Cobalt production has experienced a significant surge in recent years, driven by a growing demand for this essential mineral. In 2025, global cobalt production reached 330 kilotonnes, marking an impressive 8.0% growth primarily fueled by robust output from Indonesia and the Democratic Republic of Congo (DRC). The DRC remains the dominant player in the global cobalt market, accounting for approximately 72% of the global output in 2025, followed by Indonesia at 14.9%.
Looking ahead to 2026, global cobalt output is projected to continue its upward trajectory, with an anticipated growth of 6.9% to reach 352.8 kilotonnes. This growth will be supported by increased supply from the two major players, the DRC and Indonesia.
The DRC’s position as a key player in global cobalt supply is reinforced by its abundant cobalt resources and longstanding partnerships with Chinese mining companies. The country’s cobalt mine output is expected to rise by 4.4% in 2026 to reach 247.7 kilotonnes. This growth will be driven by higher-grade feed from Glencore’s Mutanda and the ramp-up of the Musonoi underground project, which commenced production in September 2025. The Musonoi project, a joint venture between Jinchuan Group and Gecamines, is set to significantly contribute to the country’s medium-term cobalt supply.
Indonesia, on the other hand, has emerged as a notable player in the global cobalt market, thanks to investments in high-pressure acid leach (HPAL) facilities. The country is projected to produce 59.8 kilotonnes of cobalt in 2026, a 21.2% increase from the previous year. This growth is driven by the commencement of new projects like Pomalaa and Morowali in 2026, as well as the ongoing expansion of Zhejiang Huayou’s Huafei Cobalt-Nickel Project and Ningbo Lygend Mining’s PT Halmahera Persada Lygend Project.
Australia and Canada are also expected to contribute significantly to global cobalt production, with their share projected to increase from 2.6% in 2024 to 8.1% by 2035. Both countries have robust mining industries and vast mineral resources that position them well to capitalize on the growing demand for cobalt. Government policies supporting critical minerals further bolster their cobalt industries.
Canada, for instance, has allocated substantial funding for creating a domestic EV battery supply chain, including specific initiatives for cobalt. The country also offers a 30% tax credit on cobalt production as part of its critical minerals strategy. Meanwhile, Australia is actively attracting investments in the critical minerals industry through various incentives and funding programs.
In contrast, Russia, currently the third-largest cobalt producer, is expected to face challenges in maintaining its global prominence due to escalating geopolitical tensions. Cobalt production in Russia is projected to stagnate at current levels until the end of the decade, primarily due to a lack of new projects coming online.
Overall, global cobalt production is forecasted to grow at a compound annual growth rate (CAGR) of 2.6% to reach 425.2 kilotonnes by 2035. The future of cobalt production is anchored by the DRC and Indonesia, with other countries like Australia and Canada poised to play significant roles in meeting the increasing demand for this vital mineral.
