World minerals outlook—Cobalt, gallium, helium, lithium, magnesium, palladium, platinum, and titanium through 2029
Given the rapid expansion in the demand for mineral commodities that underpin worldwide economic growth and technological advancement, information regarding expected country-level mine production and production capacity is becoming increasingly important to industry stakeholders, end users, and policymakers. Production capacity can limit future supply, depending on how rapidly that capacity is able to expand. Current capacity can be evaluated on the basis of past production. Decreases to future capacity can be taken into account from announcements of planned shutdowns of mines or processing facilities, which are frequently publicized well in advance of such closures. Likewise, capacity expansions, which usually involve multiple stages—such as permitting, financing, and construction (all of which take time)—can also be estimated. As such, it is possible to evaluate midterm future capacity based on estimates of today’s capacities along with consideration of future investment plans. This World Minerals Outlook provides estimated capacities for cobalt, gallium, helium, lithium, magnesium, palladium, platinum, and titanium for 2025 through 2029. The results of this analysis indicate that two mineral commodities important to the manufacture of lithium-ion batteries—cobalt and lithium—are expected to have large capacity growth in the next few years, likely owing to expectations for increased demand for these batteries. For gallium, helium, palladium, and platinum, capacity is expected to remain stable or exhibit moderate growth. Still, these expected capacity levels are higher than current production, allowing for future production growth. The production capacity outlook is opaque for magnesium and titanium metal, which have a significant fraction of current production in nonmarket economies, such as China and Russia. Ultimately, though, where free market conditions prevail, full utilization of capacity potential for those commodities is likely to depend on supply deficits and prices that are above production costs.