Copper, nickel, cobalt and platinum group metals are considered strategic because of their importance to the U.S. economy, national security and the emerging green economy.
With modern living, advancements in technology and the growing demand for a green economy, the need for strategic metals is increasing significantly.
We will need to mine as much copper over the next 25 years as we mined in the past 5,000 years.6
The amount of nickel used per electric car could go from 20 kg to 40-50 kg by 20252, more than doubling the need.
Annual global cobalt consumption is expected to reach 220,000 tons in 2025, increasing to 390,000 tons in 20303. That’s almost double.
While recycling is important, the global demand for these metals
exceeds what recycling can provide.
Failure to access these minerals in Minnesota will limit U.S. access to these metals,
as well as create pressures to mine these metals elsewhere. Other locations may have lower environmental and labor standards.
Copper is key for the clean energy transition. In the last 5000 years, about 550 m/t of copper has been produced. The world will need about the same amount of copper in the next 25 years to meet global demand. 6