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EV Demand Caused Global Cobalt Production to Hit Record High in 2021
February 2022

EV Demand Caused Global Cobalt Production to Hit Record High in 2021

The global production of cobalt hit a record high of 170,000 tonnes in 2021 according to preliminary data released by the US Geological Survey (USGS), a 20% increase from 142,000 tonnes produced in 2020.

The Democratic Republic of Congo (DRC) continued to be the world’s leading producer of mined cobalt, supplying over 70% of global cobalt mine production, whilst China continued to be the world’s leading producer of refined cobalt. China was also the largest consumer of the rare metal, with over 80% of the consumption being used by the rechargeable battery industry.

CEO Benedikt Sobotka of mining company Eurasian Resources Group (ERG) noted that the price of cobalt increased by 119% in 2021 and could spike higher in the coming year, due to the increased demand from the EV market and widespread consumer adoption of sustainable EVs.

Source: https://www.mining.com/global-cobalt-production-hits-record-high-in-2021-boosted-by-ev-demand/