Critical Metal Demand To Triple By 2030, But Demographics Pose Risks

The energy transition is reshaping the global mining industry, with demand for critical minerals expected to surge over the coming decades. A shift toward renewable energy and electrification drives demand for commodities like copper, nickel, and rare earth elements.

According to BDO's Annual Mining Report, the demand for key energy transition minerals will nearly triple by 2030 and quadruple by 2040.

Copper remains a cornerstone of the transition, as it is the only critical mineral vital for all clean energy technologies, such as solar, wind, electric vehicle (EV) manufacturing, and power grids.

While copper prices hit a record high in mid-2024, they later softened due to weak demand from China's property market. In 2025, forecasts suggest continued price constraints due to high inventories despite the long-term positive outlook.

Merger and acquisition activity has surged – with mining giant BHP unsuccessfully bidding for Anglo American and launching a

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