Oil and gas production is rising, and coal remains the world’s most intensively mined commodity. But, to transition the world’s energy supply to more sustainable alternatives, mining companies are racing to open new frontiers of extraction for metals such as lithium, nickel, cobalt and copper — which will be crucial to building batteries and powering other green technologies.

Demand has surged for these critical minerals, as well as for rare earth elements such as neodymium, which is used to build powerful magnets for wind turbines. Demand for copper, too, is expected to surge by 50 per cent by 2040, while lithium will see eightfold demand growth in the same period. 

Consultancy Wood Mackenzie estimates that about $4.1tn needs to be spent on mining, refining and smelting these critical minerals, in order to meet global climate goals.