A new IEA report identifies vulnerabilities over next decade, notably for copper and other strategic minerals. The 2025 edition of the IEA’s annual Global Critical Minerals Outlook, presents the latest data and analysis on supply, demand, investment and more for key energy-related minerals, including copper, lithium, nickel, cobalt, graphite and rare earth elements. While today’s critical mineral markets may appear well supplied, with prices well down from the highs seen in 2021 and 2022, the new IEA report finds that a combination of increasing supply concentration in a handful of countries and the spread of export restrictions is raising the risk of painful disruptions. For copper, lithium, nickel, cobalt, graphite and rare earth elements, the average market share of the top three producers rose to 86% in 2024 from around 82% in 2020, the report noted. Moreover, the report highlights major risks facing copper markets. With demand set to surge as countries look to expand their electricity networks, the current copper mine project pipeline points to a 30% supply deficit by 2035.