In 2023, Canada's cobalt mine production stood at 4.55 thousand metric tons. The forecast data from 2024 to 2028 indicates a gradual increase in cobalt production, starting from 4.6 thousand metric tons in 2024 and reaching 4.77 thousand metric tons by 2028.
Year-on-year percent changes are as follows:
- 2024: 1.10% increase from 2023
- 2025: 0.87% increase from 2024
- 2026: 1.08% increase from 2025
- 2027: 0.85% increase from 2026
- 2028: 0.85% increase from 2027
The compound annual growth rate (CAGR) for this period is approximately 0.94%.
Future trends to watch for include potential growth in the electric vehicle market and battery technology advancements, which could further influence cobalt demand and alter production strategies in Canada.
