IEA: Price of Most Critical Minerals Fell in 2023, but Concerns Arise

Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--Global production of minerals critical to the energy transition, including copper, lithium, nickel, cobalt, graphite and rare earth elements, has risen faster than demand, leading to lower prices for most of those minerals, said a new report from the International Energy Agency (IEA) (Paris, France).

But in the report, Global Critical Minerals Outlook 2024, released Friday, the agency raised questions about whether the Metals & Minerals Industry can continue increasing production to meet what is expected to be soaring demand for those minerals in the coming years. The reason for doubt? Falling commodity prices have taken a heavy toll on the financial health of the global mining industry, raising questions about its ability to make subsequent investments.