Roman Aubry

Uranium contained in DRC cobalt, in which it naturally occurs as a trace element in the copperbelt region, travels unrecorded through processing and export, as the country has no formal testing infrastructure in place. Other regions, such as Australia, deliberately recover uranium as a byproduct of copper mining.  The uranium contained in the DRC’s cobalt supplies is estimated to be equivalent to only 1–2% of Africa's total uranium mined supply, a negligible portion of global supply, according to Benchmark's Uranium and Cobalt Services. This puts into context a recent report highlighting the volumes contained in cobalt exports from the country.

Superalloys have become an increasingly important part of the cobalt supply chain. Superalloys are the largest source of cobalt demand behind battery applications. They are used in both commercial and defence aerospace applications. In 2025, cobalt demand from superalloys reached 20kt, up 7.5%, supported by increased defence spending, as assessed by Benchmark’s Cobalt Service. While cobalt-containing superalloys service a wide range of end markets, aerospace is the largest, accounting for 58% of cobalt demand from superalloys, approximately 11.5kt in 2025.

EVelution Energy has signed an $850 million long-term offtake agreement with Japanese trading and investment company Mitsui. The deal will see EVelution supply Mitsui with a “substantial majority” (up to 3,000 tonnes) of its cobalt metal production from its facility under development in Arizona. The facility is due to begin construction in 2027 and come online from 2029, and is the only project in the US pipeline with any refined cobalt production in the coming decade. With an expected production of 7,000 tonnes of cobalt metal and cobalt sulphate combined when ramped up, it is forecast to be the third largest non-Chinese cobalt refining asset by 2035 according to Benchmark’s Cobalt Service.