Zambia’s Annual cobalt production has hit a 251 tons in 2022, according to official data released by the Ministry of Mines and Minerals Development.
The number represents a 2% jump compared to 247 tonnes produced in 2021. Cobalt production had dwindled after the international prices collapsed.
According to mineral production figures obtained from the Ministry of Mines and Minerals Development, obtained by the Zambian Business Times –ZBT – the country’s cobalt production stood at a paltry 251 metric tonnes in 2022, 247 in 2021, 315 in 2020, and 878 in 2019.
Global supplies of refined cobalt used in the rechargeable batteries that power electric vehicles are now expected to surge to around 210,000 tonnes this year, up 24% from 2022, while demand is forecast to rise 8% to 205,000 tonnes according to reports.
Currently, cobalt prices on the world market are trading at about US$34, 180 per ton and Zambia may only benefit if the production of the shiny metal used in the manufacture of EV batteries is increased.
Cobalt is a hard, lustrous, grey metal with a high melting point (1493°C). It is used mainly in the production of chemicals (58 percent), super alloys for gas turbine blades and jet aircraft engines, special steel, carbides, diamond tools, and magnets and now Electric vehicles (EVs) have remained the real driving force of the cobalt market and is expected to continue to see substantial gains.
By far, the biggest producer of cobalt is DR Congo (more than 50%) followed by Russia (4%), Australia, the Philippines, and Cuba.
