Crit part 2

Lithium

A critical mineral whose spot prices decreased by 75% in 2023.

Cobalt, Nickel, Graphite

A critical mineral whose prices fell by 30-45% in 2023.

IEA Energy Transition Mineral Price Index

An index that tripled post-January 2020 but lost most gains by the end of 2023.

Demand Growth for Critical Minerals

Refers to the 30% increase in lithium demand and 8% to 15% rise in demand for other minerals due to clean energy applications.

Electric vehicles (EVs)

The largest consumers of lithium and significantly increased their share in the demand for nickel, cobalt, and graphite.

Stated Policies Scenario (STEPS)

A scenario where mineral demand for clean energy technologies is expected to double by 2030.

Net Zero Emissions by 2050 (NZE) Scenario

A scenario projecting that demand for critical minerals will nearly triple by 2030.

Copper demand projection by 2040

Expected to increase by 50% in the NZE scenario.

Nickel and Cobalt, rare earth metals demand projection by 2040

Projected to double in the NZE scenario.

Graphite demand projection by 2040

Projected to quadruple in the NZE scenario.

Lithium demand projection by 2040

Expected to grow eightfold in the NZE scenario.

Combined market value of energy transition minerals by 2040

Projected to reach USD 770 billion in the NZE scenario.

Largest market value among key minerals by 2040

Copper, maintaining a market value of USD 330 billion.

Second-largest market for minerals by 2040

Lithium, expanding to USD 230 billion.

Nickel's market rank by 2040

Projected to be the third-largest market value.

Investment requirements for mining by 2040 in APS

Approximately USD 590 billion is required in new capital investments.

Copper Mining capital requirements until 2040

USD 330 billion in the APS and USD 490 billion in the NZE scenario.

Technological Advances in solar cells

Reductions in the use of silver and silicon have facilitated increased deployment of solar PV.

Alternative battery chemistries

Such as lithium-iron phosphate and sodium-ion batteries; could reduce mineral demand by 13% in 2030 and 18% in 2050.

Recycling's impact on lithium demand

Could reduce lithium demand by 25% in 2030 in the NZE scenario.

Expected supply growth for lithium by 2030

Needs to grow by 20% per year to meet increasing demand.