More Than Mining
Critical Mineral Supply Chain
From discovery and exploration through mining, processing, refining, component manufacturing and recycling — the supply chain determines whether critical materials reach the industries that depend on them.
12 supply-chain stages IEA 2026 data Primary sources
Strategic Context
Why supply chains matter as much as geology.
Owning the geology is not the same as controlling the supply chain. Processing, refining, specialist equipment, chemical inputs and manufacturing know-how can create more concentrated and strategically important bottlenecks than mining itself.
~72%
average share of the leading refining country in 2025 across key energy minerals, excluding rare earths
IEA Global Outlook 2026
more than three-quarters
of refined supply growth between 2023 and 2025 was accounted for by the leading suppliers
IEA Global Outlook 2026
Supply-Chain Stages
Follow materials from discovery to use
Select any stage to explore typical activities, key participants, and strategic vulnerabilities.
Stage 1 of 12
Discovery
Identifying geological formations that may contain economic concentrations of critical minerals through remote sensing, geochemical sampling, and field surveys.
Typical Activities
- Satellite and airborne geophysical surveys
- Geochemical soil and rock sampling
- Regional geological mapping
- Historical data review
Key Participants
- Junior exploration companies
- Government geological surveys (USGS, GA)
- Academic research institutions
- Specialist consultants
Why it matters: Without new discoveries, future supply depends entirely on known deposits. As grades decline, discovery of new economic resources becomes more strategically important.
Common Questions
Supply Chain FAQs
Processing converts mined ore into a concentrate by separating valuable minerals from waste rock using physical methods. Refining converts concentrates into pure metals or chemicals through smelting, hydrometallurgy or other chemical processes. The distinction matters because different countries and companies often control each stage.