Artificial intelligence is already being deployed in the mining sector despite still being in its early stages. In theory, AI could aid the mining industry in the search for new deposits at a time when governments around the world are looking to secure supplies of critical raw materials that are essential in the green energy shift
More metals are needed to enable green energy future
Metals are critical to all parts of the energy transition. Reaching net zero targets will require massive amounts of critical raw materials, from lithium, nickel and and cobalt that are crucial to the battery performance of electric vehicles (EVs) to copper and aluminium used in electricity networks.
To keep the world on a steady path to net zero, annual nickel supplies need to grow from about 3.4 million tonnes currently to 5 million tonnes in 2030, according to the International Energy Agency (IEA). Copper supplies must increase from 25 million tonnes to 35 million tonnes. EVs and battery storage are the main drivers of demand growth, but there are also major contributions from low-emissions power generation and electricity networks.
The cost and speed of the energy transition will be heavily influenced by the availability of critical raw materials supplies. Governments around the world are now seeking to diversify their supply, but this is highly concentrated in a small number of countries.
Supply of critical raw materials is often very concentrated
There are likely enough minerals and metals in the earth’s crust to power the green energy transition. However, exploration and discovering new deposits is very difficult and expensive.
It takes on average over 16 years to develop projects from discovery to first production, depending on the mineral, location and mine type. It takes more than 12 years to complete exploration and feasibility studies, and four to five years for the construction phase, according to the IEA.
Find out more about how AI can help the green energy transition.