The era of “big oil” has passed its zenith; welcome to the era of “big shovels”. Critical minerals are the new staple of the international economy, and governments are fast realizing that they risk economic and strategic vulnerability without them.
The transition to renewable energy, digitalization of the economy and pressure to keep apace with developments in cutting-edge technology all hinge on a select few minerals (lithium, cobalt, copper, graphite, nickel and rare earths are commonly understood as the “big six”. However, others such as zinc and manganese can also be considered). It is essential that critical mineral strategies are implemented in a manner that promotes international cooperation while minimizing fragmentation due to geopolitical rivalry.
The minerals trilemma
When it comes to devising mineral strategies, policy-makers face a trilemma in balancing competing priorities:
-Security: Ensuring a reliable supply of critical minerals and strategic autonomy.
-Cost: The affordability and equity of minerals and resources.
-Sustainability: Promoting environmentally and socially sustainable extraction and use.
For the rest of this article: https://www.weforum.org/agenda/2024/08/critical-minerals-are-the-key-to-21st-century-tech-heres-the-trilemma-that-defines-how-to-mine-them/