- Write by:
-
Friday, May 7, 2021 - 13:08:12
-
483 Visit
-
Print
Mining News Pro - Global demand for critical minerals could increase by up to six times by 2040, according to an International Energy Agency (IEA) report.
The report – titled, ‘The Role of Critical Minerals in Clean Energy Transitions’ – detailed the need to invest in critical minerals before a lack of action causes both emission levels and mineral prices to skyrocket.
Executive director of the IEA Fatih Birol said the future state of the industry is in the hands of world leaders.
“Today, the data shows a looming mismatch between the world’s strengthened climate ambitions and the availability of critical minerals that are essential to realising those ambitions,” Birol said.
“The challenges are not insurmountable, but governments must give clear signals about how they plan to turn their climate pledges into action. By acting now and acting together, they can significantly reduce the risks of price volatility and supply disruptions.”
The report stated that present day coal production is currently 10 times higher than energy transition minerals such as copper, lithium, nickel, cobalt and rare earth minerals.
Despite this, it could be expected that these positions could be reversed by 2040, if climate-driven scenarios are adhered to.
Birol said that the world’s top three producers control more than three-quarters of global output, indicating that a global focus on critical minerals has not been reached.
“Today’s supply and investment plans for many critical minerals fall well short of what is needed to support an accelerated deployment of solar panels, wind turbines and electric vehicles. Many minerals come from a small number of producers,” Birol said.
“Because no single country will be able to solve these issues alone, strengthened international cooperation is essential.”
A similar report from Fitch Solutions focused solely on lithium demand found that “significant investment in lithium developments will prove necessary in order to prevent a supply deficit within the decade.”
“Chinese spot prices for battery-grade lithium carbonate and lithium hydroxide have witnessed a rally since the end of last year due to tighter supply.”
This finding came off the back of Chinese lithium carbonate prices rising in 2020 for the first time in three years.
“We expect lithium hydroxide to overtake lithium carbonate usage in the longer term, benefitting from increased supply from hard-rock mining projects,” the report also stated.
“An increased focus on sustainability in the entire value chain is a possible threat to lithium carbonate demand and thus prices down the line.”
Short Link:
https://www.miningnews.ir/En/News/613413
Over three decades, Jose Luis Manzano built a reputation for diving into distressed sectors in Argentina and navigating ...
South Korea has started building its lithium inventories to secure supplies of the critical mineral that’s crucial for ...
Chinese carmaker BYD Co has postponed plans to produce lithium cathodes for electric vehicle (EV) batteries in Chile by ...
Australian-based Atlantic Lithium Ltd., which is developing Ghana’s first lithium mine, has taken a step toward raising ...
Truck drivers in Chile staged protests Monday in the mineral-rich north of the country and around the capital Santiago, ...
Manganese developer Element 25 (E25) will accelerate activities for the planned expansion of its Butcherbird manganese ...
Canada’s mining industry is pushing for an carveout to the federal government’s proposed increase to capital gains ...
London-based Savannah Resources will if necessary ask Portugal’s government to authorize compulsory land acquisitions ...
India is considering offering incentives to encourage private companies to set up lithium processing facilities, as New ...
No comments have been posted yet ...