France, July 17 -- In its Global Critical Minerals Outlook 2026, published on 16 July, the Paris-based agency said investment in mining and refining dropped by nine percent last year, citing geopolitical tensions and price volatility.

At the same time, supply chains have become more concentrated, with China and Indonesia accounting for more than three-quarters of growth in refined output over the past two years.

"Concerns about high supply concentration have moved from a theoretical vulnerability into an immediate economic security challenge," said the IEA's chief economist Tim Gould.

The report highlights the growing use of export controls, particularly by China, as a key risk.

Restrictions on rare earth exports introduced in April 2...