Cobalt (Co on the periodic table, and atomic number 27) is a ferromagnetic metal similar to iron and nickel in its hardness, tensile strength, suitability for use in machinery, thermal properties, and electrochemical behavior.

In recent years, it has established itself as an essential element for the advancement of renewable energies, becoming a true “blue gold”, mainly due to its demand for the manufacture of electric vehicle batteries.

Some relevant facts about this valuable metal:

• In 2025, global demand for cobalt continues to grow, driven by its essential role in electromobility, the aerospace industry, electronic devices, and renewable energy storage systems.
• Demand for cobalt is expected to triple between 2023 and 2050, driven by the global commitment with the energy transition.
• Cobalt provides significant advantages to lithium-ion batteries in terms of stability and safety.
• Since 2023, the electric vehicle sector has established itself as the largest consumer of cobalt worldwide.
• Batteries containing this metal account for almost 55% of the global market for electric vehicle batteries, a figure that is estimated to represent 68% of cobalt demand in 2030.
• Recycling electric vehicle batteries will grow by 30% annually until 2035, significantly increasing the supply of recycled cobalt, a metal whose feasibility of recovery from scrap is one of the main incentives for recycling lithium-ion batteries.

Source: Cobalt Institute, February 2025.

Read here the document “Cobalt: Economic Outlook and Opportunities for Chile” (BCN, March 2025)

Producing countries

Producers on the rise. Cobalt production has experienced significant growth in recent years, driven by increased demand and high investment from the public and private sectors. As a result, the number of cobalt-producing countries has doubled, from seven in 2000 to 16 in 2024, according to the Global Cobalt Mining to 2030 Report.

Leading countries. The Democratic Republic of Congo (DRC) is the leading cobalt producer, accounting for almost three-quarters of global production.

Controversial extraction. Around 20% of the cobalt mined in the Democratic Republic of Congo comes from small-scale artisanal mines, which often employ child labor and working conditions that have been described as “subhuman” and “degrading,” causing numerous deaths, as well as water, soil, and air pollution.

Global reserves. Global cobalt reserves are estimated at 11 million metric tons, concentrated in the following countries:

Cobalt in Chile

A resource with history. Cobalt mining in Chile began in 1865, mainly in the coastal mountain range of the Atacama and Coquimbo regions, from deposits with copper-gold-cobalt mineralization. Production peaked at 12,000 tons in 1914, at the start of World War II, due to its use in steel alloys, but ceased in 1944 with the closure of La Cobaltera, in the district of San Juan.

Producing areas. The most significant production in the past took place in only two districts: La Cobaltera, in San Juan, south of Freirina (Atacama region), and Tambillos, 33 km south of La Serena (Coquimbo region). Cobalt mineralization is also known to exist in the Merceditas district, in the El Volcán area, in Cajón del Maipo (Metropolitan Region).

Projects. Although historic districts retain potential for medium-scale cobalt mining, there are currently no active cobalt recovery plants, although there are projects for its exploitation.

Cobalt in tailings. Chile has the potential to produce around 10,000 metric tons of cobalt per year from its tailings alone, which would make its extraction more efficient, economical, and environmentally friendly than extracting it from mines.

Bioleaching. The Cobalto Verde project works to obtain this metal through bioleaching from tailings from IOCG (iron oxide copper gold) deposits with high concentrations of pyrite.

Revenue for Chile. Considering a medium-term cobalt production potential of 10,000 metric tons and estimating a conservative price of US$21,492 per metric ton as of January 2025, the potential revenue from obtaining this metal from tailings alone in Chile would total more than US$214 million annually.