Cobalt Stocks: 5 Biggest Producers

Total production: 25,320 MT

Glencore is the world’s largest cobalt-producing mining company by a long shot, achieving estimated total production of 25,320 metric tons (MT) in 2021. Near-term growth in output is expected from the company’s operations in the DRC; this includes increased cobalt production at the Mutanda mine restart and at Katanga.

Glencore recently partnered with Electra Battery Materials (TSXV:ELBM,OTCQX:ELBMF), Talon Metals (TSX:TLO,OTC Pink:TLOFF) and the Ontario government to study the potential for a nickel sulfate battery materials park adjacent to Electra's cobalt refinery and recycling plant. “The realization of this vision would result in the creation of North America's first integrated, localized and environmentally sustainable battery materials park for the EV market,” states a press release.

Total production: 14,800 MT

Partially owned by the Chinese government, China Molybdenum produced an estimated 14,800 MT of cobalt in 2021. In the DRC, the cobalt-mining company owns 80 percent of the Tenke Fungurume mine, which has one of the world’s largest concentrations of cobalt. Reportedly, most of Tenke Fungurume’s output is consumed by China.

China Molybdenum has committed to spending US$2.5 billion to nearly double production of copper and cobalt from the Tenke Fungurume mine. The project was slated for completion and increased production in 2023.

However, a Congolese court recently removed the company as the major operator of the mine in favor of the government. “The ruling, which removes Chinese leadership of the mine for at least six months, stems from a dispute over billions of dollars in payments the Congolese government says it is owed by the Chinese owner, China Molybdenum,” the New York Times reported.