Graphite powder used in industry. Stock image.
A new report by the International Energy Agency paints a sobering picture of the global push to secure critical minerals as nations are forced to navigate through high geopolitical tensions while supplies are dominated by only a few select players.
In its Global Critical Minerals Outlook 2025, the IEA finds that despite political urgency and rising demand from clean energy technologies, diversification of the global supply chain has seen little progress.
The report highlights from 2020 to 2024, global refining capacity of critical minerals became even more concentrated, with China and Indonesia accounting for the vast majority of supply growth for battery metals like cobalt, graphite and nickel. The average market share of the top three refined material suppliers rose from 82% to 86%, with single countries—China for cobalt, graphite and rare earths, and…
