“Fatshimetrie: In-depth analysis of global cobalt production in 2024″
At the start of 2024, the cobalt mining industry is booming, with the Kisanfu cobalt mine in the Democratic Republic of Congo emerging as a major player on the global stage. With an estimated production of 23,000 additional tonnes compared to the previous year, Kisanfu is set to become the main contributor to the increase in global cobalt supply in 2024. This announcement, made by the Cobalt Institute on October 28, confirms the growing importance of this essential element for many industries, including electric batteries.
The Cobalt Institute’s annual report, published in May 2024, also reveals a more pronounced surplus in the cobalt market this year, with a surplus of 14,200 tonnes anticipated for 2023, almost double the previous year. This market upheaval is largely attributable to the significant contribution of the Kisanfu mine, which saw its production increase by 32,500 tonnes in 2023. A performance that clearly positions the DRC as a key player in global cobalt production.
In addition to Kisanfu, another major mine, Tenke Fungurume, operated by the Chinese group CMOC in the DRC, is also expected to play a major role in the surplus forecast for this year. Indeed, additional production from Tenke is estimated at 14,000 tonnes for 2024, thus exceeding the new supply from all Indonesian mines combined over the same period. This growth momentum clearly positions CMOC as the undisputed global leader in cobalt production, dethroning Glencore in 2023.
This major development in the cobalt market raises many questions about the impact on supply and demand, as well as future prices. As demand for cobalt continues to grow, driven by the rise of electric vehicles and energy storage technologies, these new production prospects could significantly influence the market balance. It is essential for industry players to closely monitor these developments and anticipate future challenges to ensure sustainable management of this precious resource.
In conclusion, the ramp-up of cobalt production in 2024, driven by mines such as Kisanfu and Tenke Fungurume, opens new perspectives and challenges for the global industry. This growth dynamic highlights the strategic importance of the DRC in the global mining landscape and underlines the need for responsible and sustainable management of natural resources to meet the current and future challenges of our society..”
In this article, the focus is on the in-depth analysis of the challenges and prospects related to global cobalt production in 2024, thus providing a more detailed and reasoned view of the current market situation.