The War Below

The trillion-dollar battle for the resources to power our future. Oil and gas defined the twentieth century. Now lithium, copper, cobalt, rare earths and nickel will define the twenty-first.

The world is moving towards replacing fossil fuels with renewable energy. But building electric vehicles, solar panels, and millions of other devices requires digging more mines. Critical minerals are vital to many sustainable technologies, and the competition for them is intensifying.

Nations aspiring to energy independence are ever more intertwined: a hedge fund manager's attempt to revive rare earths mining in California needs Chinese expertise, and global reliance on Africa's mining sector persists despite child labour concerns. Meanwhile, ecological dilemmas abound: a proposed lithium mine in Nevada may help car manufacturers slash their dependence on fossil fuels, but developing the mine may cause the extinction of a flower found nowhere else on the planet.

As investors attempt to predict how resource extraction's geopolitics will unfold, this is a story of industry giants, researchers, and policymakers at the forefront of the new energy wars.