Mining giants have underestimated the lithium wave

A decade ago, the likes of lithium, cobalt and graphite were minor materials, affected less by electric vehicles than the markets for lubricants, drill-bits and smelting equipment. Nowadays, battery demand is so intense that rising prices risk holding back the energy transition, and major industrial consumers are rushing to lock down supplies. There are few better ways to finance the multibillion-dollar investments needed to decarbonize our economies than letting the balance sheets of giant companies loose on the problem — so where have the major miners been?