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 – Transformer replacement – Cable upgrades – Tower and pole replacement – BESS lifecycle– Design and permitting – Civil works and construction – Installation (tranformers, cables, switchgear, batteries) – Testing, commissioning and integration with grid Commissioning, maintenance, operation and service useSubstations and transformers Cables Poles and lattice towers Transmission towersDistribution towersTransmission linesDistribution linesTrans- formers 1 2 3Circuit breakers, switchgearBusbars and connectorsYard structures Battery energy storage LFP/NMC/ Na-Ion/Redox FlowComponentsCell assemblyModule, pack 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 ET&D infrastructure value chain 10-20 Years Years YearsYears3-8 1-5 1-3 4Simplified ET&D infrastructure value chain and region of production for each value chain segment FIGURE 8 Sources: USGS, Transformers Magazine,25 IEA and Kearney analysis From Minerals to Megawatts: Building Resilience for EVs, Data Centres and Power Grids 19