026 |
| Back to Battery black mass refining | Netherlands | Back to Battery B.V. | Recycling | EU, October 2026 |
| POLVOLT | Poland | Elemental Battery Metals SP. z.o.o. | Recycling | EU, March 2025 |
| Battery recycling capacity, Racari | Romania | ECO LIFE STYLE S.R.L. | Recycling | EU, October 2026 |
| Aguablanca project | Spain | Rio Narcea Recursos S.A. | Extraction | EU, March 2025 |
| NorthCYCLE | Sweden | Northvolt Revolt AB | Recycling | EU, March 2025 |
| Kobaloni Energy Zambia Ltd | Zambia | Kobaloni Energy Zambia Limited | Processing | Outside the EU, June 2025 |
Source: annexes to Commission Decisions C(2025) 1904, C(2025) 3491 and C(2026) 8051. The Commission calls every listed project ongoing; that is not the same as operating. A project is listed here for each material the annex names for it.
| Project | State | Expected products | List |
|---|---|---|---|
| Nikolai Nickel Project | Alaska | Nickel, cobalt, platinum, palladium, copper, chromium (advanced exploration) | Transparency |
Source: Permitting Council, current covered projects and current transparency projects, last updated 2 April 2026.
Which companies produce or process cobalt?
| Company | Country | Role | What the source says |
|---|---|---|---|
| CMOC Group | China (Tenke Fungurume and Kisanfu mines in the DRC) | Copper and cobalt miner (HKEX: 3993; SSE: 603993) | Its 2025 annual report gives cobalt metal production of 117,549 tonnes in 2025 (114,165 in 2024, up 2.96%). It records that the DRC suspended cobalt exports from 21 February 2025, lifted the ban on 16 October 2025 and set quotas of 18,125 tonnes for the rest of 2025 and 96,600 tonnes a year for 2026 and 2027. CMOC Group: 2025 annual report (HKEXnews, 1 April 2026) |
| Glencore | Switzerland (KCC and Mutanda mines in the DRC) | Cobalt producer as a by-product of copper and nickel (LSE: GLEN) | Its full year 2025 production report gives own-sourced cobalt production of 36,100 tonnes, 5% below 2024 as it prioritised copper over cobalt. It lists expected DRC export quotas for KCC and Mutanda of 22.8 thousand tonnes for 2026, including 2025 carryover, and 18.8 thousand for 2027. Glencore: full year 2025 production report (29 January 2026) |
| Zhejiang Huayou Cobalt | China | Cobalt refiner and crude cobalt hydroxide producer in Africa (SSE: 603799) | Its 2025 annual report, in Chinese, gives cobalt products production of 51,196.91 tonnes of contained metal (up 4.54%), sales of 46,547.56 tonnes and year-end inventory of 14,813.30 tonnes (up 150.81%), and says its African cobalt and copper resource business makes crude cobalt hydroxide and cathode copper. Zhejiang Huayou Cobalt: 2025 annual report, in Chinese (8 April 2026) |
| Sherritt International | Canada (refinery in Alberta; Moa joint venture) | Nickel and cobalt refiner (TSX: S) | Its 19 January 2026 production results give finished cobalt of 2,729 tonnes at the Moa Joint Venture on a 100% basis in 2025 (849 in the fourth quarter), at the bottom of a revised range of 2,700 to 2,800 tonnes. It describes its Alberta refinery as the only significant cobalt refinery in North America, which is its own description. Sherritt International: fourth quarter and full year 2025 production results (19 January 2026) |
Each row links to the document that supports it. The list is not exhaustive and is not a ranking.
Frequently asked questions
What is cobalt used for?
Cobalt is used in superalloys, mainly for aircraft gas turbine engines, chemical applications and other metallic applications. Superalloys, mainly for aircraft gas turbine engines: 51% of US cobalt consumption in 2025.
Which country produces the most cobalt?
Congo (Kinshasa) produces the most cobalt: an estimated 230,000 t, or 73% of the world total, in 2025, according to the USGS mine production figures.
Is cobalt a critical mineral?
Yes. Cobalt is on all four official critical minerals lists: the US, EU, Australian and Canadian. Cobalt was already on the 2022 US list and stays on the final 2025 list of 60 minerals. US net import reliance for cobalt in 2025 was 79%.
How much does cobalt cost?
USGS reports the average 2025 price of cobalt at $21/lb (US spot, cathode; +27% on 2024).
Sources
Read on October 14, 2026. Figures on this page come from these documents; where a number is an estimate, the source says so.
- USGS Mineral Commodity Summaries 2026: Cobalt. Production, reserves, uses, substitutes, recycling and events
- USGS Mineral Commodity Summaries 2026: introduction (Table 7 and Figures 10A and 10B). Net import reliance, leading producer and price changes for critical minerals
- USGS Mineral Commodity Summaries 2026: introduction (Table 4, export controls by country)
- Federal Register: Final 2025 List of Critical Minerals
- EUR-Lex: Regulation (EU) 2024/1252
- Department of Industry, Science and Resources: Australia’s Critical Minerals List and Strategic Materials List
- Government of Canada: Canada’s critical minerals
- Permitting Council: current FAST-41 projects
- CMOC Group: 2025 annual report (HKEXnews, 1 April 2026)
- Glencore: full year 2025 production report (29 January 2026)
- Zhejiang Huayou Cobalt: 2025 annual report, in Chinese (8 April 2026)
- Sherritt International: fourth quarter and full year 2025 production results (19 January 2026)
Related topics
Critical Minerals Lists Compared
The US, EU, Australian and Canadian lists side by side.
Export Controls and Restrictions
China, Indonesia, DR Congo and other measures with dates.
Graphite
Profile of graphite.
Lithium
Profile of lithium.
Manganese
Profile of manganese.
Mineral Library
All 60 critical mineral profiles.
