![]() The Mutoshi copper-cobalt mine is expected to begin operating in Q4 2023, and will be the world's third largest cobalt mine. Congo accounts for approximately 70 of global cobalt production, followed by Russia. ![]() Equities CIE US19075F1066 Add to a list PDF Report 2018 COBALT INTERNATIONAL ENERGY, INC. 9:02pm 05/07 (AEST) Cobalt (Co) is used in lithium-ion batteries and high-strength alloys Overview News NEW Cobalt is a hard, silvery metal used to make strong, corrosion and heat-resistant alloys and permanent magnents.Glencore (LSE: GLEN,OTC Pink:GLCNF) has interests in two mines in the African country, Katanga and Mutanda - key producers of cobalt.Īdditionally, in November 2022, Trafigura closed a US$600 million financing that it said "would enable it to complete Congo miner Chemaf's new mechanised mine at Mutoshi, processing plant in Kolwezi, and the expansion of its Etoile mine and processing plant in Lubumbashi." The deal was contingent on enhanced ESG compliance and responsible sourcing awareness and implementation. : CIE Stock Price US19075F1066 MarketScreener COBALT INTERNATIONAL ENERGY, INC. The DRC is likely to remain crucial to the cobalt market for the foreseeable future. The global cobalt market size was valued at USD 8712 million in 2021 and is projected to reach USD 19,470 million by 2030 at a CAGR of 9.3 from 2022 to 2030. In 2020, the country set up a new state company to buy and market all artisanal cobalt mined in the DRC with the aim of controlling the entire supply chain and boosting government revenue by having more influence on cobalt prices. Gecamines, a state-controlled cobalt-mining company in the DRC, produced an estimated 13,860 MT of cobalt in 2021. In response, the London Metal Exchange has taken steps to ensure all producers associated with the exchange follow responsible sourcing guidelines.įor its part, the DRC passed a revised mining law in 2018 that increased taxes on metals like cobalt and copper. ![]() However, cobalt mining in the country has been linked to human rights abuses, including child labor. The country has been the top producer of the metal for some time, and reported output of 130,000 MT in 2022.Īs cobalt demand rises, increasing attention is being directed at the DRC. The Democratic Republic of Congo (DRC) is by far the world’s largest producer of cobalt, accounting for roughly 70 percent of global production. 9 min read In this article, we reviewed the 10 best cobalt stocks to buy for 2021 and why most market research firms were bullish on cobalt stocks. ![]()
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