The energy transition relies on the minerals necessary to build electric vehicles, batteries, solar farms, and wind turbines. In an economy moving away from fossil fuels every day, sourcing the materials required for this shift presents one of the biggest challenges.This graphic forecasts the number of mines that must be developed to meet the expected demand for energy transition raw materials and chemicals by 2030. This data comes exclusively from Benchmark Mineral Intelligence as of November 2024.
Nearly 300 Mines
According to Benchmark Mineral Intelligence, meeting global battery demand by 2030 would require 293 new mines or plants.
Copper, used in wires and other applications, and lithium, essential for batteries, will require the most significant number of new mines.Manganese production would need to increase more than fourfold to meet anticipated demand.
Not an Easy Task
Building new mines is one of the biggest challenges in reaching the expected demand.After discovery and exploration, mineral projects must go through a lengthy process of research, permitting, and funding before becoming operational.In the U.S., for instance, developing a new mine can take 29 years.In contrast, Ghana, the Democratic Republic of Congo, and Laos have some of the shortest development times in the world, at roughly 10 to 15 years.More By This Author:Ranked: Semiconductor Foundries By Revenue Share
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