Discussion of a landmark study of cobalt markets and long-term demand for the metal will be a focus for Cobalt Institute director general Dinah McLeod when she makes her first visit to IMARC in October this year.

Heading a gilt-edged line-up of international critical minerals experts and leaders on the IMARC 2024 program, McLeod says a Cobalt 2050 study produced with support from the institute’s 57 members will be a feature of her Energy Transition and Decarbonisation stream keynote.

“Our members realise cobalt is part of the solution to achieving the energy transition,” McLeod says.

“This first of its kind study for one of the key energy transition metals that takes a deep dive into the potential of cobalt to help reach climate neutrality … speaks to the cobalt industry’s acknowledgement of its responsibility to help achieve energy transition and do so in a sustainable and responsible manner.

“Australia has the world’s second largest cobalt reserves.

“Our Australia-based members – Glencore, Jervois, Cobalt Blue – are all committed to responsible and sustainable cobalt production in the region.

“As the world needs more cobalt to power EV batteries, Australia will play an increasingly important role in cobalt mining. More importantly, Australia can also explore its potential to build a domestic cobalt value chain which will help secure cobalt supplies for the country and its strategic partners, such as the US and the EU.”

McLeod, who recently addressed a record number of attendees at the institute’s 30th Cobalt Congress in New York, said the growing global cobalt market was being reshaped by electric-vehicle battery use which now accounted for 73% of demand for the metal and was the dominant driver of market growth.

Total demand hit 200,000 tonnes for the first time in 2023 and is being forecast by some to double by 2030. A 2020 World Bank report put out a longer-range forecast for “energy technologies” led cobalt demand to reach 644,000t by 2050, up circa-460% on the 2018 level.

Primary cobalt supply is meanwhile expected to track up to nearly 300,000t by 2030, with more favourable cobalt pricing dynamics seen as likely to emerge from the middle of this decade.

“The world’s waking up to our industry,” McLeod said in New York.

“Cobalt is now rightly seen as a linchpin in the transition to a low-carbon economy.”

About 300 delegates attended the New York event – double the number in 2021. Next year’s May 14-15 congress is being held in Singapore.

“Our key audience has traditionally been the cobalt traders and producers,” McLeod says.

“Now we’ve added policy-makers, media, think-tanks and cobalt users from around the globe in the mix.

“As the demand for cobalt is growing we see strong interest from cobalt users, car and battery manufacturers in particular, to join the Cobalt Institute where they can seek knowledge and expertise on the cobalt value chain.

“For example, this year we were joined by Northvolt, a European battery-making company which considers cobalt as an integral part of its commitment to mass produce clean batteries.

“This is all testament to the cobalt industry’s relevance to business and the importance of cobalt as an energy transition metal.”

McLeod says IMARC is a unique event she sees as an opportunity to connect with Australian and Asia-Pacific industry stakeholders.

“This will be my first time at IMARC and I’m keen to engage with leading Australian and international stakeholders,” she says.

“I am particularly interested in the Indigenous Participation Program of this year’s IMARC.

“That underlines how important communities are in achieving responsible and sustainable mining, which is also respectful to indigenous populations.”