Over the past decade, the importance of critical minerals has gained unprecedented prominence on the international agenda. As the world moves toward cleaner energy sources and digitalization continues to transform key sectors, the need for stable supplies of these minerals is a top strategic priority . Governments and businesses are positioning themselves to adapt to a reality where security in the mineral supply chain is as crucial as that of energy or technology.
Climate change, coupled with the rise of electric mobility and renewable energy, has multiplied the demand for lithium, cobalt, nickel, rare earth elements, and other minerals essential for batteries, solar panels, and wind turbines. This is generating unprecedented pressure on extraction, processing, and storage systems , in a context marked by geopolitical competition and global economic relations.
Critical minerals in the energy transition
The need to move away from fossil fuels and promote low-carbon technologies has driven up global demand for critical metals . According to the International Energy Agency, this demand could quadruple by 2040. Lithium and cobalt, key components in the manufacture of batteries for electric vehicles, nickel for energy storage systems, and rare earth elements for wind power generation, have become strategic resources for the energy future.
The challenge of supply chains and the international response
The process of transforming a mineral rock into an essential component for batteries or turbines requires refining and manufacturing in highly specialized steps , often spread across different countries. China dominates not only the extraction of certain raw materials, but especially their processing and refining, controlling approximately 90% of global capacity for rare earth elements and very high shares for other vital metals.
This situation has led governments and international alliances to promote new strategies to strengthen the security and resilience of supply chains . Initiatives such as the Quad, which brings together the United States, Japan, India, and Australia, seek to diversify sourcing and reduce dependence on China. The agreement includes collaboration on the development and recycling of critical minerals, as well as coordination in the face of regional threats or crises.
The United States, for its part, is promoting investments in new mines, refineries, and recycling plants, with the aim of strengthening domestic production and protecting strategic industries. Similarly, the decarbonization and energy transition strategy seeks to reduce dependence on imported resources. The European Commission has launched the Critical Raw Materials Regulation and other plans to improve its strategic autonomy and meet climate and technological objectives.
Europe strengthens its position and the role of companies
In response to the risk of supply disruptions, the European Union has implemented regulations to build up reserves of critical minerals and ensure processing and recycling within the continent. Brussels has selected nearly 50 strategic projects across Europe, with a particular focus on Spain and Portugal, to cover at least 10% of the extraction, 40% of the processing, and 25% of the recycling needed by 2030.
Companies like ACS have begun to invest heavily in critical minerals and new energy infrastructure, participating in lithium, nickel, and cobalt projects in several European countries and Australia. Many companies' strategies also include accelerating permitting, diversifying investments, and investing in digitalization and sustainable mobility, aligning themselves with the .
The stock market boost for companies in the sector and the entry of large institutional investors, such as Criteria Caixa in ACS, show confidence in these sectors of the future , while governments strengthen policies to encourage investment and the development of their own technological capabilities.
Geopolitical impact and new security initiatives
The concentration of critical mineral production and processing in a few countries has heightened geopolitical tensions and strategic interest in these resources. Export restrictions on minerals from China and trade wars have highlighted the vulnerability of supply chains , leading to the adoption of new alliances and bilateral agreements, such as the recent one between the United States and Ukraine.
The European plan to create common strategic reserves, inspired by systems already implemented in the United States and Japan, seeks to anticipate potential crises and challenges, including hybrid or cyber attacks, and includes the accumulation of critical minerals, permanent magnets, and technical kits essential for industry and defense.
Mandatory coordination among EU Member States on issues such as the storage of food, medicines, and nuclear fuel represents a step toward greater resilience and emergency preparedness, while strengthening the European mining and processing industry is key to maintaining competitiveness and geopolitical autonomy.
Future prospects and new challenges in the minerals market
Critical minerals—which are not used as fuel but are essential for economic development, security, and new technologies—will be at the center of economic and political debate in the coming years. Both the EU and the United States continue to update their lists and strategies to ensure access to these materials, amid an urgent energy transition and growing international tensions.
It is essential to strengthen the development of solid-state batteries , diversify the origin of minerals, and increase industrial capacity and recycling to avoid bottlenecks and ensure a secure, sustainable, and competitive supply. How these resources are managed will decisively influence the future of decarbonization and global digitalization.