In the early 20th century, cobalt’s primary application began shifting away from cosmetic purposes and toward technological pursuits. Another contemporary cobalt behemoth, China, has only made its mark as a leading producer within the last couple of decades. Since around 1920, the DRC has been a major global producer of cobalt, and its cobalt-mining legacy has continued to this day. That year, Europe was overtaken by New Caledonia, and in 1905 Canadian deposits pulled ahead.
Up until 1874, European mineral deposits were the primary sites of cobalt production.
Between the country’s sustainable mining practices and its de-risked ventures, Australia is a great pick for shrewd investors interested in the cobalt-mining industry.Ĭobalt in Australia: The history of cobalt miningĬobalt has been used since antiquity for its bright blue colouration, but the metal was only officially discovered in 1742 by Swedish chemist Georg Brandt. Australia contains about 18 percent of global cobalt reserves, but is currently responsible for only about 3 percent of global cobalt output. The country cannot maintain its current level of production indefinitely, and many conscious investors are seeking more ethical alternatives.Īustralia is one such alternative. However, the DRC’s mining industry is known for unsustainable mining practices and unchecked labour abuses, including child labour.
So where should keen investors look for exposure to this promising metal? The Democratic Republic of Congo (DRC) has long been the top producer of cobalt worldwide according to the US Geological Survey, it accounted for about 70 percent of cobalt production in 2021. Particularly tough cobalt alloys, such as tungsten carbide and chromium-cobalt, can be used to cut and drill steel. Cobalt is also key in several different alloys with a variety of uses, including in gas turbine engines and magnets.
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