Searching for Critical Minerals? How metals are produced and associated together

The document explains that many critical minerals are not mined independently but are produced as co-products or by-products of 'host' metals. This 'companionality' creates inelastic supply chains where the availability of a critical metal depends on the economic viability of a different host metal. The paper highlights risks including high price volatility, under-reporting of reserves, and the loss of strategic minerals in tailings. It suggests that reprocessing waste dumps and improving regulatory frameworks for companion metals can help bridge the supply gap for the energy transition.

• The supply of companion metals is often inelastic because it is dependent on the economic sustainability and production levels of the host metal, meaning market demand for a critical minor metal may not trigger increased production if the host metal is not viable.
• By-products typically experience significantly higher price volatility than major host metals; for instance, over a 50-year period, by-products showed an average annual price volatility 50% higher than major metals.
• There is a systemic risk of under-reporting mineral reserves for companion metals because they are often viewed as having less material value or are presented as 'main metal equivalents' in feasibility studies.
• Mining waste, such as tailings and waste dumps, represents a potential new source of critical minerals, as many companion metals were discarded during the initial recovery of host elements.
• Environmental risks are exacerbated by the disposal of companion metals in tailings, as some elements like lead or mercury are neurotoxic and can leach into the environment via rainwater.

APA

Bellois, G., & Ramdoo, I. (2023). Searching for Critical Minerals? How metals are produced and associated together. International Institute for Sustainable Development. https://www.iisd.org/system/files/2023-04/searching-critical-minerals-how-metals-are-produced-together.pdf

Chicago

Bellois, Grégoire, and Isabelle Ramdoo. Searching for Critical Minerals? How metals are produced and associated together. International Institute for Sustainable Development, 2023. https://www.iisd.org/system/files/2023-04/searching-critical-minerals-how-metals-are-produced-together.pdf.

Wikipedia

{{cite report |last1=Bellois |first1=Grégoire |last2=Ramdoo |first2=Isabelle |title=Searching for Critical Minerals? How metals are produced and associated together |publisher=International Institute for Sustainable Development |date=April 2023 |url=https://www.iisd.org/system/files/2023-04/searching-critical-minerals-how-metals-are-produced-together.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{bellois2023searching, author = {Bellois, Grégoire and Ramdoo, Isabelle}, title = {{Searching for Critical Minerals? How metals are produced and associated together}}, institution = {International Institute for Sustainable Development}, year = {2023}, month = apr, url = {https://www.iisd.org/system/files/2023-04/searching-critical-minerals-how-metals-are-produced-together.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }