Mapping the Largest Cobalt Mines in the World: 2024 Update

Cobalt has emerged as a critical commodity in the global energy transition, with demand surging due to its essential role in lithium-ion batteries that power electric vehicles. The world’s largest cobalt mines have become strategic assets, shaping the future of clean energy technology and battery production globally.

Global cobalt mining reached unprecedented levels in 2023, when production climbed to 230,000 metric tons (MT), according to data from the US Geological Survey (USGS). This surge was driven primarily by expanded operations in the Democratic Republic of Congo (DRC) and Indonesia. The DRC’s dominance in cobalt supply is striking — its mines produced 170,000 MT in 2023, representing almost 74 percent of worldwide output. In comparison, Indonesia, the second-largest producer, generated only 17,000 MT, underscoring the extreme geographic concentration of global cobalt production.

The DRC’s overwhelming share of global cobalt supply stems from its vast mineral reserves and established mining infrastructure. Notably, all five of the largest cobalt mines in the world are concentrated within the DRC’s borders, according to S&P Global Market Intelligence data. This concentration presents both opportunities for investors and structural vulnerabilities for global supply chains. Here’s a breakdown of these five mining powerhouses.

Tenke Fungurume: The Largest Cobalt Mining Operation

Topping the rankings among the world’s largest cobalt mines, Tenke Fungurume extracted 28,500 MT of cobalt in 2023. Situated in Lualaba province in the DRC, the operation is 80 percent controlled by China’s CMOC Group and 20 percent owned by the DRC state mining company Gécamines. This ownership structure evolved after Freeport McMoRan divested its stake to CMOC in 2016. The mine played a central role in CMOC’s rise to become the world’s largest cobalt-producing company in January 2023, surpassing longtime industry leader Glencore. Tenke Fungurume’s cobalt output surged by nearly 85 percent between 2020 and 2023, an expansion driven by operational improvements and integration with the newly commissioned Kisanfu mine.

Beyond cobalt, Tenke Fungurume is the DRC’s premier copper producer, diversifying revenue streams for its operators. A major turning point came in July 2023 when CMOC settled a long-running royalties dispute with Gécamines by making a US$2 billion payment. China’s position as both the world’s largest cobalt consumer and refined cobalt producer adds strategic significance to CMOC’s dominance. The USGS reports that China’s lithium-ion battery sector alone accounts for approximately 87 percent of the nation’s cobalt consumption, with the vast majority of raw material sourced from the DRC.

Kamoto: Sustained Expansion Among the Largest Cobalt Mines

The second-largest operation globally, Kamoto generated 27,600 MT of cobalt in 2023. This copper-cobalt mine, located in Katanga province, operates under joint ownership by Glencore (75 percent) and Gécamines (25 percent) through the Kamoto Copper Company. Over the three-year period from 2020 to 2023, Kamoto’s cobalt output climbed by more than 15 percent, reflecting steady capacity expansion.

Kamoto’s operational footprint extends beyond the primary underground mine. The Kamoto Copper Company portfolio includes the KOV and Mashamba East open-pit operations, plus the Luilu refinery located in Kolwezi. This integrated approach to ore extraction and processing enhances operational efficiency and margin capture.

Kisanfu: A New Entrant to the World’s Largest Cobalt Mines

The recently developed Kisanfu mine demonstrates how technological advancement and new capacity additions reshape the global cobalt landscape. Beginning commercial operations in Q2 2023, Kisanfu quickly scaled to 27,000 MT of annual cobalt production, placing it third globally. Kisanfu Mining, the operating subsidiary, is structured with CMOC holding a 75 percent stake, Chinese battery giant CATL controlling 25 percent, and the DRC government retaining a 5 percent interest.

CMOC’s acquisition of the Kisanfu deposit from Freeport McMoRan in 2020 represented a strategic capital deployment. When the facility came online in mid-2023, it contributed significantly to the global cobalt surplus that developed that year, according to reporting by Reuters. The mine’s rapid ramp-up exemplifies how large-scale development projects at the world’s largest cobalt mines can reshape international market dynamics within months.

Metalkol RTR: Recycling and ESG Leadership

The Metalkol RTR hydrometallurgical facility, located in Haut-Katanga province and operated by Eurasian Resources Group (ERG) Africa, produced 14,700 MT of cobalt in 2023. The facility’s output expanded 40 percent between 2020 and 2023, driven by its unique business model: reprocessing historical cobalt-copper tailings accumulated over decades of mining by predecessor operators, including material from Kingamyambo and the Musonoi River region.

Beyond production metrics, Metalkol RTR stands out for its environmental and social commitments. ERG has pledged adherence to the Responsible Minerals Assurance Process, part of the broader Responsible Minerals Initiative. The company’s objectives include pollution reduction through relocation of legacy tailings to properly managed facilities, alongside efforts to eliminate child labor in the DRC’s mining sector.

These ESG commitments attracted significant market attention. In April 2024, Metalkol RTR secured a supply agreement with Electra Battery Materials to provide cobalt hydroxide feedstock to Electra’s planned refinery in Ontario, Canada. The facility aims to become North America’s first commercial battery-grade cobalt sulfate refinery. This agreement reflects how environmental stewardship and responsible sourcing have become competitive advantages in cobalt supply chains. The timing coincided with Canada’s ascent to the top position in BloombergNEF’s global lithium-ion battery supply chain rankings in 2024, surpassing China’s long-held lead.

Mutanda: Navigating Market Cycles

Rounding out the five largest cobalt mines in the world, Mutanda produced 11,200 MT of cobalt in 2023. The copper-cobalt operation in Lualaba Province is controlled by Mutanda Mining, a wholly owned subsidiary of Glencore, which holds a 95 percent stake with the DRC government retaining 5 percent.

Mutanda’s trajectory illustrates cyclical market pressures faced by cobalt miners. Depressed cobalt prices in 2019 forced Glencore to suspend mining operations and place Mutanda on care and maintenance. The company initiated a phased restart in October 2021, initially processing accumulated ore stockpiles. Glencore publicly targeted full mining resumption by 2024; however, operational challenges have emerged.

In late November 2023, Reuters reported that declining oxide ore grades at surface levels could constrain production by up to 15 percent annually unless Glencore pursues sulfide ore mining at depth. The company is reportedly conducting a feasibility study to evaluate this capital-intensive decision. The situation highlights how geology, commodity cycles, and investment decisions interact to shape the production profiles of even the largest cobalt mines in the world.

Strategic Implications for the Cobalt Market

The concentration of the largest cobalt mines in a single country underscores both the DRC’s mineral wealth and global supply chain dependency. With nearly three-quarters of global production flowing from one nation, geopolitical factors, regulatory changes, and operational disruptions carry outsized market impact. The ongoing development of new capacity at mines like Kisanfu, coupled with sustainability initiatives at Metalkol RTR and recovery efforts at Mutanda, will determine whether the cobalt market maintains its recent abundance or shifts toward scarcity.

For investors and industry participants tracking the energy transition, monitoring these five operations provides crucial insight into cobalt’s future supply-demand dynamics and the competitive landscape of battery materials production.