Cobalt facts

Cobalt is a hard, lustrous, silver-grey metal that is used mainly as a cathode material in lithium-ion and other types of batteries. It is also used in powerful magnets, cutting tools and high-strength alloys in the aerospace, energy and defence sectors. Cobalt compounds have been used since antiquity as a pigment (cobalt-blue) for pottery, glass, paints and other media. Additionally, cobalt plays a crucial role in human nutrition as a component of vitamin B12.

Learn more about cobalt

Uses

Batteries are the principal end use for cobalt as a cathode material. Electric vehicles currently dominate use, but lithium-ion batteries in cell phones and laptops also consume a sizeable quantity of cobalt. Stationary energy battery storage accounts for a small but growing portion of cobalt use.

Cobalt is also used in high-strength superalloys, mainly for aerospace applications. In industrial processes, cobalt is used in various metal and chemical products:

• Metal applications: Includes cemented carbides, alloys, magnets and diamond tools.
• Chemical applications: Encompasses a wide range of uses, including pigments, inks, catalysts, tires, and driers.

Production

Canadian production

In 2024, Canadian mines produced 3,351 tonnes of cobalt in concentrate, up 3% from 2023. Production was mostly from primary nickel mines in Quebec (35%), Ontario (33%), Newfoundland and Labrador (28%), and Manitoba (4%).

In 2024, Canada produced 5,920 tonnes of refined cobalt at three refineries in Fort Saskatchewan, Alberta; Port Colborne, Ontario; and Long Harbour, Newfoundland and Labrador.

Consult a map of producing Canadian mines and processing sites

Canadian refineries process nickel and cobalt from domestic and imported materials, primarily sourced from mines in the United States and Cuba.

Cobalt production is expected to continue to come mostly from primary nickel mines in Canada. A notable exception is the NICO deposit in the Northwest Territories, which is a cobalt-gold-bismuth-copper deposit in advanced exploration stages. In addition, projects to recover cobalt from end-of-life products, such as electric vehicle batteries, are expected to start in a few years, further supporting refined cobalt output.

International context

The Democratic Republic of Congo is the world's largest producer of mined cobalt, contributing 76.6% of global output. Indonesia recently emerged as the second-largest producer of cobalt, accounting for 9.8% of global production, because of the rapid expansion of its nickel industry. Cobalt is primarily mined as a by-product of copper or nickel mining, with notable exceptions in Congo and Morocco.

Canada is the seventh-largest producer of cobalt globally, accounting for 1.2% of total production.

China continues to lead the world in production of refined cobalt, sourcing most of its concentrate or raw ore from the Democratic Republic of Congo and domestic sources. Additionally, China is the largest consumer of cobalt, primarily for battery manufacturing.

World mine production of cobalt, by country, 2024 (p)

Ranking	Country	Tonnes	Percentage of total
1	Democratic Republic of Congo	220,000	76.6%
2	Indonesia	28,000	9.8%
3	Russia	8,700	3.0%
4	Philippines	3,800	1.3%
5	Australia	3,600	1.3%
6	Cuba	3,500	1.2%
7	Canada	3,350	1.2%
8	Papua New Guinea	2,800	1.0%
9	Turkey	2,700	0.9%
10	Madagascar	2,600	0.9%
–	Other countries	8,000	2.8%
Total		287,050	100.0%

World reserves

In 2024, global cobalt reserves were estimated at nearly 11.4 million tonnes, with the Democratic Republic of Congo holding the largest share of the total (52.8%). Canada ranks seventh globally, with reserves of 220,000 tonnes.

Most terrestrial resources are found in sediment-hosted stratiform copper deposits in the Democratic Republic of Congo. Significant quantities of cobalt are also present as secondary or tertiary minerals in nickel-bearing laterites in Australia, Indonesia, the Philippines, and Cuba. As well, magmatic nickel-copper sulphide deposits are in Canada, Australia, the United States, and Russia.

Cobalt resources have also been identified in polymetallic nodules on the sea floor.

World reserves of cobalt, by country, 2024

Ranking	Country	Tonnes	Percentage of total
1	Democratic Republic of Congo	6,000,000	52.8%
2	Australia	1,700,000	15.0%
3	Indonesia	640,000	5.6%
4	Cuba	500,000	4.4%
5	Philippines	260,000	2.3%
6	Russia	250,000	2.2%
7	Canada	220,000	1.9%
8	Madagascar	100,000	0.9%
9	Türkiye	91,000	0.8%
10	United States	70,000	0.6%
–	Other countries	829,000	7.3%
Total		11,370,000	100.0%

Trade

Exports

• In 2024, Canadian exports of cobalt and cobalt-containing products totaled $344 million, down nearly 40% from $563 million in 2023, primarily because of lower prices. By volume, exports declined by only 4%. Unwrought cobalt accounted for 96% of the value and 94% of the quantity of cobalt exported from Canada in 2024.
• The principal export destinations by quantity were Norway (25%), China (17%), the Netherlands (16%), and the United States (15%). By value, the top markets were the United States (19%), Norway (17%), the Netherlands (16%), China (16%), and Belgium (13%).

Imports

• In 2024, Canadian imports of cobalt and cobalt-containing products totalled $50.1 million, down 17.6% from $60.7 million in 2023. These products include intermediate cobalt metallurgy products and waste and scrap.
• By volume, most imports came from the United States (51%), followed by France (10%), Japan (8%), and Türkiye (6%). By value, the United States accounted for the largest share (58%), followed by Germany (10%) and the United Kingdom (4%).

Prices

Cobalt prices have been highly volatile over the past decade. From 2015 to 2016, prices remained relatively stable, averaging between US$26,000 and US$31,000 per tonne. Demand surged in 2017, driving prices up to an annual average of US$56,000 per tonne. The demand continued into 2018, with prices peaking at US$95,000 per tonne in March and averaging US$73,000 for the year. This sharp increase was affected by growing demand for cobalt in lithium-ion batteries, by global policy initiatives aimed at achieving net-zero emissions targets, and by concerns about supply availability.

By 2019, prices fell to an average of US$33,000 per tonne because of a surge in production from the Democratic Republic of Congo (DRC) and stockpiling of cobalt chemicals in China. The COVID-19 pandemic further weakened demand in 2020, pushing the average price down to US$31,000 per tonne.

Prices began to recover toward the end of 2020, supported by rising demand from the electric vehicle sector, climbing to about US$51,000 per tonne in 2021 and US$64,000 in 2022. However, in 2023, prices fell sharply to an average of US$35,000 per tonne amid concerns about overproduction and slowing downstream demand. Prices continued to decline in 2024, reaching US$26,460 per tonne, despite the DRC’s imposition of an export ban aimed at stabilizing the market.

Even with these sharp corrections, cobalt remains the most expensive of the battery metals. This sustained high cost has spurred countries and companies to invest in research and development of cobalt-free lithium-ion battery alternatives.

Recycling

In recent years, Canada has advanced its cobalt recycling capabilities. Several new facilities have begun processing shredded end-of-life batteries, known as “black mass,” to recover cobalt, nickel, and other critical minerals. These operations use hydrometallurgical processes and are expected to expand in the coming years, increasing the supply of recycled cobalt for battery production.