How Long Will Cobalt Reserves Last?

Global cobalt resources were about 25,000 kilotonnes in 202217 but our modelling indicates that resources will decline by one half to around 11,000 kilotonnes by 2050. Moreover, global cobalt reserves will be entirely used up by around 2040.

What year will we run out of cobalt?

More than 70% of the world’s cobalt is produced in the Democratic Republic of Congo, and any nation that produces electronics wants in on that source. But based on operational mines and projected demand, forecasters predict that supply won’t be able to keep up with demand by 2030, or even as early as 2025.

Will the earth run out of cobalt?

However, as demand increases due to population growth and further development of technologies that rely on these elements, it is likely that supplies will become strained for many elements. Cobalt, Niobium, and Tantalum: The world is not expected to run out of cobalt for much of the foreseeable future.

How much cobalt is left in the world?

As the total global cobalt reserves amount to 7.6 million metric tons, this means that the DR Congo’s cobalt reserves account for nearly half of the world’s reserves of the metal.
Reserves of cobalt worldwide in 2021, by country (in metric tons)

Will we run out of cobalt for batteries?

We show that cobalt-free batteries and recycling progress can indeed significantly alleviate cobalt supply risks in the long run; however, a cobalt shortage between 2028 and 2033 appears inevitable, even under the most optimistic scenario, due to global automobile electrification ambitions.

What can replace cobalt?

Manganese is Replacing Cobalt: How This Mineral Is Saving the Future of the Electric Vehicle Industry.

Is cobalt worth investing in?

Investing in cobalt stocks
Cobalt production has been a promising investment in recent years. However, like any other commodity, cobalt prices can be highly volatile. Additionally, since cobalt is a byproduct, there aren’t really any pure-play cobalt stocks within the metal mining industry.

Where does Tesla get its cobalt?

Tesla released interesting and rare details about its approach to sourcing lithium, nickel, and cobalt directly from mines instead of through its cell suppliers. This approach is going to be critical as companies fight to secure those minerals for battery production to support electric vehicle growth.

What country controls the most cobalt?

And like so many materials and commodities today, China controls the bulk of the global cobalt supply.

What is the future of cobalt?

In 2021, cobalt demand from electric vehicles overtook other battery applications for the first time to become the largest end use sector at 34% of demand. It is expected to account for half of the cobalt demand by 2026.

Is cobalt more rare than lithium?

These two elements are not particularly rare – cobalt can be found in most rocks, and lithium is the first metal in the periodic table and one of only three elements created in the primordial Big Bang. Lithium is the 32nd most common element on our planet.

How far down is cobalt found?

The copper and cobalt ores are found in a 500-million-year-old mountain chain in two zones, weathered oxide deposits that extend to a depth between 70 m and 150 m and unweathered sulfide deposits below these oxide deposits at depths greater than 250 m.

Who owns the largest cobalt mines?

However, Cobalt is a unique commodity because it’s primarily controlled by only two countries: China and the Democratic Republic of Congo. The DRC supplies about 70 percent of the world’s Cobalt, but 80% of its industrial cobalt mines are owned or financed by Chinese companies.

What will replace cobalt in batteries?

Iron phosphate (LFP) batteries, which don’t use nickel or cobalt, are traditionally cheaper and safer, but they offer less energy density, which means less efficient and shorter range for electric vehicles.

Which battery is better lithium or cobalt?

The Safety Performance. In terms of safety, Lithium Iron Phosphate batteries are far safer than Lithium Cobalt Oxide batteries.

Where does the US get its cobalt?

U.S. cobalt imports
The largest cobalt deposits are found in the DR Congo, Australia, and Cuba. Cobalt is primarily produced in the DR Congo, which produced 120,000 metric tons in 2021, in comparison to Russia’s total production of 7,600 metric tons. This metal is commonly produced as a by-product of nickel mining.

Do solar panels need cobalt?

Cobalt, copper, lithium, nickel, and rare earth elements (REEs) are all essential for producing electric vehicles and batteries, harnessing solar power and wind energy, and other actions to reduce the reliance of consumers and industries on fossil fuels.

Can cobalt be destroyed?

❏ Cobalt cannot be destroyed. It can change form or attach to or separate from particles. Radioactive decay is a way of decreasing the amount of radioactive cobalt in the environment.

Does Tesla need cobalt?

Their new range of 4680 batteries intended for the new generation of Tesla cars do not use nickel-manganese-cobalt cathode but a high-nickel cathode. Also, these batteries, scheduled to find their way into new Teslas in 2022, use silicon anode instead of a graphite one.

Who buys the most cobalt?

China was the world’s leading consumer of cobalt, with more than 80% of its consumption being used by the rechargeable battery industry.

Is Canada rich in cobalt?

In 2020, Newfoundland and Labrador produced some 1,510 metric tons of cobalt. The total cobalt production in Canada amounted to around 4,279 metric tons that year.
Cobalt production in Canada in 2020, by province (in metric tons)*