NEWSLETTER ISSUE 4/2024

Director General Dinah McLeod shares her highlights from last month’s Cobalt Congress, and her thoughts on the themes arising from the 2023 Cobalt Market Report.

Dear colleagues,

Cobalt Congress was a great event and definitely a highlight of the year for me and the Cobalt Institute team. It was fantastic to connect with around 300 delegates, including industry leaders, politicians, policymakers and academics, and the discussions were consistently thought provoking, challenging – and encouraging.

During the sessions delegates highlighted the essential role of cobalt in the green energy transition, looked at the state of the cobalt market, debated on ways to build a robust cobalt value chain in the US, discussed the role of the DRC and Indonesia in providing enough cobalt in the context of growing demand, and talked about opportunities for cobalt recycling.?

Not only that, but keynote addresses from US, Indonesian and Congolese politicians - and the Cobalt Institute’s Cobalt 2023 Market Report - generated media headlines across the world. All in all, a very successful Congress!?

If you were unable to join us, you can watch recordings of sessions, read the presentations and access other resources on our website.?

The publication of the Cobalt Market Report 2023 provoked a lot of discussion. As we looked back over the last year, three things became clear.?

• The first is that the cobalt market continues to grow, change and challenge us. Battery applications account for 73% of cobalt demand and are the dominant driver of market growth. Electric vehicles (EVs) alone accounted for 96% of 2023 demand growth despite perceived weakness in the sector. Resilience is needed to navigate the uncertainties that continue to characterise the cobalt market, and we’re seeing this in new supply capacities coming onstream and growing demand from key sectors - EVs, portable electronics, and super alloys.?
• Second, cobalt is now rightly seen as a linchpin in the transition to a low-carbon economy. Primary cobalt supply is forecast to grow by an annual rate of 5% between 2023 and 2030, reaching nearly 300 kt by 2030. As demand is expected to more than double on 2023 levels by 2030, stakeholders around the world are striving to secure a sustainable critical minerals supply.?
• Third, changes in the geopolitical landscape will continue to reshape the global market, influencing supply chains, trade dynamics, and investment flows. It’s only recently that we decided to include a geopolitical section in our market report, but it’s key to understanding legislative initiatives such as the USA’s Inflation Reduction Act or the EU’s Critical Raw Materials Act.?

We’ll be promoting the market report later this month at the Shanghai Metals Market Indonesia Nickel&Cobalt&EV Conference 2024 , and also attending events including GIGA+USA 2024 and DRC Mining Week 2024 . If you see us there, please say hello!?

Yours,?

Dinah

Follow Cobalt Institute on LinkedIn ?

Connect with Dinah on LinkedIn?

Cobalt Institute unveils new position paper on sustainability standards

In 2023, we engaged with over 70 stakeholders through interviews and roundtables in Paris, Washington DC, London, and virtually to discuss Sustainability Standards and Assurance Schemes (“Standards”) across the cobalt value chain. The result? Our new Sustainability Standards and Assurance Schemes Position Paper, previewed at the 2024 OECD Forum for Responsible Minerals Supply Chains in Paris. This paper outlines our views on what makes a credible Standard for the cobalt supply chain, identifies key opportunities and challenges, and offers recommendations for stakeholders. We support sustainability standards and assurance schemes that are:?

• Designed for all cobalt supply chain actors and stakeholders;
• Governed by balanced multi-stakeholder structures;
• Credible, ambitious, practical, and implementable;
• Aligned with international frameworks.

We believe these standards are an essential tool for improving operations and supply chains, and we urge all stakeholders to support a landscape of standards that promotes global progress in line with evolving regulations and expectations. For more information, please contact Susannah McLaren, Head of Responsible Sourcing and Sustainability, at [email protected]

Read full report

RESOURCES

Cobalt Market Report 2023

The Cobalt Institute Market Report 2023 shows Cobalt market dynamics continued to be shaped by the global shift to EVs, increased supply in the DRC and Indonesia, and geopolitical developments.

Quarterly Market Report Q1 2024 ?

Our quarterly cobalt market updates – provided by Benchmark – provide an analysis of the trends driving the demand and supply of cobalt. The first report of 2024 shows that EV sales will keep pushing up cobalt demand this year, despite slower growth.?

China Cobalt Market Report 2024

Developed by Shanghai Metals Market , this report provides insights into the global cobalt industry, with a focus on China.

More news and resources

More Market Reports