USGS mineral commodity summary 2023

USGS mineral commodity summary 2023 is out. Here’s a short take from to critical mineral output & reserve growth. TLDR: Mine production is growing but the reserve growth is far exceeding the demand. We are not running out of minerals.

Best performer: Lithium 🏆 Li reserves are up by 4,0 Mt from last year, which would be plenty for the the whole decade worth of demand if needed. EV barometer: Annual reserve growth would be enough for more than 500 million EVs. Current identified resources are 98 Mt.

Other minerals: Cobalt reserves are up 0,7 Mt which is a solid growth from last year. EV barometer: Annual reserve growth would be enough for more than 125 million EVs (NMC 811). Co mine production rose from 165 kt to 190 kt.

Copper reserves are up 10 Mt which was also similar growth to last year. Copper obviously has many application, but from EVs perspective the annual reserve growth would be enough for more than 430 million EVs.

Graphite reserves are up 10 Mt and Nickel 5 Mt which would be enough for 150, and 110 million EVs respectively. Critical mineral reserve growth is steady, so the question instead of mineral adequacy is, that whether the mine production can keep up with the energy transition.