Global Critical Mineral Demand Expected to Surge Amid US Efforts to Diversify Supply from…
The latest in this situation
- Sandia National Laboratories and Radical AI partnered to research metal-hydrogen interactions as the US seeks to reduce mineral dependence on China.
- Export-Import Bank of the United States provides senior financing for a cobalt refinery in Arizona.
- China tightens control over critical minerals as Washington lifts support for involved companies.
- US and Arizona are working to reduce reliance on Chinese cobalt processing, challenging China's mineral dominance.
- US and China hold trade talks in Busan to discuss truce expiration and market access.
How it started
What happened
The International Energy Agency projects that global demand for critical minerals will more than double by 2040, driven by the need for clean energy. Demand for magnet rare earths, such as neodymium and dysprosium, has already doubled since 2015, with the International Energy Agency expecting further growth by 2030. The United States is working to reduce its reliance on China, which currently holds a significant share of global refining capacity.
From oilprice.com, prnewswire.com
Why it matters
The increasing global need for minerals, essential for sectors like EVs and wind turbines, creates opportunities for stable supply chains outside of China. The United States is actively seeking to regain a share of the global critical minerals market from China, which currently refines 72 percent of critical minerals globally.
From oilprice.com, prnewswire.com
Who's involved
- International Energy AgencyProjects global mineral demand and monitors supply chain trends
- Donald TrumpThe administration is pursuing strategies to reduce reliance on Chinese mineral supply
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- International Energy AgencySpeculative
Mining companies developing deposits in politically stable regions outside China could see increased demand for their products
How it developed
Newest first. Tap a step to see who reported it.- US and Arizona are working to reduce reliance on Chinese cobalt processing, challenging China's mineral dominance.Sub-event
IEA projects global mineral demand growth.1 source
- US administration policy is affecting financial institutions as China maintains control over critical minerals like copper.Sub-event
IEA forecasts demand growth while mining seeks stable, non-Chinese rare earth supply.1 source
- The U.S. is seeking critical mineral dominance over China through proposed leases in American Samoa waters.Sub-event
- US seeks to reduce reliance on China for minerals, with Ashley Burke supporting the administration's resource development goals.Sub-event
US aims to diversify mineral supply away from China amid rising global clean energy demand.1 source
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The entities involved
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International Energy Agency
autonomous intergovernmental organisation