The Democratic Republic of Congo produces an estimated 70–75% of global cobalt supply, making the top 10 cobalt mining companies list unlike any other critical mineral ranking — the majority of entries operate in, or source from, a single high-risk jurisdiction. For investors and supply chain professionals tracking cobalt in 2026, understanding who mines it, where, and under whose ownership is as important as the price itself. For current benchmark pricing, see our cobalt price tracker.
How We Ranked the Top 10 Cobalt Mining Companies
Companies are ranked primarily by estimated cobalt production volume in 2024–2025 (the most recent period for which data is available), measured in thousand tonnes (kt) of cobalt content. Where confirmed USGS or company-disclosed figures are available, these are used; elsewhere, figures are flagged as estimated based on USGS Mineral Resources Program data and analyst consensus. Resource size and strategic supply chain position — including offtake agreements, refinery ownership, and government contracts — are used as secondary ranking factors where output figures are closely matched.
Chinese ownership of DRC assets is noted explicitly throughout. This is editorially significant: several entries in this ranking are Congolese mining operations in name but Chinese-controlled in practice, a distinction that materially affects western supply chain exposure.
1. Glencore — Switzerland / DRC / Australia (LSE: GLEN)
Glencore is the world’s largest cobalt producer by confirmed output. Its Katanga Mining operations — now consolidated under the Kamoto Copper Company (KCC) joint venture in the DRC — produced approximately 35–40 kt of cobalt in 2024, according to company disclosures. The Murrin Murrin nickel-cobalt operation in Western Australia provides a smaller but strategically significant non-DRC source. Glencore also holds the Mutanda Mining operation in the DRC, one of the world’s largest cobalt deposits. The company markets cobalt hydroxide and refined cobalt metal globally, with offtake relationships across the European and Asian battery supply chains. In 2026, Glencore remains the single most influential price-setter in the cobalt market. Production figures are confirmed via annual reports.
2. CMOC Group — China / DRC (HKEX: 3993)
CMOC Group (formerly China Molybdenum) overtook Glencore in cobalt output during 2023 following the ramp-up of its TFM (Tenke Fungurume Mining) and KFM (Kisanfu) operations in the DRC. Estimated 2024 cobalt production: 80–100 kt across both assets — figures that, if confirmed, would make CMOC the largest single cobalt producer globally by volume. CMOC is a Chinese state-linked company; its DRC assets are Congolese operations under Chinese operational and financial control. This concentration of output in one company’s hands — and one country’s jurisdiction — is a primary supply risk flag for western battery manufacturers. The TFM expansion, completed in 2023, drove a significant cobalt price correction. 2024 figures are partially estimated pending full-year disclosure.
3. Zhejiang Huayou Cobalt — China (SHA: 603799)
Zhejiang Huayou Cobalt is China’s dominant cobalt refiner and a major upstream producer through its DRC mining interests. The company operates the Mikas and Kakula-adjacent processing assets in the DRC and has built one of the most vertically integrated cobalt supply chains globally — from artisanal buying stations through to battery precursor (pCAM) production in China. Estimated cobalt production and purchasing volume: 30–40 kt equivalent in 2024, though the split between mined and purchased material is not fully disclosed. Huayou is a key supplier to CATL and other Chinese battery cell manufacturers. Its upstream DRC exposure carries the same jurisdictional risk as peers; its downstream refining position gives it pricing leverage across the battery supply chain. Output figures are partially estimated.
4. Eurasian Resources Group (ERG) — Luxembourg / DRC / Kazakhstan
Eurasian Resources Group (ERG) operates the Boss Mining and Metalkol RTR operations in the DRC’s Katanga province, processing tailings from legacy cobalt-copper operations. Metalkol RTR, which reprocesses historic tailings, produced an estimated 16–20 kt of cobalt in 2024 — one of the larger confirmed non-Chinese DRC operations. ERG is privately held and Luxembourg-registered, with Kazakh state entities among its shareholders; it does not publish full production data. Its tailings-reprocessing model carries lower environmental and community disruption risk than conventional mining, a differentiator as battery manufacturers face ESG scrutiny on DRC supply. Figures are estimated based on USGS and industry analyst data.
5. Umicore — Belgium (EBR: UMI)
Umicore is primarily a cobalt refiner and battery materials producer rather than a miner, but its scale of cobalt processing — and its role in the western battery supply chain — earns it a place in any 2026 ranking. The company processes cobalt into battery-grade materials (cathode active materials and precursors) at its Olen, Belgium facility, handling an estimated 10–15 kt of cobalt equivalent annually through its rechargeable battery materials division. Umicore does not operate cobalt mines directly; it sources hydroxide feedstock from DRC producers including Glencore. In 2026, Umicore is navigating weaker EV demand in Europe and has reduced its medium-term battery growth targets — a signal that the cobalt processing market is under margin pressure upstream of cell manufacturing.
6. Vale — Brazil (NYSE: VALE)
Vale is the world’s leading nickel producer and a significant cobalt producer as a by-product of its nickel operations in Canada (Sudbury, Thompson) and its PTVI operations in Indonesia. Cobalt output is estimated at 4–6 kt per year, confirmed via annual reports as a nickel-linked by-product. Vale’s cobalt is not DRC-sourced — a material supply chain differentiator for western battery manufacturers and automotive OEMs seeking non-DRC feedstock. The company’s Long Harbour hydromet facility in Newfoundland produces battery-grade nickel, cobalt, and copper. Vale’s cobalt output is small relative to DRC producers but strategically significant as a certified, traceable, non-artisanal source. Its 2024 New Caledonia divestiture removed some cobalt exposure from its portfolio.
7. Norilsk Nickel (Nornickel) — Russia (MOEX: GMKN)
Nornickel is one of the world’s largest producers of nickel and palladium, with cobalt produced as a by-product at its Norilsk and Kola peninsula operations. Estimated cobalt output: 5–6 kt per year, confirmed in company annual reports. Nornickel’s cobalt is non-DRC and non-artisanal, but its Russian domicile has made it effectively off-limits for western battery supply chains following sanctions introduced after 2022. The company continues to supply cobalt to Chinese and Indian markets. Its presence in this ranking reflects production scale, not western supply chain relevance — a distinction that matters for investors modelling supply availability rather than market accessibility. Figures are confirmed via Nornickel annual disclosures.
8. Sherritt International — Canada (TSX: S)
Sherritt International operates the Moa Joint Venture in Cuba — one of the few significant cobalt producers outside the DRC and outside Chinese control. The Moa operation, a 50/50 joint venture with Cuban state entity General Nickel Company, produced approximately 3–4 kt of cobalt in 2024, confirmed via company quarterly reports. Sherritt refines cobalt and nickel at its Fort Saskatchewan facility in Alberta, producing finished cobalt metal and nickel rounds. The company faces ongoing US sanctions risk due to its Cuban operations, limiting its access to US capital markets. For European and Asian battery manufacturers, Moa represents a traceable, non-DRC cobalt source — though its scale is modest relative to DRC producers.
9. Jervois Global — Australia / USA / Finland (ASX: JRV)
Jervois Global represents the western world’s most direct attempt to establish a domestically controlled cobalt supply chain outside the DRC. The company owns the Idaho Cobalt Operations (ICO) in the United States — the only primary cobalt mine in development in North America — and the SMP refinery in Kokkola, Finland. ICO was placed on care and maintenance in 2023 following the cobalt price collapse; restart feasibility is under review in 2026. The Kokkola refinery, acquired from Freeport Cobalt, processes DRC-sourced hydroxide feedstock. Jervois’s strategic value lies in its western infrastructure — US mine, European refinery — rather than current output, which is minimal. The company has faced significant financial pressure; investors should treat production timelines as targets, not confirmed milestones.
10. Chemaf / Shalina Resources — DRC (Private)
Chemaf (Chemical of Africa), a subsidiary of Shalina Resources, operates cobalt-copper mining and processing assets in Katanga, DRC. The company is privately held and Congolese-registered, with Shalina Resources owned by the Rawji family — one of the DRC’s most prominent private mining interests. Estimated cobalt output: 3–5 kt per year, based on USGS provincial data; company-confirmed figures are not publicly available. Chemaf operates the Usoke and Etoile copper-cobalt mines and a processing facility at Kolwezi. It represents a non-Chinese private operator in the DRC — a rare profile in a sector dominated by Glencore (western) and CMOC/Huayou (Chinese). All output figures are estimated.
Top 10 Cobalt Mining Companies — Summary Table 2026
| Rank | Company | HQ Country | Key Asset | Est. Cobalt Output (kt) | Ticker |
|---|---|---|---|---|---|
| 1 | Glencore | Switzerland | KCC / Mutanda, DRC | 35–40 (confirmed) | LSE: GLEN |
| 2 | CMOC Group | China | TFM / KFM, DRC | 80–100 (partially estimated) | HKEX: 3993 |
| 3 | Zhejiang Huayou Cobalt | China | DRC assets + China refining | 30–40 equiv. (estimated) | SHA: 603799 |
| 4 | Eurasian Resources Group | Luxembourg | Metalkol RTR, DRC | 16–20 (estimated) | Private |
| 5 | Umicore | Belgium | Olen refinery, Belgium | 10–15 equiv. (estimated) | EBR: UMI |
| 6 | Vale | Brazil | Sudbury / PTVI | 4–6 (confirmed) | NYSE: VALE |
| 7 | Nornickel | Russia | Norilsk / Kola | 5–6 (confirmed) | MOEX: GMKN |
| 8 | Sherritt International | Canada | Moa JV, Cuba | 3–4 (confirmed) | TSX: S |
| 9 | Jervois Global | Australia | ICO, USA / Kokkola, Finland | Minimal (care & maintenance) | ASX: JRV |
| 10 | Chemaf / Shalina Resources | DRC | Usoke / Etoile, DRC | 3–5 (estimated) | Private |
DRC Dependency — The Supply Concentration Risk for Cobalt in 2026
No other critical mineral has supply as geographically concentrated as cobalt. The DRC accounts for an estimated 70–75% of global mined cobalt output, according to USGS data — and within that, a significant proportion of DRC production is controlled by Chinese companies. CMOC’s TFM and KFM operations alone account for a substantial share of global supply; Zhejiang Huayou Cobalt controls additional upstream assets and the majority of DRC artisanal cobalt purchasing through its supply chain network. Western battery manufacturers and automotive OEMs face a structural dilemma: DRC cobalt is abundant and relatively low-cost, but exposed to political instability, artisanal mining traceability failures, and Chinese ownership concentration.
The artisanal and small-scale mining (ASM) sector produces an estimated 15–25% of DRC cobalt, much of it purchased by Chinese trading companies and consolidated into the formal supply chain at Congolese processing facilities. Traceability across this supply chain segment remains limited despite industry initiatives including the Responsible Minerals Initiative (RMI) and the OECD Due Diligence Guidance. For investors in western battery supply chain companies, ASM exposure is an ongoing ESG and reputational liability.
Western government responses have accelerated in 2025–2026. The US Critical Minerals List, the EU Critical Raw Materials Act, and bilateral agreements with Zambia and the DRC government reflect an attempt to build non-Chinese cobalt supply routes — but meaningful production from western-backed non-DRC projects remains years away. For the foreseeable future, the African cobalt supply chain — and the DRC in particular — remains the structural centre of gravity for global cobalt markets. See our global critical minerals overview for the broader supply chain context.
The Outlook for Cobalt Mining in 2026
Cobalt enters 2026 under sustained price pressure driven by EV demand softness in Europe and North America, oversupply from CMOC’s DRC expansion, and the structural shift by some battery manufacturers toward lower-cobalt or cobalt-free chemistries (LFP, sodium-ion). Offsetting factors include growing defence and aerospace demand — superalloys for jet engines and defence electronics remain cobalt-dependent with no substitution pathway — and the possibility of DRC political disruption tightening supply. The most significant variable for rankings may be CMOC: if full-year 2024 output data confirms the 80–100 kt estimate, the company’s dominance of global supply would be even more pronounced than current figures suggest. Non-DRC projects — Jervois Idaho, Sherritt Moa, Vale Sudbury — will not materially alter the supply balance in 2026, but their strategic value to western supply chains continues to attract government and OEM attention. Full cobalt price data and market analysis is available on our dedicated price tracker.
This article is for informational purposes only and does not constitute investment advice. Production figures are subject to revision as company disclosures are updated. Prices are subject to change without notice.
Who is the largest cobalt mining company in 2026?
Glencore is the largest western-controlled cobalt producer, with confirmed output of approximately 35–40 kt per year from its DRC and Australian operations. However, CMOC Group — a Chinese state-linked company — may have surpassed Glencore in total volume following the ramp-up of its TFM and KFM operations in the DRC, with estimated output of 80–100 kt. Full-year 2024 figures from CMOC are partially estimated pending disclosure.
Why does the DRC dominate cobalt mining?
The DRC sits above the Central African Copperbelt, one of the world’s richest geological formations for cobalt-copper mineralisation. The Katanga province alone contains reserves that have no equivalent elsewhere. Low extraction costs, established processing infrastructure, and decades of investment — predominantly Chinese since the 2010s — have entrenched the DRC’s position as the dominant global source.
What percentage of cobalt comes from the DRC?
The DRC produces an estimated 70–75% of global mined cobalt, according to USGS Mineral Resources Program data. Within that total, Chinese-owned or Chinese-controlled operations account for a significant share, with CMOC and Zhejiang Huayou Cobalt the largest operators by volume.
Which cobalt mining companies operate outside the DRC?
The main non-DRC producers are Vale (Canada and Indonesia), Nornickel (Russia), and Sherritt International (Cuba). Jervois Global owns the Idaho Cobalt Operations in the United States, currently on care and maintenance. Umicore refines cobalt in Belgium but sources DRC feedstock. Non-DRC output represents approximately 25–30% of global supply and commands a premium for traceability reasons.
What could disrupt cobalt supply from the DRC in 2026?
The primary disruption risks are political instability and armed conflict in eastern DRC, which periodically affects transport routes and artisanal mining operations. Congolese government policy changes — including export taxes, licensing changes, or state ownership requirements — could affect major producers. Currency controls and infrastructure failures (power, road, rail) are ongoing operational risks. Chinese ownership concentration means that geopolitical tensions between China and western governments could also affect supply chain access for non-Chinese buyers.
