A knowledge of the value of the activity coefficient of cobalt oxide in slag as a function of composition and temperature is necessary if effective strategies are to be devised to maximise the recovery of cobalt in nonferrous smelting processes. This work reviews previous studies and shows that comparison and evaluation of the results is hampered by variations in the choice of standard states for the species. Published results have been recalculated to a common set of standard states with a preferred value for the Gibbs free energy of formation of cobalt oxide. It has been shown that the value of the activity coefficient of cobalt oxide referred to the solid standard state in iron silicate slags is approximately two, at temperatures from 1523 to 1623K. It is suggested that some contradictory results are most likely due to errors in the measured partial pressure of oxygen.