One of the conclusions that the International Energy Agency (IEA) has drawn from its latest study on the critical mineral market is that mineral extraction should be accelerated.

However, the organisation has recognised that the exploitation of existing and planned mines can account for up to twice as much extraction, and that in order to carry out what has been termed "energy transition", particularly by encouraging electric and wind cars, production should quadruple (more than 3.5 times). Today there are not enough minerals in the world to meet the production of "renewable" batteries.

In the last five years the demand for lithium has tripled, the demand for cobalt has increased by 70% and the demand for nickel by 40%, which is mainly due to the increase in electric, wind and photovoltaic cars. As a result, prices for these minerals have also increased considerably.

EIA Executive Director Fatih Birol has also expressed concern about the environmental damage this extraction can cause. The greenhouse gases generated by the treatment of each tonne of these minerals have not decreased, so that the emissions of gases from extraction have multiplied. This moves away from the goal of limiting global warming to 1.5 degrees.

On the other hand, Birol has also pointed out that minerals are the "monopoly" of a few countries and has mainly placed China. 40% of copper, 60% of lithium and 75% of cobalt are processed in this area.

Lack of disprosion for the manufacture of turbines and batteries

EIA has not been the only organization recently alerted to the lack of minerals. The US multinational McKinsey, world-renowned, has also raised the alarm.

He explains that bottlenecks are being created due to the depletion of mineral production. McKinsey foresees, inter alia, that nickel extraction will be 20% lower than the demand of 2030, essential for the manufacture of lithium batteries.

But above all, the multinational has focused on the lack of rare earths called disprosions. This magnetic material is used for the manufacture of batteries and electric car turbines, indicating that there is a "risk" of reducing its supply by 70%. "This shows that bottlenecks created in a few materials can slow the development of many low-carbon industries and slow down the transition with lower emissions," he explains.