Global Cobalt Mining Companies Shape Battery Supply Chain in 2024-2026

The strategic importance of cobalt mining has surged dramatically as the world transitions toward electric vehicles and renewable energy storage. Driven by robust demand from the lithium-ion battery sector, global cobalt mining companies are now operating at unprecedented capacity. According to data from the US Geological Survey, worldwide cobalt extraction reached 230,000 metric tons in 2023, marking a new industry peak. This expansion was catalyzed primarily by major cobalt mining operations in the Democratic Republic of Congo (DRC) and Indonesia, with the DRC commanding an overwhelming 74 percent of global cobalt supplies.

Market Dominance and Production Expansion

The Democratic Republic of Congo has established itself as the undisputed center of global cobalt mining, with its 2023 output reaching 170,000 metric tons—nearly three-quarters of worldwide supply. This dominance reflects not only geological advantages but also the operational capabilities of leading cobalt mining companies that have invested heavily in the region. Indonesia ranks as the distant second producer, contributing approximately 17,000 metric tons annually. For investors seeking exposure to this critical sector, understanding the landscape of major cobalt mining operations provides valuable insight into supply chain dynamics and investment opportunities.

The Five Leading Operations in Cobalt Extraction

S&P Global Market Intelligence identifies five principal mining operations that drive global cobalt production. These facilities represent the apex of cobalt mining efficiency and output capacity.

Tenke Fungurume: The Production Powerhouse

Tenke Fungurume operated in the DRC’s Lualaba province delivered 28,500 metric tons of cobalt in 2023. This mining operation is controlled by China’s CMOC Group (which holds 80 percent ownership) alongside the DRC’s state mining entity Gécamines (20 percent). The partnership became notable following CMOC’s $2 billion settlement with Gécamines in July 2023, resolving a royalties dispute. Beyond cobalt output, Tenke Fungurume serves as the DRC’s primary copper producer. Production volumes have climbed dramatically—surging nearly 85 percent since 2020. This trajectory helped CMOC eclipse Glencore as the world’s leading cobalt mining company in January 2024, a pivotal shift in industry leadership.

Kamoto: Glencore’s Cornerstone Operation

The Kamoto copper-cobalt facility, situated in Katanga province, generated 27,600 metric tons of cobalt in 2023 under a joint venture structure. Glencore controls 75 percent of Kamoto Copper Company, while Gécamines holds 25 percent. Over the past three years, cobalt yields from this operation climbed by more than 15 percent. Beyond the primary underground mine, this cobalt mining complex encompasses the KOV and Mashamba East open-pit facilities as well as the Luilu refinery in Kolwezi, creating an integrated production ecosystem.

Kisanfu: Revolutionary Capacity Addition

Kisanfu, also located in Lualaba province, achieved production of 27,000 metric tons in 2023, emerging as a transformative force for cobalt mining companies in 2024. This massive operation came online in Q2 2023, with 95 percent ownership split between CMOC (75 percent) and CATL, the Chinese battery powerhouse (25 percent), while the DRC government retains 5 percent. CMOC’s 2020 acquisition of the Kisanfu deposit from Freeport McMoRan positioned the company to capitalize on surging battery metal demand. Industry analysts credit Kisanfu’s startup as a primary driver behind the unprecedented cobalt supply surplus experienced in 2023.

Metalkol RTR: Sustainability-Focused Extraction

Metalkol RTR, operating in Haut-Katanga province under Eurasian Resources Group (ERG) Africa’s management, produced 14,700 metric tons in 2023—a 40 percent increase from 2020 levels. This hydrometallurgical facility reprocesses historical cobalt-copper tailings, converting legacy mining waste into valuable output. ERG’s commitment to the Responsible Minerals Assurance Process distinguishes this operation within the cobalt mining sector. The company’s initiatives to reduce local environmental impact and address labor practices attracted a landmark 2024 supply agreement with Electra Battery Materials, which will construct North America’s first battery-grade cobalt sulfate refinery in Ontario, Canada. This partnership exemplifies how responsible cobalt mining companies are reshaping global supply chains.

Mutanda: Recovery and Feasibility Analysis

The Mutanda copper-cobalt mine in Lualaba province, operated by Glencore’s wholly owned subsidiary Mutanda Mining, produced 11,200 metric tons in 2023. The mine comprises three open-pit operations with an estimated 25-year lifespan. After placement on care and maintenance in 2019 due to unfavorable cobalt prices, Glencore initiated phased reopening in October 2021. However, challenges persist: Reuters reported in November 2023 that declining surface oxide ore grades could reduce annual cobalt yields by 15 percent unless Glencore commits to deeper sulfide ore mining. The company is currently evaluating feasibility studies to inform this critical strategic decision.

Strategic Significance for Cobalt Mining Companies

China’s position as both the world’s largest cobalt consumer and leading processor of refined cobalt underscores the strategic nature of these mining operations. Nearly 87 percent of China’s cobalt consumption supports its lithium-ion battery industry, making DRC mining output essential to global battery supply chains. Meanwhile, Canada’s recent ascent to the top position in BloombergNEF’s global lithium-ion battery supply chain ranking signals shifting dynamics that could reshape cobalt processing geography in the coming years.

The cobalt mining landscape continues to evolve as companies balance production expansion, environmental stewardship, and supply chain resilience. For stakeholders monitoring the energy transition, these cobalt mining companies and their operations remain central to understanding battery material security through 2026 and beyond.

This analysis synthesizes current industry data and represents an updated perspective on global cobalt extraction and mining company operations.