Monthly Insights | Critical Minerals | November - December 2025

Welcome to this edition of AltaScient’s Complimentary Critical Minerals Insights, where we highlight the latest developments shaping supply security, traceability enforcement, infrastructure investment, and geopolitical positioning across strategic minerals markets.

As we have consistently highlighted throughout 2025, control over refining, transport corridors, and compliance regimes is becoming as important as mine supply itself. Developments in November and December reinforced this trend, with governments and companies focusing on midstream capacity, logistics resilience, and traceability enforcement—particularly for cobalt, copper, and strategic materials used in electronics and semiconductors.

Key Takeaways

• Midstream assets—refining and logistics—are emerging as primary choke points in critical minerals supply chains.

• Traceability enforcement is tightening, potentially disrupting short-term supply while improving long-term compliance and ESG alignment in source countries

• Government-backed infrastructure and processing investments are reshaping global trade routes (Lobito Corridor), processing (Korea Zinc smelter in TN), and strategic influence.

  
  

U.S. Publishes Final 2025 List of Critical Minerals

The U.S. government (USGS/Federal Register) finalized and formally published its 2025 List of Critical Minerals, expanding coverage to 60 commodities and detailing the methodology used to assess supply risk and economic importance. The list includes materials directly relevant to electronics and semiconductor manufacturing, such as silicon, gallium, germanium, and antimony.

The publication provides a clear policy anchor for federal permitting, funding eligibility, stockpiling decisions, and industry prioritization. Market participants view the expanded list as a signal that policy support will increasingly extend beyond traditional battery metals into inputs critical for advanced manufacturing and defense applications.

DRC Produces First Batch of Traceable Artisanal Cobalt

In November, the Democratic Republic of Congo (DRC) produced its first 1,000 tons of traceable artisanal cobalt, marking a milestone in efforts to formalize and regulate artisanal supply chains, per Reuters Industry Coverage. The initiative, led by the state cobalt agency, is intended to improve transparency and compliance across a segment that has long faced ESG scrutiny.

For downstream buyers, the development underscores how traceability requirements are moving from voluntary commitments to operational realities. While traceable supply may carry higher compliance costs, it is increasingly becoming a prerequisite for participation in global battery and electronics value chains.

DRC Suspends Artisanal Copper and Cobalt Processing Pending Certification

In December, Congolese authorities took a firmer stance by suspending the processing and marketing of artisanal copper and cobalt until participants can certify legal and traceable origin per Reuters. A government commission will oversee compliance, signaling a more centralized approach to enforcement.

The move may tighten near-term supply from informal channels, but policymakers argue it will improve long-term market credibility. For buyers, the decision highlights how enforcement actions can quickly affect availability, pricing, and sourcing strategies—especially in markets where a single country dominates global supply.

U.S. DFC Backs Lobito Corridor with $753M Loan

A U.S. Development Finance Corporation–backed consortium signed a $753 million loan (ref: IRJ or International Railway Journal) to revamp Angola’s Benguela rail line as part of the Lobito Corridor, a strategic transport route linking copper and cobalt producers in Central Africa to Atlantic export markets.

Rather than focusing solely on new mines, the project targets logistics bottlenecks that constrain effective supply. Improved rail capacity is expected to lower transport costs, increase reliability, and reduce dependence on alternative routes, reinforcing the growing importance of infrastructure in critical minerals competitiveness. On the other hand, several have raised concern over possible displacement of people (The Guardian) living close to the rail line.

Korea Zinc Plans $7.4B Critical Minerals Refinery in Tennessee

Korea Zinc announced plans for a $7.4 billion critical minerals refinery in Tennessee, with backing discussions involving U.S. stakeholders (Reuters). The project would add significant non-China processing capacity for strategic metals used in electronics, clean energy, and defense applications. The announcement reflects a broader shift toward re-shoring, where midstream assets—not just mines—are increasingly viewed as strategic levers of supply security and industrial policy.

Following this the two major shareholders, Young Poong conglomerate and PE firm MBK Partners asked a court to block issuance/sale of new shares (mining.com) worth $1.9 billion to a JV backed by the US government and unnamed US-based strategic investors that would give the investors 10% of Korea Zinc. The Seoul Central District Court dismissed the injunction request (Korea JoongAng Daily) in favor of Korea Zinc.

China Convicts Group for Antimony Smuggling Used in Chipmaking

In China, courts convicted 27 individuals for illegally smuggling antimony without export licenses, highlighting intensifying enforcement around strategic materials (Tom's Hardware). Antimony is used in electronics, flame retardants, and semiconductor-related applications.

The case underscores how export licensing and enforcement regimes can rapidly alter availability and pricing, particularly for niche but critical inputs. For global buyers, such actions add another layer of uncertainty to sourcing strategies already shaped by geopolitical risk.

India and Russia Pursue Joint Ventures in Critical Minerals and Rare Earths

India and Russia advanced discussions on joint ventures in critical minerals and rare earths, with potential investments in the hundreds of millions of dollars per Economic Times. The talks reflect efforts by both countries to diversify supply options and reduce dependence on established processing hubs.

While still at an early stage, the discussions point to growing interest in bilateral and bloc-based approaches to securing future access to strategic materials.

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