Investment in critical minerals fell last year, the International Energy Agency (IEA) said Thursday, even after Western nations vowed to boost domestic production for national security reasons.
Furthermore, the geographic concentration of supply chains for elements critical to the high-tech, aerospace and clean energy industries has narrowed further, particularly for refining, the IEA said in a report.
The Paris-based agency, which advises energy consuming nations, said that top refining nations China and Indonesia accounted for over three-quarters of total growth in refined supply in the past two years.
Despite the push to diversify supply chains the IEA found that geopolitical tensions and price volatility caused investment in the mining and refining of minerals to fall globally by %9 in 2025.
"Over the last year in particular, concerns about high supply concentration have moved from being a sort of theoretical vulnerability into an immediate economic security challenge," said Tim Gould, the IEA's chief economist.
