Cobalt is a vital strategic metal. The downstream demand for cobalt primarily arises from the battery sector, high-temperature alloys, hard alloys, magnetic materials, etc. According to Antaike statistics, with the growth in global sales of new energy vehicles, the battery sector’s demand for cobalt exceeds 60%.

Global cobalt resources are primarily concentrated in the DRC, Australia, and Indonesia, with these three resource-rich countries controlling approximately 73% of the world’s cobalt reserves. The DRC is also the largest cobalt-producing country, contributing to over 70% of its global production in 2023. China stands as the world’s largest refined cobalt-producing country, with its production accounting for 75% of the global refined cobalt production in 2023.