In 2023, Indonesia's cobalt production trailed only the world's largest cobalt producer, the Democratic Republic of the Congo, which produced 170,000 tons of cobalt in 2023. Indonesia produced 17,000 tons in the same year, up from 9,600 tons in 2022. Russia ranked third with 8,800 tons in 2023. The DRC also holds the world's largest cobalt reserves at 6 million tons, while Australia and Indonesia have 1.7 million tons and 500,000 tons respectively. Globally, cobalt is mainly used in rechargeable battery electrodes, as well as in the manufacture of gas turbine parts and as a component of vitamin B12. In 2023, Indonesia's nickel production accounted for about half of the global total. Indonesia's cobalt production is expected to account for nearly 20% of the global total by 2030. The Indonesian Nickel Mining Association estimates that if a mining royalty is imposed on cobalt, which is a by-product of nickel, the state could gain an additional US$600 million. Currently, the government only sets a reference price for cobalt, without considering its raw material pricing or imposing royalties. The cobalt price on the London Metal Exchange is US$33,565 per ton, up 14.91% from the previous day, while the nickel price is US$16,641 per ton, a significant drop from its record highs in 2022-2023.