Cobalt Institute Forecasts Increased Demand for Metal  

(3 Minutes Read)

The country holding the largest known reserve of the element is the Democratic Republic of Congo. It accounts for nearly three-quarters of global cobalt mine production, but since February, the DRC has enacted a 4-month export suspension of the metal.

Significant global growth in electric vehicle sales is driving an increase in demand for the metal cobalt. It is an essential component in the rechargeable batteries needed for these cars. But lithium-ion batteries used in cell phones and laptops also consume a sizable quantity of global stock.

The Cobalt Institute, which brings together manufacturers in the sector, says demand this year could increase by more than 10%. Global demand could reach as much as 227,000 tonnes, 11% more than last year. In comparison, 2024 saw an increase of 4% on the previous year.

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The country holding the largest known reserve of the element is the Democratic Republic of Congo. It accounts for nearly three-quarters of global cobalt mine production, but since February, the DRC has enacted a 4-month export suspension of the metal. This was to address the global oversupply, which had caused a significant drop in prices. Kinshasa hoped its decision would stabilise the market and protect the interests of Congolese producers and investors.