The green metals, also known as critical minerals, that are needed for the clean energy transition to combat climate change — such as cobalt, copper, and lithium — are the future for mining.
To wit, the Top 40 mining companies say their revenues spiked 32% in 2021 compared with 2020. But red-hot prices meant this stream flowed directly to the bottom line, resulting in a 127% surge in net profits. “The supply of such minerals will struggle to meet near-term demand. In addition, there’s significant underinvestment in these critical minerals, which will exacerbate the supply-demand situation over the near to medium term. The world will be able to meet its net-zero targets only if the mining industry can substantially ramp up production,” PwC said.
The rewards are potentially mammoth, and the environmental dividend will be a lowering of the emissions linked to climate change — provided such mining is done cleanly. “We expect this trend to continue over the next five to ten years as demand for critical minerals grows and assets with high extraction costs become viable as prices rise.”
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