Top 10: World's Biggest Cobalt Mining Companies
Cobalt is a metallic element essential for lithium-ion batteries, which power electric vehicles and portable electronics. It occurs naturally in the Earth's crust, typically alongside copper and nickel deposits.
Mining companies extract cobalt through both underground and open-pit methods, often as a by-product of copper and nickel mining. The ore undergoes crushing, grinding and flotation processes to separate cobalt from other minerals.
The global transition to clean energy has intensified demand for cobalt, as it extends battery life and improves thermal stability. Electric vehicle manufacturers require cobalt for cathodes in lithium-ion batteries, though efforts to reduce cobalt content are ongoing due to supply chain concerns.
The Democratic Republic of Congo (DRC) holds 70% of global cobalt reserves, making the region crucial for mining companies seeking to secure supply for the growing battery market.
The following are among the world’s biggest miners of cobalt.
10 Sherritt International
Country: Canada
CEO: Leon Binedell
Market Cap: US$0.4bn
Sherritt International produces cobalt through its Moa Joint Venture in Cuba, generating 3,400 tonnes annually. The company has developed proprietary hydrometallurgical processes for cobalt extraction. Sherritt International maintains a refinery in Fort Saskatchewan, Canada, to process Cuban cobalt ore. The company explores expansion opportunities at its Cuban operations to increase cobalt production capacity by 15-20% over three years.
09 Umicore
Country: Belgium
CEO: Mathias Miedreich
Market Cap: US$9.8bn
Umicore processes cobalt from various sources to produce battery materials. The company operates cobalt refineries in Belgium, China and Finland, processing 7,000 tonnes annually. The company has struck joint ventures with automotive manufacturers to develop cobalt-containing battery technologies, and also invests in recycling facilities to recover cobalt from end-of-life batteries, targeting 40% recycled content in its products by 2030.
08 Wheaton Precious Metals
Country: Canada
CEO: Randy Smallwood
Market Cap: US$21.5bn
Wheaton Precious Metals secures cobalt through streaming agreements with mining companies, including Vale S.A.'s Voisey's Bay mine in Canada, which provides 2,000 tonnes of cobalt annually. The company invested US$390mn in 2018 to acquire cobalt streams from Vale's operations. Wheaton Precious Metals evaluates additional cobalt streaming opportunities to diversify its portfolio. The company maintains financial flexibility to pursue future cobalt agreements as opportunities arise.
07 Freeport-McMoRan
Country: United States
CEO: Richard Adkerson
Market Cap: US$22.9bn
Freeport-McMoRan's cobalt operations include a former refinery in Finland and a copper-cobalt mine in the Democratic Republic of the Congo. It operates both open-pit and underground cobalt operations mines. The company focuses on copper extraction, with operations in North America, South America and Indonesia, and has developed processing facilities to maximise mineral recovery. It also runs reclamation programmes at its cobalt mining sites, and uses advanced exploration techniques to identify new cobalt deposits.
06 CMOC Group
Country: China
CEO: Sun Ruiwen
Market Cap: US$24.1bn
CMOC Group operates the Tenke Fungurume copper-cobalt mine in the DRC, producing 18,600 tonnes of cobalt annually. The company completed a US$2.65bn acquisition of Freeport-McMoRan's stake in Tenke Fungurume in 2016. The company invests in cobalt processing facilities to produce battery-grade materials, because China is the world’s largest producer of EVs. The company plans to increase cobalt production to 30,000 tonnes per year through expansion projects at existing operations.
05 Anglo American
Country: United Kingdom
CEO: Duncan Wanblad
Market Cap: US$70.8bn
Anglo American produces cobalt through its platinum group metals operations in South Africa, yielding 2,300 tonnes annually. The company acquired additional cobalt resources through its US$5.1bn purchase of Sirius Minerals in 2020. Anglo American develops cobalt recovery technologies at its South African operations to increase output. The company targets a 20% increase in cobalt production by 2025 through operational improvements and expansion projects.
04 Vale S.A.
Country: Brazil
CEO: Eduardo Bartolomeo
Market Cap: US$71.3bn
Vale S.A. maintains operations in 30 countries. The company extracts iron ore, nickel, copper and coal. Vale S.A. developed hydrometallurgical processes to enhance mineral recovery. It invests in research to improve extraction techniques, and operates its own railway systems to transport minerals. The company implements water management strategies at its cobalt mining sites to minimise environmental impact.
03 Rio Tinto
Country: United Kingdom
CEO: Jakob Stausholm
Market Cap: US$96.2bn
Rio Tinto extracts cobalt from its Kennecott copper mine in Utah, US, producing 2,500 tonnes annually. The company invested US$1.5bn in 2020 to extend the life of Kennecott operations until 2032. Rio Tinto plans to commence cobalt production at the Jadar lithium-borates project in Serbia by 2026. The company established partnerships with battery manufacturers to secure long-term supply agreements for cobalt production.
02 BHP Group
Country: Australia
CEO: Mike Henry
Market Cap: US$97.5bn
BHP Group operates mines across five continents, focusing on copper, iron ore, coal and nickel. It has interests in Western Australia through the Nickel West operation, which produces nickel, copper and cobalt. BHP Group operates the Olympic Dam mine in South Australia, one of the largest copper deposits globally. The company developed port facilities and rail networks to support its mining operations. BHP Group implemented autonomous haulage systems at multiple sites to increase operational efficiency.
01 Glencore
Country: Switzerland
CEO: Gary Nagle
Market Cap: US$98.7bn
Glencore operates cobalt mines in the DRC through its subsidiary Katanga Mining. The company produces 26,800 tonnes of cobalt annually, representing 20% of global supply. In 2017, Glencore increased its cobalt production capacity through a US$960mn deal to acquire additional stakes in DRC mines from Fleurette Group. The company plans to expand cobalt output by 30% over five years through investments in existing operations and new projects in the DRC.
