Global cobalt investment horizon outlook - Q3 2022

Cobalt demand has experienced double-digit growth over the past decade, driven by the rapidly growing portable electronics and EV markets. Cobalt’s critical role across battery and other traditional industrial applications will see robust demand growth continue in the coming decade. This demand picture will open a significant supply gap, creating new investment opportunities in the global market. To incentivise investment into mine projects and recycling, a new price cycle is needed around 2026. Future cycles will likely see less volatility as the cobalt market is showing signs of maturing with a growing futures market and improved ESG practices. In the period to 2032, recycling will gain more weight in the equation as an environmental imperative from a global perspective and a necessity for ex-China regions to secure crucial cobalt supply.