Cobalt prices have plummeted to their lowest level since 2016, as record-high production continues to weigh on the battery material’s value.
The world’s largest cobalt miner, which set a new production record last year, plans to maintain similar output levels through 2025, driven by ramped-up operations at two African mines.
China’s CMOC Group Ltd. provided 2025 output guidance of 100,000 to 120,000 tons of cobalt in a recent statement on its WeChat account, following its production of 114,165 tons in 2024. Notably, the company surpassed its 2024 full-year production forecast within the first nine months of the year.
As of January 23, spot cobalt was trading at $11.02 per pound.
Cobalt is often extracted as a by-product from digging up copper, which CMOC is bullish about over the longer term. It’s targeting copper production this year at between 600,000 and 660,000 tons, compared with about 650,000 tons last year.
(With files from Bloomberg)
Source: MINING.COM – Read More
