2023-08-06 19:24:21
The cobalt has become an essential part of the modern world, playing a crucial role in energy transition and technological innovation. Essential in the manufacture of rechargeable lithium-ion batteries, it is at the heart of the revolution of electric vehicles (EV) that promises to reduce our dependence on fossil fuels. In addition to these vehicles, these batteries power a multitude of devices, ranging from smartphones to laptops, supporting our connected lifestyle. Cobalt also contributes to the manufacture of heat-resistant superalloys for gas turbines and aircraft engines. Without this metal, many advancements and conveniences of our contemporary times would not be possible.
Its relevance in today’s technological era highlights the importance of ensuring a responsible and sustainable supply chain for this precious mineral. According Cobalt institutefor years, the Democratic Republic of Congo (DRC) has dominated this market, having supplied 73% of world production in 2022. However, this hegemony is in danger of fading. The Cobalt Institute has indeed predicted a drop in DRC dominance to 57% by 2030. This decrease is explained by the rise of Indonesia in the field of cobalt production.
Indonesia, which has overtaken established producing countries such as Australia and the Philippines, now accounts for nearly 5% of global production. Its production skyrocketed in 2022, from 2,700 tonnes in 2021 to almost 9,500 tonnes. The EV industry is the largest consumer of cobalt, accounting for nearly 40% of total demand. With the exponential expansion of the EV sector, the global demand for cobalt is predicted to double by 2030. However, this increase in demand coincides with various challenges. The fall in cobalt prices, which have fallen by almost 30% this yearhad a strong impact on the DRC.
Additionally, the future of cobalt may be uncertain due to efforts to reduce its use in batteries, in part due to human rights concerns associated with artisanal cobalt mining in the DRC. Despite these challenges and ongoing efforts to substitute cobalt in battery applications, cobalt is expected to remain a crucial raw material for the entire battery supply chain for the foreseeable future.
List of major cobalt producers in 2022
???????? DRC: 144,936 tons (73.3%) ???????? Indonesia: 9,454 tons (4.8%) ???????? Australia: 7,000 tons (3.5%) ???????? Philippines: 5,400 tons (2.7%) %) ???????? Cuba: 5,331 tons (2.7%) ???????? Russia: 3,500 tons (1.8%) ???????? Madagascar: 3,500 tons (1.8%) ???????? Canada: 3,100 tons (1 .6%) ???????? Papua New Guinea: 3,060 tons (1.5%) ???????? Turkey: 2,300 tons (1.2%)
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