Cobalt Value Chain

The global cobalt value chain is complex and involves a diverse range of actors, from mining to processing and recycling.

Cobalt is primarily extracted as a by-product of industrial copper and nickel mining operations, with the Democratic Republic of the Congo (DRC) and Indonesia being the largest sources of production.

After extraction, cobalt is refined and converted into various forms used in batteries, alloys, and other technologies. As demand for cobalt continues to grow, driven by the shift to electric vehicles and renewable energy, the global supply chain is rapidly evolving, with new mining projects and processing facilities emerging around the world.

One of the key advantages of cobalt is its infinite recyclability, allowing it to be recovered and reused in new products, which is vital for ensuring long-term supply sustainability. As the industry adapts to increasing demand, the development of more efficient recycling methods and the diversification of supply sources will be crucial in securing cobalt’s role in future technologies.

Mining Intermediate Refined Product Demand end use Copper Nickel Cobalt Cobalt hydroxide Cobalt concentrate Other MHP MSP Chemical Metal Sulphate Other salts Briquettes Cut cathode Coarse powder Fine powder Rounds Rounds Secondary Platinum EV Portables Ceramics/colours Super Alloys Hard metals SRB Catalysts Hard facing Other Please rotate your device into landscape orientation

Data: Benchmark Mineral Intelligence – Cobalt Forecast.