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2023 Vol. 50, No. 3
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Article navigation > Geology in China > 2023 > 50(3): 743-755
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HAN Jian, CHEN Qishen, YANG Xuesong, LONG Tao, XING Jiayun, LI Qiong, ZHAO Hanqing, SHI Minjie, PAN Zhijun. 2023. Current situation of cobalt resources and analysis of supply and demand situation in the next 5-10 years[J]. Geology in China, 50(3): 743-755. doi: 10.12029/gc20220918003
Citation: HAN Jian, CHEN Qishen, YANG Xuesong, LONG Tao, XING Jiayun, LI Qiong, ZHAO Hanqing, SHI Minjie, PAN Zhijun. 2023. Current situation of cobalt resources and analysis of supply and demand situation in the next 5-10 years[J]. Geology in China, 50(3): 743-755. doi: 10.12029/gc20220918003
shu

Current situation of cobalt resources and analysis of supply and demand situation in the next 5-10 years

  • 1.

    Chinese Association of Mineral Resources Appraisers, Beijing 100083, China

  • 2.

    Institute of Mineral Resources, Chinese Academy of Geological Sciences, Beijing 100037, China

  • 3.

    Beijing Kuangshi Technology Co., Ltd., Beijing 100037, China

    • Fund Project: Supported by the projects of China Geological Survey (No. DD20211405, No. DD20190674), the Chinese Academy of Engineering (No.2021-XBZD-6) and National Natural Science Foundation of China (No. 20201301416, No. 42271281)
More Information
  • Author Bio: HAN Jian, male, born in 1994, master, assistant researcher, engaged in economic research of resource industry; E-mail: 791369881@qq.com
  • Corresponding author: CHEN Qishen, male, born in 1979, Ph.D., researcher, engaged in mineral resources industry research; E-mail: chenqishen@126.com 
Received Date:  18 September 2022
Revised Date:  31 January 2023
Publish Date:  25 June 2023
    Abstract

  • This paper is the result of mineral exploration engineering.

     Objective

    Cobalt is a significant new energy mineral, and power batteries provide a wide range of market development opportunities as a result of the power batteries' quick increase in installed capacity. Evaluating the properties of cobalt deposits and the current state of supply and demand is essential for the geological exploration and subsequent industrial chain.

     Methods

    Mainly through the investigation method, quantitative analysis method and qualitative analysis method, we analyze, compare, and summarize large amounts of data collected in surveys.

     Results

    The article examines the characteristics of the world's cobalt resources and the supply and demand situation from the perspectives of global resource distribution, supply and trade patterns, consumption history, and trends. It also conducts research and makes conclusions about the market's prospects based on the current state of the sector.

     Conclusions

    First, cobalt resources that can be developed and utilized in the world are relatively concentrated. Sedimentary sandstone copper-cobalt deposits are primarily found in Congo (Golden), weathered laterite nickel-cobalt deposits are mainly distributed in Australia, and magmatic rock-type copper-nickel-cobalt sulfides deposits are mostly discovered in Canada. Second, the majority of cobalt exploration funding go to the Congo (Kinshasa), Australia, Canada, and the United States, but there has been a drop in global cobalt output because the funds have not yet been translated into production capacity. Third, a "duopoly" situation is developing due to the global cobalt mining giants' steadily growing market dominance. Fourth, the global cobalt consumption structure has been supported by the battery-based consumption structure and consumers in China. Fifth, while all major institutions around the world are positive about the future of the cobalt market, this article expects it will continue to grow over the next five to ten years. However, there are risks to keep an eye out for, like technological advancements and competition in the battery sector.
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