DiscoveryCritical minerals are a category of minerals that are vital for a country's economy, national security, and technological development. These minerals are often challenging to locate, explore, and extract. Additionally, they have a limited supply within the country, making access to them crucial for sustaining various industries, advancing technology, and maintaining national security.
The concept of critical minerals emerged in the mid-20th century but gained significant attention in the late 20th and early 21st centuries. This increased focus resulted from the growing reliance on high-tech industries, renewable energy technologies, and the strategic importance of certain minerals for national security.
The term "critical minerals" became more formalized in policy and academic discussions in the 2000s. Governments and international organizations began to systematically identify and prioritize these minerals, leading to reports and strategies to ensure their secure supply. In the United States, the Department of the Interior published a list of critical minerals in 2018, and similar efforts have been undertaken by the European Union, Japan, and other countries.
In recent years, developed countries have driven significant technological advancements, establishing robust infrastructure and launching successful businesses that continually improve technology. This progress has led to an increased demand for essential minerals critical to sustaining their industries. To ensure a steady supply of these minerals, developed nations have identified and prioritized a list of critical minerals vital to their socio-economic growth.
This scenario presents a unique opportunity for developing countries to invest in mineral exploration, identifying and exploiting these critical minerals to meet the demands of developed countries. However, it is crucial for developing countries to carefully craft policies around "Critical Minerals." If a policy is focused on the critical minerals of a developing country, the methods of exploration and exploitation must be suitable and sustainable to the mentioned scenario.
Furthermore, if a developing country is considering creating its own list of critical minerals, it must assess its own industrial needs and identify the essential materials required for its growth.
As policy makers of developing countries, must ponder on the following to questions:
1. Develop own critical mineral list tailored to their specific industrial needs?
2. Or adopt the critical minerals list of developed countries to align with global demands?
