The disclosed and claimed subject matter relates to wet etchants exhibiting high copper and cobalt etching rates where the etching rate ratio between the two metals can be varied. The wet etchants have a composition comprising a formulation consisting of: at least one alkanolamine having at least two carbon atoms, at least one amino substituent and at least one hydroxyl substituent with the amino and hydroxyl substituents attached to two different carbon atoms; at least one pH adjuster for adjusting the pH of the formulation to between approximately 9 and approximately 12; at least one chelating agent; and water.