Executive summary  5

Introduction  14

1. Market review  19

Mineral market trends  20

Geopolitical developments and implications for supply security  38

Downstream market trends  58

Investment trends  75

Latest policy developments  91

Sustainability performance tracking  96

2. Outlook for key minerals: Part 1  108

Outlook overview  109

Outlook for copper  124

Outlook for lithium  138

Outlook for nickel  147

Outlook for cobalt  155

Outlook for graphite  163

Outlook for rare earth elements  174

Other key materials  186

Outlook for key minerals: Part 2  197

Strategic minor minerals  198

Outlook for key minerals: Part 3  213

Nuclear supply chains  214

3. Pathways to resilient and diversified supply chains  232

Emergency preparedness  233

Policy and market frameworks to diversify supply chains  259

Technology, equipment and workforce  283

4. Special focus on Latin America and the Caribbean  305

Annex  336

Acknowledgements  337

Key projection results  346