BAKU, Azerbaijan, January 21. The global push for energy transition and electrification has positioned critical minerals as the backbone of industrial development, but supply constraints threaten to hinder progress, according to Jonathan Price, President and CEO of Teck, a leading Canadian resource company, Trend.
Speaking at the Geoeconomics of Energy and Materials panel during the World Economic Forum (WEF) in Davos, Price emphasized the transformative potential and challenges of mining, Trend reports.
“This is a great time to be in the mining industry due to the massive demand signal from the energy transition,” he said. “Critical minerals underpin every megatrend, from electrification to artificial intelligence. For instance, copper, one of the largest and most mature critical minerals markets, is expected to see demand increase by 25% in the next decade and 40% by 2040.”
Price cautioned that while demand is surging, supply-side constraints are becoming a major bottleneck. Aging mines suffer from grade decline, while new mines are deeper, lower grade, and located in challenging geographies. “Future mines, such as those above 5,000 meters in Argentina, face incredibly difficult operational environments,” he noted.
Societal expectations also add complexity and cost, including the need for desalination plants, renewable energy usage, and rigorous environmental baselining. Price stressed that these are necessary but demand a more predictable permitting process.
“We’re not suggesting shortcuts on environmental or community engagement, but governments must create reliable regulatory frameworks to streamline permitting,” he said. “Industrial strategies should indicate clear support for mining investments, and we need capital for high-cost, sustainable mine development.”
Price also highlighted the need to rethink commodity pricing mechanisms. “Current markets focus on today’s supply and demand balance rather than future needs. This misalignment makes attracting capital for future development increasingly difficult,” he added.
The mining industry, Price concluded, requires collaborative efforts from governments, communities, and investors to ensure it can meet the critical mineral demands essential for the global energy transition.
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