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. The Democratic Republic of Congo (DRC) accounted for 50% of output through 2015 and has since increased their market share to 70%. In 2022, DRC produced 130,000 tonnes. Other notable producers (and their 2022 production rate(s)) include Russia (9,000), Australia (6,000), Canada (4,000), and the Philippines (4,000) – considerably less than DRC.
* Note that Russian production of cobalt is not under sanction.
Source: US. Geological Survey