Largest ASX Cobalt Companies in 2025: Top Four Players Identified
In the rapidly evolving world of electric vehicle (EV) production, Australia is making significant strides in cobalt mining, a key battery raw material. The country's cobalt stocks on the ASX are gaining traction in 2025, driven by rising cobalt prices and supply chain disruptions caused by the Democratic Republic of Congo's (DRC) cobalt export ban.
The DRC's cobalt export ban, enacted in February 2025, aimed to stabilize prices after a period of oversupply. However, it has disrupted global supply chains, causing cobalt prices to surge by over 65% by March 2025. This ban led to reduced cobalt imports in major markets like China, processing facility slowdowns, and increased spot market premiums. International inventories on exchanges like the London Metal Exchange have fallen, and market forward contracts indicate expected short-term scarcity.
Australia's Broken Hill project, owned by Cobalt Blue Holdings (ASX:COB), is strategically important. The project has received extended Major Project Status, signaling government support due to its critical role in securing ethical and sustainable cobalt supply chains outside the DRC. The project, located in New South Wales, has robust financial projections, targeting an 18-year life with annual production of 3,500–3,600 tonnes of cobalt, aligning well with rising EV battery demand.
Meanwhile, Coda Minerals is advancing its Elizabeth Creek copper-cobalt-silver project located in South Australia. The company completed an updated scoping study on the project in December 2024, which demonstrated robust economics with a 16-year mine life.
Another significant development comes from Kuniko, a company targeting three metals key for the EV industry: cobalt, nickel, and copper. Kuniko, with a potential partner Iwatani (TSE:8088), is constructing a refinery in Western Australia's Kwinana industrial area. The refinery is advancing through the final stages to support a final investment decision.
Ardea Resources (ASX:ARL) is another player in the Australian cobalt scene, focusing on developing its Kalgoorlie nickel project, which hosts the largest nickel-cobalt resource in the developed world. The company's Goongarrie Hub deposit has an ore reserve of 194.1 million tonnes at 0.05 percent cobalt and 0.7 percent nickel, resulting in 99,000 tonnes of contained cobalt and 1.36 million tonnes of contained nickel.
Glencore will supply cobalt hydroxide feedstock to the Kwinana cobalt refinery from its operations in the DRC, further cementing Australia's position as a key alternative and more ethical cobalt source amid growing EV battery material demand globally.
In summary, Australian cobalt mining is advancing with strong government and industry momentum, and Australian cobalt stocks on the ASX are benefiting from rising cobalt prices and supply chain disruptions caused by the DRC export ban. This positions Australia as a key alternative and more ethical cobalt source amid growing EV battery material demand globally.
[1] Cobalt Blue Holdings Limited (ASX:COB) - Broken Hill Cobalt Project Update [2] London Metal Exchange - Cobalt [3] Ardea Resources Limited (ASX:ARL) - Goongarrie Hub Nickel-Cobalt Project [3] Coda Minerals Limited - Elizabeth Creek Project [4] Kuniko Ltd - Norwegian Cobalt-Nickel Projects [5] Stellantis NV - Kuniko Investment
Investors interested in financing the growth of battery metals, such as cobalt, might find opportunities in Australian companies like Cobalt Blue Holdings (ASX:COB), Ardea Resources (ASX:ARL), and Coda Minerals, whose projects are poised for expansion in response to rising cobalt prices and supply chain disruptions. Furthermore, the strategic partnership between Kuniko and Iwatani (TSE:8088) to establish a refinery in Western Australia positions them as potential players in the EV battery material market.
