Critical Minerals and Energy Intelligence. Stay Ahead.

Investment in critical minerals development rises 30% in 2022, with market worth $320billion

Investment by 20 of the world’s largest mining companies, with a significant portfolio in developing energy transition minerals, increased 20% in 2021 and 30% in 2022, according to the IEA’s new Critical Minerals Market Review 2023 report.

The global market for critical minerals needed for the energy transition and to meet net-zero targets has doubled in value over the last 5 years. It is now worth an estimated US$320billion — equivalent to the value of the iron ore market.

Capital expenditure on nonferrous metal production by 20 major mining companies 2011 2022 - The Oregon Group - Critical Minerals and Energy Intelligence

“Companies specialising in lithium development recorded a 50% increase in spending, followed by those focusing on copper and nickel. Companies based in China nearly doubled their investment spending in 2022”
— IEA, Critical Minerals Market Review 2023 report

Canada and Australia are market leaders with over 40% growth year-on-year, notably in hard-rock lithium projects. Exploration activities are also expanding in Africa and Brazil.

Uranium also experienced a significant surge in spending by 60% due to renewed interest in nuclear power amid concerns over Russian supplies.

Nickel was a close follower with a 45% growth rate for exploration.

The prices of many critical mineral prices, after a surge in 2021 and 2022, moderated in 2023 but remain well above historical averages.

Price development for selected energy transition minerals and metals - The Oregon Group - Critical Minerals and Energy Intelligence

The energy transition will need more copper than all the world has consumed from 1900-2021. Copper demand is forecast to double from 25 million metric tons in 2022 to 50 million metric tons by 2035. Can America’s copper supply keep up?

Can America’s old copper mines meet this century’s copper demand?

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