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/
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