The Future Minerals Forum (FMF) has launched the inaugural Future Minerals Barometer, a pioneering tool designed to measure and track progress of critical mineral value-chain developments across supplier countries.

Developed in partnership with McKinsey & Company and other sector experts S&P Global Market Intelligence, Global AI and GlobeScan, the barometer integrates stakeholder sentiment, data, market intelligence and project-level evidence into a single authoritative platform to guide global decision-making.

A yearly global minerals conference, FMF is currently under way in Riyadh, Saudi Arabia.

Saudi Arabia Industry and Mineral Resources Vice Minister Khalid Al-Mudaifer highlighted the significance of the barometer.

“It represents a landmark document for the minerals industry: a tool which highlights key trends and stakeholder sentiment, tracks progress on mineral supply and makes recommendations for action to ensure the sustainable development of critical minerals value chains.”

The barometer is supported by the Future Minerals Framework, developed since 2023 by the FMF with input from over 130 experts from more than 42 countries including governments, multilateral organisations, nongovernmental organisations and minerals companies.

The framework identifies key enablers to unlock the potential of end-to-end mineral value chains, namely policy and regulations, financing, infrastructure, sustainability, talent, technology and geology.

The framework outlines a blueprint for creating resilient and responsible mineral value chains spanning exploration and mining through logistics, processing and advanced manufacturing.  

The barometer offers a snapshot of how capital, risk and confidence are shaping global critical minerals markets.

Data reveals where investment is concentrating, where it is retreating and the widening gap between mineral endowment and capital allocation.

Against this baseline, the barometer will track shifts in risk perception, investment flows and progress toward more resilient mineral value chains.

Industry participants have underscored the importance of sustainable mineral supply.

“Global demand for copper is projected to grow by 75% to 56-million tonnes a year by 2050.

“To meet this demand and offset declines from aging mines, the industry will need to bring around 60 new mines like Quellaveco online in the next decade alone,” global miner Anglo American CEO Duncan Wanblad says.

McKinsey & Company partner Jeffrey Lorch highlights the practical use of the research. “By integrating market data, stakeholder sentiment, and value-chain benchmarks, the FMF barometer provides companies with a strategic roadmap to navigate volatility and unlock long-term growth.”

“The Super Region has a massive opportunity, but it faces challenges. The enablers identified in the barometer set out how to address those challenges, while taking into account their nuances and complexity,” GlobeScan CEO Chris Coulter avers.

The FMF classifies the “Super Region” as Africa, West Asia and central Asia.

Global AI chairperson Dr Hamid Rashid touches on the barometer’s baseline assessment of progress with the enablers. “The varied progress on the enablers across these corridor economies presents an opportunity for them to learn from each other, strengthen collaboration, strengthen the effectiveness of the enablers and co-develoр their mining sector to develop resilient critical minerals supply chains in the Super Region.”

“The global shift toward renewable energy and electrification is a key driver of demand for critical minerals. Its technologies require significant amounts of materials such as lithium, nickel, and rare earth elements. The digital transition also relies on minerals to meet the demands of data centres and their energy consumption. Additionally, defence budgets are rising in some regions, driving demand for certain strategic materials.

"Against this backdrop, it’s crucial to be able to measure value chain progress,” S&P Global energy transition and critical minerals consulting executive director Aurian de La Noue explains.