Critical mineral miners will need about $5 trillion in investments by 2035 to meet projected demand, McKinsey & Co. senior partner Patrick Lahaie said in a video interview.
The figure underlines the gap between mining productivity and the rising needs driven by energy transition and supply chain pressures, Lahaie said last month at the annual convention in Toronto for the Prospectors and Developers Association of Canada.
“The productivity indices in mining have just not progressed,” Lahaie said. It’s a reminder that decades of underperformance could undermine global efforts to meet future zero-emissions targets, he said.
Technological trends shape material demands, Lahaie said. New technology has spurred pockets of productivity but overall labour performance remains stagnant. He stressed that mining companies should embrace new innovations. They must also balance acquisitions with smart spending to stay competitive.
Watch below the full chat with Mining.com host Devan Murugan.
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