Last time we read the overview. Now we drill into one commodity: cobalt. It's the question every buyer, policymaker and investor asks first: who actually controls the supply?
with Elizabeth Cecilia. Tap any underlined word for a quick definition.
00
One commodity, in layers
This is the Commodity: world page of Critical Raw Materials Intelligence, the kit's report, with the set to Commodity = Cobalt. It answers "who controls supply?" in layers: who mines it today, who holds it in the ground, and what the future is assumed to look like.
Critical Raw Materials IntelligenceCommodity: worldCommodity: Cobalt
Mine production (derived)
mine · kt contained cobalt · World · 2025
290 kt
read this one
Production growth (proprietary: KPI)
mine · % a year, compound, from the production series · World · 2020 to 2025
+15.4%
Reserves (derived)
in the ground · kt contained cobalt · World · 2025
11.0 Mt
Price, annual average (tier varies by commodity)
refined product: cobalt metal, 99.8% · EUR per tonne · World · 2025 average
€24K
01
Concentration at a glance
The bar chart shows mine production by country, in . The says kt contained cobalt, 2025.
Mine production by country (derived)
mine · kt contained cobalt · World · 2025 · USGS Mineral Commodity Summaries · as of Jan 2026 · reported
DR Congo215.0
Indonesia28.0
Russia9.0
Australia4.0
Philippines4.0
Predict first: world mine production is 290 kt (the first tile in the row above). Roughly what share does DR Congo mine?
02
Today's output against what's in the ground
The Summary tile puts two shares side by side: DR Congo's share of output and its share of .
Summary
as each quoted measure · sentences built from measures, no free text · World · as each quoted measure
DR Congo mined 74% of the world's cobalt in 2025, and also holds 55% of reserves. Output grew 15.4% a year, 2020 to 2025.
First two sentences of the tile.
Predict first: DR Congo mines 74% but holds 55% of reserves. What does that gap suggest?
Now the two tiles that hold the totals. Reserves: 11.0 Mt. Mine production: 290 kt a year. Watch the .
Predict first: about how many years of current output are in today's reserves?
Not a countdown: that figure is the . Reserves are an estimate of what's worth mining at today's prices and knowledge, and they get revised as prices change and exploration finds more. The ratio is a snapshot, not a deadline.
03
A sentence built from measures
Look at the Summary tile's Basis line again: sentences built from measures, no free text. Every number in it comes from the same as the tiles around it.
Predict first: you switch the Commodity slicer from Cobalt to Lithium. What happens to the Summary?
How it's built:top producer mined share of output of the world's commodity in year, and also holds share of reserves of reserves. Output grew growth rate a year, period. Each slot is filled from a measure or from the slicer. Change the slicer and every slot is recalculated.
04
Reported or assumed?
The supply and demand chart runs to 2035. Its title says the is (proprietary: ), and it shows the . Read the last two parts of its Basis line: the period and the .
Supply and demand to 2035, base case (proprietary: scenario)
mine · recycling · end use · kt contained cobalt · World · actual to 2025, forecast to 2035 · Scenario table, base case, dated Mar 2026 · as of Mar 2026 · assumed
Mine supplyRecycled supplysolid = actual · dashed = forecast
Stylised sketch: no real values.
Predict first: which part of this chart is reported data?
Production growth: +15.4% a year, 2020 to 2025, calculated by the report from the production series.
Reserves: 11.0 MtIn the ground, contained cobalt, 2025.
Price, annual average: €24KRefined cobalt metal 99.8%, EUR per tonne, 2025 average. The tier depends on the commodity selected, because price sources differ.
Production and price, ten years (tier varies by commodity)
mine; refined product for price · kt contained cobalt; EUR per tonne · World · 2016 to 2025 · USGS MCS; Licensed provider · as of Jan 2026 · reported
A : production on the left scale, price on the right. Read each line against its own axis. Where the two lines cross means nothing, because the scales were chosen independently.
Mine production ktAvg price EUR per t
Stylised sketch: no real values.
Facilities by state (proprietary: ERMA)
mine · refining and processing · count of sites, by state · World · Sep 2026 · ERMA project data · as of Sep 2026 · announced
Facility type
Operating
Under construction
Announced
Mine
92
14
41
Refining and processing
45
9
22
Operating and announced are very different things. Lesson 3 is about that difference.
Where it is used (derived)
end use · % of demand, contained metal · World · 2025 · industry association data · as of Sep 2026 · reported
EV batteries43%
Portable electronics30%
Superalloys9%
Hard metals8%
Other6%
Catalysts4%
Each bar is an . EV batteries take the biggest share, which is where lesson 4 picks up.
06
Three layers today
Three layers today: put the part and the whole together, check the units before you compare, and find where facts stop and assumptions start. Next lesson: how exposed is Europe?
Put the part and the whole together. Check the units before you compare. Find where facts stop and assumptions start.
A chart that runs into the future is two charts in one: the history that was reported and the that was assumed. Read the period and the status to see where one becomes the other.
Terms in this lesson
Earn 5 XP for every term you know.
Get the project files
Everything is free on GitHub. Open the report next to the lessons and check each step for yourself.
The whole project
The Power BI project, the seed project, the specs and the tools: the whole kit. On the GitHub page, click the green Code button, then Download ZIP, and unzip it anywhere.
The Critical Raw Materials Intelligence report as a single .pbix file to open in Power BI Desktop. Open the latest release under Releases, then Assets, on the right of the GitHub page.