Journal of the Korean Society of Mineral and Energy Resources Engineers ISSN:2288-0291(Print) 2288-2790(Online) 한국자원공학회지

As the energy transition era begins, securing minerals is becoming critical, and countries worldwide are highly interested in “critical minerals,” which have a supply risk associated with them. Major countries have newly prepared or updated the list of critical minerals, where battery minerals such as lithium, nickel, cobalt, and graphite typically find a place. The demand for these four critical minerals is expected to increase 3 to 42 folds by 2040 in comparison to 2020 owing to the increasing demand for eco-friendly vehicles and energy storage systems. Recently, the supply risk of the four minerals has increased significantly, as commercial products manufactured using these minerals are generally produced in a specific country; furthermore, the prices of the minerals are constantly increasing. In this study, the current status of the production, markets, and relevant technologies of the four critical minerals was investigated, and some recommendations for securing them were presented.