The Future Minerals Forum (FMF) released the “Shaping the Future of Minerals” report, highlighting the need for a $5.4 trillion capital investment by 2035 to sustain and expand global mining and processing facilities. This figure represents a $500 billion increase compared to the previous decade (2012–2023).
The report identifies coal, iron ore, copper and gold as commodities requiring substantial investment, with over 70% of total capital allocated to these four. Approximately 75% of this capital is designated for maintaining existing assets. The steel value chain alone is projected to need about $1.6 trillion in sustaining capital expenditure.
Critical minerals such as cobalt, graphite, and lithium’s mining phase contribute significantly to value generation—70% for cobalt, 68% for graphite, and 54% for lithium. Emerging markets, including Asia Pacific, India, Latin America, and Sub-Saharan Africa, are expected to require over 40% of total capital investment, indicating a shift in capital flows to these regions.
The report also forecasts that by 2040, the production of cathode materials, battery cells, and battery recycling could generate around $800 billion in annual revenue.
Industry leaders emphasise the importance of partnerships and strategic collaboration to meet global decarbonisation targets.
The report highlights the role of government policies in fostering value addition through increased GDP, fiscal revenue, export earnings, and job creation.
