U.S. Department of the Interior

U.S. Geological Survey

Scientific Investigations Report 2011–5084

Cobalt Mineral Exploration and Supply

From 1995 Through 2013
THIS PAGE INTENTIONALLY LEFT BLANK
Cobalt Mineral Exploration and Supply 

From 1995 Through 2013

By David R. Wilburn

Scientific Investigations Report 2011–5084

U.S. Department of the Interior

U.S. Geological Survey
U.S. Department of the Interior

KEN SALAZAR, Secretary

U.S. Geological Survey

Marcia K. McNutt, Director

U.S. Geological Survey, Reston, Virginia: 2012

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Suggested citation:

Wilburn, D.R., 2012, Cobalt mineral exploration and supply from 1995 through 2013: U.S. Geological Survey Scientific 

Investigations Report 2011–5084, 16 p.
iii

Contents

Abstract...........................................................................................................................................................2

Introduction.....................................................................................................................................................2

Selected Site Assessments..........................................................................................................................4

Africa.......................................................................................................................................................4

North America.....................................................................................................................................13

Australia and the Pacific ...................................................................................................................13

Other Areas..........................................................................................................................................14

Factors Affecting Cobalt Supply................................................................................................................15

Summary and Conclusions.........................................................................................................................18

References Cited..........................................................................................................................................19

Figures

1. Principal sources of recoverable cobalt from 1995 through 2008........................................3

2. Estimated cobalt mine and refinery production and associated refinery capacity

of copper-cobalt operations in Congo (Kinshasa) from 1995 through 2007 ......................10

3. Percentage of total cobalt supply from selected new or expanding mines

from 1995 through 2008 ..............................................................................................................15

4. Anticipated new cobalt capacity from 2009 through 2013 from selected

sites attributed to principal commodity ..................................................................................16

5. Anticipated new cobalt capacity from 2009 through 2013 from selected

sites by region .............................................................................................................................17

Tables

1. Sites that were included in the statistical analysis ................................................................4

2. Sites that were excluded from the statistical analysis ..........................................................6

3. Chinese participation in sites that were included in the statistical analysis .....................9

Conversion Factors

Multiply By To obtain

Mass

pound, avoirdupois (lb) 0.4536 kilogram (kg)

Acronyms

Congo (Kinshasa) Democratic Republic of the Congo

Gécamines La Générale des Carrières et des Mines

KOV Kamoto-Oliveira-Virgule

USGS U.S. Geological Survey
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Cobalt Mineral Exploration and Supply

From 1995 Through 2013

By David R. Wilburn

Abstract

The global mining industry has invested a large amount 

of capital in mineral exploration and development over the 

past 15 years in an effort to ensure that sufficient resources 

are available to meet future increases in demand for minerals. 

Exploration data have been used to identify specific sites 

where this investment has led to a significant contribution in 

global mineral supply of cobalt or where a significant increase 

in cobalt production capacity is anticipated in the next 5 years. 

This report provides an overview of the cobalt industry, factors 

affecting mineral supply, and circumstances surrounding the 

development, or lack thereof, of key mineral properties with 

the potential to affect mineral supply. Of the 48 sites with an 

effective production capacity of at least 1,000 metric tons 

per year of cobalt considered for this study, 3 producing sites 

underwent significant expansion during the study period, 10 

exploration sites commenced production from 1995 through 

2008, and 16 sites were expected to begin production by 2013 

if planned development schedules are met.

Cobalt supply is influenced by economic, environmental, 

political, and technological factors affecting exploration for and 

production of copper, nickel, and other metals as well as factors 

affecting the cobalt industry. Cobalt-rich nickel laterite deposits 

were discovered and developed in Australia and the South 

Pacific and improvements in laterite processing technology 

took place during the 1990s and early in the first decade of the 

21st century when mining of copper-cobalt deposits in Congo 

(Kinshasa) was restricted because of regional conflict and lack 

of investment in that country’s mining sector. There was also 

increased exploration for and greater importance placed on 

cobalt as a byproduct of nickel mining in Australia and Canada. 

The emergence of China as a major refined cobalt producer 

and consumer since 2007 has changed the pattern of demand 

for cobalt, particularly from Africa and Australasia. Chinese 

companies are increasingly becoming involved in copper and 

cobalt exploration and mining in Congo (Kinshasa) and Zambia 

as well as nickel, copper, and other mining in Australia and the 

South Pacific. Between 2009 and 2013, mines with a cumulative 

capacity of more than 100,000 metric tons per year of cobalt 

were proposed to come into production if all sites came into 

production as scheduled. This additional capacity corresponds 

to 175 percent of the 2008 global refinery production level. 

About 45 percent of this cobalt would be from primary nickel 

deposits, about 32 percent from primary copper deposits, and 

about 21 percent from primary cobalt deposits. By 2013, about 

40 percent of new capacity was expected to come from the 

African Copperbelt; 38 percent, from Australia and the South 

Pacific countries of Philippines, Indonesia, New Caledonia, and 

Papua New Guinea; 11 percent, from other African countries; 5 

percent, from North America; and 6 percent, from other areas.

Introduction

An adequate and dependable supply of minerals 

and materials is essential to meet the goals and economic 

requirements of the United States. The U.S. Geological 

Survey (USGS) actively monitors global nonfuel mineral 

exploration and development activities to better anticipate 

the location and quantity of future supplies of minerals. Data 

collected from this activity have been used to identify the 

specific circumstances where recent exploration has supported 

the development of new or expanded capacity for selected 

mineral commodities or where a significant increase in mineral 

production capacity is anticipated by 2013.

This report focuses on the development of expanded, 

new, or rehabilitated mineral production capacity derived 

from selected sites where significant exploration activity has 

occurred since 1995. Discussions include factors affecting 

changes in mineral supply patterns and circumstances 

surrounding the development, or lack thereof, of mineral 

properties with the potential to significantly affect mineral 

supply. Cobalt was selected for this assessment because of its 

strategic importance to the Nation, the import dependence of 

the United States for cobalt, and the changing supply patterns 

relative to the commodity’s dependence on the production of 

other mineral commodities, such as copper and nickel. Sites 

with a likely production capacity of at least 1,000 metric tons 

per year (t/yr) of cobalt were evaluated in this assessment 

or where cobalt was a significant byproduct of a mine with 

a capacity greater than 40,000 t/yr of copper or 15,000 t/yr 

of nickel. Production capacity estimates and development 

schedules were based on recent estimates provided by 

company, industry, and government sources.

Cobalt is a strategic metal used in many diverse 

commercial, industrial, and military applications. Except for 

a small amount of byproduct cobalt produced as intermediate 

products from mining operations, the U.S. mineral industry did 

not mine or refine cobalt from domestic sources in 2008, when 

about 81 percent of U.S. cobalt supply came from imports and 

U.S. stock releases of primary cobalt and about 19 percent was 

recovered from domestic and imported scrap (Shedd, 2010a). 
2 Cobalt Mineral Exploration and Supply From 1995 Through 2013

Consequently, the United States is predominately import 

dependent for cobalt. Although cobalt is widespread in the 

Earth’s crust, it is normally found in concentrations insufficient 

to justify large-scale economic recovery by itself. Exceptions 

include the mining of heterogenite deposits in Congo (Kinshasa) 

and cobalt and arsenic deposits in Morocco. At prevailing prices 

in early 2009, the cost of production from most U.S. deposits—

as a byproduct or as the sole product of a mining operation—

was higher than the market price for cobalt (MetalMiner, 2009).

Cobalt is traditionally produced as a byproduct of another 

metal, such as copper, nickel, or precious metals. The largest 

cobalt reserves occur in the Copperbelt of Congo (Kinshasa) 

and Zambia, as well as in Australia and Cuba (Shedd, 2010b). 

Because cobalt most often is found in association with copper 

and nickel, geologic provinces containing anomalously high 

cobalt values generally are well explored. The amount and 

principal locations from which cobalt was mined and (or) 

recovered as a byproduct of metal mining from 1995 through 

2008 are shown in figure 1. In 2008, about 50 percent of 

refined cobalt production was derived from deposits where 

nickel was the primary commodity; 35 percent, where copper 

was the primary commodity; and 15 percent, where cobalt 

was the principal product recovered from mining operations, 

metal scrap, and slag (Cobalt Development Institute, 2008). 

Production of recoverable cobalt has almost tripled from 1995 

through 2008 (fig. 1) because of increased demand for cobalt 

in rechargeable batteries and superalloys associated with 

aerospace and gas turbine applications. Much of the increased 

production that occurred in Congo (Kinshasa) during this 

time was largely a result of the cessation of regional conflict, 

leading to an increase in nontraditional artisanal mining 

of heterogenite ore after 1999. From 1995 through 2008, 

cobalt production from Congo (Kinshasa) has increased from 

7 percent to 41 percent of world cobalt production, with 

corresponding decreases during this period from Zambia (24 

percent down to 9 percent), Canada (22 percent down to 11 

percent), and Russia (14 percent down to 8 percent). Although 

China has increased refined cobalt production capacity during 

this period from about 1 percent to about 31 percent of world 

capacity, its share of mined cobalt production has remained 

less than 9 percent (Shedd, 1999–2010). Consequently, China 

relies on imported sources of cobalt in various forms of 

concentrate and intermediate products.

Assessment of the effect of exploration on future supply 

is made more difficult by the uncertainty resulting from the 

weakened global economy that began in late 2008 and which 

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Year

Recoverable cobalt production, in metric tons

EXPLANATION

Other

China

Cuba

Australia

Russia

Canada

Zambia

Congo (Kinshasa)

Figure 1. Principal sources of recoverable cobalt from 1995 through 2008. Chart represents recoverable cobalt content of ores, 

concentrates, intermediate products, or refined cobalt produced from cobalt, copper, nickel, platinum, or zinc operations. Source: U.S. 

Geological Survey, Minerals Yearbook series, various authors and various years.
Selected Site Assessments 3

has reduced global demand for many metals, resulted in lower 

production of cobalt and (or) associated metals, and curtailed 

or reduced development of new capacity. The price of cobalt, 

which reached $54 per pound in March 2008, dropped below 

$13 per pound in December 2008, a level last seen in early 2006 

(Shedd, 2009a,b). Similarly, the price of copper exceeded $4 

per pound in July 2008, but dropped to about $1.30 per pound 

by the end of December 2008, and the price of nickel dropped 

from about $33 per metric ton in March 2008 to less than $10 

per ton in December (MetalPrices.com, 2009). As a result, many 

previously announced mine developments and expansions were 

suspended, scaled back, or delayed until such time as market 

prices could justify further investment or capital expenditure. 

A few projects have maintained their development schedules 

to meet construction or supply obligations. Future shortterm development plans for many operations have not been 

announced or are still to be determined, although metal prices 

have rebounded somewhat since December 2008. For example, 

as of May 2010, the price of cobalt was about $22 per pound, 

the price of copper was about $3.10 per pound, and the price of 

nickel was about $10 per pound. Development schedules used 

in this analysis reflect public information reported as of May 

2010. Development decisions made after this date were not 

considered in this analysis.

Selected Site Assessments

This report focuses on selected sites where mineral 

exploration since 1995 has led to the development of a mine 

with production capacity greater than 1,000 t/yr of contained 

cobalt in ore as primary cobalt or as a byproduct of a deposit 

with capacity exceeding 40,000 t/yr of contained copper or 

15,000 t/yr of contained nickel in ore or recoverable product. 

The cobalt capacity cutoff of 1,000 t/yr represents about 2 

percent of the total average annual recovery of cobalt from 

mining operations from 1995 through 2008. Table 1 lists all 

sites that met the capacity cutoff criteria; an explanation was 

provided for each of the sites that were excluded from the 

statistical analysis (table 2). Of the 48 sites that meet these 

capacity requirements, 5 are sites that were producing prior 

to the study period with no significant expansion derived 

from new exploration, so these were not included in the 

statistical analysis. Because of positive exploration results, 

the production capacity of 3 producing sites was expanded 

from 1995 through 2008, 10 sites initiated production during 

this period, and 16 are planned to begin production by 2013. 

A total of 14 additional sites met the criteria, but initial 

production was pushed beyond 2013; therefore, these sites 

were not considered for the statistical analysis in this report. 

Information related to the various stages of development (year 

of initial discovery, date of feasibility study, commencement 

of construction, and first year of production) are provided in 

table 1, where available.

Africa

Because the world is dependent for much of its cobalt 

from cobalt and copper mining in what is now called the 

Democratic Republic of the Congo [Congo (Kinshasa)], 

changes in the structure of the country’s cobalt and copper 

mining and processing industry since 1995 have had a global 

effect. Much of the existing cobalt capacity in the country 

during the 1980s was controlled by La Générale des Carrières 

et des Mines (Gécamines), the state-owned mining company, 

by means of direct ownership or operating agreements with 

private companies. During the 1980s, about 54 percent of 

world’s cobalt mine output was from copper and cobalt mining 

in the country. By 1995, copper production had declined 

to about 5 percent of the 1985 peak level, and associated 

cobalt production had declined to about 6 percent of the 1985 

production level (U.S. Geological Survey, Minerals Yearbook 

series, various authors and various years), primarily because 

of the lack of reinvestment capital in mining operations and 

shortages of equipment, fuel, and parts (International Monetary 

Fund, 2005, p. 47). Civil unrest between 1996 and 2002 

added to the difficulties associated with exploration, mining, 

and processing in the country, and by 1998, most foreign 

exploration activity and development-oriented feasibility work 

had ceased (Coakley, 2003). With the end of countrywide civil 

unrest, the establishment of a more stable government, and the 

passage of a new mining law promoting mineral development 

by the private sector in 2002, foreign investors gradually began 

reevaluating existing joint-venture agreements and expanded 

mineral exploration activities. However, the decay of the 

industry and civil unrest had destroyed much of the existing 

mining infrastructure. The need for extensive rehabilitation in 

the mining operations resulted in the copper-cobalt concentrate 

being processed outside of Congo (Kinshasa). The effective 

mining capacity in Congo (Kinshasa) from 1996 through 2001 

was estimated to be less than 10 percent of the original design 

capacity (Coakley, 2004).

Estimating the effective mine capacity for cobalt in 

Congo (Kinshasa) is difficult because of the byproduct status 

of cobalt and because the capacities of most mines under 

direct control of Gécamines continue to be reported at 1985 

levels, even though the company’s production is inhibited 

by aging equipment; a lack of investment, fuel, and spare 

parts; and poor infrastructure (Yager, 2008). About 17,500 

metric tons (t) of cobalt was reportedly recovered in 2008, 

whereas the aggregated effective cobalt mine capacity for all 

active mines in Congo (Kinshasa) was reported to be 26,800 

t (Yager, 2010). Therefore, the capacity utilization rate for 

2008 would be about 65.5 percent. But this estimate does not 

include the Gécamines operations that are not under jointventure agreements or the artisanal and small-scale mining of 

cobalt-producing deposits, which played a significant role in 

the country’s cobalt mine production (Yager, 2009). When all 

cobalt-producing mines are taken into account, and assuming 

that Gécamines was operating its mines as close as possible to 

effective capacity during the high copper and cobalt prices of 

2006–08, the estimated effective mine capacity utilization rate 

for all cobalt-producing mines in Congo (Kinshasa), including 

Gécamines, was 22 percent in 2008 (Yager, 2010). Many of 

the new or rehabilitated mines in Congo (Kinshasa), however, 

had not achieved their design capacity in 2008.

Exploration for copper deposits containing cobalt in 

Congo (Kinshasa) has been centered on the reevaluation and 

redevelopment of past mining centers (known as brownfield 

exploration sites), as well as identification and development 
4 Cobalt Mineral Exploration and Supply From 1995 Through 2013 Table 1. Sites that were included in the statistical analysis. [Sites were included if initial production occurred or was planned for 1995 to 2013 and the operation had a reported or expected cobalt capacity greater than 1,000 metric tons per year of recoverable cobalt in ore, concentrate, or as refined cobalt; ~, about; >, greater than; NA, not available; —, no data] Country Site Expected capacity in 2013 (metric tons)1 Anticipated cobalt product form2 Year of discovery Feasibility study Commenced construction First year of production3 Lag time4 (years) Cobalt Copper Nickel Other commodities Australia Gladstone (Marlbor- ough) 6,000

— 63,000 175,000 ammonium sulfate Refined metal 1964 2007 NA 2013 ~49

Murrin Murrin 3,000

— 40,000

— Refined metal pre-1994 1996 1997 1999 >5

Ravensthorpe 1,400

— 50,000

— Contained in hydroxide 1960s 2004 2005 2008 ~43

Cameroon Cameroon East (Nkamouna) 4,400

— 3,100 21,600 manganese Contained in intermediate 1980s 2007 NA 2012 ~27

Canada Voisey’s Bay (Ovoid) 2,500 55,000 83,000

— Contained in concentrate 1993 2003 2003 2005 12

NICO 1,800

—

— 1.7 gold; 1,900 

bismuth

Refined metal 1996 2007 NA 2012 ~16

Raglan 800 10,000 46,000

— Contained in concentrate 1955 1993 1995 1997 42

Congo (Kinshasa) Big Hill slag 5,000

—

—

— Contained in alloy NA NA 1997 2001 NA

Etoile 6,000 30,000

—

— 2005–2010, carbonate; 

post-2010, refined metal

NA NA NA 2005 NA

Kamoto (Kamoto + 

T17)

3,000 70,000

—

— Refined metal pre-1969 2006 2007 2008 NA

Kamoto-Virgule 

Oliveira

5,000 80,000

—

— Contained in hydroxide pre-1997 2006 NA 2011 >14

Kolwezi tailings 5,800 35,000

—

— Contained in hydroxide pre-1996 2006 2007 2011 >15

Mukondo Mountain 12,000 100,000

—

— Contained in concentrate pre-1998 NA NA 2007 >9

Ruashi 3,500 45,000

—

— Contained in hydroxide pre-1996 NA NA 2008 >11

Tenke Fungurume 8,000 115,000

—

— Contained in metal and 

hydroxide

1918 2007 2007 2010 91

Tilwizembe 4,000 13,000

—

— Contained in ore pre-1997 NA NA 2006 >9

Cuba Moa Bay 3,500

— 33,500

— Contained in sulfide pre-1959 NA NA 1959 NA

Finland Talvivaara 1,800 15,000 50,000 90,000 zinc Contained in sulfide 1977 NA 2007 2008 31

Kylylahti 1,900 10,500 1,350 3,800 zinc; 0.4 

gold

Contained in concentrate 1984 2008 NA 2011 ~28
Selected Site Assessments 

5

Table 1. Sites that were included in the statistical analysis.—Continued[Sites were included if initial production occurred or was planned for 1995 to 2013 and the operation had a reported or expected cobalt capacity greater than 1,000 metric tons per year of recoverable cobalt in ore, concentrate, or as refined cobalt; ~, about; >, greater than; NA, not available; —, no data]

Country Site

Expected capacity in 2013 (metric tons)1 Anticipated cobalt 

product form2

Year of 

discovery

Feasibility 

study

Commenced 

construction

First year 

of

production3

Lag 

time4

(years) Cobalt Copper Nickel Other commodities

Madagascar Ambatovy 5,600 — 60,000 — Refined metal pre-1995 2005 2007 2011 >16Mexico Boleo 1,500 56,000 — 100,000 manganese; 20,000 

zinc sulfate

Refined metal 1868 2007 2008 2012 ~145

New Caledonia Goro 4,600 — 60,000 — Contained in carbonate 1982 1997 2005 2010 27

Société Le Nickel 

operations

1,500 — 75,000 — Contained in matte pre-1880 NA NA 1880 NA

Papua New 

Guinea

Ramu 3,300 — 31,150 — Contained in hydroxide 1978 1998 2005 2011 31

Philippines Coral Bay (Rio Tuba) 1,500 — 22,000 — Contained in sulfide NA NA NA 1975 NA

Mindoro 3,200 — 50,000 175,000 ammonium sulfate; 

12,000 cobalt salts; 200,000 chromite

Contained in sulfate 1970 2009 NA 2013 NA

Turkey Caldag 1,000 — 20,400 — Contained in hydroxide 1970s 2005 2010 2011 ~35United States Idaho cobalt 1,600 3,600 — Magnesium sulfate Refined metal 1950s 1982, 2007 NA 2011 ~56Zambia Muliashi North 1,500 60,000 — — Contained in hydroxide pre-1998 1999, 2007 2008 2012 >15

Nama 10,000 24,000 — — Contained in hydroxide 1995 NA NA 2013 —

1Commodity with capacity in bold is considered the principal commodity (based on relative value calculated on reported capacity and 2010 commodity price), and calculated on capacity amount and 

commodity price.

2Because cobalt capacity is reported in various product forms with different recovery factors, care should be taken when using these data to estimate future cobalt supply.3Represents actual (if before 2009) or estimated (2009 or after) first full year of cobalt production. Operation may not produce cobalt at the capacity rate specified.4Lag time is defined as the time between initial discovery and first year of production.
6 Cobalt Mineral Exploration and Supply From 1995 Through 2013

Table 2. Sites that were excluded from the statistical analysis.

Country Site Reason for exclusion

Australia Browns Oxide Cobalt circuit not in production before suspension of activities in 2009; company in receivership.

Avalon (Bulong) Indefinite suspension of operations in 2003.

Canegrass Planned to begin production in 2011, since delayed.

Cawse Production prior to 1995 with no significant expansion, production suspended in 2008.

Niwest Development delayed in 2008 pending improved economic conditions, original startup was planned 

for 2011.

Nornico Planned to begin production in 2011, since delayed.

Mutooroo Feasibility study suspended in 2008 pending improved economic conditions, availability of financing.

Wingelina Development delayed in 2008 pending improved economic conditions, availability of financing.

Brazil Vermelho Company announced decision in 2008 to postpone development.

Tocantins Production prior to 1995 with no significant expansion since 2005.

Canada Ontario Division Production prior to 1995 with no significant expansion; production was reduced in 2008.

Manitoba Division Production prior to 1995 with no significant expansion; production was reduced in 2008.

Congo (Kinshasha) Kalukundi Exploration scaled back in 2009 and placed development on care and maintenance status.

Kananga Exploration and development operations terminated in 2009. 

Luiswishi Operations suspended in 2008 and reopened at reduced level at the end of 2009.

Indonesia Halmahera (Weda Bay) Prefeasibility level-production decision not expected prior to late 2011, so production not expected 

before 2013.

Philippines Nonoc/Philnico Ongoing discussions between principal owners and the Philippine Government.

Taganito Development postponed In 2008, but feasibility study is ongoing.

Russia Belininskoye Development postponed in 2008.

Zambia Nkana Production prior to 1995 with no significant expansion.

through 2009 have resulted in the Ruashi facility producing 

at a level below capacity. Refurbishment of Katanga Mining 

Limited’s Kamoto complex (Kamoto underground mine and 

T17 open pit mine) was completed in 2007, and the coppercobalt operation achieved capacities of 70,000 t/yr of copper 

and 3,000 t/yr of refined cobalt in 2009 (Katanga Mining 

Limited, 2008, p. 21).

Exploration since 1996 provided the base data from 

which the Mukondo Mountain and associated copper-cobalt 

deposits were developed; the mine (with initial capacity of 

8,000 t/yr of cobalt contained in concentrate) commenced 

production in late 2007 but suspended operations from 

November 2008 through March 2009 as a result of depressed 

metal markets (Central African Mining and Exploration 

Company, 2009a,b). The mine resumed production in 

2009 and was scheduled to reach a capacity of 8,000 t/yr 

of concentrate, including 3,200 t/yr of cobalt that could be 

processed to carbonate by 2010 (Central African Mining and 

Exploration Company, 2009a). If demand were to justify the 

cost of additional expansion, the site could raise its production 

to 12,000 t/yr of cobalt by 2012.

A second greenfield development project is the Tenke 

Fungurume operation. Although the deposit has been known 

for decades, development has been slowed by lack of 

investment, legal hurdles, ownership changes, and regional 

unrest. The Tenke Fungurume copper-cobalt project began 

initial copper production in 2009 and cobalt recovery began 

in late 2009 with toll treatment at the Chambishi smelter. The 

facility is designed to produce 8,000 t/yr of cobalt metal and 

cobalt hydroxide from its concentrate (Freeport-McMoRan 

Copper & Gold Incorporated, 2009).

of newly discovered or previously undeveloped deposits 

(greenfield exploration sites). Foreign investment allowed the 

refurbished Luiswishi copper-cobalt mine to reach its capacity 

of 4,500 t/yr of cobalt contained in concentrate in 2002 (George 

Forrest International S.A., 2007) and provided development 

funding for the Big Hill slag reprocessing operation, which was 

operating at 80 percent of its capacity of 5,000 t/yr of cobalt 

contained in concentrate in 2001 (Yager, 2009).

From 2002 through 2006, exploration drilling defined 

resources sufficient to support the refurbishment of several 

brownfield sites, each capable of producing more than 1,000 t/yr 

of cobalt. Mining of the Tilwezembe copper-cobalt deposit has 

taken place intermittently since 1999 by artisanal and contract 

miners until 2006, when Nikanor plc began an operation with an 

initial capacity of 4,000 t/yr of cobalt contained in ore (Katanga 

Mining Limited, 2009, p. 43; Yager, 2009). Gécamines similarly 

conducted intermittent contract mining of the Kananga coppercobalt deposit from 2004 until Nikanor plc took control of the 

site in 2006 and planned to operate the site with capacity of 

7,000 t/yr of cobalt contained in ore (Katanga Mining Limited, 

2009, p. 44; Yager 2009). Mining at the Kananga operations 

was operated by artisanal miners after 2007 and operations 

at Tilwezembe ceased in 2008 after ownership restructuring 

driven by lower metals prices. Metorex Limited began mining 

copper-cobalt tailings from the Ruashi mine with a capacity 

of 1,000 t/yr of cobalt contained in concentrate in early 2007 

and immediately announced plans to fast-track development 

of a phase 2 expansion of mining and concentrate processing 

facilities to produce up to 3,500 t/yr of cobalt contained in 

cobalt hydroxide by 2010 (Metorex Limited, 2009). Technical 

problems and the drop in cobalt and copper demand from 2008 
Selected Site Assessments 7

Other mines with capacities of more than 1,000 t/yr of 

recoverable cobalt were expected to be operational in Congo 

(Kinshasa) by 2013 if conditions warrant. Development of 

the Kolwezi project, which was designed to process tailings 

generated by the Kolwezi concentrator, was ongoing. As 

planned, the project would produce up to 7,000 t/yr of cobalt 

hydroxide (5,800 t/yr of cobalt), with initial production 

scheduled for 2011 (First Quantum Minerals Limited, 2008). 

Dewatering of the Kamoto-Oliveira-Virgule (KOV) open pit 

began in 2008 and continued into 2009; initial production 

from the KOV mine was planned for late 2010. The Kamoto 

concentrator, which would receive ore from the Kamoto 

complex and the KOV mine, was expected to reach its 

capacity of 150,000 t/yr of copper and 8,000 t/yr of refined 

cobalt by mid-2011 (Hill, 2009; Katanga Mining Limited, 

2009, p. 159). The Etoile copper-cobalt mine, with current 

capacity of 3,300 t/yr of cobalt in carbonate, planned to add 

processing capacity to produce 6,000 t/yr of refined cobalt in 

2009, but recent reports suggested that this expansion may 

have been delayed.

Estimates of cobalt mine and refinery production from 

Congo (Kinshasa) from 1995 through 2008, along with 

estimates of associated refinery capacity, are shown in figure 2. 

Mine production calculations represent estimated recoverable 

cobalt content of ores, concentrates, tailings, and slags, or 

intermediate products from cobalt and copper operations. Mine 

production calculations from 1995 through 2000 did not include 

stockpiled materials that were processed at the refineries during 

that period; cobalt recovered from artisanal mining prior to 2000 

was also excluded. The difference between mine production 

and refinery production calculations after 1999 (expressed in 

contained cobalt content) reflect, in part, the increasing amount 

of cobalt-containing material that is being exported, primarily to 

China and India; the increasing amount of artisanal mining for 

cobalt in Congo (Kinshasa); the increasing demand for cobalt 

by Asian companies as a component of rechargeable batteries; 

and the deterioration of infrastructure associated with the 

refineries in Congo (Shedd, 1999–2010).

Cobalt trade between China and Congo (Kinshasa) 

has increased significantly during the past decade. Chinese 

interests have established supply contracts for Congolese 

cobalt products and acquired interest in several coppercobalt processing facilities in Congo (Kinshasa). Chinese 

companies also are involved in the development of several 

new copper-cobalt mines, smelters, and hydromet plants 

(for making cobalt carbonate) in Congo (Kinshasa). Chinese 

involvement in sites considered for this analysis is listed in 

table 3. Chinese companies are reported to be involved with 

many smaller artisanal mining projects and downstream 

processing operations. For example, reports suggest that 40 

Chinese companies ceased operations at the end of 2008 at 

copper smelters in Katanga Province because of the economic 

downturn. This move resulted in increased uncertainty about 

the reliability of copper-cobalt supply from both established 

and artisanal mining operations.

In 2007, the Government of Congo (Kinshasa) imposed a 

ban on the export of unprocessed cobalt ores and, for a period 

of time, cobalt concentrates (Shedd, 2009). Because much of 

25

30

15

20

0

5

10

Recoverable cobalt, in thousand metric tons

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

Year

Refinery capacity

Mine production

Refinery production

EXPLANATION

Figure 2. Estimated cobalt mine and refinery production and 

associated refinery capacity of copper-cobalt operations in Congo 

(Kinshasa) from 1995 through 2007. Graph represents recoverable 

cobalt content of ores, concentrates, or intermediate products from 

cobalt and copper operations. Mine capacity estimates are not 

available for the entire study period. Mine source: U.S. Geological 

Survey, Minerals Yearbook series, various authors and various 

years. Production calculations from 1995 through 2000 do not 

include stockpiled materials that were processed at the refineries 

during the period. Cobalt recovered from artisanal mining operations 

have been included in the mine production calculations after 1999. 

Much of this material is exported, primarily to China and India.
8 Cobalt Mineral Exploration and Supply From 1995 Through 2013 Table 3. Chinese participation in sites that were included in the statistical analysis. [Direct ownership and indirect material offtake agreements for the large-scale projects considered in this analysis are listed in table 1. NA, not available; t, metric tons; t/yr, metric tons per year; %, percent] Country Site Commodities Nature of Chinese participation (where data were available) Australia Gladstone (Marlborough) Nickel, cobalt, ammonium sulfate China Metallurgical Construction Group Corporation signed a memorandum of understanding in 2008 for an offtake agreement, but in June 2009 decided not to renew the agreement. Murrin Murrin Nickel, cobalt NA Ravensthorpe Nickel, cobalt NA Cameroon Cameroon East (Nkamouna) Cobalt, nickel, manganese NA Canada Voisey’s Bay (Ovoid) Nickel, copper, cobalt NA Nico Gold, cobalt, bismuth China Mining Resources Group Limited acquired 15.31% shares of the sole owner, Fortune Minerals Corp., in 2009. Raglan Nickel, copper, cobalt NA Democratic Republic of the Congo Big Hill tailings Cobalt Gécamines retains control of 20% of the operation.1 Kamoto (Kamoto + T17) Copper, cobalt Gécamines retains control of 25% of the operation.1 Kamoto-Virgule Oliveira Copper, cobalt Gécamines retains control of 25% of the operation.1 Kolwezi tailings Copper, cobalt Gécamines retains control of 77.5% of the operation.1 Mukondo Mountain Copper, cobalt Gécamines retains control of 30% of the operation.2 Ruashi Copper, cobalt Gécamines retains control of 25% of the operation.1 Tenke Fungurume Copper, cobalt Offtake agreements with Chinese interests were under negotiation as of February 2010. Specific details are unavailable. Tilwizembe Copper, cobalt Gécamines retains control of 25% of the operation.1 Cuba Moa Bay Nickel, cobalt NA Finland Talvivaara Nickel, copper, cobalt, zinc NA

Kylylahti Copper, cobalt, nickel, zinc, gold NA

Madagascar Ambatovy Nickel, cobalt NAMexico Boleo Copper, cobalt, manganese, zinc sulfate NANew Caledonia Goro Nickel, cobalt NA Société Le Nickel operations Nickel, cobalt NAPapua New 

Guinea

Ramu Nickel, cobalt MCC Ramu Nico Ltd. (a consortium of Chinese interests) has an 85% interest in the operation. 

The distribution of Chinese interests in this consortium include China Metallurgical Group Corporation (61%), Jinchuan Group Limited, (13%), Jinquan Iron & Steel Group Co., Ltd. (13%), and Jilin Jien Nickel Industry Co. Ltd. (13%). 

Philippines Coral Bay (Rio Tuba) Nickel, cobalt NA

Mindoro Nickel, cobalt, ammonium sulfate, cobalt salts, 

chromite

NA

Turkey Caldag Nickel, cobalt In July 2009, Jiangxi Rare Metals and Rare Earths acquired a 100% off-take agreement for 

nickel-cobalt hydroxide output from Caldag.

United States Idaho cobalt project Cobalt NAZambia Muliashi North Copper, cobalt China Nonferrous Metals Group has an 85% interest in the operation.

Nama Cobalt, copper Caledonia Mining signed four offtake agreements with an unidentified “large Chinese refiner” 

for a total of 51,560 t of cobalt metal equivalent in the form of cobalt hydroxide for the period 2009 through 2013, sufficient to account for the full design capacity of the Nama operation. 1An offtake agreement between Chinese interests and Gécamines is unclear until the proposed infrastructure for minerals agreement between the Democratic Republic of the Congo and China is finalized. If 

the international agreement is completed, it is likely that the Gécamines portion of production would end up in China for processing.

2The 2009 acquisition of Camec by Eurasion Natural Resources Corporation should not effect 2009 deal for CAMEC to acquire Chinese processing facitities of Zhejiang Galico Cobalt and Nickel Materials 

Co., Ltd., that could process 6 to 8,000 t/yr of copper-cobalt concentrate with the capacity for producing up to 3,500 t of metallic cobalt in salts and 3,000 t of metallic copper in salts.
Selected Site Assessments 9

this material was normally exported to China for processing, 

production of cobalt refined in China from African sources 

in 2007 was significantly reduced until the ban was lifted. 

Production of cobalt refined in China rebounded in 2008, with a 

reported 38 percent increase in production “as a result of bigger 

shipments of concentrate and cobalt containing intermediates 

imported into China from Congo (Kinshasa) during the year” 

(Hill, 2009). Also in 2008, China and Congo (Kinshasa) signed 

a $9 billion agreement in which China would finance the 

construction of $6 billion worth of infrastructure in exchange 

for a guaranteed supply of 10 million metric tons of copper and 

400,000 t of cobalt (Whewell, 2008). Details of the agreement 

were still being finalized. The final terms of this agreement will 

likely affect the amount of material that the state-owned mining 

company Gécamines and other companies produce and export. 

Uncertainty surrounding the trade agreement will also affect 

the development on mines dependent upon hydroelectric power 

plants Chinese investment groups agreed to fund as part of 

this agreement. For example, the joint venture among Chinese 

interests created to expand the Kamoto and KOV projects would 

increasingly rely on such infrastructure. Projects still in feasibility 

or early development stages, such as the Tenke-Fungurume 

project, would also depend upon adequate hydroelectric power 

that Chinese investment groups would construct and supply. 

Cobalt capacity from mines in Zambia could increase by up 

to 6,500 t/yr of contained cobalt if the Muliashi North and Nama 

projects reach targeted capacity levels by 2013. The Muliashi 

North copper-cobalt project was planned to produce 1,500 t/yr of 

contained cobalt after 2010 (Reuters, 2009). A prefeasibility study 

conducted in 2008 for the Nama cobalt-copper-nickel project 

estimated that a mine with a contained cobalt capacity of 10,000 

t/yr of cobalt contained in ore could be in production by 2009; 

however, the operation continued to experience technical delays, 

and proposed changes in taxation could delay development 

beyond 2013 (Caledonia Mining Corporation, 2008).

The Ambatovy nickel-cobalt laterite project in 

Madagascar and the Nkamouna cobalt-nickel laterite project in 

Cameroon are two other African projects that could contribute 

to increased cobalt capacity within the next 5 years. Extensive 

exploration in the mid-1990s provided data supporting the 

2005 decision to develop the Ambatovy project. Construction 

began in 2007, but development plans were being reevaluated 

in 2009 in light of current economic conditions. Reported 

plans called for a late 2010 startup with a reported production 

capacity of 5,600 t/yr recoverable cobalt metal (Sherritt 

International Corporation, 2009b). The Nkamouma project 

had also been delayed because of economic conditions, but 

it was likely to be developed from 2012 through 2013. A 

feasibility study completed in 2008 showed annual production 

reaching 4,400 t of cobalt contained in intermediate products 

(Geovic Mining Corporation, 2009). Should these two projects 

develop as was anticipated, their combined capacity would be 

equivalent to 17 percent of the 2008 global refinery production 

level of 57,600 t/yr (Shedd, 2010).

North America

The production of cobalt from Canada increased in 2006 

with the commencement of mining of the Voisey’s Bay nickelcopper-cobalt deposit in Labrador. At full capacity, this mine is 

capable of producing 2,500 t/yr of byproduct cobalt contained 

in concentrates (Companhia Vale do Rio Doce, 2009a). The 

deposit was initially discovered in 1993, and exploration 

quickly established its economic potential, but development 

was delayed because of native title claims, ownership issues, 

and disagreement between operators and the provincial 

government of Newfoundland and Labrador over the location 

of associated smelting and refining facilities. After 4 years of 

delay, construction started in 2003, and mining commenced 

in 2005. In 2008, the mine produced 1,695 t of cobalt, 56,000 

t of copper, and 83,500 t of nickel contained in concentrate, 

which was smelted and refined offsite (Companhia Vale do 

Rio Doce, 2009a). Based on an agreement with the Province 

of Newfoundland and Labrador, the company is required to 

construct a processing plant designed to produce 2,500 t/yr 

of cobalt, 55,000 t/yr of copper, and 50,000 t/yr of nickel by 

2013 (Companhia Vale do Rio Doce, 2009a). The Voisey’s 

Bay mine accounted for about 20 percent of Canadian cobalt 

production and 2.4 percent of global cobalt production in 

2008. This is significant because the mine would not have 

been constructed for its cobalt values alone.

A second mine that contributed significantly to Canadian 

cobalt production is the Raglan mine in Quebec, a nickelcopper-cobalt-platinum-group metal deposit that commenced 

production at the end of 1997. Cobalt occurs in association with 

nickel-copper sulfides. Byproduct cobalt production of about 

300 t of cobalt contained in concentrate was produced each year 

from 1997 through 2000, about 400 t of contained cobalt was 

produced each year from 2001 through 2003, and a capacity 

expansion to 525 t/yr of contained cobalt was achieved in 2007. 

A further expansion to an estimated 800 t/yr of contained cobalt 

was envisioned by 2011, when economic conditions permit 

(Xstrata plc, 2007). Based on 2008 production, the Raglan mine 

accounted for about 6.2 percent of Canadian cobalt production 

or 0.7 percent of world cobalt production.

The NICO gold-cobalt-bismuth-copper project in the 

Northwest Territories of Canada, discovered in 1996, has 

reached the permitting and environmental assessment stage 

of development; a feasibility study conducted in 2007 and 

updated in 2008 was based on developing a mine and facility 

that will produce cobalt metal or cobalt carbonate products 

containing 1,800 t/yr of cobalt from a concentrate by the end 

of 2012 (Fortune Minerals Limited, 2009).

The Moa Bay nickel-cobalt mine in Cuba has been the 

principal producer of cobalt in Cuba since 1959. Sherritt 

International Corporation completed a phase 1 expansion of 

the operation in 2008 that increased capacity to 33,500 t/yr 

of copper and 3,500 t/yr of cobalt. The company cited market 

conditions as the reason for the postponement of the planned 

phase 2 expansion to 49,000 t/yr of copper and 4,300 t/yr of 

cobalt (Sherritt International Corporation, 2009a, p. 6, 63).

The Boleo polymetallic deposit in Mexico was 

discovered in 1868 and mined sporadically from 1886 through 

1947 and from 1968 through 1985. Exploration of the area 

in the 1990s renewed interest in the project. A prefeasibility 

study was conducted in 1998, and a feasibility study was 

completed in 2007. Development was approved in 2008, 

and preconstruction activities began. Initial production was 

originally targeted for 2010; the development schedule was 

being reassessed in 2009 as a result of market conditions 

and investment by a Republic of Korea consortium. The 
10 Cobalt Mineral Exploration and Supply From 1995 Through 2013

2007 feasibility study was based on developing a facility 

with a cobalt capacity of up to 3,100 t/yr of cobalt cathode, 

or an annual average production of 1,500 t of cobalt; the 

current date of targeted production was 2012 (Baja Mining 

Corporation, 2010).

The Idaho Cobalt cobalt-copper deposit is considered 

an extension of the deposit containing the former Blackbird 

mine in Idaho. Drilling in 1995 indicated newly defined zones 

of mineralization, and subsequent exploration work formed 

a basis for a feasibility study completed in 2007. Formation 

Capital Corporation was in the process of securing permitting 

and financing to develop an operation capable of producing up 

to 1,600 t/yr of cobalt after a 15-month period of construction. 

The company planned to begin initial production by the 

second half of 2010 (Formation Capital Corporation, 2010).

Australia and the Pacific

Production of cobalt in Australia originates from domestic 

and imported ores from neighboring Pacific countries. Three 

mining projects fueled the increase in Australian cobalt capacity 

from 1995 through 2008. The Murrin Murrin mine and refinery 

has produced nickel and cobalt since 1999 from laterite deposits 

discovered in the mid-1990s. The cobalt recovery circuit at 

Murrin Murrin has averaged about 2,000 t/yr of cobalt, well 

below its rated capacity of 3,000 t/yr of refined cobalt since 

operations began (Glencore International AG, 2009). In 2008, 

a pilot plant reached design capacity to recover an additional 

150 t/yr of cobalt from stockpiled Murrin Murrin material, but 

recovery of this material had not been implemented as of early 

2010. In 2008, the Murrin Murrin facility accounted for about 

32 percent of Australian cobalt and 2.8 percent of worldwide 

production of cobalt.

The Cawse operation derived its feed from nickel laterite 

deposits discovered in 1994. The mine and processing plant 

produced from 1999 through 2008, when it was placed on 

care-and-maintenance status. After 2002, intermediate nickelcobalt carbonate produced by the Cawse plant was shipped 

to the Harjavalta refinery in Finland (MMC Norilsk Nickel, 

2009). At its peak, the Cawse operation produced more than 

1,000 t/yr of cobalt contained in carbonate, accounting for 

18 percent of Australian cobalt production and 2.7 percent of 

global cobalt production.

Feed for the Ravensthorpe nickel-cobalt plant is supplied 

from several nickel laterite deposits (including Bandalup 

Hill, Halley’s, Hale Bopp, and Shoemaker-Levy) initially 

discovered in the 1960s but reevaluated and developed 

since the mid-1990s. The facility commenced production in 

late 2007 with a projected capacity of 1,400 t/yr of cobalt 

contained in a mixed hydroxide intermediate product (BHP 

Billiton Limited, 2008). Before this production rate could 

be achieved, however, economic conditions resulted in the 

suspension of this operation in early 2009.

The Browns polymetallic deposits were identified in 

the early 1960s, but exploration to delineate the ore occurred 

during the 1990s. Limited production of the Browns oxide 

deposit began in late 2008, but legal and economic problems 

forced the cessation of activities in early 2009. Projected 

cobalt capacity of this operation was 1,000 t/yr of cobalt in 

cobalt-nickel carbonate (Compass Resources NL, 2009).

Based on a feasibility study completed in 2007, the 

Gladstone nickel-cobalt laterite project in Australia may 

contribute more than 6,000 t/yr of recoverable cobalt by 

2013. Environmental approval was granted in 2009, but 

development was being reviewed in light of current market 

conditions (Gladstone Pacific Nickel Limited, 2009). Should 

the stated capacity level be achieved, the 2013 capacity would 

be equivalent to about 10 percent of the 2008 global refinery 

production level of 57,600 t/yr.

Eramet SA was mining nickel-cobalt from sites on New 

Caledonia as part of its Société Le Nickel operations. The 

company continued to explore the area to find new mineral 

deposits to feed its Doniambo smelter. In 2003, Eramet began 

a program to expand capacity from 61,500 t/yr to 75,000 t/yr 

of nickel and an estimated 1,500 t/yr of cobalt in matte (Eramet 

SA, 2009). If economic conditions permited, it was expected 

that the expansion would be in operation during 2011.

Several sites in the South Pacific region were planned 

for cobalt production by 2013. Development of the Goro 

nickel-cobalt laterite project in New Caledonia, originally 

discovered in 1982 and extensively explored in the 1990s, was 

continuing, with a planned production commencement in 2010 

and a 4-year gradual increase to full capacity (Companhia 

Vale do Rio Doce, 2009b). The operation was planned for a 

full capacity of 4,600 t/yr of cobalt as carbonate. The Ramu 

nickel-cobalt laterite project in Papua New Guinea, discovered 

in 1978 and further explored in the 1990s, was also under 

construction and was scheduled to begin commissioning at the 

end of 2009 (Highlands Pacific Limited, 2009). Mining and 

processing at the full capacity of 3,300 t/yr of cobalt contained 

in an intermediate hydroxide product was anticipated by 2011.

Cobalt production from four sites in the Philippines 

was ongoing or planned, but development at two sites 

was currently being delayed or reassessed. The Coral Bay 

facility on Palawan Island began production of nickel-cobalt 

sulfide from the Rio Tuba mine in 2005. An expansion of 

the facility to 1,500 t/yr of cobalt in an intermediate product 

was completed in 2009 (Sumitomo Metal Mining Company, 

Limited, 2009). A feasibility study was ongoing in 2009 for 

the Mindoro nickel-cobalt laterite project; initial assessments 

allowed for up to 3,200 t/yr of cobalt as sulfate with initial 

production by 2013 (Peterson, 2009). Development of the 

Nonoc project, with a proposed cobalt production capacity 

of 3,600 t/yr of contained cobalt, has been delayed since 

2006 because of an ownership sharing disagreement between 

its owner and Chinese interests and a legal dispute over the 

mineral production sharing agreement. Development of the 

2,500 t/yr cobalt Taganito project has been delayed since 2008 

by poor market conditions. It is unlikely that the latter two 

sites would reach full capacity by 2013.

As with copper-cobalt and nickel operations in Africa, 

Chinese companies are interested in increasing their 

involvement in nickel-cobalt development and mining activities 

in the Pacific region by means of offtake agreements and 

direct corporate ownership. Chinese interests have evaluated 

participation in the Browns Oxide, Mutooroo, and Wingellina 

projects in Australia, the Ramu project in Papua New Guinea, 

and the Mindoro and Nonoc projects in the Philippines, 

although Chinese companies that had initially shown interest 

withdrew from participating in the Mindoro project in 2006, the 

Nonoc project in 2007, and the Mutooroo project in 2008.
Factors Affecting Cobalt Supply 11

Other Areas

The Talvivaara nickel-zinc-copper-cobalt deposit in 

Finland was discovered in 1977 and intermittently explored 

by Outokumpu from 1978 through 2004. Talvivaara Mining 

Company plc acquired the rights to mine the property in 2004, 

and the mine initiated operations in late 2008. Technological 

problems related to the crushing circuit have limited 

production so that a production level of 1,200 t/yr of cobalt 

in nickel-cobalt sulfide was expected by 2012; expansion to 

1,800 t/yr of cobalt was possible by 2013 (Talvivaara Mining 

Company, 2009). The Kylylahti copper-cobalt-nickel sulfide 

deposit in Finland was discovered in 1984 and intermittently 

explored by Outokumpu from 1984 through 1994. Vulcan 

Resources Limited acquired the property in 2004 and 

conducted extensive exploration prior to preparing a feasibility 

study in 2008 modeled on a plant capacity that included 1,900 

t/yr of cobalt contained in concentrate (Vulcan Resources 

Limited, 2008). In 2008, the project was fully permitted but 

development was suspended because of depressed metal prices 

and financial markets (Vulcan Resources Limited, 2009).

The Caldag nickel-cobalt laterite deposit in Turkey was 

discovered in the late 1970s, but was not extensively explored 

until 2002 when European Nickel plc acquired an option to 

develop the deposit. The project was in the permitting and 

financing stage. Development plans called for the recovery 

of 1,000 t/yr of cobalt as a mixed nickel-cobalt hydroxide 

product beginning in 2011 (European Nickel plc, 2009).

Factors Affecting Cobalt Supply

Many factors, including capital and operating costs, 

commodity prices, corporate finances, economic conditions, 

exchange rates, government policies, real and perceived risk 

factors, and tax structures, influence the timing and magnitude 

of the development of potential supply. The percentage of 

global cobalt supply that is attributed to selected mines that 

began or significantly expanded operations from 1995 through 

2009 is shown in figure 3. The selected mines each had a 

design capacity equal to or greater than 1,000 t/yr of cobalt. 

The chart shows the actual contribution of these mines as a 

percentage of total global cobalt mine production, as reported 

by USGS sources (U.S. Geological Survey Minerals Yearbook 

series, various authors, countries, and years). Data shown in 

figure 3 relate annual changes in supply from 1995 through 

2009 to changes in annual commodity prices for cobalt, 

copper, and nickel relative to historical averages for the study 

period, as well as other significant events affecting the cobalt 

market. In general, new mines were brought into production 

during or following sustained periods of higher commodity 

prices. Development of mines with significant copper or 

nickel reserves coincided with periods of higher copper or 

nickel prices, even when the price of cobalt was relatively low, 

because cobalt revenues were not as critical to profit margins 

as copper or nickel. A large increase in cobalt supply occurred 

between 2005 and 2007, primarily from new mine production 

50

70

30

40

0

10

20

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2009

Year

60

Cobalt supply, in percent

2007 2008

High, decreasing Co, 

Cu, and Ni prices; civil 

unrest in Congo 

(Kinsasha); exploration 

in Australia, Canada, 

and the Pacific region

Low, increasing Co, Cu,

and Ni prices; Chinesefinanced brownfield drilling 

in Congo (Kinsasha); 

several development 

decisions announced

High, increasing 

Co, Cu, and Ni 

prices; Coral Bay 

and Voisey’s Bay 

begin production

High, decreasing 

Co, Cu, and Ni 

prices; 

Ravensthorpe, 

Congo (Kinsasha) 

mines come into 

production

Low, decreasing Co price, stable 

Cu and Ni prices; civil unrest in 

Congo (Kinsasha); Cawse, 

Murrin Murrin, and Ragian begin 

production; renewed foreign 

investment in Congo (Kinsasha)

Figure 3. Percentage of total cobalt supply from selected 

new or expanding mines from 1995 through 2008, as related to 

global events. Graph shows cumulative production derived from 

selected new or expanding mining operations as a percentage 

of total global production for each specified year. In 1995, global 

production was estimated by the U.S. Geological Survey as 

24,500 metric tons of cobalt; in 2008, global cobalt production 

was estimated as 75,900 metric tons of cobalt. Site data do not 

include production from producers with no new capacity or sites 

producing less than 1,000 metric tons per year of contained cobalt. 

Source: Percentage values were derived from reported company 

site production data and global production data reported by the 

U.S. Geological Survey, Minerals Yearbook series, various authors 

and various years. Co, cobalt; Cu, copper; Ni, nickel.
12 Cobalt Mineral Exploration and Supply From 1995 Through 2013

that became operational in Canada and the Philippines, 

and after 2007 when operations commenced in Australia 

and Congo (Kinshasa). Although higher commodity prices 

increased the revenue from these new production sources of 

cobalt in 2007 and part of 2008, lower metal prices and the 

decreased consumption in late 2008 resulted in a surplus of 

cobalt supply, as global consumption could not keep pace with 

increased supply.

A weakening in the global economy that began in late 

2008 resulted in lower demand for many metals, including 

cobalt, and reduced global production. Many previously 

announced mine developments and expansions were 

suspended, scaled back, or delayed until such time as market 

prices could justify further investment or capital expenditure, 

and some mine production was curtailed. A few projects (such 

as Kamoto, Mukondo Mountain, and Ruashi) have maintained 

their development schedules to meet supply obligations and 

are expected to contribute toward cobalt supply as shown in 

figures 3, 4, and 5. The installed cobalt capacity from new 

operations possibly would be higher in 2013 had the global 

economy been stronger in 2008 and 2009.

The reduction in global copper and cobalt consumption 

in late 2008 occurred along with a reported increase in exports 

from Congo (Kinshasa) to China (Xu and Yang, 2009). China 

imported large quantities of copper-cobalt ore, concentrate, 

and intermediate products in 2008, but because of the 

global economic recession, much of these imports were not 

immediately processed, resulting in a considerable stockpile 

of materials containing copper and cobalt in China at the 

beginning of 2009 (Taarland, 2009; Xu and Yang, 2009).

Deposit geology, process technology, and relative 

values of recoverable products are other factors that must 

be considered when assessing project viability as related to 

cobalt supply. Changes in capacity or production of associated 

metals, particularly the principal metal, affect the amount of 

cobalt that is available in any given year. Because much of the 

world’s cobalt is recovered as a byproduct of copper or nickel, 

the quantity of cobalt produced is often dependent on the 

commercial viability of producing the primary commodities. 

Cobalt production as a byproduct of nickel operations has 

increased between 1995 and 2007 with the development 

of several large nickel laterite projects in Australia and the 

Pacific region. Between March and November 2008, however, 

the price of nickel declined from $15 per pound to about $4 

per pound, resulting in the suspension of about 30 percent 

of global nickel production capacity and the cessation of 

development activities at other operations. Consequently, 

byproduct cobalt production from nickel operations was 

affected by the suspension or closure of nickel mines during 

this period.

Cobalt has been produced as a principal product from 

concentrates and tailings in Morocco for many years. Through 

2013, plans for projects where cobalt is the principal product 

were proceeding in Cameroon, Congo (Kinshasa), the United 

States, and Zambia. The quantity of anticipated new cobalt 

design capacity for 2009 through 2013, attributed by the 

principal commodity produced, is summarized in figure 4. If 

all projects are developed according to planned schedules by 

2013, nickel projects would account for about 38 percent of 

the new cobalt capacity, copper projects would account for 

Figure 4. Anticipated new cobalt capacity from 2009 through 2013 from selected sites attributed to principal commodity. Selected sites 

exceed an annual capacity of 1,000 metric tons per year of contained cobalt. Calculations represent recoverable cobalt content of ores, 

concentrates, or intermediate products. Industry reported development schedules and design capacities were used in this analysis.

40

0

20

2009 2013

Year

60

2010 2011 2012

80

100

120

New mine capacity, in thousand metric tons of recoverable cobalt

Byproduct of mining operations with 

precious metals as the principal product

Mining operations with cobalt as the 

principal product

Byproduct of mining operations with 

nickel as the principal product

Byproduct of mining operations with 

copper as the principal product

EXPLANATION
Factors Affecting Cobalt Supply 13

40

0

20

2009 2013

Year

60

2010 2011 2012

80

100

120

New capacity, in thousand metric tons of recoverable cobalt

EXPLANATION

Other areas

Australia and the Pacific

North America

Africa, excluding Copperbelt

Africa Copperbelt

Figure 5. Anticipated new cobalt capacity from 2009 through 2013 from selected sites by region. Selected sites exceed an annual capacity

of 1,000 metric tons per year of contained cobalt. Calculations represent recoverable cobalt content of ores, concentrates, or intermediate 

products from mining operations. Industry reported development schedules and planned capacities were used in this analysis.

about 36 percent, and projects where cobalt was the principal 

product would account for 24 percent of new global capacity.

Ore chemistry and available process technology also 

are important considerations in mine development decisions. 

In 1995, about 39 percent of nickel production was derived 

from laterites and 61 percent from sulfides (Davidson, 2006). 

Since the Voisey’s Bay project came into production in late 

2005, no new world-class nickel sulfide deposits containing 

recoverable cobalt were actively being developed. CRU 

Group Limited estimated (prior to the decline in nickel price 

in 2008) that about 54 percent of nickel production would 

come from laterites by 2010. About 67 percent of the nickel 

capacity derived from laterites is dependent on high-pressure 

acid leach technology (Davidson, 2006). For some new 

operations, this technology has proven to be technologically 

complex and operationally demanding, occasionally causing 

delays in plant startup. Because this analysis has relied on 

company development schedules for new capacity estimates, 

any changes in schedule or capacity as a result of mining or 

processing delays that have not yet occurred will likely reduce 

global capacity estimates developed in this study.

Social and political conditions influence mine 

development and production. Changes to the mining industry 

in Congo (Kinshasa) between 1995 and the present illustrate 

this point. From 1995 through 2002, civil unrest limited 

mining in Congo (Kinshasa). Even after a peace accord and 

a revised mining code were signed in 2002, sporadic fighting 

has made mining for cobalt and copper in Congo (Kinshasa) 

difficult. Fighting had weakened the domestic economy, 

and extensive infrastructure improvements were needed. 

To meet the needs of a growing Chinese economy and to 

strengthen their economic position in the global economy, 

Chinese companies interested in securing supplies of copper 

and cobalt increased their involvement in the mining sector 

of Congo (Kinshasa) since 2002 by expanding ownership in 

mines and processing facilities in Congo (Kinshasa), investing 

in regional infrastructure, and developing supply contracts. 

The 2007 ban on the export of unprocessed cobalt ores and 

cobalt concentrates from Congo (Kinshasa) imposed by 

the Congolese Government reduced Chinese refined cobalt 

production during the year. The 2008 multibillion dollar 

trade agreement that would provide China with a specified 

amount of copper and cobalt as ore, concentrate, intermediate 

products, and refined metal in exchange for funds to improve 

local infrastructure (Whewell, 2009) may reduce the 

likelihood of future supply disruptions in China from Congo 

(Kinshasa). A similar $3.6 billion agreement was signed in 

July 2009 between Zambia and Chinese interests for Chinese 

mining investment in Zambia (Zambia Development Agency, 

2009). China was also seeking to strengthen its supply position 

for such strategic minerals as copper and cobalt in other 

regions of the world, particularly those areas with short, direct 

supply routes to China, such as Australia and Southeast Asia.

Estimates for the amount of cobalt that could be 

recovered by region if the sites selected for this analysis were 

to begin production as designed and scheduled from 2009 

through 2013 are shown in figure 5. In 2009, 77 percent of 

the anticipated new cobalt mine capacity would occur in 

the African Copperbelt countries of Congo (Kinshasa) and 

Zambia. By 2013, about 40 percent of new capacity was 

expected to come from the African Copperbelt; 38 percent, 

from Australia and the South Pacific countries of Philippines, 
14 Cobalt Mineral Exploration and Supply From 1995 Through 2013

Indonesia, New Caledonia, and Papua New Guinea; 11 

percent, from other African countries; 5 percent, from North 

America; and 6 percent, from other areas. This distribution 

is not surprising given the active participation of Chinese 

interests in developing sources of cobalt from Africa and 

Australasia.

Summary and Conclusions

Many factors determine whether or not a specific 

mineral deposit will be developed into a mine and the timing 

associated with that development. The geologic characteristics 

of the resource determine the resource’s extent, quality of 

mineralization, and recoverability. Once a resource has 

been adequately defined, a combination of external factors 

influences site development. Although the factors influencing 

the decision to develop each project are often different, some 

general conclusions can be drawn from this analysis, based on 

ongoing USGS monitoring of global mineral activities. This 

analysis was based on development plans reported as of May 

2010; any subsequent changes would affect the results of this 

study.

Much of the cobalt supply is derived as a byproduct 

of copper and nickel mining. Consequently, economic, 

environmental, political, and technological factors affecting 

copper and nickel exploration and production may also affect 

cobalt supply.

In 2006, about 40 percent of the cobalt produced globally 

was derived from artisanal mining and copper-cobalt ores 

from Congo (Kinshasa), using more conventional large-scale 

mining and processing methods. However, the estimated 

capacity utilization of facilities producing cobalt from Congo 

(Kinshasa) in 2008 was estimated to be about 22 percent. The 

capacity for some facilities is likely to have been overreported. 

Future cobalt production from Congo (Kinshasa) may increase 

if financing, infrastructure, and economic markets improve. 

Therefore, future economic, political, and social conditions in 

Congo (Kinshasa) are likely to affect future cobalt supply.

The development of cobalt-rich nickel laterite deposits 

in Australia and the South Pacific, as well as improvements in 

laterite processing technology, occurred at a time when mining 

of copper-cobalt deposits in Congo (Kinshasa) was limited 

because of regional conflict.

Between 1995 and 2008, there was increased reliance 

on cobalt as a byproduct of nickel mining in Australia and 

Canada.

Exploration programs and (or) technological 

improvements have improved the likelihood of the 

development of new cobalt capacity in Cameroon, Congo 

(Kinshasa), and the United States.

The emergence of China as a major producer and 

consumer of refined cobalt, primarily for rechargeable 

batteries, has increased that country’s demand for cobalt raw 

materials, particularly from Africa and Australasia.

Chinese companies are increasingly becoming 

involved in copper-cobalt exploration and mining in Congo 

(Kinshasa) and Zambia in addition to nickel-cobalt mining in 

Australia, the South Pacific, and elsewhere. Chinese-financed 

infrastructure improvements in the Copperbelt of Africa 

could increase capacity utilization of existing operations and 

stimulate the creation of new capacity.

Higher metal prices between 2005 and early 2008 

encouraged the exploration, planning, and development of 

many new copper-cobalt and nickel-cobalt projects. The 

global economic recession that began in late 2008, however, 

caused much of this development activity to be suspended, 

deferred, or cancelled.

More than 100,000 t of installed cobalt capacity would 

likely be added from 2009 through 2013 from the projects 

considered in this analysis, if all sites came into production as 

scheduled.

Projects where nickel, copper, and cobalt are the principal 

metals would contribute about 38, 36, and 24 percent, 

respectively, of the additional global cobalt supply in 2013.

In 2013, about 58 percent of expanded production was 

expected to come from the African Copperbelt; 23 percent, 

from Australia and the South Pacific countries of Philippines, 

Indonesia, New Caledonia, and Papua New Guinea; 7 percent, 

from North America; 4 percent, from other African countries; 

and 8 percent from other areas.

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Manuscript approved on June 7, 2011.

Prepared by the Pembroke, Reston, and Fort Lauderdale Publishing 

Service Centers.

Edited by Anna N. Glover and Jane Eggleston.

Graphics by Anna N. Glover and Ron Spencer.

Design and typography by Anna N. Glover.

Web support by Sue Bergin.

For more information concerning the research in this report, contact

David R. Wilburn

U.S. Geological Survey

Box 25046

Denver Federal Center

Mail Stop 750

Denver, CO 80225–0046

Telephone: (303) 236–5213
Wilbrun—Cobalt Mineral Exploration and Supply From 1995 Through 2013—Scientific Investigations Report 2011–5084