Supplies of critical minerals, such as copper, that are needed to manufacture electronics are facing “painful disruptions” in coming years due to export restrictions from a small handful of countries that control the bulk of the supply, according to a report from the International Energy Agency (IEA).
The document has identified a number of vulnerabilities in the supply chain over the next decade.
Prices of copper, lithium, nickel, cobalt, graphite and other rare earth elements soared in the wake of the pandemic, but have largely returned to their 2019 levels. The exception is copper, which has remained high. The materials are particularly important for the green energy transition as nations retool to tackle climate breakdown and move away from fossil fuels.
The report finds that critical mineral markets have become more concentrated in recent years – the average market share for the aforementioned materials of the top three producers rose to 86% in 2024 from around 82% in 2020, with almost...