The Kisanfu cobalt mine in the Democratic Republic of Congo (DRC) is projected to be the largest contributor to global cobalt supply growth in 2024, adding an estimated 23,000 tonnes more than in 2023.
This announcement, made by the Cobalt Institute on October 28, 2024, forecasts a substantial market surplus for the year.
In its annual report from May 2024, the Cobalt Institute reported a cobalt surplus of 14,200 tonnes for 2023—nearly double that of 2022—highlighting the pivotal role of Kisanfu, which added 32,500 tonnes to the global supply in 2023. This growth underscores the mine’s significant impact on cobalt production worldwide.
In addition to Kisanfu, another major contributor to this year’s cobalt surplus is CMOC’s Tenke Fungurume mine in the DRC.
The Cobalt Institute estimates that Tenke’s output will increase by 14,000 tonnes in 2024, outpacing new supply from all Indonesian mines, projected at 13,000 tonnes.
These production increases have enabled CMOC to overtake Glencore as the world’s leading cobalt producer as of 2023, solidifying its position through large-scale operations at both Kisanfu and Tenke Fungurume.
