Get the critical minerals overview in eight charts
CRITICAL MINERALS | Supply Chain
The full route from a find in the rock to a finished product and back again, step by step
Step
Where
Time
Upstream
1
Exploration & mine development
Discovery, drilling, permits and financing
Global
10–20 years
2
Mining & beneficiation
Ore is crushed and milled into concentrate
At the mine
continuous
3
Shipping
Concentrate is shipped out, most often to Asia
By sea
weeks
Midstream — where the chokepoint sits
4
Refining & separation
Concentrate becomes pure chemicals and metals, 70–100% of it refined in China
Mainly China
days to weeks
5
Materials
Cathode, anode and magnet alloy
Mainly China, also Japan, Korea, EU, US
days
6
Components
Battery cells, magnets and semiconductors
Mostly Asia, some EU and US
days
Downstream
7
Assembly
Battery pack, motor, fighter jet, data centre
Worldwide, close to the end market
weeks
8
Use
EV, wind turbine, electronics, weapon system
End market
5–20 years
Return
9
Collection & recycling
Black mass re-enters at step 4, refining
EU target 25%
by 2030
The chain is slow at both ends and fast in the middle. A new mine takes a decade or two to open and the material lasts decades in use. The fast steps in between are the ones other countries own.