While the market for electric-battery materials was booming, one group of investors stayed on the sidelines: mining giants. That seems surprising. Firms such as Anglo American Plc, BHP Group, Glencore Plc, Rio Tinto Group and Vale SA got where they are today by spotting whatever commodities would see strong demand and weak supply in future, scouring the world for the best resources, and watching the money roll in.
A decade ago, the likes of lithium, cobalt and graphite were minor materials, affected less by electric vehicles than the markets for lubricants, drill-bits and smelting equipment. Nowadays, battery demand is so intense that rising prices risk holding back the energy transition, and major industrial consumers are rushing to lock down supplies.