How much cobalt production is owned by Chinese companies?
China is extending its control of global cobalt production.
By 2030, the top 10 cobalt producing countries will account for 96% of the total cobalt mined supply, with just two countries, the Democratic Republic of Congo (DRC) and Indonesia, contributing to 84% of total production, Benchmark data shows.
Although Chinese firms have a stake in only 3 out of the top 10 cobalt producing nations, they will own over half of the cobalt production in the DRC and Indonesia, as well as 85% of the output from Papua New Guinea. This will give Chinese companies command of 46% of global cobalt mined supply by 2030, up 3% from 2023.
Chinese firms are deeply embedded in the DRC’s mining sector, which will account for 74% of the world’s cobalt output in 2024, having secured several of the country’s key assets in the last decade. Western countries have ceded many of these interests to China, evidenced by the sale of two of the world’s largest cobalt assets, the Tenke Fungurume mine and Kisanfu project, by US-based Freeport-McMoran to CMOC in 2016 and 2020, respectively.
Cobalt fundamentals have largely fallen to the wayside as China has pursued copper interests in Africa. This trend has helped to push the cobalt market into structural oversupply, driving down prices to historical lows in the process.
Benchmark’s comprehensive cobalt market intelligence includes:Cobalt Price Assessmentpublishing weekly cobalt prices to the industry’s most rigorous IOSCO standard.Cobalt Forecastproviding a detailed outlook of cobalt supply, demand, prices and costs out to 2040.Benchmark’s Cobalt ESG Reportenabling subscribers to assess the ESG performance and approach of cobalt producers globally.To learn more about Benchmark’s cobalt prices, data and market intelligence, please provide your detailshere.
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