The United States Geological Survey (USGS) announced that global cobalt production reached a record 170,000 tons in 2021, a figure that represents an increase of 20% compared to the 142,000 tons produced in 2020.
According to the report compiled by World Energy Trade, the Democratic Republic of the Congo (DRC) it continued to be the world’s leading source of mined cobalt, supplying more than 70% of the world’s cobalt mining production. The DRC was followed Russia (7,600 tons) and Australia (5,600 tons).
“The increase in feedstock feed was primarily due to increased production at existing operations, although new production and the restart of suspended operations also contributed to supply,” the report reads.
China was the first world producer of refined cobalt and also the first consumer, with more than 80% in the rechargeable battery industry.
The price of cobalt is up 119% in 2021 and could surge to new highs through 2022 and beyond, according to the CEO of diversified mining company Eurasian Resources Group (ERG), Benedikt Sobotka.
“Although it seems obvious to us today that much of the shortage is underscored by the stellar growth in demand from the electric vehicle segment, just a year ago most of us would have laughed in disbelief at the prospect that sales of electric vehicles will double by 2021,” Sobotka said.
“However, now it is a reality. The pace of EV adoption shows few signs of losing momentum, being supported by the global transition to a greener future,” she added.
Source: Larepublica
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