The rise of resource nationalism: emerging economies and the critical minerals trade

Emerging economies rich in critical minerals are asserting increasing control over their resources, reshaping trade flows and, in some cases, implementing protectionist and localised policies. Governments looking to capture greater value and reduce dependency on overseas partners are prioritising domestic beneficiation, ramping up local processing activities while limiting raw mineral exports. As demand for lithium, cobalt and rare earth elements continues to grow, and emerging economies look to secure strategic autonomy, the shift away from liberal trade norms towards resource nationalism is likely to persist. While this may raise questions over market fragmentation, increased investment risk and long-term supply chain instability, it will also present opportunities related to industrial development and infrastructure investment. To navigate this transition effectively, international energy leaders must engage constructively with emerging economies, aligning themselves with local development goals and accepting negotiated access to critical resources. Provided producing countries succeed in balancing nationalist policies with stable, investment-friendly frameworks that support sustainable industrial growth, the transition to a partnership-centric model could help rebalance global critical mineral value chains and support long-term supply resilience.

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Explore how emerging economies are leveraging resources to increase control over critical mineral value chains while balancing protectionism, investment risk and global supply security.