World Annual Cobalt Refinery Capacity, December 31, 2023

The table presents the global annual cobalt refinery capacity as of December 31, 2023, measured in metric tons of cobalt content. This data is critical for understanding the supply side of the cobalt market, which plays a vital role in various industrial applications, including rechargeable batteries for electric vehicles, aerospace alloys, and catalysts. Tracking refinery capacity helps stakeholders assess potential production capabilities, anticipate supply constraints or surpluses, and make informed decisions related to investment, trade, and policy in the evolving cobalt sector.

According to the data, the total world cobalt refinery capacity reached approximately 271,000 metric tons in 2023. China dominates the global refining landscape with an estimated capacity of 182,000 metric tons, reflecting recent expansions by Hanrui Cobalt Co. Ltd. and Ganzhou Tengyuan Cobalt New Materials Co. Ltd. This represents a significant share of the total capacity, underscoring China’s central role in cobalt processing. Other notable capacities include Finland with 18,000 metric tons, Zambia at 9,600 metric tons, and Canada at 8,120 metric tons. Several countries such as Australia, Congo (Kinshasa), and Japan also maintain substantial refining capabilities. The inclusion of Indonesia’s estimated 2,800 metric tons, newly added for 2023, highlights emerging refining activities in Southeast Asia. Overall, the distribution of refinery capacity indicates a concentration in a few key countries, with ongoing expansions and new entrants shaping the global cobalt refining industry.