U.S. already has the critical minerals it needs – but they're being thrown away, new analysis shows

A new analysis published in *Science* reveals that the U.S. already mines sufficient critical minerals, including cobalt and lithium, to meet annual domestic demand, but these are currently discarded as tailings from other metal mining operations. The study indicates that recovering even a small fraction of these byproducts could significantly reduce or eliminate import reliance for most critical minerals, citing examples like cobalt for EV batteries and germanium for defense applications. The primary challenge lies in the economic feasibility of recovery technologies and the need for policy incentives to encourage mine operators to invest in the necessary processing infrastructure, offering substantial economic, geopolitical, and environmental advantages.

Analysis

A new analysis published in the journal Science indicates that the United States already mines sufficient quantities of critical minerals to meet its annual domestic demand, but these resources are currently being discarded as waste. The study, led by researchers at the Colorado School of Mines, reveals that byproducts from existing metal mines could satisfy U.S. requirements for 68 of 70 essential elements, including those vital for electric vehicle batteries, defense systems, and consumer electronics. For instance, recovering less than 10% of the cobalt currently discarded from nickel and copper mines would fulfill the entire U.S. battery market's needs, while recovering less than 1% of discarded germanium from zinc mines could eliminate import reliance for that mineral entirely. The primary obstacle identified is not resource availability but the economic and technological feasibility of recovery. The report stresses that significant research, development, and supportive policy are required to incentivize mine operators to invest in the necessary processing infrastructure, as the current market value of these elements alone may not justify the capital expenditure. This finding reframes the challenge of mineral security from one of exploration to one of technological innovation and policy implementation, highlighting a major opportunity to enhance supply chain resilience, reduce environmental impacts from mine tailings, and unlock substantial economic value from existing operations.

Key Decisions for Investors

• Investors should identify and monitor companies specializing in advanced mineral processing and recovery technologies, as these firms are positioned to directly capitalize on the effort to extract value from mine tailings.
• The economic viability of this opportunity is highly dependent on government action; therefore, closely tracking potential federal policy incentives, subsidies, or regulations designed to encourage critical mineral recovery is crucial, as these would act as major catalysts.
• Long-term investors may consider re-evaluating established U.S. metal mining companies, as their existing tailings could represent a significant, currently unpriced, future revenue stream from critical minerals, contingent on technological and policy advancements.