Cobalt Reserves: Top 3 Countries

1. Democratic Republic of Congo

Cobalt reserves: 4,000,000 MT

As mentioned, the DRC holds the world’s largest reserves of cobalt. It’s also the world’s top cobalt producer, providing over half of global supply, with an estimated 18 to 30 percent extracted by artisanal miners.

Unfortunately, the DRC is also home to political instability, making it a challenging place to mine. What’s more, mining in the country has been linked to child labor and human rights abuses. In addition to that, in 2018, former President Joseph Kabila implemented a new mining code that increased royalties and taxes on the mineral.

Even so, the DRC is likely to remain key to cobalt production for the foreseeable future. As Caspar Rawles of Benchmark Mineral Intelligence has said, "In terms of the vast volume increases in cobalt that are going to be needed for electrification, you're really dependent on the DRC."

2. Australia

Cobalt reserves: 1,500,000 MT

Australia puts out much less cobalt than the DRC, but its reserves of the metal are still high. It produced 5,900 MT of cobalt in 2022, making it the fourth largest cobalt producer, and its reserves stand at 1,500,000 MT.

With concerns about DRC cobalt running high, some electric car makers are calling for increased EV battery production outside the African country, and Australia is one of the countries both automakers and battery manufacturers are paying attention to. Currently, most cobalt production in Australia is produced as a by-product of copper and nickel mining, two base metals that are also essential raw materials in electric cars.

3. Indonesia

Cobalt reserves: 600,000 MT

Indonesia’s cobalt reserves are the third largest globally. Its production came in at 10,000 MT in 2022, making the country the second largest cobalt producer, and Benchmark Mineral Intelligence has said its output could increase over 30 fold this decade.

Indonesia also represents a large growth market for refined cobalt. China-based Zhejiang Huayou Cobalt has partnered with EV battery maker EVE Energy (SZSE:300014) and others to build a US$2.08 billion nickel and cobalt smelting project in Indonesia.

More cobalt reserves by country

The DRC, Australia and Indonesia have the highest cobalt reserves, but many other countries also hold significant cobalt reserves. Here’s a quick look at where other nations stand:

• Cuba — 500,000 MT
• Philippines — 260,000 MT
• Russia — 250,000 MT
• Canada — 220,000 MT
• China — 140,000 MT
• Madagascar — 100,000 MT
• United States — 69,000 MT
• Papua New Guinea — 47,000 MT
• Turkey — 36,000 MT
• Morocco — 13,000 MT

According to the US Geological Survey, the total world reserves figure for cobalt sits at 8,300,000 MT.