Top 10 Cobalt Producers by Country

Battery metal cobalt has been in focus in recent years for its role as a cathode material in lithium-ion batteries, bringing attention to the top cobalt producing countries.

One of the metal’s main catalysts is the increasing demand for electric vehicles and energy storage systems. Some forms of the lithium-ion batteries that power electric vehicles and energy storage require lithium, graphite and cobalt, among other raw materials, and demand for these key electrification commodities is expected to keep rising as the shift toward clean technologies continues at a global scale.

Additionally, the metal is predominantly produced as a by-product during copper and nickel mining, two other metals that are important for the green transition.

However, in recent years supply growth in many of the battery metals out scaled near-term demand, leading to price pullbacks from highs seen in 2022.

The cobalt market began to recover during the second quarter of 2025, after the world’s top cobalt producer, the Democratic Republic of Congo (DRC), implemented a four month export ban in February in an effort to combat the low price environment. In June, the shipment halt was extended until September 2025.

As prices moved higher, the African nation opted to loosen restrictions and instead implement an export quota system, allowing 87,000 metric tons of cobalt to leave the country for 2026 and 2027.

However, the system to oversee the quota created shipment delays during the first quarter of 2026, adding to an already tight market.

“The DRC’s quota system will result in market deficits this year and next. We expect market tightness to be particularly severe in Q1 2026 since material from the DRC is unlikely to reach China during this period,” Fastmarkets Analyst Olivier Masson wrote in a March note.

At the same time, supply concerns were raised surrounding mixed hydroxide precipitate (MHP) production out of the world’s second largest cobalt producing country, Indonesia. “If the (Indonesian) government seeks to squeeze nickel mining in a bid to impose some supply discipline on the sector, then by-product cobalt supply could also come under pressure,” the March Fastmarkets report noted.

All these issues were further compounded by the war in the Middle East raising concerns of a sulfur shortage, which is weighing on the DRC’s copper sector, where cobalt is a by-product.

Added to the potential supply challenges are the logistical disruptions the Strait of Hormuz blockade have caused, including an impending shortage of sulfur shipments to Indonesia’s nickel sector.

“The risk of a further supply squeeze from Indonesia could tighten the market even further,” Masson added. “The longer prices remain elevated, the greater the incentive for EV battery consumers to minimize the cobalt content in their batteries.”

Investors interested in the sector should learn the top cobalt producers by country, as dynamics and policies in these countries can have strong…