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Understanding market sensitivity: Estimation of supply and demand elasticities for non-fuel minerals

In today’s rapidly changing economic landscape, understanding market responsiveness to price changes and the factors influencing commodity prices has become increasingly relevant. Price elasticities serve as indicators of how variations in market conditions affect supply and demand, providing insights into the sensitivity of commodity markets to price fluctuations. This paper presents a comprehensive analysis of price elasticities of supply and demand for 74 non-fuel mineral commodities including precious metals, base metals, minor metals, and industrial minerals that are utilized across various industries. We employ various econometric techniques, including fixed effects models for panel data and two-stage dynamic ordinary least squares (2S-DOLS) alongside autoregressive distributed lag (ARDL) models for time series analysis, to derive robust estimates of price elasticities. Our findings reveal variability in elasticities among different commodities and indicate that all studied mineral commodities exhibit price inelastic supply and demand in the short run, which we define as one year for the purposes of our analysis, given that the data is all annual. This research provides original estimates of price responsiveness for a wide range of commodities that have not been previously addressed in the literature, thereby enhancing the understanding of market dynamics in the mineral sector. Given that price elasticities can be influenced by factors such as market structure, technological advancements, mining costs, and industry-specific demand drivers, we use variables that serve as proxies for these factors.

Mineral Economics

Indirect mineral import reliance and provenance

Mineral commodity supply chain analyses rely on international trade data reported by individual countries as quantities of a mineral commodity form imported from (or exported to) a partner. However, export quantities frequently exceed a country’s domestic production, or occur when no production data are reported, suggesting that the trade partner is merely an intermediary in a transshipment. These discrepancies can result in misleading conclusions regarding supply chain vulnerabilities and dependencies. We present a two-stage methodology to reconcile gaps between reported material sources and actual producers. First, we construct trade networks for specific mineral forms, treating production as a type of import to distinguish producing nations from entrepôts. By tracing flows through these networks, we attribute a target country’s imports to original producers via both direct (in a single trade link) and indirect (transferring through intermediaries) pathways. Second, these production-attributed flows are incorporated into multi-stage supply chains to determine the upstream provenance of feedstock for domestic refining and processing. This approach provides a more representative picture of trade reliance. For example, while the United States (U.S.) Geological Survey reports no imports of unwrought antimony metal from Russia in 2022 (U.S. Geological Survey (2025). Mineral Commodity Summaries 2025. 10.3133/mcs2025), our analysis reveals that over 16% of U.S. imports can be traced back to Russian mining through intermediate processing in countries such as China, India, and Vietnam. Additionally, our analysis of the aluminum supply chain shows that while the U.S. is reported as 52% net import reliant on aluminum materials in 2022, it is 100% reliant on foreign bauxite, 7% of which arrived indirectly. This unreported reliance, which is predominantly tied to bauxite mined in Brazil (43%) and Jamaica (28%), highlights our methods ability to capture the supply chain’s dependence on foreign feedstock that may be missing in single-stage trade data.

Mineral Economics

Methodology and technical input for the 2025 U.S. List of Critical Minerals—Assessing the potential effects of mineral commodity supply chain disruptions on the U.S. economy

The Secretary of the Interior, acting through the Director of the U.S. Geological Survey, is tasked by section 7002 (“Mineral Security”) of title VII (“Critical Minerals”) of the Energy Act of 2020 (Public Law 116–260, December 27, 2020, 116th Congress) with reviewing and revising the methodology used to evaluate mineral commodity supply risk and the U.S. List of Critical Minerals (LCM) no less than every 3 years. Following two previous LCM assessments, this analysis represents the latest technical input for evaluating each mineral commodity’s supply risk and determining their recommended status on the LCM. We evaluated mineral commodity supply risk using two criteria: (1) an economic effects assessment that quantified the potential effects of various trade disruption scenarios on the U.S. economy, and (2) an examination of whether the mineral commodity’s U.S. supply chain relied on a sole domestic producer that represented a single point of failure. For the first criterion, postdisruption equilibrium quantities and prices for each mineral commodity were calculated based on their price elasticities of supply and demand and the availability of excess production capacity for each yearlong foreign trade disruption scenario. Subsequently, a nonlinear optimization routine was used with detailed economic input-output tables to estimate the potential economic effects on the U.S. economy of over 1,200 scenarios for 84 mineral commodities. After accounting for the probability of each scenario’s occurrence, the overall results are presented in terms of changes in U.S. gross domestic product (GDP) by individual industry and the economy overall. The results, which ranged from a net decrease in U.S. GDP of nearly $4.5 billion to a net increase of $33 million, largely reflect U.S. import dependency and world production concentration. Using the Jenks natural breaks optimization method, a statistical classification technique, we categorized the mineral commodities into several classes based on this overall risk quantification. Mineral commodities with annualized probability-weighted net decreases in U.S. GDP greater than $2 million were recommended for inclusion on the LCM. If a mineral commodity did not meet the threshold for inclusion on the LCM under the first criterion, its domestic supply chain was examined under the second criterion, which recommended a mineral commodity for inclusion on the LCM if there was only a single domestic producer. Ultimately, the two criteria resulted in the recommendation of the addition of six mineral commodities (in descending risk order, potash, silicon, copper, silver, rhenium, and lead) to and the removal of two mineral commodities (arsenic and tellurium) from the LCM. By using an economic effects assessment, the results of this analysis provide a prioritization that can also be compared directly against other risk analyses and the cost of various risk mitigation strategies.

Open-File Report

Critical mineral inventory of select IOA-IOCG deposits, southwestern USA

Critical minerals are necessary for modern technology and strategic purposes. Their increasing importance requires finding new and nontraditional resources. Samples of ore, altered, and unaltered host rock were collected from 26 iron mines and prospects in California, Nevada, and Utah to assess the potential of these deposits to host economic quantities of different critical minerals. Geochemical analyses were conducted by 61 element ICP-OES-MS sodium peroxide fusion and major elements determined by WDXRF. These deposits concentrated many critical minerals beyond what is found in average upper crustal abundances, such as Sb, As, Bi, Co, Ga, Mg, Mn, Ni, Nb, Pd, REE, Sc, Te, Sn, Ti, W, V, and Zn. However, most of these are not concentrated enough in the ore to be considered as economic resources. Those critical minerals that are enriched enough in some of these deposits to possibly be considered as by-product commodities are Ni, REE, V, and potentially Co and Ga. These enrichments were not uniform, with REE more likely to be enriched in IOA deposits, whereas Co, Ga, Ni, and V could be found enriched in either IOA or IOCG deposits.

California, Nevada, Utah

Timing of hydrothermal alteration and Au-Sb-W mineralization, Stibnite-Yellow Pine district, Idaho

The Stibnite-Yellow Pine district of central Idaho was mined from the early 1900s until the 1990s, extracting gold, antimony, tungsten, and mercury from veins and disseminated and replacement ores in mountainous terrain along the headwaters of the Salmon River. Mining during the two World Wars supplied critical antimony and tungsten to the war efforts. Recent exploration has delineated mineral resources of over 187 metric tons Au, 274 metric tons Ag, and 93,000 metric tons Sb. Mineralization is hosted in Cretaceous Idaho batholith granitic rocks and a sequence of Neoproterozoic to Paleozoic metasedimentary strata of carbonate and siliciclastic compositions. Historical studies outlined some of the complex paragenesis but debated the absolute age of mineralization. New petrographic and geochronologic work documents a sequence of five hydrothermal events in the Stibnite-Yellow Pine district. Event 1 is related to Cretaceous magmatic and hydrothermal activity and includes events ranging in age from 86 to 75 Ma, including sparse quartz-molybdenite veins dated at 86 Ma. Disseminated gold mineralization of event 2 is associated with sericitic alteration and sulfidation of igneous biotite and replacement of plagioclase by potassium feldspar, largely in granodiorite. Gold is present in zoned arsenian pyrite in both disseminated ores and in crosscutting carbonate-quartz veins containing pyrite and arsenopyrite. The large Yellow Pine deposit, localized at a dilatant bend in the Meadow Creek fault, hosts such disseminated and vein gold. Event 2 is interpreted as the major gold-forming event; 40 Ar/ 39 Ar ages of sericite and potassium feldspar alteration range, respectively, from 70 to 59 and 66 to 56 Ma. The long span is interpreted to reflect the age of gold mineralization and local overprinting by event 3. A narrower range from 66 to 61 Ma is interpreted to date the peak of gold mineralization and alteration. Event 3, tungsten mineralization with scheelite, is texturally later than event 2 gold and localized along the Meadow Creek structure. Event 3 scheelite has been dated by isotope dilution-thermal ionization mass spectrometry (ID-TIMS) and laser ablation-inductively coupled plasma-mass spectrometry (LA-ICP-MS) U-Pb methods at 57 Ma. Event 4, best developed in the West End area, includes gold-silver–bearing quartz-carbonate-pyrite veins and breccias with epithermal textures and potassium feldspar alteration envelopes. Adularia from event 4 yields 40 Ar/ 39 Ar plateau ages of 52 to 51 Ma. Event 5 antimony and mercury mineralization consists of stibnite veins and breccia cements at the Yellow Pine and Hangar Flat deposits as well as cinnabar veins and replacements at the peripheral Fern and Hermes deposits; it is constrained by an LA-ICP-MS U-Pb date on scheelite (ca. 47 Ma) intergrown with stibnite. Minor propylitic and argillic alteration is evident in 47 Ma igneous dikes, which do not contain economic mineralization. The Au-Sb-W ores in the Stibnite-Yellow Pine mining district formed over an extended time period from about 70 to 45 Ma in multiple pulses that were localized along the Meadow Creek fault zone. Each event corresponds to episodes of magmatism and/or hydrothermal activity in the region. Insignificant event 1 skarn and molybdenum mineralization is similar in age to the Thompson Creek porphyry molybdenum deposit in central Idaho. Event 2 gold mineralization occurred during a magmatic gap in central Idaho but was synchronous with magmatism in the Bitterroot lobe further north; event 2 is similar in age to orogenic gold-arsenic mineralization at the Beartrack mine in eastern Idaho. Event 3 scheelite mineralization coincides with tungsten mineralization at the Quartz Creek deposit, late magmatism in the Bitterroot lobe, and rapid exhumation of the Atlanta lobe of the Idaho batholith. Event 4 gold mineralization is coincident with the onset of regional Challis magmatism and extension. Event 5 antimony and mercury mineralization is time-equivalent to epithermal gold mineralization in the nearby Thunder Mountain volcanic field and the peak of Challis magmatism.

Idaho

Modeling interconnected minerals markets with multicommodity supply curves: Examining the copper-cobalt-nickel system

Demand for many of the metals used in the energy transition is expected to grow rapidly. Many of these are by-products, often considered critical because their production responds weakly to prices and is instead tied to the economics of the host mineral. We present a model of prices and production for jointly produced commodities that accounts for interconnectivity between host and by-product markets at the mine level. We demonstrate this method using the copper–cobalt–nickel system, in which approximately 99% of cobalt is a by-product of copper or nickel mining. Our results show that the model more accurately captures the economic benefits of diversified mine outputs than previous approaches. Furthermore, changes in demand drivers for any two commodities produce non-linear effects on production and price. We challenge the prior best-practice assumption that cobalt cannot impact the copper or nickel markets. Recognizing the importance of both copper and cobalt for future electrification, we emphasize that incentivizing the copper industry to reduce cobalt supply risks could inadvertently undermine copper supply.

Nature Communications

The geology of Canadian potash: A critical mineral for feeding the world

Potash, potassium-bearing water-soluble salt, is the primary global economic source of potassium. Potash is recognized as a critical mineral in Canada as it is the largest source of potassium used in fertilizers. It is essential for global agricultural productivity and food security. Canada is the world’s largest potash exporter with vast deposits in the widely mined Prairie Evaporite of Saskatchewan, which formed in the epicontinental Elk Point Basin during the Middle Devonian. Potash is also found in the Windsor Group of Atlantic Canada where it formed in a series of tectonically active basins during the Mississippian that have undergone substantial post-depositional subsurface alteration and deformation. Potash deposits were mined in New Brunswick up until 2016. Both deposits are salt giants, recording times in the geologic record of extensive and long-lasting evaporite genesis under arid conditions in restricted seas. This paper reviews the geological and economic significance of Canadian potash, including (1) the genesis of each deposit, (2) diagenetic, erosional, and tectonic modification, and (3) exploration and mining in each basin. Underdeveloped regions, possible undiscovered resources, environmental considerations, and the importance of sustainable practices in light of climate change and socioeconomic risks are also addressed.

Facets

Quantitative mineral resource assessment of lithium pegmatite deposits in the Appalachian Orogen, USA

Lithium is classified as a U.S. critical mineral commodity, and its demand is projected to drastically increase through 2040, driven by electric vehicle production and energy storage applications (IEA 2021).Most global lithium production is not in the United States increasing vulnerability to a supply disruption. The U.S. Geological Survey is actively assessing domestic lithium deposits including lithium-bearing pegmatites in the Appalachian orogen. Permissive tracts for lithium pegmatite deposits were delineated by integrating lithological, tectonic, geochemical, geophysical, and mineral occurrence data. The geospatial data and permissive tracts were used to estimate the number of undiscovered lithium pegmatite deposits. Estimates were then integrated into probabilistic simulations along with a new global lithium pegmatite grade and tonnage dataset to quantify potential contained undiscovered lithium resources. An economic filter was used to estimate the amount of potentially recoverable undiscovered resources. Preliminary computations for the northern Appalachians, including application of the economic filter to the median recoverable contained resource, yields 900,000 metric tons of Li 2 O that correspond to enough Li 2 O to replace 127 years of import reliance at the current rate (7,100 t Li 2 O/yr; USGS, 2025). For the southern Appalachians, preliminary computations yielded 1,430,000 metric tons of Li 2 O, which corresponds to 201 years of import reliance.

Alabama, Connecticut, Delaware, Georgia, Maine, Ma

Aeromagnetic and magnetotelluric imaging of west-central Idaho and the Stibnite-Yellow Pine mining district: A regional to district perspective

Aeromagnetic and magnetotelluric (MT) data are used to better understand the geology and mineral resources near the Stibnite-Yellow Pine mining district in central Idaho. The reduced-to-pole (RTP) transformation of regional-scale aeromagnetic data shows that allochthonous island-arc rocks west of the Salmon River suture are significantly more magnetic than the Laurentian continental rocks east of the suture and that the granitoids of the Idaho batholith have moderate to low magnetization in both early, metaluminous, and late, peraluminous phases. Application of tilt derivative to aeromagnetic data highlights major crustal-scale structures. The 5-km upward continued magnetic data indicate island-arc rocks have deep magnetic sources. The 110-km-long MT profile images resistivity structure to depths around 30 km. At shallow depths, resistivity corresponds to mapped geologic units, with moderate resistivities underlying volcanic and roof-pendant metasedimentary rocks and moderate to high resistivities occurring beneath the Idaho batholith. Crustal-scale moderate resistivities beneath the suture image the results of tectonomagmatic processes that accompanied suturing and translating allochthonous terranes. Low resistivity values beneath and fringing the batholith are derived from metasedimentary rocks that may have served as a melt source and reductant during melt generation and provided metals during later ore formation. In the Stibnite-Yellow Pine mining district, a high-resolution aeromagnetic compilation is shown to correlate with mapped lithologies and mineral deposit-related structures. The RTP transform distinguishes magnetic and nonmagnetic granitoid phases of the Idaho batholith. The tilt derivative highlights metasedimentary rocks, some of which are favorable ore hosts. The Meadow Creek fault hosts the Stibnite and Hangar Flats deposits and is imaged as a magnetic low due to hydrothermal alteration. Reconstructions of magnetic anomaly offsets and orebodies indicate around 3 km of post-95 Ma dextral separation, with some or all of the offset inferred to postdate the main Au mineralization episode (61–66 Ma).

Idaho

Complex carbonate ore mineralogy in the Mountain Pass carbonatite rare earth element deposit, USA

Economic concentrations of rare earth element (REE) minerals are uncommon in the Earth’s crust, with most occurring in carbonatites. Unlike most igneous rocks composed of silicate minerals, carbonatites are dominated by carbonate minerals, some of which can incorporate significant light REEs (LREEs; La, Ce, Pr, Nd). Technological applications of REEs are numerous and they have been identified as some of the most critical mineral commodities to the global economy. The Mountain Pass carbonatite stock in the Mojave Desert of California is the most economically significant REE deposit in the USA and contains a few to tens of percent (by volume) of the carbonate REE ore mineral bastnäsite. Despite the economic significance of the Mountain Pass deposit, studies of its ore mineralogy are limited. Here we present new carbonate ore mineralogy data for a compositionally diverse suite of carbonatitic rocks from the Mountain Pass stock and related dikes. Whole-rock geochemical data are integrated with mineral-scale textural and chemical data obtained by scanning electron microscopy (SEM), electron probe microanalysis (EPMA), and microRaman spectroscopy. Our results document a complex spectrum of REE-bearing carbonate minerals and intermediate mixed-layer structures. Mineral species include bastnäsite [REE(CO 3 )F], hydroxylbastnäsite [REE(CO 3 )OH], parisite [Ca(REE) 2 (CO 3 ) 3 F 2 ], synchysite [Ca(REE)(CO 3 ) 2 F], röntgenite [Ca 2 (Ce,La) 3 (CO 3 ) 5 F 3 ], and sahamalite [(Mg,Fe 2+ )(REE) 2 (CO 3 ) 4 ]. Carbonate ore mineralogy is heterogeneous within and between samples, including at the intracrystal scale. Complexly zoned crystals exhibit as many as five to six different compositional domains and syntaxial intergrowths, commonly with the more Ca-rich varieties (parisite, synchysite) forming crystal rims that surround relict bastnäsite cores. We attribute the phenocryst variability to changes in the chemistry and temperature of primary carbonatite magmas and evolved/exsolved fluids. Cross-cutting vein textures of calcite, celestine and various REE carbonate minerals, interstitial bastnäsite crystallization, breccia blocks lined by fine-grained bastnäsite, and the presence of hydroxylbastnäsite and partially hydroxylated bastnäsite point to the role of secondary hydrothermal processes in REE mineralization. Fluorcarbonate mineral compositions demonstrate that La and Ce are more structurally abundant in bastnäsite, whereas the more Ca-rich species (parisite, synchysite) contain a greater proportion of REE heavier than Pr (Nd, Sm, Eu, Gd) and Y. Atomic ratios of Pr/(Nd + Pr) are likewise variable, with the highest average value for bastnäsite (0.25) compared to parisite (0.22) and sychysite (0.21). This finding has geometallurgical implications, given that current mining operations are focused on recovery of Nd and Pr for high field strength permanent magnets and the Nd/Pr ratios are a critical factor in ore processing and magnet manufacture.

California

U.S. Geological Survey global seabed mineral resources

The U.S. Geological Survey (USGS) provides science and data on seabed mineral resources and ecosystems, as well as on the potential hazards associated with extraction. The Nation relies on minerals for infrastructure, technology, manufacturing, and energy production. Critical minerals are essential to the economic and national security of the United States and have a supply chain vulnerable to disruption. For decades, USGS scientific innovation has contributed to the delineation of seabed mineral resources, the mechanisms of seabed mineral formation, and the environmental impacts of resource extraction. Since 1962, the USGS has also led scientific inquiries into the potential for deep sea mining. By providing impartial science on seabed minerals and their environmental setting in the deep oceans, the USGS enables decision-makers to evaluate the best practices for mineral resource development.

Fact Sheet

Quantitative mineral resource assessment of lithium pegmatite deposits in the southern Appalachian orogen

The first quantitative mineral resource assessment for undiscovered lithium pegmatite deposits in the southern Appalachian region of the United States was conducted. Permissive tracts for lithium pegmatite deposits were delineated by integrating lithological, tectonic, geochemical, geophysical and mineral occurrence data. Lithium pegmatite prospectivity of the tracts was ranked with simplified mappable criteria, including proximity to Paleozoic felsic intrusions and major lithotectonic structures, stream sediment geochemical anomalies, and pegmatite occurrence data. The geospatial data and permissive tracts were used to estimate the number of undiscovered lithium pegmatite deposits. These estimates were integrated into probabilistic simulations along with a new global lithium pegmatite grade and tonnage dataset to quantify potential contained undiscovered lithium resources. An economic filter was applied to convert the probabilistic estimates of contained lithium into recoverable material. The identified lithium pegmatite resources for the Carolina Lithium and Kings Mountain deposits, North Carolina, contain 1589 thousand tons (kt) of Li 2 O. The median contained undiscovered resource for the southern Appalachian orogen was estimated to be 2240 kt Li 2 O. At 90% confidence, the region contains at least 130 kt Li 2 O, and 10,700 kt at 10% confidence. After applying economic filters, the median recoverable contained resource was 1430 kt Li 2 O, corresponding to approximately 201 years of current lithium imports for consumption in the United States. North and South Carolina are likely to contain most of these resources. Coarse data resolution and intra-state variations in the geological data contribute to uncertainty of undiscovered lithium pegmatite resources. Continued efforts to harmonize disparate geospatial datasets with updated or new information can improve the accuracy and precision of estimated undiscovered lithium pegmatite resources in the study area and at broader scales.

Alabama, Georgia, Maryland, North Carolina, South

Analysis of the potential effects of Uzbekistan’s mineral endowment on the critical mineral supply of tungsten

Tungsten appears on the 2018 and 2022 U.S. Geological Survey critical mineral lists in part because of a very high global production concentration in China, which produces almost 83 percent of the world’s mined tungsten. Using known parameters and values from other tungsten mining operations, we created hypothetical scenarios in which three tungsten deposits in Uzbekistan are considered for development. Our results show that all three deposits are likely to be economically viable to develop under 2024 market conditions. If the three studied tungsten deposits were put into production, Uzbekistan could become the third-leading tungsten-producing country in the world and increase world output of tungsten by 2.7 percent. Putting these tungsten deposits in Uzbekistan into production could slightly reduce the tungsten global market concentration, therefore reducing the supply disruption potential for tungsten.

Open-File Report

Depth of magma crystallization and fluid exsolution beneath the porphyry-skarn Cu deposits at Santa Rita and Hanover-Fierro, New Mexico, USA

The depth level at which porphyry Cu–forming magmas fractionated and exsolved mineralizing fluids is actively debated. In the classic model, extensive magma fractionation occurs in large, upper crustal magma chambers, and concomitant fluid exsolution leads to forceful expulsion of residual magmas in the form of porphyry dikes, stocks, and breccia pipes, which subsequently serve as pathways for the mineralizing fluids. In contrast, some recent studies highlighting the role of deep crustal magma fractionation in the production of fertile magmas essentially deny the existence of upper crustal magma chambers at the time of mineralization. To address this, we conducted a detailed thermobarometric investigation of 13 intermediate to felsic, porphyritic intrusive rocks related to porphyry-skarn Cu mineralization at Santa Rita and Hanover-Fierro, New Mexico, United States, representing two premineralization magmas (61–60 Ma), seven synmineralization magmas (60–58 Ma), and four late- to postmineralization magmas (58–57 Ma). For each sample, the pressure of last magma crystallization before final magma ascent to the current exposure level was reconstructed based on Al-in-hornblende barometry of small hornblende inclusions trapped within quartz phenocrysts and through titanium-in-quartz (TitaniQ) thermobarometry of the host quartz phenocrysts themselves. Since quartz is one of the last crystallizing magmatic minerals, and no significant phenocryst growth could have occurred in small dikes and stocks after final magma emplacement, quartz phenocrysts and their contained hornblende inclusions record the depth of last magma crystallization before final magma ascent. When present, hornblende phenocrysts and hornblende inclusions within other major phenocrysts were also analyzed. Both quartz and hornblende barometers return consistent average pressures of 3.2 ± 0.4 kbar for the entire suite of pre- to postmineralization magmas, corresponding to depths of 11 to 14 km. The synmineralization magmas return even more consistent average pressures of 3.1 ± 0.2 kbar, corresponding to a depth of 12 ± 1 km. The volume of the mineralizing porphyry dikes and stocks at the emplacement level is far too small to have provided all the fluids and metals required to form the observed ore deposits. Therefore, the majority of the ore-forming fluids must have originated from the magmas that crystallized at 12 ± 1 km depth. The ore deposits, conversely, formed at ~5-km paleodepth. This implies that most of the mineralizing fluids traveled an average vertical distance of ~7 km from their magmatic source to the eventual site of ore precipitation. The relatively unaltered nature and low veining degree of deeper parts of mineralized porphyry dikes and stocks suggest that the fluid transport through these intrusive bodies occurred mostly at near-solidus conditions by means of fluid percolation along grain boundaries. In summary, our results suggest that (1) a large, upper crustal pluton exists ~7 km beneath the Santa Rita and Hanover-Fierro deposits; (2) abundant phenocryst crystallization occurred at this depth level; and (3) this pluton was the main source for the exsolution of ore-forming fluids. However, the investigated rocks have elevated whole-rock Sr/Y ratios, indicating magma fractionation at deep crustal levels. As a result, our preferred model is a combination of the two end-member models introduced above, with most magma fractionation having occurred in the deep crust and with residual, intermediate to felsic melts having ascended and accumulated at 11 to 14 km paleodepth, where they continued to crystallize with comparatively little crystal-liquid separation, before some of these magmas ascended further to shallow levels and quenched to porphyries.

New Mexico

Estimating the probability of export restrictions to inform mineral criticality

To assess risks associated with advanced technologies’ supply chain disruptions, governmental agencies and others have developed mineral “criticality” assessments, with criticality described using the economic impact and probability of supply chain disruptions. Previous work developed subjective supply risk indicators to approximate this probability, typically combining several factors such as supply diversity and trading partners’ political stability, where indicator weightings can substantially impact results. This work explicitly quantifies export barrier probability using an ensemble of machine learning classifiers, with probability estimates informed by exogenous variables, including prior barrier implementation and global export dominance. Major differences in high-probability countries and commodities are observed across models, but the ensemble method highlights Indonesia, China, Tanzania, and the United States as particularly high risk. The Supplementary Data File provides export barrier probability estimates for each analyzed country-commodity pair, enabling a direct, quantitative, objective contribution to assessing mineral criticality, enhancing risk identification and prioritization for policymakers.

Resources, Conservation, and Recycling

Estimating the probability of export restrictions to inform mineral criticality

As demand for advanced technologies rises, mineral commodities will increase in geopolitical importance. To assess risks associated with mineral commodity supply chain disruptions, governmental agencies and others have developed "criticality" assessments, with criticality described using the economic impact and probability of supply chain disruptions. In previous work, subjective supply risk indicators were developed to approximate this probability, typically combining several factors such as supply diversity and political stability of trading partners, where indicator weightings can substantially impact results. This work explicitly quantifies trade barrier probability using an ensemble of several machine learning classifiers, with probability estimates informed by exogenous variables such as prior trade barrier implementation and global export dominance. Major differences in the high-probability countries and commodities are observed across models, but the ensemble method highlights Indonesia, China, Tanzania, and the United States as particularly high risk. This approach enables a direct, quantitative, objective approach to assessing trade barrier probability, enhancing risk identification and prioritization for policymakers.

SSRN

Quantitative mineral resource assessment of lithium pegmatite deposits in the northern Appalachian orogen, USA

Lithium demand is projected to increase more than 48 times by 2040 due to electric vehicle production and other energy storage needs. Most lithium production is outside of the USA, thereby increasing supply chain vulnerability. The combined end use importance and heightened supply risk of lithium make this lightest metallic element a critical commodity to the USA. To mitigate this supply risk, the US Geological Survey is actively assessing lithium deposits in the USA. Herein, we detail an assessment for lithium-mineralized pegmatites in the US northern Appalachian Mountains. Permissive tracts were generated by cross-referencing tectonic and geologic maps and mineral occurrence data with mappable criteria derived from generalized and region-specific lithium pegmatite ore deposit models; tracts were then ranked as having high, medium, or low permissibility. Available geophysical and geochemical data were found to be of minimal utility for this deposit type at the scale of the assessment. The number of undiscovered deposits were estimated and integrated into probabilistic simulations, which included an expanded and updated global grade and tonnage model of pegmatite-hosted lithium ore. The estimated total amount of undiscovered resources for the northern Appalachian Orogen has a median value of 1,410,000 metric tons of Li 2 O when considering moderate correlation across sub-regions. At a confidence level of 90%, a resource of at least 90,000 metric tons of Li 2 O remains undiscovered, and at a 10% confidence level, a resource of as much as 7,380,000 metric tons Li 2 O remains undiscovered. After applying an up-to-date economic filter to convert median contained lithium to recoverable material, a correlated total of 900,000 metric tons of Li 2 O may be economically extractable, equating to enough Li 2 O to provide the current annual US lithium supply deficit (presently obtained through net imports) for 127 years at 2025 rates of apparent consumption. This period of provision will inevitably shorten with projected increasing consumption rates, emphasizing that further research could be completed to better delineate regions of high lithium resource potential and support exploration and domestic production.

Connecticut, Delaware, Maine, Massachusetts, New H

Zircon as a pathfinder to REE mineralization

Carbonatites and alkaline silicate rocks are major primary sources of the rare earth elements (REE) and other critical metals, such as Nb. Despite the economic significance of these rocks, their formation and the processes of REE enrichment are poorly understood. Here, statistical analysis of a global dataset demonstrates that zircon geochemistry is a powerful recorder of REE metallogenesis and a potential pathfinder for REE deposits. Zircons from REE and Nb fertile intrusions lack Eu anomalies and have elevated Gd/Yb and Th/Yb, indicating they crystallised from magmas that originated from deep, oxidised and enriched mantle sources. Complexes with Nb enrichment have low U/Nb, reflecting an enriched mantle source, whereas high U/Nb in REE-only fertile intrusions suggest a subduction-metasomatised mantle source. Machine learning models demonstrate high accuracy in classifying zircon from barren and fertile deposits. Classification of detrital zircons shows that REE-enriched deposits correlate with supercontinent assembly, whereas Nb fertile complexes are associated with supercontinent breakup. This approach offers a new, mineral to global scale, petrologic and exploration tool that enhances understanding of REE metallogenesis.

Geochemical Perspectives Letters