THOUGHT LEADER
Uranium is a primary fuel for nuclear power plants , which provide a significant portion of the world ’ s low-carbon electricity , reducing greenhouse gases and aiding climate goals .
Meanwhile , REEs like neodymium , praseodymium and dysprosium have unique magnetic and electronic properties . Their integration into solar panel design has resulted in greater efficiency in terms of sunlight absorption and resistance to extreme temperatures .
Mining : The backbone of technology The statistical growth of the industry also illustrates mining ’ s role as the unsung hero behind most of the recent technological advancements . At the turn of the 20th century global production of copper stood at less than 500,000 tonnes per annum , with nickel below 5,000 tonnes per annum . In 1976 annual copper production had risen to c . 5,000,000 tonnes and annual nickel production to c . 710,000 tonnes . Fast forward to 2023 and global copper production was 22.3 million tonnes , while nickel production was c . 3.4 million tonnes .
Meanwhile , demand for rare earths has been forecast to increase by up to seven times over the next 15 years , led by the proliferation of electric vehicles and wind turbines .
A net zero future The International Energy Agency ( IEA ) estimates that achieving the Paris Agreement ’ s climate goals will require a fourfold increase in mineral production by 2040 . Electric vehicles alone use up to six times more minerals than traditional internal combustion vehicles – and a single offshore wind turbine can contain several tons of rare earth elements and copper .
Our net-zero future transitions , along with industrial and societal demand , show no sign of a reduction on the dependency of metals and mineral consumption . Indeed , as scientific research and innovation gathers pace , the adoption of clean energy technologies and the associated dependence on critical minerals is only going to increase .
The global demand for critical minerals does raise complex questions about supply chains , with many of them sourced from a limited number of regions , often in politically unstable areas or countries with questionable employment practices . For example , the Democratic Republic of Congo ( DRC ) produces about 70 % of the world ’ s cobalt but is linked to child labour and unsafe working conditions .
The extraction of lithium , a key component of EV batteries , has raised concerns over water depletion in South America ’ s ‘ lithium triangle ’ which spans parts of Argentina , Bolivia , and Chile and is jeopardising local ecosystems and the livelihoods of Indigenous communities .
Similarly , China dominates the production and processing of rare earth elements , controlling over 60 % of the global supply . These vulnerabilities underscore the need to diversify sources of critical minerals while ensuring that
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