Cobalt Blue Holdings Ltd managing director Andrew Tong talked with Proactive about the upgraded economics at the company’s Kwinana cobalt refinery in Western Australia. The changes follow a significant rebound in global cobalt prices, which have more than doubled in 2025.
Tong noted that cobalt has been the best-performing commodity this year, with prices climbing approximately 130%, now sitting at around US$25 per pound.
He explained that a temporary export ban from the Democratic Republic of Congo, followed by a quota system, led to the consumption of global stockpiles and a tightening in supply. This market shift has created a more sustainable pricing environment, which is now being factored into Cobalt Blue’s refinery modeling.
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