Cobalt plays an essential role in the global clean energy transition, serving as a critical material for electric vehicle (EV) lithium-ion batteries, energy storage systems, and more. With market demand for cobalt on the rise, reviewing which countries hold economically viable cobalt reserves is key to understanding the future supply landscape.
According to recent data released by the US Geological Survey (USGS), total global cobalt reserves currently stand at around 11 million metric tons (11,000,000 MT).
Although cobalt supply faces a short-term surplus that has put downward pressure on prices, long-term prospects remain positive in light of sustained demand growth for EVs and energy storage. Right now, the Democratic Republic of the Congo (DRC) dominates global cobalt production, accounting for nearly two-thirds of global output, while China handles around 70 percent of cobalt refining capacity. Many Western economies aim to diversify supply chains and bolster their own cobalt-refining capabilities.
Meanwhile, as Europe rolls out regulations governing battery recycling and other related fields, and countries worldwide enhance policy incentives, the global cobalt supply structure may shift in the years ahead.
Below is a look at the top 10 countries for cobalt reserves based on USGS data, spotlighting the top three first:
The DRC leads by a wide margin with 6 million metric tons of cobalt reserves, while producing roughly 70 percent of global cobalt output. Despite its pivotal role, the country faces pressing challenges related to child labor, human rights, and environmental safeguards. Many of the DRC’s large-scale cobalt mines are operated through joint ventures between foreign companies and local entities, with a portion of the mined ore sent to China for refining and processing. As mining practices become more regulated and governments worldwide focus on securing cobalt resources, the DRC remains vital to global cobalt supply.
Australia holds about 1.7 million metric tons of cobalt reserves, around 15.5 percent of the global total. While it only accounts for approximately 2 percent of global cobalt production, Australia is viewed as a prospective alternative source, thanks to its robust regulatory environment and relatively transparent supply chains. Notable projects in Western Australia—such as the Kalgoorlie nickel-cobalt operation, the Broken Hill cobalt mine, and the Kwinana refinery (planned to produce battery-grade cobalt sulfate)—have recently made significant progress and may furnish new supply for the global battery market.
Indonesia’s cobalt reserves stand at 640,000 metric tons, and the country has rapidly risen to prominence as a major cobalt producer. Forecasts by the Cobalt Institute predict Indonesia could supply up to 16 percent of the world’s cobalt by 2030, contributing to a more diversified global market. Since its 2019 ban on nickel ore exports, Indonesia has attracted extensive investment from Chinese-backed high-pressure acid leach (HPAL) smelters, which has driven cobalt output from just 2,700 metric tons in 2021 to around 28,000 metric tons in 2024.
Beyond the DRC, Australia, and Indonesia, several other countries command sizable cobalt reserves, including Cuba (about 500,000 metric tons), the Philippines (260,000 metric tons), Russia (250,000 metric tons), Canada (220,000 metric tons), Madagascar (100,000 metric tons), Turkey (91,000 metric tons), the United States (70,000 metric tons), and Papua New Guinea (62,000 metric tons).
Cuba, for instance, has a notable nickel-cobalt mining operation through a Canada-Cuba partnership in the Moa region, while countries like the Philippines are relaxing mining license requirements and tightening environmental oversight to streamline their cobalt production.
(Note: The reserve figures above are based on the latest data from the USGS and may shift as exploration continues and mining policies evolve.)
