From Minerals to Megawatts 2025

Landfill 4Refining:Recycling Processing:2Refining and processing % of total valueSmelting crude metal Refining electrolytic, chemical Chemical conversion sulfates, carbonates, etc. Casting, rolling and alloying ingots, sheets, rods, foils, alloys Machining and forming wires, structural parts, connectors Chemical synthesis electrolytes, polysilicon, etc.Mining and extraction % of total value Exploration and developmentMining operationsCrushing and concentration 3Manufacturing Component/equipment production and assembly End product% of total value % of total valueNew build Replacement and lifecycle – Servers and chips refresh – Network upgrades – UPS replacement – Cooling equipment renewal – Electric systems – Design – Civil works and construction – Power and cooling infrastructure installation – IT white space fit-out – Testing, commissioning, integration Commissioning, maintenance, operation and service use Key: Market share by geography (% of total value) Capacity addition timeline Capacity addition timeline Capacity addition timeline Capacity addition timeline China Asia Europe Middle East North AmericaAustralia Latin AmericaAfrica OtherSimplified data centre value chain 10-20 Years Years YearsYears3-8 1-5 1-3 Servers and chips CPUsGPUs/ acceleratorsMemory Local storage Network and facility- level storage Switches and routersRacks and chassisNetwork attached storageStorage area networksStorage expansion unitsCabling Cooling systems Computer room air handlersAirflow management equipmentChillers and cooling towersLiquid cooling systems Electrical systems Switchgear and breakersPower distribution unitsBusways and cabling Power backup GeneratorsUPS (lead-acid / lithium-ion + BMS)11 2 3 4 5 Simplified data centre value chain and region of production for each value chain segment FIGURE 7 Sources: USGS, IEA, JP Morgan Asset Management, Gartner and Kearney analysisNote: 1 Battery management system From Minerals to Megawatts: Building Resilience for EVs, Data Centres and Power Grids 17