Indonesia to Become One of the World's Top Cobalt Producers in 2024

A United States Geological Survey (USGS) report indicates that global cobalt production is estimated to reach 290,000 metric tons in 2024.

The USGS states that the estimated global cobalt mine and refinery output is expected to increase and reach a record high that year. The USGS recorded an estimated production of only 238,000 metric tons in 2023.

The Democratic Republic of Congo is projected to be the world's largest cobalt producer, with an estimated volume of 220,000 metric tons. This is said to contribute up to 76% of the world's total cobalt mine production.

This figure is also up from an estimated 175,000 metric tons in 2023. Meanwhile, the Congo's cobalt reserves stand at 6 million metric tons, also the highest globally.

Indonesia ranks second with an estimated production of 28,000 metric tons. The USGS states that Indonesia accounts for 10% of total global production.

The 2024 volume is up from an estimated 19,000 metric tons in 2023. Indonesia's cobalt reserves amount to 640,000 metric tons.

Third is Russia, with an estimated production of 8,700 metric tons. This figure is unchanged from 2023.

The remaining top 10 include Canada, the Philippines, Australia, and Madagascar.

(See also: [List of Countries with the Largest Cobalt Reserves in 2023](https://databoks.katadata.co.id/pertambangan/statistik/66fa83c45e335/daftar-negara-pemilik-cadangan-kobalt-terbesar-2023))

The USGS notes that China is the world's leading producer of refined cobalt and has increased its metal refining capacity throughout the past year. The majority of China's refining production comes from partially refined cobalt imported from the Democratic Republic of Congo (Kinshasa) and Indonesia.

China is also the world's largest consumer of cobalt, with the majority used in the lithium-ion battery industry.

"New mined and refined cobalt production has led to a global oversupply and lower cobalt prices," the USGS wrote in its *Mineral Commodity Summaries 2025* report, quoted on Monday (February 3, 2024).

Meanwhile, the United States has imposed increased tariffs on cobalt ore and concentrates originating from China in 2024, as well as products containing cobalt, including electric vehicles and lithium-ion batteries.

(See also: [How Much Longer Will Indonesia's Mineral Resources Last?](https://databoks.katadata.co.id/pertambangan/statistik/678f5990952cf/berapa-lama-lagi-sumber-daya-mineral-indonesia-habis))