A report by the International Energy Agency highlights the growing concentration of critical minerals in just a few countries, especially China, which dominates refining. The average market share of the leading three countries in key minerals like copper, lithium, and cobalt has increased from 82% in 2020 to 86% in 2024. Concerns regarding supply vulnerability due to potential disruptions—like extreme weather or trade disputes—could lead to higher consumer prices and reduced industrial competitiveness. Emphasizing the importance of diversification in energy and economic security, the report calls for well-designed government policies to help mitigate risks.
"Critical mineral supply chains can be highly vulnerable to supply shocks, be they from extreme weather, a technical failure or trade disruptions."
"The golden rule of energy security is diversification. And it goes beyond energy security, it is also economic security."
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