Critical metals demand is surging — driven by the energy transition, EV adoption, and the need for Western-aligned supply chains
Source: S&P Capital IQ Pro
Source: S&P Capital IQ Pro
Nickel-based lithium-ion batteries represent 70% of the EV battery market. Producers are increasing nickel content to raise energy density.
Global lithium-ion battery capacity projected to rise at least 5x by 2030 vs. 2021. Over 300 gigafactories under construction or planned.
Nickel is a critical mineral in lithium-ion batteries, representing up to 80% of active cathode material. Cobalt provides essential stability.
China dominates much of the upstream and almost all downstream refining and processing for critical battery materials. The DRC alone accounts for over 70% of world mined cobalt supply, with many mines now Chinese-owned.
This level of geographic concentration and foreign control presents heightened risks to global consumers, brand risk to suppliers, national security risk to exposed countries, and risks to U.S. economic competitiveness.
China has historically leveraged its controlling market share, particularly with rare earth elements. Other critical minerals are also at risk from similar supply manipulation.
The convergence of surging demand, constrained supply, and geopolitical realignment creates an unprecedented opportunity for the Nkamouna project.
View Development Plan