Challenge increased demand critical minerals
- Admin
- Jul 4, 2024
- 1 min read
The US Inflation Reduction Act of the Biden administration is accelerating demand for critical minerals and copper essential for energy transition technologies. However, ensuring sufficient supply to meet the demand faces considerable challenges. Post-IRA demand for lithium, cobalt, nickel, and copper is expected to be significantly higher by 2035 compared to pre-IRA projections. Challenges in securing supply include meeting IRA rules around country of origin for production, processing, and sourcing. Nickel faces the most significant supply challenge, while copper's demand growth may outpace domestic supply, leading to increased reliance on imports.
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