Global Critical Minerals Outlook 2024

INTERNATIONAL ENERGY AGENCY The IEA examines the full spectrum of energyissues including oil, gas and coal supply anddemand, renewable energy technologies,electricity markets, energy efficiency, access toenergy, demand side management and muchmore. Through its work, the IEA advocatespolicies that will enhance the reliability,affordability and sustainability of energy in its 31member countries,13association countries andbeyond. SpainSwedenSwitzerlandRepublic of TürkiyeUnited KingdomUnited States IEA member countries: AustraliaAustriaBelgiumCanadaCzech RepublicDenmarkEstoniaFinlandFranceGermanyGreeceHungaryIrelandItalyJapanKoreaLithuaniaLuxembourgMexicoNetherlandsNew ZealandNorwayPolandPortugalSlovak Republic The European Commissionalso participates in the workof the IEA This publication and any map included herein arewithout prejudice to the status of or sovereigntyover any territory, to the delimitation ofinternational frontiers and boundaries and to thename of any territory, city or area. IEA association countries: ArgentinaBrazilChinaEgyptIndiaIndonesiaKenyaMoroccoSenegalSingaporeSouth AfricaThailandUkraine Abstract Critical minerals, which are essential for a range of clean energytechnologies, have risen up the policy agenda in recent years due toincreasingdemand,volatile price movements,supply chainbottlenecks and geopolitical concerns. The dynamic nature of themarket necessitates greater transparency and reliable information tofacilitate informed decision-making, as underscored by the requestfromGroup of Seven (G7) ministersfor the IEA to produce medium-and long-term outlooks for critical minerals. The Global Critical Minerals Outlook 2024 follows the IEA’sinauguralreviewof the market last year. It provides a snapshot of industrydevelopments in 2023 and early 2024 and offers medium- and long-term outlooks for the demand and supply of key energy transitionminerals based on the latest technology and policy trends. The report also assesses key risks to the reliability, sustainability anddiversityof critical mineral supply chains and analyses theconsequencesfor policy and industry stakeholders.It will beaccompanied by an updated version of theCritical Minerals DataExplorer, an interactive online tool that allows users to explore thelatest IEA projections. Table of contents Executive summary........................................................................................ 5Introduction...................................................................................................11Market review ...............................................................................................16Clean energy deployment trends .............................................................17Market trends for critical minerals ............................................................34Short-term market developments for key energy transition minerals.......45Investment trends .....................................................................................54Latest policy developments ......................................................................67ESG performance tracking .......................................................................74Demand and supply outlook for key materials .............................................80Mineral demand for clean energy technologies .......................................83Overview of the projections for key energy transition minerals................95Outlook for copper ..................................................................................107Outlook for lithium...................................................................................124Outlook for nickel....................................................................................136Outlook for cobalt ...................................................................................154Outlook for graphite ................................................................................167Outlook for rare earth elements..............................................................177Brief review of other key materials .........................................................193 Clean energy transition risk assessments..................................................202Implications.................................................................................................222Investment in diversified supply............................................................. 224Recycling, innovation, and behavioural change .................................... 233Market transparency .............................................................................. 243Sustainable and responsible supplies ................................................... 250Annex .........................................................................................................253 Executive summary Executive summary Fast-growing critical minerals markets remain turbulent, withp