Mining and Metals: Trends, Challenges and the Way Forward

The mining and metals industry is undergoing a transformation driven by the energy transition, which is significantly increasing demand for critical minerals like copper, lithium, and nickel. The report identifies a potential 'polycrisis' where geopolitical tensions, resource nationalism, and environmental scrutiny converge. It highlights a looming supply-demand gap, noting that copper demand could nearly double by 2035 while supply lags. To address these challenges, the document advocates for 'strategic partnerships' across the value chain to de-risk investments and improve traceability. It also emphasizes the role of innovation—including AI, automation, and green hydrogen—in decarbonizing carbon-intensive sectors like steel and improving the sustainability of phosphorus mining for food security. Finally, it calls for collective industry leadership to standardize ESG metrics and advocate for smart public policies to avoid protectionist bottlenecks.

• The energy transition is creating a severe supply-demand gap for critical minerals. Copper demand is projected to rise from 25 million tons currently to approximately 50 million tons by 2035, but supply is expected to fall short by 10 million tons by that date. By 2050, global production may only meet 20% of the copper required for net-zero goals.
• The industry is facing a 'polycrisis' characterized by the convergence of geopolitical turbulence, technological acceleration, and increasing societal demands for accountability and value sharing.
• Supply chain resilience is threatened by the concentration of metal refining in China, which controls 35% of nickel refining and 50-70% of lithium and cobalt refining. This concentration increases the risk of trade weaponization through sanctions or export bans.
• Resource nationalism is rising as host countries seek greater control over transition metals. Examples include Indonesia's ban on raw nickel exports to build domestic processing and Mexico's nationalization of lithium reserves.
• The steel industry must reduce emissions by 50% to meet climate goals. Transformation is being driven by process optimizations such as the use of hydrogen as a reductant, carbon capture, utilization and storage (CCUS), and the adoption of electric arc furnaces.
• Mining is critical for global food security through the production of phosphate rock for fertilizers. Approximately 46% of soils are phosphorus-deficient, particularly in tropical regions, and addressing this is essential to increase food production by the estimated 56% needed by 2050.
• The industry is shifting toward 'strategic partnerships' to bypass sub-suppliers and deal directly with upstream producers. This model aims to de-risk low-carbon technology investments and ensure the provenance and sustainability of materials.
• Mining companies suffer from significant stakeholder mistrust; a 2023 GlobeScan survey of over 30,000 people across 32 countries ranked mining as the worst of 18 surveyed industries regarding the fulfillment of responsibilities to society.
• Energy supply is a major bottleneck for mining in developing regions, particularly in Africa, which holds 30% of the world's mineral reserves. In South Africa and the DRC, a 'brain drain' of technical talent has contributed to the instability of national electricity utilities.

APA

World Economic Forum (2023). Mining and Metals: Trends, Challenges and the Way Forward. https://www3.weforum.org/docs/WEF_Mining_and_Metals_2023.pdf

Chicago

World Economic Forum. Mining and Metals: Trends, Challenges and the Way Forward. 2023. https://www3.weforum.org/docs/WEF_Mining_and_Metals_2023.pdf.

Wikipedia

{{cite report |author=World Economic Forum |title=Mining and Metals: Trends, Challenges and the Way Forward |date=December 2023 |url=https://www3.weforum.org/docs/WEF_Mining_and_Metals_2023.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{worldeconomicforum2023mining, author = {{World Economic Forum}}, title = {{Mining and Metals: Trends, Challenges and the Way Forward}}, institution = {World Economic Forum}, year = {2023}, month = dec, url = {https://www3.weforum.org/docs/WEF_Mining_and_Metals_2023.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }