The Alaska Miner Summer 2024 10 Mineral supply chains are reshaping how we think about energy security. Supplies of lithium, graphite, copper, and rare earth minerals — among many other essential metals — are already dictating the speed of energy technology deployment and creating new global centers of industrial strength. Conversely, the race to secure access to these minerals has exposed glaring supply chain vulnerabilities — none more acute than those here in the United States. As the world begins the pivot towards fully electrified economies, U.S. oil production has reached an all-time high. But our production of many of the metals essential to batteries, wind turbines and solar panels is only a fraction of what it should be. This is not for lack of domestic mineral resources, but rather a remarkable policy failure. If we’re going to win the global energy and electrification race, we must start mining. A new and deeply important study on the lead times to bring new mines into production underscores America’s mineral policy failures to date. The report found that it takes an average of 29 years for mines to go from discovery to production in the United States. That is longer than any other country except Zambia. This remarkably long lead time stands in direct contrast to the nation’s vast resource base. For example, the report found that America’s copper endowment is comparable to that of Canada and Australia combined. Our lithium endowment — the metal that has been called the “new oil” — is twice that of Australia, which currently accounts for half of the world’s lithium production. While this will hopefully soon change, the U.S. currently has just one producing lithium mine. In fact, the U.S. has opened only three new major metal mines since 2002. Our inability to turn our vast resources into secure, reliable supply chains has led to a ballooning reliance on mineral imports, notably from our Made in America, mined in America RICH NOLAN
RkJQdWJsaXNoZXIy MTcxMjMwNg==