Real Assets
Measuring the Level of Competition for Valuable Minerals
Measuring Competition for Valuable Minerals
The Chart of the Week is a weekly Visual Capitalist feature on Fridays.
Everybody loves a little competition.
It levels the playing field and ensures prices and products are kept affordable and available. But how do you measure and track the competitiveness of specific sectors?
The Herfindahl-Hirschman Index (HHI) is a commonly accepted measurement of market concentration, and in today’s case, we use it to show which mineral sectors have healthy competition between countries, as well as the sectors that are more monopolistic.
What is the Herfindahl-Hirschman Index?
The HHI is calculated by squaring the market share of each competitor and then summing up the resulting numbers. It can range from zero to 10,000.
The closer a market is to a monopoly, the higher the market’s concentration, and the lower its competition. If there were only one company in an industry, that company would have a 100% share of the market, and the HHI would equal 10,000, demonstrating a monopoly.
Conversely, if there were thousands of firms competing, the HHI would be near zero, indicating almost perfect competition.
- HHI below 1,500: a competitive marketplace
- HHI between 1,500 – 2,500: a moderately concentrated marketplace
- HHI of 2,500 or greater: a highly concentrated marketplace
Interestingly, the same technique is also used by the U.S. Department of Justice to look at market competition and potential anti-trust violators, as well.
Global Metal Production
Today’s chart uses data from the World Mining Congress to look at the competition for global minerals between countries. The HHI scores show the minerals most and least exposed to competition, while uncovering opportunities for countries looking to bolster their own mineral production.
Here are 33 minerals ranked, going from highest score (most monopolistic) to lowest (least monopolistic):
Rank | Mineral | HHI Score | Type of Mineral |
---|---|---|---|
#1 | Niobium (Nb2O5) | 8,413 | Iron and Ferro-Alloy Metals |
#2 | REE (Rare Earth Elements) | 7,219 | Non-Ferrous Metals |
#3 | Oil Sands | 6,871 | Mineral Fuels |
#4 | Tungsten (W) | 6,828 | Iron and Ferro-Alloy Metals |
#5 | Platinum (Pt) | 5,383 | Precious Metals |
#6 | Graphite | 4,990 | Industrial Minerals |
#7 | Asbestos | 3,738 | Industrial Minerals |
#8 | Vanadium (V) | 3,573 | Iron and Ferro-Alloy Metals |
#9 | Coking Coal | 3,423 | Mineral Fuels |
#10 | Cobalt (Co) | 3,184 | Iron and Ferro-Alloy Metals |
#11 | Palladium (Pd) | 3,163 | Precious Metals |
#12 | Aluminum (Al) | 3,078 | Non-Ferrous Metals |
#13 | Chromium (Cr2O3) | 2,942 | Iron and Ferro-Alloy Metals |
#14 | Molybdenum (Mo) | 2,812 | Iron and Ferro-Alloy Metals |
#15 | Boron (B) | 2,749 | Industrial Minerals |
#16 | Lithium (Li2O) | 2,749 | Non-Ferrous Metals |
#17 | Steam Coal | 2,639 | Mineral Fuels |
#18 | Lead (Pb) | 2,505 | Non-Ferrous Metals |
#19 | Uranium (U308) | 2,233 | Mineral Fuels |
#20 | Tin (Sn) | 2,036 | Non-Ferrous Metals |
#21 | Iron (Fe) | 2,015 | Iron and Ferro-Alloy Metals |
#22 | Diamond | 1,904 | Gemstones |
#23 | Zinc (Zn) | 1,687 | Non-Ferrous Metals |
#24 | Manganese (Mn) | 1,627 | Iron and Ferro-Alloy Metals |
#25 | Potash | 1,565 | Industrial Minerals |
#26 | Copper (Cu) | 1,136 | Non-Ferrous Metals |
#27 | Titanium (TIO2) | 1,120 | Iron and Ferro-Alloy Metals |
#28 | Silver (Ag) | 1,015 | Precious Metals |
#29 | Salt (NaCl) | 982 | Industrial Minerals |
#30 | Nickel (Ni) | 949 | Iron and Ferro-Alloy Metals |
#31 | Natural Gas | 884 | Mineral Fuels |
#32 | Petroleum | 686 | Mineral Fuels |
#33 | Gold (Au) | 557 | Precious Metals |
The data here makes it clear that mineral production is not uniformly distributed throughout the world, giving some countries huge advantages while revealing potential supply problems down the road.
Renewables in the Spotlight
While commodities like gold and oil have robust levels of competition around the world, the renewable energy industry relies on more obscure raw materials to make solar, wind, and EVs work.
Rare earth elements (REE) rank #2 on the list with a HHI score of 7,219, while battery minerals such as graphite (#6), vanadium (#8), cobalt (#10), and lithium (#16) also appear high on the list as well.
According to a recent study, the production of rare earth elements is an area of particular concern. Used in everything from electric motors to wind turbines, rare earth demand will need to increase by twelve times by 2050 to reach emissions targets set by the Paris Agreement.
The only problem is that China currently controls 84% of global production, which increases the odds of bottlenecks and scarcity as demand rises. This ultimately creates an interesting scenario, where a sustainable future will be at the mercy of a few a producing nations.
Real Assets
All the Metals We Mined in One Visualization
This infographic visualizes the 2.8 billion tonnes of metals mined in 2022.

All the Metals We Mined in One Visualization
Metals are a big part of our daily lives, found in every building we enter and all devices we use.
Today, major industries that directly consume processed mineral materials contribute 14% of the United States economy.
The above infographic visualizes all 2.8 billion tonnes of metals mined in 2022 and highlights each metal’s largest end-use using data from the United States Geological Survey (USGS).
Iron Ore Dominance
Iron ore dominates the metals mining landscape, comprising 93% of the total mined. In 2022, 2.6 billion tonnes of iron ore were mined, containing about 1.6 billion tonnes of iron.
Metal/Ore | Quantity Mined in 2022 (tonnes) | % of Total |
---|---|---|
Iron ore | 2,600,000,000 | 93.3% |
Industrial metals | 185,111,835 | 6.6% |
Technology and Precious Metals | 1,500,008 | 0.05% |
Total | 2,786,611,843 | 100% |
Percentages may not add up to 100 due to rounding.
Iron ores are found in various geologic environments, such as igneous, metamorphic, or sedimentary rocks, and can contain over 70% iron, with many falling in the 50-60% range.
Combined with other materials like coke and limestone, iron ore is primarily used in steel production. Today, almost all (98%) iron ore is dedicated to steelmaking.
The ore is typically mined in about 50 countries, but Australia, Brazil, China, and India are responsible for 75% of the production.
Because of its essential role in infrastructure development, iron ore is one of the most crucial materials underpinning urbanization and economic growth.
Industrial Metals
Industrial metals occupy the second position on our list, constituting 6.6% of all metals mined in 2022. These metals, including copper, aluminum, lead, and zinc, are employed in construction and industrial applications.
Aluminum constituted nearly 40% of industrial metal production in 2022. China was responsible for 56% of all aluminum produced.
Industrial Metals | 2022 Mine Production (tonnes) | % of Total |
---|---|---|
Aluminum | 69,000,000 | 37.3% |
Chromium | 41,000,000 | 22.1% |
Copper | 22,000,000 | 11.9% |
Manganese | 20,000,000 | 10.8% |
Zinc | 13,000,000 | 7.0% |
Titanium (mineral concentrates) | 9,500,000 | 5.1% |
Lead | 4,500,000 | 2.4% |
Nickel | 3,300,000 | 1.8% |
Zirconium Minerals (Zircon) | 1,400,000 | 0.8% |
Magnesium | 1,000,000 | 0.5% |
Strontium | 340,000 | 0.2% |
Uranium | 49,355 | 0.03% |
Bismuth | 20,000 | 0.01% |
Mercury | 2,200 | 0.00% |
Beryllium | 280 | 0.00% |
Total | 185,111,835 | 100% |
In the second position is chromium, which plays a primary role in rendering stainless steel corrosion-resistant. South Africa led chromium production, accounting for 44% of the total mined last year.
Technology and Precious Metals
Despite representing less than 1% of all the metals mined, technology metals have been on the news over the last few years as countries and companies seek these materials to reduce carbon emissions and improve productivity.
Technology and Precious Metals | 2022 Mine Production (tonnes) | % of Total |
---|---|---|
Tin | 310,000 | 20.7% |
Rare Earth Oxides | 300,000 | 20.0% |
Molybdenum | 250,000 | 16.7% |
Cobalt | 190,000 | 12.7% |
Lithium | 130,000 | 8.7% |
Vanadium | 100,000 | 6.7% |
Tungsten | 84,000 | 5.6% |
Niobium | 79,000 | 5.3% |
Silver | 26,000 | 1.7% |
Cadmium | 24,000 | 1.6% |
Gold | 3,100 | 0.2% |
Tantalum | 2,000 | 0.1% |
Indium | 900 | 0.1% |
Gallium | 550 | 0.04% |
Platinum Group Metals | 400 | 0.03% |
Rhenium | 58 | 0.004% |
Total | 1,500,008 | 100% |
They include lithium and cobalt, used in electric vehicles and battery storage, and rare earths, used in magnets, metal alloys, and electronics. Many of them are considered critical for countries’ security due to their role in clean energy technologies and dependency on other nations to supply domestic demand.
However, despite increasing interest in these metals, they are still behind precious metals such as gold and silver regarding market size.
The gold market, for example, reached $196 billion in 2022, compared to $10.6 billion for the rare earths market.
Real Assets
Visualizing Mining’s Footprint in British Columbia
Mining represents 7% of British Columbia’s GDP despite only accounting for 0.04% of the land use.

Visualizing Mining’s Footprint in British Columbia
British Columbia is considered a global leader in the development of socially and environmentally responsible resources.
An estimated 54% of the province’s total land is protected, making it one of the world’s greenest mining hubs.
This graphic by the B.C. Regional Mining Alliance (BCRMA) details mining’s footprint in the province.
A Tier 1 Jurisdiction for Mining
British Columbia covers almost 95 million hectares (234 million acres), more than any European country except Russia, and more than any U.S. state except Alaska.
As the largest mining province in Canada, BC registered $18 billion in revenue from the industry in 2022.
British Columbia stands as Canada’s sole producer of molybdenum, which finds applications in metallurgy and chemistry. Additionally, B.C. is the country’s leader producer of copper and steelmaking coal, besides gold and silver.
At the heart of British Columbia’s mining industry lies the Golden Triangle, one of the hottest mineral exploration districts in the world.
More than 150 mines have operated in the area since prospectors first arrived at the end of the 19th century. The region alone is endowed with minerals worth more than $800 billion.
How Green is B.C. Mining
Mining represents 7% of the province’s Gross Domestic Product (GDP), despite only accounting for 0.04% of the land use. In comparison, farmland demands 3% of the land, bringing $2.1 billion (0.8%) per year.
Land Use in B.C. | Revenue (2022, CAD $) | |
---|---|---|
Mining | 0.04% | $18.0 billion |
Oil & Gas | 0.4% | $9.5 billion |
Infrastructure | 1% | $25.0 billion |
Farmland | 3% | $2.1 billion |
Forest | 62% | $13.3 billion |
Mining operations are also supported by a stable, transparent, and effective policy environment. The province ranked as the world’s least risky for mining in 2017 and 2018.
In addition, mineral exploration has received ample support from local Indigenous communities. Today, mining accounts for over two-thirds of all indigenous people employed in the extractives sector.
According to the International Energy Agency, up to six times more minerals and metals will be needed by 2040 to accelerate the energy transition.
In this scenario, British Columbia is well positioned to support the transition to a low-carbon future and make a significant contribution to climate action.
The BCRMA is a strategic partnership between indigenous groups, industry, and government representatives that aims to promote B.C.’s mining opportunities internationally.
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