The International Energy Agency has warned that investment in critical minerals fell in 2025 and supply chains grew more concentrated, posing fresh risks for France as it races to secure the raw materials needed for its industrial and energy transition.
Issued on: 17/07/2026 - 15:06
3 min Reading time
In its Global Critical Minerals Outlook 2026, published on 16 July, the Paris-based agency said investment in mining and refining dropped by nine percent last year, citing geopolitical tensions and price volatility. At the same time, supply chains have become more concentrated, with China and Indonesia accounting for more than three-quarters of growth in refined output over the past two years. “Concerns about high supply concentration have moved from a theoretical vulnerability into an immediate economic security challenge,” said the IEA’s chief economist Tim Gould. The report highlights the growing use of export controls, particularly by China, as a key risk. Restrictions on rare earth exports introduced in April 2025 forced some manufacturers to scale back or halt production. The IEA estimates that if Beijing expands such measures, as much as $6.5 trillion in annual downstream production outside China could be exposed.
