A Wild West for minerals? Firms are rushing to buy mines overseas

While Volkswagen has struggled to find suppliers for five years worth of cobalt, China dominates the supply chain

The commodity cycle is changing. After a decade, commodity traders are making more money trading metals and minerals than oil. A “commodity transition”, not just an energy transition, is underway, driven in part by the push towards electric vehicles (EVs). The minerals that will support a low-carbon future will impact the commodities supply chain widely. Will there be a mad rush to secure minerals? Are there better alternatives for long-term resource security?

The projected increase in EVs — 3 million today; 40 million in 2030 — will curb oil consumption by only 1 million barrels per day. The real implication will