In 2021, China produced 75 percent of the world’s refined cobalt. The largest single refiner was Huayou Cobalt with a market share of 22 percent.5 Huayou owns Congo DongFang Mining, one of the largest copper-cobalt mining companies operating in the DRC. The vertical integration of Chinese companies across the cobalt supply chain has accelerated in recent years, solidifying the country’s dominance over the rechargeable battery industry.
