5 Largest Cobalt Mining Companies and Their Mines in the World

In this brief article, we will explore the operations of the 5 biggest cobalt mining companies and their projects. If you want more details about the cobalt mining sector, read 10 Largest Cobalt Mining Companies and Their Mines in the World. 

5. Eurasian Resources Group 

Average Annual Revenue: $7.4 billion 

Eurasian Resources Group (ERG) operates mining activities in the Democratic Republic of Congo (DRC). Its portfolio features the Metalkol RTR project, a significant cobalt production facility in the DRC. As one of the world’s largest cobalt projects, Metalkol RTR has the capacity to produce substantial amounts of cobalt annually, placing ERG among the top cobalt mining companies. In 2020, Metalkol RTR reached its full Phase 1 production capacity and completed the construction of Phase 2, thereby enhancing its production capabilities. By 2021, the facility had reached its designed cobalt production capacity, surpassing production targets. It produced 20,718 tonnes of cobalt and 94,807 tonnes of copper, exceeding the expected output for both commodities. In 2022, cobalt, copper, and other non-ferrous materials contributed $2392 million to the company’s total revenue.

To expand its operations, Eurasian Resources Group, with support from Kazakhstan, plans to rejuvenate its Comide copper and cobalt operation in the Democratic Republic of Congo through an $800 million investment, targeting the growing market for green-energy minerals. Eurasian Resources Group has announced plans to complete a new hydrometallurgical facility at Comide by 2025. The initial phases aim to produce 40,000 tons of copper cathode and 7,000 tons of cobalt hydroxide annually, with plans to double this output in the third phase.

Additionally, ERG recently entered a five-year agreement, starting in 2026, to supply cobalt to EVelution Energy, a US-based electric vehicle battery materials producer. Under this agreement, ERG will provide cobalt hydroxide feedstock, equivalent to around 3000 metric tons of contained cobalt to EVelution annually.

This deal is in line with the surge in investments in the US electric vehicle battery supply chain, significantly boosted by President Joe Biden’s Inflation Reduction Act (IRA). The IRA has invested billions of dollars in green energy tax credits to reduce carbon emissions in the United States.