A global cobalt shortage is expected to persist through the end of this decade as export restrictions from top producer Democratic Republic of Congo impact the supply chain, according to trading house Darton Commodities…Benchmark prices of the material, which is also used in the aerospace and defense industries, have rallied more than 160% since the restrictions were imposed, according to Fastmarkets Ltd. Cobalt hydroxide – the main product shipped from Congo – has more than quadrupled. That led to a deficit emerging of over 82,000 tons last year, Darton said in a report…The export curbs “pushed the cobalt market into a sharp technical deficit,” it said. “While this deficit has been temporarily cushioned by surplus inventories accumulated in the pre-ban years, these stockpiles are now being structurally depleted.”…“Downstream markets are starting to see growing price pressures as the impact of raw material shortages deepens across the cobalt supply chain,” Darton said. It added that the revised market outlook suggests that Congo may this year “opt to ease export quotas to mitigate the risk of demand destruction while maximizing revenue in a higher-priced, tightly supplied market environment.”

Orion Resource Partners LP said on Monday it has raised about $2.2 billion for its latest mine finance ​fund, as investors ramp up funding for projects ‌producing critical minerals needed for the global energy transition…Demand for critical minerals has ⁠risen sharply, driven by electric vehicles, renewable energy and ​other technologies that rely on these metals…Governments and companies ​are also looking to secure supplies outside China, which dominates processing and supply chains for many critical minerals…The ⁠company has also expanded its partnerships with governments and investors to support the development of critical mineral supply chains…In October, Orion launched the Orion Critical Mineral Consortium with $1.8 ​billion of ​committed capital in ⁠partnership with the U.S. government to invest in strategic mining and refining projects.

The energy security gains the United States achieved during the shale revolution are beginning to erode and could continue weakening through 2035, according to a new report from the National Center for Energy Analytics (NCEA)…In 2010 crude oil and natural gas risks accounted for 72% of total U.S. energy security exposure in 2010. But by 2025, that share fell to 46%. The analysis reveals that rising risks from energy-related mineral supplies are creating new vulnerabilities…“Energy security has been a critical feature of geopolitics since the dawn of the modern era. Although such concerns moved into the background of geopolitics in the post–World War II era, the 1973 Arab oil embargo reignited energy security debates and motivated Congress and U.S. presidents—across party lines—to enact far-reaching federal legislation,” the authors wrote. “Political anxieties abated after 2010, when the shale revolution gained momentum and eventually made the United States a net energy exporter for the first time in 70 years. Energy security has returned as a political concern amid the Russian invasion of Ukraine, the dominance of China in energy minerals, and the conflict in Iran…Critical minerals are now a major driver of rising energy security risk. Supply chains for minerals used in solar panels, wind turbines, and batteries are highly concentrated globally and increasingly dominated by countries considered geopolitical competitors or unstable suppliers…Many of the fastest-growing mineral supply chains are concentrated in a few countries. Forecasts indicate that most projected supply growth for graphite and nickel will come from China and Indonesia, while45% to 75% of new supply for refined copper, lithium, cobalt, and rare earth elements is expected to come from China.