Zambia’s Cobalt Production Reaches 251 Tons in 2022
Official data from the Ministry of Mines and Minerals Development shows that Zambia’s annual cobalt production in 2022 has reached 251 tons, representing a 2% increase from the 247 tons produced in 2021. The country’s cobalt production had previously decreased after the collapse of international prices.
The Ministry of Mines and Minerals Development, revealed that the country produced 251 metric tons of cobalt in 2022, 247 in 2021, 315 in 2020, and 878 in 2019.
Reports show that global supplies of refined cobalt, which is used in the rechargeable batteries that power electric vehicles, are expected to increase by 24% to approximately 210,000 tonnes this year, with demand predicted to rise 8% to 205,000 tonnes.
Currently, cobalt prices on the global market are trading at around US$34,180 per ton, and Zambia may only benefit if the production of this metal, which is used in the manufacturing of EV batteries, is increased.
Cobalt is a hard, lustrous, grey metal with a high melting point of 1493°C. It is mainly used in the production of chemicals (58%), super alloys for gas turbine blades and jet aircraft engines, special steel, carbides, diamond tools, and magnets. EVs remain the driving force of the cobalt market and are expected to continue to see substantial gains.
It is important to note that The Democratic Republic of Congo is the largest producer of cobalt, accounting for more than 50% of the world’s production, followed by Russia (4%), Australia, the Philippines, and Cuba.
