Investment in Critical Minerals Declines Despite Western Push for Supply Chain Security
Summary
Investment in critical minerals fell by 9% in 2025 despite Western efforts to boost domestic production, with China and Indonesia dominating mineral refining and export controls posing economic risks.
Key Points
- Investment in critical minerals declined by 9 percent in 2025 despite Western efforts to expand domestic production for security reasons.
- China and Indonesia accounted for more than three-quarters of the growth in refined mineral supply over the past two years, increasing geographic supply concentration.
- Export controls by China, especially on rare earths, have disrupted production and pose economic security challenges globally.
- Public financing for critical minerals more than quadrupled between 2023 and 2025, with the US and Malaysia making progress in reducing China's refining dominance.
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