The News
China has maintained its dominance over critical minerals, despite Western nations’ efforts to diversify supply chains, a new International Energy Agency report found.
The average market share of copper, lithium, nickel, cobalt, graphite, and rare-earth elements by the world’s top three producers reached 86% in 2024, up from 82% in 2020. “Almost all supply growth” came from a single source, the IEA said: Indonesia for nickel, and China for everything else.
“In a world of high geopolitical tensions, critical minerals have emerged as a frontline issue in safeguarding global energy and economic security,” the agency’s executive director said. Investment and exploration activity slowed last year, however, which could pose particular concern for copper, a critical resource for countries working to expand their electricity grids.
