Fast-growing critical minerals markets remain turbulent, with prices falling sharply in 2023 following two years of dramatic increases. Battery materials saw particularly large declines with lithium spot prices plummeting by 75% and cobalt, nickel, and graphite prices dropping by 30-45%. The IEA Energy Transition Mineral Price Index, which tracks a basket price of copper, major battery metals and rare earth elements, tripled in the two years following January 2020, but relinquished mos
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