The country is aiming to achieve a total output of $1.38 trillion (10 trillion yuan) by 2025 from $962.3 billion (7 trillion yuan) in 2021. China is also working aggressively to increase the total output of its material sectors. Furthermore, there will be an additional demand of 300,000 to 600,000 mining professionals to support these expanded operations. This would reflect a 50% increase from the previous decade.

This could only be ensured by increasing investments in mining, refining, and smelting to roughly $3 trillion to $4 trillion by the end of this decade. Furthermore, an electric car uses 39.9 kilograms of nickel, 8.9 kilograms of lithium, and 13.3 kilograms of cobalt, all of which are not used in a conventional car.Īs the transition towards renewable energy is gaining pace with every passing day, leading management consultancy firm McKinsey & Company believes that materials companies will be required to increase the pace of mining from historical levels for several materials. An average electric car uses 53.2 kilograms of copper as opposed to 22.3 kilograms used in a conventional car. For instance, the increasing adoption of electric vehicles (EVs) is driving the demand for specific metals. In addition to these traditional materials, there is a growing emphasis on the importance of metals like lithium in the context of reducing carbon emissions and moving toward renewable energy sources.

Base industrial metals like aluminum, copper, and iron ore are integral for appliances, buildings, equipment, and other infrastructure projects. The global economy heavily relies on basic materials like chemicals, concrete, and metals.

Cobalt mines etf