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Low diversity in critical mineral markets could hurt industry, IEA says

Critical mineral markets are at risk of painful disruptions after becoming more concentrated, particularly in refining and processing, and with the spread of export restrictions, the IEA said in a report on Wednesday. The use of critical minerals has spiked in recent years sparked by energy transition projects such as electric vehicles, battery storage, renewables and grid networks, while the industry has consolidated to a few major players. "Even in a well-supplied market, 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.

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