Lithium, nickel, and copper production need to increase significantly to meet the demand of the green energy transition. New mines and mining jurisdictions will be required to fulfill the needs.
For example, lithium production will need to increase around 700%, nickel production around 100% and copper production around 50% in 2020-30 compared to 2010-2020 in a 1.5°C-degree pathway, according to a McKinsey study. At least 384 new graphite, lithium, nickel and cobalt mines will need to be built to meet demand by 2035, based on average mine sizes for each commodity, according to Benchmark Mineral Intelligence. A handful of countries currently dominate production of critical minerals.
For example, Australia and Chile account for 77% percent of all lithium mine production and Indonesia accounts for 48% of all nickel production. While these countries have substantial reserves of critical minerals, they will not come close to fulfilling the needs of the green energy transition on their own. Therefore, new mining jurisdictions will be needed to help meet demand
Lithium Nickel Copper Production Demand Green Energy Transition Mines Mining Jurisdictions
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