The transition to a low-carbon economy will require miners to produce more raw materials than ever before in human history. Saudi Arabia is a leading candidate to help fill the critical minerals supply-demand gap. Read the full article:mimgov InvestSaudi
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.
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.
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