Global Cobalt Reserves and Supply Landscape
Cobalt is a critical material for electric vehicle (EV) lithium-ion batteries and energy storage systems, playing a key role in the global clean energy transition. With increasing market demand, understanding which countries hold economically viable cobalt reserves is essential for assessing future supply.
According to the US Geological Survey (USGS), global cobalt reserves currently stand at approximately 11 million metric tons. While short-term supply surpluses have pushed prices lower, long-term demand growth from EVs and energy storage keeps market prospects positive. The Democratic Republic of the Congo (DRC) dominates global cobalt production, accounting for nearly two-thirds of supply, while China refines around 70% of the world’s cobalt. Western economies are increasingly working to diversify supply chains and strengthen refining capabilities.
Top Three Cobalt-Reserve Holders:
Democratic Republic of the Congo (DRC)
The DRC leads with 6 million metric tons of cobalt reserves, producing roughly 70% of global cobalt output. Despite its dominant role, the country faces challenges related to child labor, environmental concerns, and governance issues. Many of its mines operate as joint ventures with foreign firms, with much of the extracted cobalt processed in China.
Australia
Australia holds 1.7 million metric tons of cobalt reserves, about 15.5% of the global total. Although it contributes only about 2% of global production, its stable regulatory framework and transparent supply chains position it as a reliable future supplier. Projects such as the Kalgoorlie nickel-cobalt operation and Kwinana refinery aim to enhance Australia’s battery-grade cobalt output.
Indonesia
Indonesia’s cobalt reserves total 640,000 metric tons. The country has rapidly expanded its cobalt production, with forecasts suggesting it could supply up to 16% of the global market by 2030. Since banning nickel ore exports in 2019, Indonesia has attracted significant investment in high-pressure acid leach (HPAL) smelting, driving cobalt production growth.
Other Notable Cobalt Reserves:
Cuba (500,000 MT), Philippines (260,000 MT), Russia (250,000 MT), Canada (220,000 MT), Madagascar (100,000 MT), Turkey (91,000 MT), United States (70,000 MT), and Papua New Guinea (62,000 MT).
Cuba operates a significant nickel-cobalt mining operation in partnership with Canada, while the Philippines is refining its mining regulations to boost production. As global policies on battery recycling and mineral sourcing evolve, the cobalt supply structure is expected to shift in the coming years.
