Metals & markets

Market context

Technology metals are moving into a structural supply deficit — a setup that favors them over the broader commodity complex.

Increasing demand
The world is in the first phase of exponential demand growth for electric vehicles, energy storage, AI and robotics. On the IEA's Stated Policies Scenario, lithium demand more than triples and graphite demand doubles by 2040, with nickel up around 65% and copper up more than 25%.
Limited supply
Supply cannot respond quickly. A new mine in the U.S. takes roughly 16 years to move from discovery to production, and a decade of industry underinvestment has left the pipeline thin.
Strategic concentration
Production and processing sit overwhelmingly in a handful of non-allied jurisdictions. Recent export bans on critical minerals, battery and processing technology have already turned that concentration into strategic leverage.

Source: IEA, Global Critical Minerals Outlook — demand projections to 2040, Stated Policies Scenario.

The United States at night, seen from orbit

Electrification

Grid build-out, data centers, and EV wiring drive relentless demand.

Metals & markets

Critical Minerals

Critical minerals present across our prospective ground across West Africa.