Critical Everywhere
All at Once

The Critical Minerals Institute (CMI) is pleased to announce the official unveiling of its first-ever CMI Critical Minerals List for June 2024, highlighting 18 minerals essential for sustaining Western economic growth. This update reflects their strategic importance and the challenges of global supply chains. The list includes Antimony, Cobalt, Copper, Fluorspar, Gallium, Graphite, Lithium, Nickel, Niobium, Magnesium, Platinum Group Metals (PGMs), Rare Earth Elements (REEs), Silicon, Tantalum, Tellurium, Tungsten, Uranium, and Vanadium.

A key criterion for inclusion on the CMI list is the mineral's critical role in economic growth and technological advancement. For instance, Cobalt, primarily sourced from the Democratic Republic of Congo (DRC) with a 74% share, is essential for battery production in electric vehicles and portable electronics. Similarly, the list underscores the dominance of specific countries in the supply chain. China, for example, controls significant portions of the global supply for Gallium (98%), Graphite (77%), and Rare Earth Elements (69%). Fluorspar, critical for numerous industrial applications, is another example, with China dominating 65% of its global production.

The dependence on single-source suppliers poses risks to the stability and security of supply chains. The concentration of supply sources in geopolitically sensitive regions amplifies these risks. For example, the significant production of PGMs in South Africa (49%) and Russia (30%) makes the market vulnerable to regional instabilities. Similarly, China's control over Tungsten (81%) and Magnesium (88%) highlights the critical need for diversification and the development of alternative supply sources to mitigate potential disruptions.

The CMI's rigorous selection process also considered the presence of these minerals on various global critical mineral lists and the availability of sufficient knowledge to prioritize their development and supply chain security. This comprehensive approach ensures that the listed minerals are not only essential for economic growth but also recognized globally for their critical importance. The new CMI Critical Minerals List aims to guide policymakers, industry leaders, and investors in addressing supply chain vulnerabilities and fostering sustainable economic development. Among these critical minerals, CMI will place particular focus on five: Copper, Lithium, PGMs, Rare Earth Elements (REEs), and Uranium. These minerals are paramount due to their extensive applications in technology, energy, and industrial sectors, making their stable supply crucial for future economic growth and technological advancements.

The CMI has been monitoring critical minerals in 8 countries since 2022, tracking 10 lists and over 50 minerals and/or materials from the following lists: USA DOE Critical Minerals List - 2023, USA USGS Critical Minerals List - 2022, Canadian Critical Minerals List - 2024, Australia's Critical Minerals List - 2023, Australia's Strategic Materials List - 2023, UK Critical Minerals List - 2022, European Critical Minerals List - 2023, Japan Critical Minerals List - 2020, South Korea Critical Minerals List - 2023, and Indian Critical Minerals List - 2023.