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The document examines the concept of 'metal companionship,' where critical metals are often produced as co-products or by-products of major 'host' metals rather than as primary targets. This dependency creates significant supply inelasticity, price volatility, and risks of material loss in tailings. The author argues that understanding these associations can help identify new sources of metals, such as reprocessing mine waste, and inform national development strategies for producer countries.

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  • The supply of companion metals is highly inelastic because it depends on the economic viability of the host metal's extraction. This means that even a high market demand for a critical by-product may not result in increased production if the host metal is not profitable to mine.
  • By-product metals experience significantly higher price volatility than primary metals. Over the last 50 years, the average annual price volatility for by-products has been approximately 50% higher than that of primary metals.
  • There is a systemic risk of losing strategic minerals because companion metals are often discarded in waste piles and tailings dams without treatment. This represents a loss of value for both mining companies and states, and creates environmental hazards due to the leaching of toxic heavy metals.
  • Mine tailings and waste dumps can be transformed from environmental liabilities into new ore deposits through reprocessing. Examples include the recovery of lithium from borate residues at the Boron mine in California and the potential for lithium and tantalum at the Uis mine in Namibia.
  • Current reporting of mineral reserves is often inaccurate for companion metals due to a lack of universal definitions and a tendency to under-report them or group them as 'metal-equivalents' of the primary metal.

Cite the original document

APA
Bellois, G., & Ramdoo, I. (2023). À la recherche de minéraux critiques ? International Institute for Sustainable Development. https://www.iisd.org/system/files/2023-06/searching-critical-minerals-how-metals-are-produced-together-fr.pdf
Chicago
Bellois, Grégoire, and Isabelle Ramdoo. À la recherche de minéraux critiques ? International Institute for Sustainable Development, 2023. https://www.iisd.org/system/files/2023-06/searching-critical-minerals-how-metals-are-produced-together-fr.pdf.
Wikipedia
{{cite report |last1=Bellois |first1=Grégoire |last2=Ramdoo |first2=Isabelle |title=À la recherche de minéraux critiques ? |publisher=International Institute for Sustainable Development |date=April 2023 |url=https://www.iisd.org/system/files/2023-06/searching-critical-minerals-how-metals-are-produced-together-fr.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}
BibTeX
@techreport{bellois2023recherche, author = {Bellois, Grégoire and Ramdoo, Isabelle}, title = {{À la recherche de minéraux critiques ?}}, institution = {International Institute for Sustainable Development}, year = {2023}, month = apr, url = {https://www.iisd.org/system/files/2023-06/searching-critical-minerals-how-metals-are-produced-together-fr.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }

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