An assessment of the potential for transformational market growth amongst the critical metals

Abstract

A 'critical metal' is one that has important economic uses, but which also faces supply risks for geopolitical or environmental and sustainability reasons. The constrained nature of critical metals supply means proposed solutions to the problem commonly involve reducing demand and therefore reliance, via recycling, substitution and thrifting. However, most critical metals are presently only small markets and therefore such an approach ignores the potential of transformational market growth to reduce supply risk, by creating large, diverse, transparent markets with multiple sources of primary mine supply, akin to modern base metals markets. Research is therefore required into which critical metals have the greatest potential for such transformational market growth. This study therefore conducts an evaluation of 49 critical metals to determine which are nearest to the combined breakthroughs in discovery, supply and demand that may lead to transformational market growth. The study concludes that 13 markets from the 49 critical metals, being magnesium, silicon, barium, boron, lithium, cobalt, chromium, vanadium, gallium, strontium, cerium, lanthanum and scandium have the highest potential for transformational market growth and thus efforts to resolve supply risk in these markets may be better focussed on overcoming current market constraints and growing these markets, rather than lessening reliance by reducing demand.

Trace Element Distributions in the Zn-Pb (Mississippi Valley-Type) and Cu-Ag (Kupferschiefer) Sediment-Hosted Deposits in Poland

“…Consequently, a number of countries, including USA, UK, Japan, EU, and Australia have commissioned reports on critical commodities (e.g., [7,[9][10][11][12]). Most of these commodities have small restricted markets, and supply is restricted, i.e., concentrated in either a small group of countries or operating companies [12,[86][87][88][89]. The critical elements are generally produced in relatively small amounts or almost entirely as by-products of the mining of principal commodities [90][91][92].…”

Indium Mineralization in the Volcanic Dome-Hosted Ánimas–Chocaya–Siete Suyos Polymetallic Deposit, Potosí, Bolivia

“…The high-tech metal indium (In) is classified as a critical raw material due to its high economic importance and elevated risk of supply [1][2][3][4][5][6][7][8][9][10]. In nature, this metal mostly occurs in the crystal lattice of base-metal sulfides and oxides in substitution of cations with similar radii (i.e., Zn, Fe, Cu, Sn, As) and only a few, and rare, discrete indium minerals have been defined [11][12][13][14].…”

Effects of oxygen partial pressure on the thermodynamics of CaO–SiO2–VOx system at 1873 K

“…Vanadium has been extensively used in several industries, including catalytic chemicals, new functional materials, aerospace engineering, steel‐making, and redox flow batteries etc . As a result, its consumption and production are increasing rapidly in recent years . Relating to the preparation of some vanadium compounds and the pyrometallurgical extraction process of vanadium, CaO–SiO 2 –VO x is one of the most basic important systems .…”

“…[1][2][3][4][5][6][7][8] As a result, its consumption and production are increasing rapidly in recent years. 9,10 Relating to the preparation of some vanadium compounds and the pyrometallurgical extraction process of vanadium, CaO-SiO 2 -VO x is one of the most basic important systems. [11][12][13][14] Hence, the phase equilibria and thermodynamic properties of this system are desirable in controlling the processes.…”