As 2025 marches into its third month, the governance challenges that accompany rising demand for natural resources are not only on the front burner—they are proliferating—and  becoming entangled with the drivers of conflict and cooperation.

The heated competition for resources has bubbled up in a proposed billion-dollar deal for Ukrainian minerals now making global headlines. The view that critical minerals like lithium, manganese, and others could become bargaining chips in potential peace talks demonstrates how central they’ve become to global competition—and to the economic and political future of countries around the world.

Much of the current narrative surrounding critical minerals puts speed and competition in the foreground. Yet the how of mining matters immensely to create and maintain stable mineral supply chains. Reliable and diversified supply chains create win-win scenarios for all stakeholders by incorporating best-in-class environmental standards and true community partnerships.

In December 2024, China banned exports of gallium, germanium, and antimony to the United States. Prices for these critical minerals soon reached all-time highs. The ban emphasized China’s dominance over the sector, including practically the entire graphite supply chain, 87% of rare earths refining, 70% of cobalt refining, and 60% of battery-grade lithium refining.