Future Minerals Forum Launches World’s First Critical Minerals Barometer, a New Global Benchmark for Value-Chain Development
The Future Minerals Forum (FMF) has launched the FMF Barometer, a first-of-its-kind global tool designed to measure and track the progress of critical mineral value-chain development across the “Super Region” spanning Africa, Western Asia, Central Asia, and Latin America.
Developed in partnership with McKinsey & Company and sector-leading experts, the Barometer sets the first comprehensive baseline for how governments, companies, and investors are advancing resilient, responsible mineral supply chains. It integrates stakeholder sentiment, data, market intelligence, and project-level evidence into a single authoritative platform to guide global decision-making.
Excerpts from the Barometer show that in the first three quarters of 2025, global mining mergers and acquisitions totaled approximately $30 billion, with 74% of deal value concentrated in Latin America. Deal values in the region have grown by more than 200% since 2021. Over the same period, Africa’s mining deal value declined by 79%, reflecting shifting risk perceptions. This is despite over 50% of global critical mineral reserves being located in the Super Region (Africa, Western and Central Asia), which also has the lowest exploration expenditure of any mining region worldwide.
These data points offer a snapshot of how capital, risk, and confidence are shaping global critical minerals markets. They reveal where investment is concentrating, where it is retreating, and the widening gap between mineral endowment and capital allocation. Against this baseline, the FMF Barometer will track shifts in risk perception, investment flows, and progress toward more resilient mineral value chains.
His Excellency Khalid Al-Mudaifer, Saudi Arabia’s Vice Minister of Industry and Mineral Resources for Mining Affairs, highlighted the significance of the Barometer, noting: “It is the first global effort to benchmark the readiness of critical mineral ecosystems amid surging demand for electric mobility, renewable energy, digital infrastructure, and defense applications.” Al-Mudaifer adds that Saudi Arabia, through FMF, is championing the creation of this transparent, reliable pulse check for the entire global minerals ecosystem.
The Barometer is supported by the Future Minerals Framework, developed with input from 47 experts from various multilateral organizations, NGOs, and companies, and was first introduced at the 2025 Ministerial Roundtable. The Framework outlines a strategic blueprint to establish sustainable, resilient mineral value chains spanning exploration and mining through logistics, processing, and advanced manufacturing, with each step bolstered by coordinated action among governments, industry, and communities.
Jeffrey Lorch, Partner at McKinsey & Company highlights the practical use of the research: "By integrating market data, stakeholder sentiment, and value-chain benchmarks, the FMF Barometer and State of Sector Surveys provide companies with a strategic roadmap to navigate volatility and unlock long-term growth."
Critical minerals, such as lithium, cobalt, nickel, copper, manganese, silicon, and rare earth elements (REEs), have become central to economic and strategic priorities, particularly as the world accelerates toward low-carbon energy systems. These materials are essential for electric vehicles, renewable energy technology, and battery storage.
Industry warnings highlight the urgency of sustaining mineral supply. As Robert Friedland, founder of Ivanhoe Mines, Ivanhoe Electric, and I-Pulse, said: “Electrifying the world’s power systems, digitizing every corner of the economy, and the explosive growth of artificial intelligence are converging into a single, metals-intensive future. The truth is simple: you cannot decarbonize, compute, or transmit without mining.” While Duncan Wanblad, CEO of Anglo American, emphasized: “Global demand for copper is projected to grow by 75%, to 56 million tons per annum 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.”
Gustavo Pimenta, CEO of Vale, paints a stark picture of the importance of mining in the global energy transition and decarbonization agenda, stating: “I cannot imagine the future without mining – at least not one that is sustainable, combining economic development with environmental preservation and social responsibility. Mining is essential to everything. From Artificial Intelligence processing units to electric car batteries, wind turbine towers, or even everyday devices such as cell phones, they all require strategic and critical minerals.” Global demand projections reinforce this need. “According to the International Energy Agency’s Net Zero Emissions scenario,” demand for critical minerals is expected to grow by 250% by 2030. Battery-electric vehicles alone could account for 40% of global rare-earth element consumption, with digital expansion increasing material requirements even further,” Al-Mudaifer noted. This is why the FMF Critical Minerals Framework was initially conceived with key enablers to unlock the potential of end-to-end mineral value chains: Policy and Regulations: Establish stable policies to support mineral value chain development. Financing: Secure and manage significant investments through innovative financing solutions. Infrastructure: Build multi-modal infrastructure encompassing roads, railways, and ports to lower costs for individual assets and improve the feasibility of mining projects through shared infrastructure. Sustainability: Develop strong environmental and social governance frameworks. Talent: Invest in education, develop local training programs, and foster research and development. Technology: Upgrade geological data systems and partner with global experts to access technologies that boost operational efficiency. Geology: Develop geological data capacity in supplier countries, recognizing that accessible and reliable geological data is essential to attracting investment. The Barometer is a turning point for the global critical minerals supply. It will respond to these mineral challenges by offering: A Project Dashboard tracking the implementation of eight FMF-endorsed initiatives. A State of the Sector Survey reporting perceptions from CEOs, investors, and policymakers across the Super Region. A Future Minerals Accord framework for collective action on infrastructure, capacity building, traceability, and global standards.
About the Future Minerals Forum
The Future Minerals Forum (FMF), launched in 2022, is the world's premier platform for the minerals industry. FMF stands at the forefront of global industry connections, bringing together governments, international organizations, and stakeholders to collectively shape the future of the minerals industry. With 18,000 participants from 165 countries, including 89 government representatives, FMF serves as a catalyst for global collaboration.
The Forum is renowned for its unique approach, confronting industry challenges head-on through genuine dialogue to promote a responsible and resilient mineral supply chain, enable development, advance global electrification goals, enhance global security, and accelerate the digital revolution.
Through the Ministerial Roundtable, conference, and exhibition, and specialized Mineral Technology and Exploration zones, the global conversation on minerals takes center stage, driving innovation and collaboration toward a sustainable future.