Global Cobalt Production

January 8, 2024

Global cobalt production has more than doubled from 90,000 tonnes in 2010 to 190,000 tonnes in 2022. The largest increase in production from 2016 to 2022, coincided with increased demand for EV batteries, up 70% over 6 short years.

Cobalt Price

January 8, 2024

Cobalt prices trended downward between 2010 and 2016 from a monthly high of USD $43,000 per tonne to a low of just over $20,000. On an annual average basis, prices dropped from $40,000 to $26,000. This decline was driven by increased supply coupled with market concerns.

Cobalt For BEV Batteries

January 8, 2024

Cobalt utilized in batteries has grown from virtually nil in 2010 to over 80,000 tonnes in 2022. Incorrys is forecasting accelerating growth with global demand reaching over 350,000 tonnes by 2030.

Global Cobalt Reserves

January 8, 2024

Total global resources of Cobalt are estimated to by about 25 million tonnes. Of this total resource, there is just over 8 million tonnes of proven reserves.