Cobalt Producers: Top 10 in the World 2026

Cobalt producers supply one of the most strategically concentrated raw materials in the battery, superalloy, and defence supply chains. The Democratic Republic of Congo accounts for an estimated 70–75% of global mined cobalt supply, while Chinese companies control approximately 70% of global refining capacity — meaning the path from ore to battery-grade cobalt sulphate runs predominantly through two countries. Cobalt price entered 2026 at approximately $56,414 per tonne, according to Benchmark Mineral Intelligence, levels not seen since mid-2022.

This article covers cobalt producers across the full value chain — miners, integrated producers, refiners, and recyclers. It is distinct from CMN’s ranking of the top cobalt mining companies by output volume. That article focuses on mined tonnage. This one recognises that refining capacity is equally determinative of who actually brings battery-grade cobalt to market.

How We Ranked the Top 10 Cobalt Producers

Rankings weight mined output as the primary factor where companies operate mines. For companies whose primary cobalt market role is refining or processing — Umicore, Jinchuan — refining capacity and throughput determine position. Strategic importance to Western supply chains acts as a secondary factor for entries eight through ten, where output volumes are lower but supply chain significance is disproportionate. Estimated data is flagged throughout; do not treat unattributed figures as confirmed production disclosures. For a pure mining-output ranking, see CMN’s top cobalt mining companies article.

1. CMOC Group — China (HKEX: 3993 / OTC: CMCLF)

CMOC is the world’s largest cobalt miner by output, reporting 114,165 tonnes of mined cobalt in 2024. Its guidance for 2025 is 100,000–120,000 tonnes. The company’s two principal DRC assets — Tenke Fungurume (~22,500t/yr cobalt) and Kisanfu, also known as the Boss Mine (~25,500t/yr, the world’s largest cobalt mine by output) — account for the bulk of production. CMOC also holds a position in an HPAL joint venture in Indonesia with Huayou and Tsingshan.

CMOC is listed in Hong Kong and has Chinese state-linked shareholders. Its trading arm IXM declared force majeure on cobalt sales contracts during the DRC export ban in June 2025. The company received a 6,500-tonne export quota for the October–December 2025 period under the ARECOMS system. Exposure to DRC political risk and the quota regime is the primary near-term risk to output.

2. Glencore — Switzerland (LSE: GLEN / OTC: GLCNF)

Glencore is the largest Western-headquartered cobalt producer, with estimated 2025 output of approximately 36,100 tonnes from industry sources. Its DRC portfolio includes Mutanda — one of the world’s largest cobalt reserves — and the Kamoto complex. Murrin Murrin in Western Australia contributes approximately 4,600 tonnes annually as a nickel byproduct, with ISO 14001 environmental certification.

Glencore received a combined 3,925-tonne export quota covering Kamoto and Mutanda for the October–December 2025 period. The company suspended Mutanda between 2019 and 2021 in response to low prices; the restart was a material supply event for the global market. Glencore positions itself as an ethical sourcing leader with rigorous due diligence on artisanal mining adjacency — a relevant consideration for battery makers subject to supply chain legislation in the EU and US.

3. Eurasian Resources Group (ERG) — Luxembourg

ERG operates a distinctive cobalt production model through its Metalkol RTR (Roan Tailings Reclamation) facility in the DRC, which reprocesses historical mine tailings rather than conducting conventional open-pit extraction. Estimated cobalt output in 2023 was approximately 22,610 tonnes based on mine output data. ERG received a 2,125-tonne export quota for October–December 2025 under ARECOMS.

ERG is privately held and backed by Kazakhstani state interests, headquartered in Luxembourg with operational exposure to the DRC and Kazakhstan. Western procurement teams should note that scrutiny of ERG’s ownership structure has increased in the context of the broader sanctions environment surrounding Russian-adjacent capital — this is a sourcing due diligence consideration rather than a confirmed sanctions issue, and buyers should conduct their own assessment.

4. Zhejiang Huayou Cobalt — China (SHA: 603799)

Huayou is China’s second-largest cobalt producer and one of the most vertically integrated companies in the battery materials supply chain, spanning DRC mining through Chinese refining to cathode precursor material (pCAM) production. Its Huafei HPAL facility in Indonesia, launched in 2023, has an annual cobalt capacity of 15,000 tonnes. The Huayue JV in Indonesia — shared with CMOC and Tsingshan — adds further processing capacity.

Huayou supplies battery cathode precursor materials to major battery manufacturers including CATL. The company does not break out cobalt output by tonne at a consolidated level in public disclosures — specific production volumes should not be stated without a dated source. Its significance lies in the integration of mine-to-precursor across multiple geographies.

5. Jinchuan Group — China (State-Owned)

Jinchuan is China’s largest cobalt producer by refining output and, by industry estimates, supplies approximately 20% of global cobalt demand — a figure attributed to industry consensus rather than company disclosure. The group operates nickel-cobalt mining in China and holds African mining assets, with advanced refining facilities in China processing imported feed from the DRC and elsewhere.

As a state-owned enterprise, Jinchuan’s output and pricing decisions carry policy as well as commercial dimensions. Its capacity to absorb or redirect cobalt flows during periods of market stress — such as the 2025 DRC export ban — makes it a structural variable in global cobalt pricing that extends beyond its volume alone.

6. Vale S.A. — Brazil (NYSE: VALE)

Vale produces cobalt as a byproduct of its nickel operations. Key assets include the Voisey’s Bay underground mine in Labrador, Canada, and operations in the Sudbury Basin, Ontario. Vale’s cobalt is recovered from both nickel laterite and sulphide ores, producing mixed hydroxide precipitate (MHP) at certain operations — a different feedstock chemistry to the copper-cobalt mineralisation dominant in the DRC.

Vale’s strategic importance to Western buyers is greater than its volume alone implies. It is one of the few major cobalt sources outside the DRC with accessible, ethically sourced credentials and an established North American operational footprint. Specific annual cobalt tonne figures vary by year and are not consistently broken out in public reporting — buyers should reference Vale’s quarterly production reports directly.

7. BHP Group — Australia (ASX/NYSE: BHP)

BHP produces cobalt as a byproduct of its Nickel West integrated operations in Western Australia, which span mining, smelting, and refining. The company has committed to supplying battery-grade nickel sulphate from Nickel West, with cobalt recovered in the process. BHP paused Nickel West operations in 2024 in response to low nickel prices — a decision that directly reduced cobalt byproduct volumes and illustrated the price-linkage risk inherent in byproduct supply.

BHP’s cobalt matters more for supply chain security than volume. Australian production with transparent governance and strong ESG credentials is increasingly valued by battery makers constructing non-DRC, non-Chinese supply chain options. The Nickel West pause and any subsequent restart timeline should be tracked by procurement teams relying on Australian cobalt supply.

8. Sherritt International — Canada (TSX: S)

Sherritt operates the Moa Joint Venture in Cuba on a 50/50 basis with General Nickel Company of Cuba, processing output through its Fort Saskatchewan refinery in Alberta. Fort Saskatchewan produces finished cobalt metal to some of the highest purity specifications commercially available. The operation is one of the few fully integrated cobalt production chains outside China, from ore through to refined metal.

Cuban operations introduce geopolitical and sanctions complexity that limits Sherritt’s Western customer base — this is a structural constraint buyers must factor into any procurement assessment. Sherritt’s financial position has faced pressure in recent years. It earns its place in this ranking for strategic distinctiveness and Western refining capacity rather than volume.

9. Umicore — Belgium (EBR: UMI)

Umicore is not primarily a cobalt miner — it is the world’s leading cobalt refiner and battery materials specialist, and its inclusion here signals an important editorial point: “cobalt producers” means more than miners. Without refiners capable of bringing cobalt to battery-grade specification, mined cobalt cannot reach cathode precursor manufacturers. Umicore’s Hoboken facility in Belgium is one of the most advanced precious and special metals recycling and refining operations globally.

Umicore refines cobalt from DRC and other sources, produces NMC cathode precursor materials, and recovers cobalt from spent batteries — a circular supply chain model with growing relevance as battery recycling volumes increase. China’s estimated 70% share of global cobalt refining capacity makes Umicore’s European refining base strategically significant for Western battery supply chains seeking to reduce Chinese processing dependency.

10. Electra Battery Materials — Canada (TSX-V: ELBM)

Electra is a development-stage company building the only planned cobalt sulphate refinery in North America, located at Temiskaming Shores, Ontario. It is not yet in full commercial production as of early 2026. It earns its place in this ranking for strategic importance rather than current output: if commissioned at full capacity, the facility would produce battery-grade cobalt sulphate outside China, directly addressing the Western refining gap that makes supply chains structurally dependent on Chinese processing.

Electra has attracted interest from North American battery makers and aligns with policy support under the US Inflation Reduction Act and Canada’s Critical Minerals Strategy. Development-stage companies carry execution risk, and timelines have shifted previously. Procurement teams building China-independent cobalt supply chains should monitor Electra as a strategic option rather than a near-term volume source.

Top 10 Cobalt Producers — Summary

China’s Role in the Cobalt Supply Chain

Chinese companies — CMOC, Huayou, and Jinchuan — dominate both the mining and refining stages of the cobalt supply chain. Even cobalt mined by non-Chinese operators in the DRC predominantly flows through Chinese-owned or operated refineries before reaching cathode precursor manufacturers and battery makers. The DRC quota system introduced in October 2025 constrains Chinese producers disproportionately, given their larger share of DRC output, but does not alter the fundamental structural dependency: Western battery makers lack sufficient non-Chinese refining capacity to source battery-grade cobalt independently of Chinese processing at current demand levels. This is the supply chain risk that Umicore and Electra are positioned, at different scales and timelines, to address.

The Cobalt Producers Outlook for 2026

The DRC quota system has, according to Darton Commodities, pushed the 2026–2027 cobalt market into technical deficit, supporting the price recovery to $56,414/tonne at the start of the year. The structural longer-term risk to cobalt demand remains the growth of lithium iron phosphate (LFP) battery chemistry, which contains no cobalt and is gaining share in Chinese and increasingly Western EV markets. NCM and NCA chemistries, which use cobalt-containing cathodes, remain dominant in premium EV segments and for defence and aerospace applications. For a current assessment of market conditions, see CMN’s cobalt market outlook.

For cobalt production statistics and country-level data, see the USGS National Minerals Information Center. Price benchmark data referenced in this article is sourced from Benchmark Mineral Intelligence.

This article is for informational purposes only and does not constitute investment advice.