Skyrocketing demand for energy transition minerals the size reaching 320 billion

The global demand for minerals that help power electric vehicles, wind turbines, solar panels and other clean energy technologies is skyrocketing as the global energy transition gathers pace, increasing the need for international cooperation.

According to the IEA’s Critical Minerals Market Review 2023, the overall market for energy transition minerals has doubled in size over the past five years, reaching USD 320 billion in 2022. It is set for continued rapid growth, moving it increasingly to centre stage for the global mining industry and policy makers focused on energy and climate goals.

Growing investment in critical mineral development provides grounds for cautious optimism on future supplies. Yet the risk of project delays and technology-specific shortfalls leaves little room for complacency – and more projects are needed by 2030 in a scenario that limits global warming to 1.5 °C, according to the IEA’s analysis.

Limited progress on diversifying supply sources also remains a major concern, while environmental, social and governance performance offers significant scope for improvement. These trends underscore the importance of high-level dialogue among global stakeholders.

For more information on the outlook for critical minerals, visit the IEA

Albanian Minerals CEO Sahit Muja said, “Electric Vehicle sales are at the record levels ever, with a substantial growth in global economic superpowers, China, U.S.A, and European Union. EV sales during 2022 were over 10.2 million units, a 65% YoY growth. For the full year of 2023, we expect sales of 14 million EVs, a growth of 33 % over 2022. The developed world is shifting to electric vehicles to mitigate climate change. The future demand for key battery materials for electric vehicle batteries is expected to increase”.

Sahit Muja added that; The metals used in batteries are expected to be a powerful force of green revolution. Demand and prices are expected to increase at record levels. Nickel is in the heart of green energy revolution, nickel is expected to becomes one of the greatest building block of new and greener world. Albanian Minerals has secure essential reserves of Nickel, Magnesium and Cobalt and is working with numerous scientist’s and institution to develop new technology to mine and produce finest eco-friendly metal grades for energy storage and battery industry.

Mr. Muja said, ” Albanian Minerals strategy on critical minerals focus on growing production to meet demand, relying on domestic resources and investments in other mining companies . The goal is to be uncompromising on environmental, social and governance standards, encouraging transparency and fighting corruption.

Albanian Minerals CEO Sahit Muja said, “The world’s epic shift into green electric transportation has spurred an outstanding surge in demand for battery metals including nickel, lithium, cobalt, manganese, magnesium and other elements all essential for producing electric vehicles and batteries, harnessing solar power and wind energy. Minerals provide the building blocks for many modern technologies and are essential to global economic prosperity ”.

“Albanian Minerals and partners is applying, adapting and developing new technologies addressing mining industry requirements to deliver on the global climate ambition.The work include to accelerate the innovation in the mining sector aim to develop new and more sustainable and intelligent extraction of mineral resources through the deployment of technologies such as electrification of ground and underground mobility, remote controlling, automation or autonomous processes with a particular focus on green mining” Sahit Muja said.

Sahit Muja said ; “Albanian Minerals has forges new strategy to secure EV supply chain minerals, positioning itself to become key suppliers of green nickel, cobalt and magnesium, and it’s now turning its focus and investment’s to battery ingredient minerals including lithium, aluminum and graphite. The global conversion to EV, renewable green energy are central to the world’s clean energy future. The demand for essential minerals are changing as a new range of commodities are sought. Miners need to plan strategically for the new green future”.

Mr: Muja said that; “The new green transition presents a significant opportunity for Albanian Minerals as we have significant reserves of essential minerals including world’s largest reserve of magnesium and substantial reserves of cobalt and nickel in are portfolio”.

” Nickel is the green gold of the future, Using nickel in car batteries offers greater energy density and storage at lower cost, delivering a longer range for vehicles, currently one of the restraints to EV uptake. Batteries for storage: New nickel-containing battery technology is also playing a role in energy storage systems linked to renewable energy sources. Wind turbines or solar panels generate electricity when the wind or sun is available; modern battery technology allows this energy to be stored for use as and when required”. Sahit Muja said.

Sahit Muja added that; Albanian Minerals is prioritizing scientific research, by leveraging the best of technology, we can pave the way for innovative, collaborative solutions and, in doing so, create a brighter, more sustainable green future for all.

Tesla CEO Elon Musk says, “Tesla doesn’t have enough cells to put new products like Semi truck into production. Tesla battery needs 50 kg of nickel, to power 2 billion cars with new batteries 100 million tons of nickel is needed”.

Musk said “The main reason we have not accelerated new products like the Tesla Semi is that we simply don’t have enough cells built. We could easily go into the production of the Semi, but we don’t have enough cells for it right now.”

Elon Musk has a plea for mining companies: “Please mine more nickel.” “ Tesla will give you a giant contract for a long period of time if you mine nickel efficiently and in an environmentally sensitive way,”

Since lithium is “just like widely available”, according to Musk and Tesla’s scientists, they have eliminated other hard to come by metals like graphite (replace it with sand, obvs) and cobalt from batteries Musk’s prime raw material worry is nickel.

“There is enough lithium in the US to convert the entire US fleet to electric, all the 300 million cars in the US, using only lithium discovered in the US,” said Musk.

Musk said that “Tesla will reach production of 20 million vehicles per year before 2030”.

Using nickel in car batteries offers greater energy density and storage at lower cost, delivering a longer range for vehicles, currently one of the restraints to EV uptake.

Batteries for storage: New nickel-containing battery technology is also playing a role in energy storage systems linked to renewable energy sources. Wind turbines or solar panels generate electricity when the wind or sun is available; modern battery technology allows this energy to be stored for use as and when required.

According to consultancy McKinsey & Company, looming supply gaps for rare earths, lithium, nickel, graphite, cobalt, boron and copper could lead to higher prices and market volatility, hindering emissions goals.

The analysis, published by McKinsey & Company forecasts shortages of 20% to 50% across some rare-earth metals and minerals essential for renewables, power grids and EV batteries. The message is as clear it is old: the world needs mining.