For decades, oil shaped global power. Today, critical minerals such as lithium, cobalt, nickel, graphite, copper and rare earth elements are becoming the world’s most strategic resources. They are essential for electric vehicles, batteries, AI infrastructure, semiconductors, renewable energy and advanced defence systems.
At the recent G7 Summit, leaders announced a joint strategy to strengthen critical mineral supply chains by diversifying sourcing, expanding recycling, building stockpiles and reducing dependence on a single supplier. The move reflects growing concerns over China’s dominance in mineral processing, particularly rare earth refining, where it controls nearly 90 per cent of global capacity.
Building Secure Supply Chains
Creating alternative supply chains will take time. New mines require years of investment, environmental approvals and infrastructure, while processing facilities demand advanced technology and skilled expertise. Many developing countries are also pushing for local processing and value addition instead of exporting raw minerals.
For India, this shift presents a major opportunity. Through the National Critical Mineral Mission, new mineral auctions and partnerships with countries like Australia, Argentina and Chile, India is working to strengthen its resource security. However, long-term success will depend not just on mining but on building integrated value chains that include refining, manufacturing and recycling.
Ultimately, the global race for critical minerals is about far more than resource extraction. It is about economic resilience, technological leadership and securing the industries that will drive the future. In the twenty-first century, critical minerals—not oil—are set to become the foundation of global growth and geopolitical influence.
