Cobalt
Projects
Major Cobalt Projects Worldwide
The development pipeline for Cobalt projects spans exploration through production across multiple jurisdictions. We track 5 key projects that will shape the future supply landscape for this battery metal.
Current Production
230,000
tonnes
Top Producer
DR Congo
73% share
Projects Tracked
5
Reserves
11 million tonnes
Cobalt Project Pipeline
The following projects represent the most significant Cobalt operations and development-stage assets worldwide:
Tenke Fungurume
CMOC Group
One of the worlds largest copper-cobalt operations; expansion to increase output underway
KiCC (Kinsevere)
China Molybdenum (CMOC)
Copper-cobalt mine being expanded with new sulfide processing circuit
Ramu NiCo
Metallurgical Corp of China (MCC)
HPAL nickel-cobalt laterite operation producing mixed hydroxide precipitate
Idaho Cobalt Belt
Jervois Global
Only permitted primary cobalt mine in the US; suspended operations due to low cobalt prices in 2023
PONI Project
Glencore
New copper-cobalt project adjacent to Mutanda mine
Government Support and Strategic Initiatives
Recognizing the strategic importance of Cobalt, governments in major consuming nations have launched programs to support project development. These include direct financing, loan guarantees, streamlined permitting, and bilateral resource partnerships. As a USGS-listed critical mineral, Cobalt projects are eligible for various U.S. government support mechanisms including the Defense Production Act Title III program. EU Critical Raw Materials Act provisions enable fast-track permitting and financing support for Cobalt projects within the EU and partner nations.
Key Industry Developments
Recent developments affecting the Cobalt project landscape:
Cobalt prices tripled from ~$25,000 to ~$95,000/tonne as EV battery demand narrative drove speculative buying and supply concerns
Prices crashed back below $30,000 as DRC production surged and Glencores Mutanda mine oversupplied the market; Glencore then suspended Mutanda
Glencore suspended Mutanda mine (worlds largest cobalt operation) for economic reasons, tightening supply
DRC government disputed Tenke Fungurume shipments in a royalty and ownership conflict with CMOC, disrupting a major supply source
Massive DRC and Indonesian production growth caused cobalt oversupply; prices fell below $30,000/tonne; multiple non-DRC projects became uneconomic
Jervois suspended its Idaho cobalt mine due to low prices, highlighting the challenge of building non-DRC supply at current price levels
More on Cobalt
Explore other aspects of the Cobalt value chain.
Uses & Applications
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Supply Chain
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Mining & Processing
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Refining & Grade Specs
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Recycling
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Substitutes
Explore substitutes for Cobalt.
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