From Minerals to Megawatts 2025

Reserve life index and mining and refining share of top three countries for select minerals (2024)FIGURE 11 Refining and processing Largest refiner and share of top 3 countries (%)Mining and extraction Largest miner and share of top 3 countries (%)Reserve life index (years)Minerals 100% 98% 97% 96% 96% 94% 89% 78% 77% 75% 73% 71% 66% 61% 57% 57% 56% 55% 43%72% Guinea ChinaChina China China China China China China China China China China China China China China China ChinaSwitzerlandChina China Chile China Indonesia Indonesia Australia China China China China China MexicoChileSouth Africa GuineaDemocratic Republic of Congo Democratic Republic of Congo88% 91% 79% 94% 78% 88% 75% 66% 52% 80% 72% 78% 54% 49% 30% 61% 67% 51%65 170 230 420 125 350 40 40 80 15 90 65 1902 20 40 20 20 300 30Gallium1 Graphite REEs Germanium Lithium Magnesium Cobalt Nickel Iron Tin Manganese Aluminium Tantalum Zinc Copper Gold Lead Phosphates Silver EVs Data centres Electricity infrastructure Notes: 1 Gallium derives mainly from bauxite (aluminium) ore and not as standalone deposits; mining concentration reflects bauxite production 2 Tantalum reserve life index shown is a floor estimate, based on global mined output and the reported reserves of Australia, Brazil and China Sources: IEA, S&P , USGS and Kearney analysis From Minerals to Megawatts: Building Resilience for EVs, Data Centres and Power Grids 23