Cobalt
BOTTLENECKChinese firms control nearly all DRC cobalt hydroxide refining, making qualified alternative sources economically and geographically constrained.
Cobalt is mined mainly as a copper byproduct in the Democratic Republic of Congo and refined to sulphate or metal for NMC/NCA cathodes. Chinese firms control nearly all DRC hydroxide refining, capturing most margin between African mine and battery-grade chemical. Oversupply in 2023-2025 temporarily depressed prices without altering structural concentration.
Mining and refining of cobalt as a co-product of copper-cobalt ores, primarily in the DRC, through to cobalt sulphate or refined metal for NMC/NCA battery cathodes and superalloys.
What the evidence shows
CMOC, the largest cobalt miner, produced 114kt from its two DRC sites, increasing its global market share to 31% in 2024.
cobaltinstitute.orgThe DRC produced 230,000 metric tons of cobalt in 2025, accounting for roughly 84% of all global production.
investingnews.comIt often takes over a decade to bring a newly discovered cobalt resource to commercial production.
cmegroup.comWho controls it
Where it sits in the stack
Takes in: Copper-cobalt ore; cobalt hydroxide intermediate
Sends on: Cobalt sulphate (battery-grade), cobalt metal (superalloys, hard metals)
Full scorecard, owner shares, supply edges and the full tracked roster are in the desk letter.
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