In 2023, Canada's cobalt refinery production stood at 6.92 thousand metric tons. Forecasts for 2024-2028 predict a steady increase in production. From 2024 to 2025, there is a projected increase of 1.29%, followed by subsequent annual growth rates of 1.27% each year. Over five years, the compound annual growth rate (CAGR) is expected to be around 1.25%.

Future trends to watch for:

Technological advancements in refining processes, potentially increasing both efficiency and yields.
Global demand fluctuations, especially from the electric vehicle and battery sectors, influencing national production strategies.
Policy and regulatory changes impacting the mining and refining industries in Canada.