The global mining industry is in the midst of a critical mineral gold rush, as leading producers scramble to ramp up production to meet surging demand - particularly from the booming electric vehicle (EV) market.
According to Reuters, Swiss mining giant Glencore recently announced plans to slash 1,000 jobs as part of a major cost-cutting drive. But the company's CEO Gary Nagle also unveiled ambitious goals to transform Glencore into "the biggest copper producer in the world." This strategic shift reflects the industry's intense focus on critical minerals like copper, lithium, and cobalt that are essential for EV batteries and renewable energy infrastructure.
Vulcan Energy Secures $2.6 Billion for Europe's Largest Lithium Project
One of the most significant developments in the critical minerals space is Vulcan Energy's $2.6 billion financing deal to build Europe's largest lithium project. As reported by the Financial Times, the facility is expected to generate enough lithium material to power around 500,000 EV batteries per year, underscoring the breakneck pace of the global energy transition.
"This is a major milestone that will help accelerate Europe's shift to electric vehicles and renewable energy," said Vulcan CEO Francis Wedin. "Securing this level of funding is a testament to the strong investor appetite for critical mineral projects that can meet the surging demand."
Ivanhoe Mines Boosts Copper Production Guidance for Kamoa-Kakula Complex
Across the mining landscape, companies are racing to bring new supply online to keep pace with soaring demand. Mining Weekly reported that Canadian firm Ivanhoe Mines has set copper production guidance of 380,000 to 420,000 tons for its Kamoa-Kakula operations in the Democratic Republic of Congo in 2026, ramping up to 500,000 to 540,000 tons in 2027.
"We're making excellent progress on our dewatering and underground rehabilitation efforts, which will allow us to steadily increase production at Kamoa-Kakula over the next few years," said Ivanhoe CEO Robert Friedland. "Copper is absolutely essential for the green energy transition, and we're committed to being a major supplier to meet that growing demand."
Norway Abandons Deep Sea Mining Plans, Citing Environmental Concerns
Not all mining developments are moving forward, however. OilPrice.com reported that Norway has temporarily halted its deep-sea mining plans, postponing the first licensing round until at least 2029. This decision came after negotiations with the Socialist Left Party, which has raised concerns about the environmental impact of extracting minerals from the ocean floor.
"While the underlying policy hasn't changed, we recognize the need to take a more cautious approach and further study the potential risks," said a Norwegian government spokesperson. Environmental groups like the WWF have welcomed the move, arguing that deep-sea mining poses significant threats to fragile marine ecosystems.
The Road Ahead: Navigating Critical Mineral Supply Chains
As the global economy's reliance on critical minerals continues to grow, the mining industry faces a delicate balancing act. Companies must ramp up production to meet surging demand, while also addressing environmental and social concerns that have plagued the sector in the past.
Going forward, industry leaders will need to prioritize transparency, sustainability, and community engagement to ensure the responsible development of these essential resources. Collaboration with policymakers, NGOs, and end-users will also be crucial in building resilient, ethical supply chains that can power the clean energy transition.
Reporting based on coverage from Reuters, the Financial Times, Mining Weekly, and OilPrice.com, December 3-4, 2025.