Critical mineral supply issues are spreading around the globe, forcing countries to put policy and strategy into play to maximise domestic and international value.The supply crunch, particularly with battery or energy metals, comes in unison with growing demand for the minerals needed to assist the world’s clean energy transition.The gap between projected supply and projected demand by the end of the current decade, especially in cobalt and lithium, exacerbates the issue.While we are not heading toward a Mad Max style breakdown of society due to lack of resource, to feed the need for supply, the world needs more resources and better strategies to manage them.A recent study by KU Leuven University is case in point.The study shows the European Union’s Green Deal goal of climate neutrality by 2050 will require 35 times more lithium and seven to 26 times the amount of rare earth metals compared to Europe’s current use.Further to this, 30% more aluminium will be required as well as 35% more copper, 45% more silicon, 100% more nickel and 330% more cobalt.These are essential metals for the production of electric vehicles and batteries, renewable wind, solar and hydrogen energy technologies, as well as grid infrastructure.The required numbers run high: about 4.5 million tonnes of aluminium, 1.5 million tonnes of copper, 800,000 tonnes of lithium, 400,000 tonnes of nickel, 300,000 tonnes of zinc, 200,000 tonnes of silicon, 60,000 tonnes of cobalt, and 3,000 tonnes of the rare earths metals neodymium, dysprosium and praseodymium are required above current levels representing an increase between 70 and 2,600% from current levels. QUOTE article just released from Proactive Investors todayThe market set to really pick up IMO.
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