Latest news with #GlobalCriticalMineralsOutlook
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First Post
21-07-2025
- Business
- First Post
Oil losing to rare earths as energy battlefront shifts, world faces new risks: IEA chief
Critical minerals have replaced oil and gas as the biggest concern in global energy security, according to International Energy Agency (IEA) chief Fatih Birol, highlighting a major shift in energy priorities amid the rapid rise of AI, electric vehicles, and clean power demand. read more Critical minerals have overtaken oil and gas as the top concern for global energy security, marking a significant shift in the world's energy priorities, International Energy Agency (IEA) Executive Director Fatih Birol said, outlining the changing dynamics in the energy market amid the rapid rise of AI, electric vehicles, and clean power demand. Speaking in Paris, Birol noted that oil supply is no longer the primary challenge, as demand weakens amid rapid electrification. The soaring need for electricity—driven by artificial intelligence, electric vehicles, and rising air-conditioning use—has pushed critical minerals to the forefront of energy concerns. STORY CONTINUES BELOW THIS AD 'A single medium-sized data centre consumes as much electricity as 100,000 homes,' Birol said, stressing the urgent need for steady and clean power to support tech expansion and AI development. The IEA's latest Global Critical Minerals Outlook warns that the refining of essential materials—such as cobalt, nickel, graphite, and rare earths—is dangerously concentrated. China now controls about 70 per cent of refining capacity for 19 out of 20 key minerals, raising serious supply security and geopolitical risks. Birol cautioned that this dependency could cause severe disruptions. Battery metal prices could spike by 40–50 per cent if supply shocks or export restrictions occur. He called for swift government intervention through public investment and policy tools like price-stabilisation mechanisms. 'In a world of high geopolitical tensions, critical minerals have emerged as a frontline issue in safeguarding global energy and economic security,' Birol said. 'This new analysis reviews what's at stake and outlines what must be done to strengthen the resilience and diversity of mineral supply chains—essential for reliable, affordable, and sustainable energy in the 21st century.' The IEA is urging a coordinated public-private push to secure mineral supply chains, calling for global cooperation, incentives, and the adoption of advanced technologies such as AI. The goal, Birol said, is to ensure the future of clean energy systems and digital innovation is not held hostage to fragile or monopolised supply routes. STORY CONTINUES BELOW THIS AD
Calgary Herald
17-07-2025
- Business
- Calgary Herald
'Just beginning': GeologicAI raises US$44M to boost critical minerals discovery
Tens of millions in new funding will help GeologicAI, a Calgary-based mining exploration company, continue scaling operations worldwide. Article content The latest round of funding — comprised of US$44 million and led by Blue Earth Capital, an investment firm — adds to the company's growing portfolio of global interest. Article content In 2024, GeologicAI received $20 million from Breakthrough Energy Ventures, a firm founded by Bill Gates in 2015 and backed partly by the ultra-wealthy — including big names like Jeff Bezos, Richard Branson and Michael Bloomberg. Article content GeologicAI leverages artificial intelligence and high-tech equipment to scan rocks, identifying those with the right minerals for mining companies. Article content Among the efficiencies created by their technology are a decrease in overall CO2 emissions and an increase in yield from existing mines — that increase is up to 20 per cent, according to Sanden. Article content 'We're kind of just beginning, and we're working with the super majors to get started,' he said. Article content The super majors are BHP and Rio Tinto, two of the world's largest mining companies, which contributed 'large cheques,' as part of Blue Earth Capital's round, according to Sanden. Article content Article content Electrification, decarbonisation and digitisation are expected to drive copper demand upward in the coming decades for economies around the world. Article content Demand for copper is expected to grow by around 70 per cent by 2050, according to BHP projections. Article content Copper, which Sanden called the 'backbone' of electricity and data centers, is also used for motors and other vital parts for electrification and decarbonization. Article content 'If we want to achieve our goals in both AI and decarbonization at the same time, the world needs a lot more copper,' he said. Article content Overall, critical minerals and critical resources are top of mind for many people and governments around the world, he added. Article content According to the International Energy Agency, strong growth in demand for energy minerals continued in 2024. Article content Rising by nearly 30 per cent last year, lithium demand is 'significantly exceeding' the 10 per cent annual growth rate seen in the 2010s, said the agency in its 2025 Global Critical Minerals Outlook.
India Gazette
08-06-2025
- Business
- India Gazette
Critical mineral investments stalled by economic uncertainty despite strong demand outlook: IEA
New Delhi [India], June 8 (ANI): Investment decisions in the global critical mineral sector face significant market and economic uncertainties, despite strong expectations for future demand growth, according to the International Energy Agency (IEA). In its Global Critical Minerals Outlook 2025, the IEA added that investment momentum in critical minerals development weakened in 2024, rising just 5 per cent compared to 14 per cent in 2023. Adjusted for cost inflation, real investment growth stood at only 2 per cent, reflecting growing economic and market uncertainties despite strong long-term demand expectations. According to IEA, exploration activity plateaued after consistent growth since 2020. While spending rose for lithium, uranium, and copper, it declined sharply for nickel, cobalt, and zinc. The funding in startups also slowed, the IEA report added. The low mineral prices failed to trigger new investments and affected projects led by new market entrants. The report added that diversification is the watchword for energy security, but the critical minerals world has moved in the opposite direction in recent years, particularly in refining and processing. Between 2020 and 2024, growth in refined material production was heavily concentrated among the leading suppliers. As a result, the geographic concentration of refining has increased across nearly all critical minerals, particularly for nickel and cobalt, the report added. The average market share of the top three refining nations of key energy minerals rose from around 82 per cent in 2020 to 86 per cent in 2024 as some 90 per cent of supply growth came from the top single supplier alone: Indonesia for nickel and China for cobalt, graphite and rare earths. The report further notes that, despite surging demand, significant supply expansions--primarily from China, Indonesia, and the Democratic Republic of the Congo--have driven prices down, particularly for battery metals. The IEA said that the swift increase in battery metal production highlighted the sector's ability to scale up new supply more quickly than for traditional metals like copper and zinc. Since 2020, supply growth for battery metals has been twice the rate seen in the late 2010s. As a result, following the sharp price surges of 2021 and 2022, prices for key energy minerals have continued to decline and have returned to pre-pandemic levels. Lithium prices, which had surged eightfold during 2021-22, fell by over 80 per cent since 2023. Graphite, cobalt, and nickel prices also dropped by 10 to 20 per cent in 2024. Critical minerals such as copper, lithium, nickel, cobalt and rare earth elements are essential components of many of today's rapidly growing energy technologies - from wind turbines and electricity networks to electric vehicles. Demand for these materials is growing quickly as energy transitions gather pace. (ANI)
Yahoo
21-05-2025
- Business
- Yahoo
Critical mineral supply concentration, export restrictions may cause disruptions, IEA reports
The International Energy Agency (IEA) has indicated potential vulnerabilities in the supply chain of strategic minerals critical for the energy and technology sectors in its new 2025 Global Critical Minerals Outlook. The report underscores the increasing concentration of supply in a few countries and the rise of export restrictions, which heighten the risk of market disruptions. The IEA's report reveals that the market share of the top three producers for critical minerals such as cobalt, copper, graphite, lithium, nickel and rare earth elements increased to 86% in 2024 from around 82% in 2020. Significant supply growth is coming from Indonesia for nickel and China for other minerals. Despite policymakers' awareness of these challenges, the report suggests that diversification of supply chains is progressing slowly, with the top suppliers' market share projected to decline only marginally over the next decade. Demand for energy minerals has surged, with lithium demand growing by nearly 30% in 2024. However, increased supply, particularly from China, Indonesia and parts of Africa, has led to lower prices for battery metals. Investment and exploration activities in critical minerals have shown signs of slowing down, which could pose future risks to supply. The report specifically highlights the risks faced by the copper market, where a projected 30% supply deficit by 2035 could arise due to surging demand for expanding electricity networks. The prevalence of export restrictions is also a concern, with 55% of strategic minerals now under some form of export control, affecting not only raw materials but also processing technologies. China recently imposed export restrictions on rare earths in response to US tariffs. China's dominance in refining 19 out of 20 of the strategic minerals analysed, coupled with high price volatility, underscores the economic impact of potential supply disruptions. The IEA also examines supply chains for emerging battery technologies, noting the risks associated with China's control over key components. "Critical mineral supply concentration, export restrictions may cause disruptions, IEA reports" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Time of India
21-05-2025
- Business
- Time of India
IEA warns of growing global dependence on few nations for critical minerals, highlights China's dominance
The global supply of critical minerals essential for clean energy technologies is becoming increasingly concentrated in a handful of countries, particularly China, posing a significant risk to global economic stability, according to a report released Wednesday by the International Energy Agency ( IEA ). The Paris-based agency's 'Global Critical Minerals Outlook' highlights the strategic vulnerabilities stemming from the limited diversification of key mineral sources—such as copper, lithium, cobalt, graphite, and rare earth elements—which are crucial for manufacturing electric vehicles, batteries, wind turbines, and other clean energy infrastructure. The report found that the market share held by the top three producing countries for these minerals rose to 86 per cent in 2024, up from 82 per cent in 2020. China, in particular, has solidified its position as the world's leading refiner for 19 of the 20 most critical minerals, with an average global refining share of around 75 per cent. Indonesia has also emerged as a key player in nickel production, driven by its expanding role in stainless steel and battery component manufacturing. 'Critical mineral supply chains can be highly vulnerable to supply shocks, be they from extreme weather, a technical failure, or trade disruptions,' said IEA Executive Director Fatih Birol. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Device Made My Power Bill Drop Overnight elecTrick - Save upto 80% on Power Bill Pre-Order Undo 'The impact of a supply shock can be far-reaching, bringing higher prices for consumers and reducing industrial competitiveness.' Birol pointed to the energy crisis in Europe following Russia's gas supply cuts and the global chip shortage during the pandemic as recent examples of the devastating effects of supply chain disruptions. 'The golden rule of energy security is diversification,' Birol told The Associated Press. 'And it goes beyond energy security — it is also economic security.' While markets play an important role in driving investment and innovation, Birol emphasized that government intervention through strategic policies and financing will be necessary to ensure resilience and meet rising global demand. The IEA's findings arrive amid rising global tensions around trade and resource control. China's tightened export restrictions on several strategic minerals have escalated concerns among Western nations about supply vulnerability, especially as clean energy goals ramp up. Former US President Donald Trump, now back in office, has prioritized reducing America's dependence on foreign mineral supplies. His administration recently finalized a controversial deal with Ukraine to access its vast mineral reserves and is actively exploring deep-sea mining, despite environmental opposition. Trump has also issued executive orders to fast-track domestic copper mining, reviewed a minerals agreement with the Democratic Republic of Congo, and attempted to secure mineral supplies from Greenland. These actions are part of his broader agenda to reinforce national security and economic resilience by diversifying supply chains and boosting domestic production. The IEA noted that global critical mineral markets are currently well-supplied, and prices have generally declined. However, it issued a stark warning that planned global copper production is falling behind projected demand, forecasting a 30 per cent supply shortfall by 2030. Copper is vital for electrical grids, renewable energy systems, and infrastructure electrification. The agency stressed the importance of accelerating investment in new mining projects, refining capabilities, and recycling technologies, while also establishing robust trade partnerships and reducing overreliance on any single nation. As the global economy shifts toward clean energy, the need for secure, transparent, and sustainable mineral supply chains will only intensify, the IEA concluded. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
