Minor Metals

Cobalt White Paper


Why Global Battery Makers Will Continue to Rely on African Cobalt


Notwithstanding the recent downturn,cobalt prices have skyrocketed over the last five years. This surge has been largely in response to rising demand from the energy storage sector, in particular the fast-growing electric vehicle industry.

This demand-led price growth, coupled with the political and economic turmoil that plague many African countries, has spurred development of new cobalt projects outside of the DRC. While we believe that cobalt projects outside of the main cobalt basins certainly have their place and may indeed fill some of this demand requirement, Core Consultants sees African deposits as the mainstay for the foreseeable future.

This paper provides a technical basis and a clear economic rationale for our thesis that irrespective of the challenges facing the African Copper Belt, new supply required for the battery sector will mainly be met by African-based cobalt developments and DRC-based deposits in particular.



This paper sets out to answer the following key questions:


  1. What unique qualities are found in the African Copper Belt compared to other global cobalt deposits?
  2. How do copper-cobalt deposits compare with nickel- cobalt deposits?
  3. What are the specific requirements for battery-grade cobalt?
  4. How easily are these requirements met by cobalt found outside the African Copper Belt?


1 review for Cobalt White Paper

  1. Lara Smith

    Great read for anyone trying to understand the critical differences between cobalt in the DRC versus elsewhere. Critical reading for anyone invested in cobalt supply chain including mining companies, metal traders, cathode producer and automakers

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