The Piauí laterite (NE Brazil) was initially evaluated for Ni but also contains economic concentrations of Co. Our investigations aimed to characterise the Co enrichment within the deposit; by understanding the mineralogy we can better design mineral processing to target Co recovery. The laterite is heterogeneous on the mineralogical and lithological scale differing from the classic schematic profiles of nickel laterites, and while there is a clear transition from saprolite to more ferruginous units, the deposit also contains lateral and vertical variations that are associated with both the original intrusive complex and also the nature of fluid flow, redox cycling and fluctuating groundwater tables. The deposit is well described by the following six mineralogical and geochemical units: SAPFE, a clay bearing ferruginous saprolite; SAPSILFE, a silica dominated ferruginous saprolite; SAPMG, a green magnesium rich chlorite dominated saprolite; SAPAL, a white-green high aluminium, low magnesium saprolite; saprock, a serpentine and chlorite dominated saprolite and the serpentinite protolith. Not all of these units are ‘ore bearing’. Ni is concentrated in a range of nickeliferous phyllosilicates (0.1–25 wt%) including serpentines, talc and pimelite, goethite (up to 9 wt%), magnetite (2.8–14 wt%) and Mn oxy-hydroxides (0.35–19 wt%). Lower levels of Ni are present in ilmenites, chromites, chlorite and distinct small horizons of nickeliferous silica (up to 3 wt% Ni). With respect to Co, the only significant chemical correlation is with Mn, and Mn oxy-hydroxides contain up to 14 wt% Co. Cobalt is only present in goethite when Mn is also present, and these goethite grains contain an average of 0.19 wt% Co (up to a maximum of 0.65 wt%). The other main Co bearing minerals are magnetite (0.41–1.89 wt%), chlorite (up to 0.45 wt%) and ilmenite (up to 0.35 wt%). Chemically there are three types of Mn oxy-hydroxide, asbolane, asbolane-lithiophorite intermediates and romanechite. Spatially resolved X-ray absorption spectroscopy analysis suggests that the Co is present primarily as octahedrally bound Co3+ substituted directly into the MnO6 layers of the asbolane-lithiophorite intermediates. However significant levels of Co2+ are evident within the asbolane-lithiophorite intermediates, structurally bound along with Ni in the interlayer between successive MnO6 layers. The laterite microbial community contains prokaryotes and few fungi, with the highest abundance and diversity closest to ground level. Microorganisms capable of metal redox cycling were identified to be present, but microcosm experiments of different horizons within the deposit demonstrated that stimulated biogeochemical cycling did not contribute to Co mobilisation. Correlations between Co and Mn are likely to be a relic of parent rock weathering rather than due to biogeochemical processes; a conclusion that agrees well with the mineralogical associations.