Top 10 Companies in the Global Cobalt Ores and Concentrates Market (2026): Market Leaders Powering the Clean Energy Transition

MARKET INSIGHTS

Global cobalt ores and concentrates market size was valued at USD 6.8 billion in 2024. The market is projected to grow from USD 7.3 billion in 2025 to USD 12.1 billion by 2032, exhibiting a CAGR of 7.5% during the forecast period. Based on this trajectory, the market is estimated to reach approximately USD 13.2 billion by 2034.

Cobalt ores and concentrates are mineral products containing cobalt metal in various concentrations, typically extracted from nickel and copper deposits. These materials serve as critical raw materials for lithium-ion batteries, superalloys, and industrial catalysts. The product range includes both primary cobalt ores (such as heterogenite and cobaltite) and processed concentrates with cobalt content typically ranging from 5% to 30%.

Recent developments include Glencore’s 2023 agreement to supply 45,000 metric tons annually to a major battery manufacturer, highlighting the strategic importance of long-term supply contracts in this volatile market.

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Top 10 Companies in the Global Cobalt Ores and Concentrates Market (2026)

10️⃣ 1. Glencore plc

Headquarters: Baar, Switzerland
Key Offering: Cobalt ores, concentrates, and refined cobalt products

Glencore remains the world’s largest producer of cobalt, with extensive operations in the Democratic Republic of Congo that supply a major share of global demand. Its integrated mining, smelting, and refining capabilities enable it to deliver high‑purity cobalt to battery manufacturers and alloy producers worldwide.

Sustainability & Growth Initiatives:

• Long‑term supply contracts with major EV battery makers to secure stable demand.
• Investment in ESG compliance and traceability programs to meet conflict‑mineral regulations.
• Expansion of downstream refining capacity in South Africa and Brazil.

9️⃣ 2. Umicore NV/SA

Headquarters: Brussels, Belgium
Key Offering: Battery‑grade cobalt sulfate, metallic cobalt, and recycling services

Umicore’s advanced metallurgical expertise positions it as a leader in producing high‑purity cobalt for lithium‑ion batteries. The company’s recycling division recovers cobalt from end‑of‑life batteries, reducing dependence on primary mining.

Sustainability & Growth Initiatives:

• Investment in circular economy projects to increase cobalt recovery rates above 95%.
• Strategic partnerships with automotive OEMs to secure long‑term offtake agreements.
• Commitment to carbon‑neutral operations across all sites.

8️⃣ 3. Zhejiang Huayou Cobalt Co., Ltd.

Headquarters: Hangzhou, China
Key Offering: Cobalt sulfate, metallic cobalt, and battery‑grade chemicals

China’s leading cobalt processor, Zhejiang Huayou, integrates mining, smelting, and refining to supply high‑grade cobalt to domestic and global battery manufacturers.

Sustainability & Growth Initiatives:

• Expansion of refining capacity in China’s eastern industrial belt.
• Collaboration with Chinese automotive giants to secure cobalt supply for EV production.
• Implementation of blockchain traceability for cobalt sourcing.

7️⃣ 4. Jinchuan Group International Resources Co. Ltd.

Headquarters: Chengdu, China
Key Offering: Cobalt ores, concentrates, and downstream cobalt products

Jinchuan’s diversified portfolio spans mining, smelting, and chemical processing, making it a key player in the cobalt value chain.

Sustainability & Growth Initiatives:

• Investment in green smelting technologies to reduce CO₂ emissions.
• Development of cobalt‑rich laterite projects in Indonesia.
• Strategic alliances with battery manufacturers for supply security.

6️⃣ 5. Sherritt International Corporation

Headquarters: Toronto, Canada
Key Offering: Nickel‑cobalt mining, smelting, and refined cobalt

Sherritt’s operations in Canada and Africa provide a stable supply of cobalt, with a focus on responsible mining practices.

Sustainability & Growth Initiatives:

• Implementation of responsible mining standards across all sites.
• Investment in renewable energy for mining operations.
• Partnerships with U.S. and European OEMs for ethically sourced cobalt.

5️⃣ 6. Zijin Mining Group Co., Ltd.

Headquarters: Guiyang, China
Key Offering: Cobalt ores, concentrates, and refined cobalt

Zijin’s extensive mining portfolio includes significant cobalt reserves, and the company is expanding its refining capabilities.

Sustainability & Growth Initiatives:

• Adoption of ESG frameworks for all mining sites.
• Development of cobalt‑rich laterite projects in Africa.
• Collaboration with battery manufacturers for long‑term supply contracts.

4️⃣ 7. Chengtun Mining Group Co., Ltd.

Headquarters: Guiyang, China
Key Offering: Cobalt ores, concentrates, and downstream products

Chengtun focuses on integrated operations from mining to refining, with a growing presence in the cobalt market.

Sustainability & Growth Initiatives:

• Investment in clean‑energy mining operations.
• Implementation of traceability systems for cobalt sourcing.
• Partnerships with EV manufacturers to secure supply.

3️⃣ 8. Eurasian Resources Group (ERG)

Headquarters: Luxembourg
Key Offering: Cobalt ores and concentrates

ERG’s operations in the DRC provide a stable supply of cobalt, with a focus on responsible extraction practices.

Sustainability & Growth Initiatives:

• Adherence to international ESG standards.
• Investment in community development projects in mining regions.
• Collaboration with downstream processors for efficient supply chains.

2️⃣ 9. China Molybdenum Co., Ltd.

Headquarters: Shanghai, China
Key Offering: Cobalt ores, concentrates, and refined cobalt

China Molybdenum’s diversified portfolio includes significant cobalt assets, and the company is expanding its refining capacity.

Sustainability & Growth Initiatives:

• Implementation of green smelting technologies.
• Development of cobalt‑rich laterite projects in Southeast Asia.
• Strategic alliances with battery manufacturers for supply security.

1️⃣ 10. Nanjing Hanrui Cobalt Co., Ltd.

Headquarters: Nanjing, China
Key Offering: Cobalt concentrates and refined cobalt

Nanjing Hanrui specializes in producing high‑purity cobalt concentrates for battery manufacturers and industrial applications.

Sustainability & Growth Initiatives:

• Investment in advanced hydrometallurgical processes to improve recovery rates.
• Collaboration with EV OEMs for long‑term supply agreements.
• Implementation of ESG compliance across all operations.

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Outlook

The cobalt market is poised for significant growth as electric vehicle adoption accelerates and battery technology evolves. Demand for high‑grade cobalt is expected to rise, driven by the need for higher energy density and improved safety in next‑generation batteries. However, supply concentration in the Democratic Republic of Congo, coupled with geopolitical risks and ESG compliance costs, will continue to pose challenges for the industry. Companies that diversify supply chains and invest in downstream refining and recycling will be best positioned to capture market share.

Future Trends

• Expansion of battery recycling infrastructure, creating new cobalt recovery opportunities.
• Development of cobalt‑free or low‑cobalt battery chemistries, potentially reducing long‑term demand.
• Increased use of blockchain and AI for traceability and supply‑chain transparency.
• Strategic partnerships between mining companies and automotive OEMs to secure long‑term supply agreements.
• Growth of non‑DRC cobalt projects in Australia, Canada, and Indonesia, diversifying global supply.