Cobalt is an unincorporated community in Lemhi County, in the central part of the U.S. state of Idaho. Cobalt is located at 45°05′35″N 114°13′54″…Cobalt is an unincorporated community in Lemhi County, in the central part of the U.S. state of Idaho. Cobalt is located at 45°05′35″N 114°13′54″W.