In 2024, global economic growth remained sluggish, geopolitical risks intensified, the trend toward supply-chain localization gained momentum, and natural disasters occurred with increasing frequency. Global investment in mineral exploration declined, and the share of grassroots exploration hit a new low. Deep-sea mining remains a contentious issue with slow progress, forcing some ambitious plans to be abandoned. Rare earth elements, rare metals, and dispersed metals have become primary targets for mineral exploration, and several world-class deposits have been discovered. Looking ahead to 2025, the global economy will continue to face downward pressure, and risks stemming from geopolitical conflicts and trade wars will intensify. Minerals related to new energy sources will remain hotspots for exploration and development, and countries will place greater emphasis on localizing and diversifying their critical mineral supply chains.

1. Scientists explore the genesis of carbonate-hosted metal deposits.

A paper published in the journal *Science Advances* focuses on the metal enrichment processes required for renewable energy technologies—processes by which metals can be transported upward from Earth’s deep mantle via low-temperature, carbon-rich melts. Experiments have shown that carbonate melts can dissolve and carry a wide range of metals and compounds. This insight could provide valuable reference information for future metal exploration efforts. These carbonate melts efficiently dissolve and transport base metals such as nickel, copper, and cobalt, as well as precious metals like gold and silver and sulfur oxides. After metal enrichment, these materials form ore deposits.

　2. S&P: The share of grassroots exploration budgets hits a new low.

In its latest report, S&P Global pointed out that the share of grassroots exploration investment by global mining companies has been steadily declining since peaking in the early 2000s, and currently stands at the lowest level since the agency began collecting data. According to S&P’s statistics, in 2024, grassroots exploration budgets totaled $2.79 billion, down 8% from the previous year, accounting for only 22% of total exploration spending—a continued downward trend. This figure is significantly lower than the 50% recorded during the period from 1997 to 2004, when mining companies placed a strong emphasis on new discoveries. Since then, the share of grassroots exploration has gradually declined as exploration companies have shifted their focus from pioneering early-stage exploration to later-stage and mine-site exploration. As a result, this trend has severely impacted the rate of new discovery. 3. Tambritz Discovers World’s Largest Gallium Deposit

Critical Metals Corp. announced that its Tanbreez project in southern Greenland has joined the ranks of the world’s highest-grade gallium deposits, further highlighting the value of what is already recognized as a world-class rare-earth deposit. The discovery of gallium was made through recent analysis of drill core samples from the Tanbreez project, which identified four high-grade mineralized zones: Unit Zero, the Base of Kakortokite (a syenite-granite base), EALS, and Area G. Area G exhibits significant gallium enrichment, with gallium oxide (Ga2O3) grades reaching as high as 0.0147%. This zone covers an area of one square kilometer and is characterized by extensive post-crystallization pegmatites.

4. Rooney becomes the largest niobium deposit discovered worldwide in 70 years.

WA1 Resources has announced the first resource estimate for its Luni niobium-rare earth deposit in Western Australia. Based on drilling results as of the end of 2023, the Luni project is estimated to hold total ore resources of 200 million tons, with a niobium oxide grade of 1%. Of this total, high-grade ore resources amount to 53 million tons, with a grade of 2.1%. Analysts believe that this project represents the largest niobium deposit discovered worldwide in over 70 years and one of the highest-grade niobium deposits ever found.

　5. The U.S. Department of Defense will submit an assessment report on deep-sea mining.

According to the signed National Defense Authorization Act (NDAA), U.S. President Biden has directed the House Armed Services Committee to submit a report on domestic processing of seabed polymetallic nodules. The Pentagon is required to submit an assessment report on deep-sea mining by March 1. Thirty-three members of Congress have written to the Secretary of Defense and the Pentagon, urging the Department of Defense to “explore all avenues that can strengthen our supply chains for rare earth elements and critical minerals,” and emphasizing “the importance of assessing and planning for seabed mining as a new competitive approach...”

6. IEA: Global coal consumption hits another record high in 2024

The International Energy Agency (IEA) released a report stating that global coal consumption is projected to reach 8.77 billion tons in 2024, hitting yet another record high, and is expected to remain at relatively high levels through 2027, as robust demand from Asia offsets declining consumption in the U.S. and Europe. According to the IEA, as renewable energy generation continues to grow strongly and meets some countries' energy needs, coal's share in the global energy mix has already fallen to 35%. India's coal demand is set to reach 1.3 billion tons, surpassing the combined coal consumption of the European Union and the United States, with an increase of more than 5%.

7. Canada Updates Critical Minerals List

According to an announcement by Canada’s Department of Natural Resources, the 2021 edition of the Critical Minerals List—following consultations with provincial and territorial governments, exploration and development and manufacturing industries and associations, Indigenous organizations, and communities—has been updated to the 2024 edition. The new list adds three additional minerals: first, high-purity iron ore, which is essential for green steel production and decarbonization; second, phosphorus, critical for batteries and food security; and third, metallic silicon, needed for semiconductors and computer chips. Currently, Canada’s Critical Minerals List includes 34 minerals and metals that are vital to the country’s economy or national security.

8. The International Seabed Authority elects a new Secretary-General.

In early August 2024, following a vote by the member states of the International Seabed Authority (ISA), Leticia Carvalho emerged victorious in this contentious election race, securing 79 votes to 34. On January 1, 2025, once Carvalho takes office, she will become the first woman and the first scientist to head this UN-affiliated body, which is responsible for the fate of 54% of the world’s seabed. The 50-year-old Carvalho, who previously served as an environmental regulator in Brazil, currently holds a position with the United Nations Environment Programme, headquartered in Nairobi. A change in ISA leadership could help mitigate the ecological risks associated with mining seabed metals—metals that are crucial for batteries used in electric vehicles.

9. The U.S. House of Representatives Passes the Critical Mineral Consistency Act—With Bipartisan Support, the U.S. House of Representatives Has Passed the 2024 Critical Mineral Consistency Act. This legislation amends the 2020 Energy Act by expanding the scope of critical minerals to include the key materials identified by the Department of Energy (DOE). By broadening the definition of critical minerals, the act requires the U.S. Geological Survey (USGS) to incorporate the materials listed in the DOE’s catalog into its own critical minerals inventory. Within 45 days after the Department of Energy adds a particular mineral, element, substance, or material to its list of critical materials, the USGS must update its own inventory accordingly.

10. Biden Visits Angola, Reviving the Lobito Corridor Project

In early December, U.S. President Biden paid a three-day visit to Angola. By funding the construction of the Lobito railway, Biden aims to enhance U.S. influence in the broader African region. U.S. officials stated that Biden is not trying to force countries to choose sides between the two superpowers; rather, he is “giving them a choice and the ability to make their own sovereign decisions.”