Critical Minerals Mine Construction Tracker 2026: Every Battery Metal Project Being Built

> Key Takeaway: Mining Terminal tracks 2,208 projects across six critical mineral categories. Only 56 are in production or construction today. The gap between pipeline ambition and physical mine-building is the single largest variable in long-term battery metal supply forecasts.

Last updated: 2026-02-09 | Reading time: 18 min | Data source: Mining Terminal database

Quick Summary

The energy transition depends on a handful of minerals that most investors cannot name, let alone track at the project level. Government lists and policy documents talk about "critical minerals" in aggregate, but supply chains are built one mine at a time. This tracker breaks down every critical mineral project currently in production or under construction across six commodity groups: lithium, uranium, rare earth elements, graphite, cobalt, and nickel.

Mining Terminal's database tracks 2,208 projects across these six commodities. The vast majority sit in the exploration stage, years away from first production. What matters for near-term supply is the thin layer of projects that have already reached construction or are actively producing. This report isolates those 56 projects and maps them by company, country, and commodity.

| Mineral | Production | Construction | Total Active | Total Pipeline | Active Share |
| --- | --- | --- | --- | --- | --- |
| Lithium | 13 | 5 | 18 | 696 | 2.6% |
| Uranium | 11 | 6 | 17 | 558 | 3.0% |
| Rare Earth Elements | 2 | 4 | 6 | 218 | 2.8% |
| Graphite | 2 | 5 | 7 | 123 | 5.7% |
| Cobalt | 0 | 3 | 3 | 102 | 2.9% |
| Nickel | 0 | 5 | 5 | 511 | 1.0% |
| Total | 28 | 28 | 56 | 2,208 | 2.5% |

The numbers reveal a structural bottleneck. Across 2,208 tracked projects, only 2.5% have reached the production or construction stage. For critical minerals supply chain investing, this conversion rate is the metric that matters most. Every new mine that clears permitting and reaches construction shrinks the denominator of the supply gap.

Use the projects page to filter the full pipeline by stage and commodity, and verify individual project claims in the underlying technical reports and news releases.

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Lithium: 18 Active Projects (13 Production, 5 Construction)

Lithium anchors the battery supply chain, and Mining Terminal tracks 696 lithium projects globally. Of those, 620 sit in exploration (89.1%), 59 in development (8.5%), and just 18 are either producing or under construction. The lithium project pipeline 2026 report covers the full stage breakdown. Here, we focus on the 18 projects that are physically supplying or building toward lithium production.

Lithium Projects in Production (13)

| Project | Country | Region | Company | Ticker | Exchange |
| --- | --- | --- | --- | --- | --- |
| Greenbushes | Australia | WA | IGO | IGO | XASX |
| Pilgangoora | Australia | WA | Pilbara Minerals | PLS | XASX |
| Mt Marion | Australia | WA | Mineral Resources | MIN | XASX |
| Wodgina | Australia | WA | Mineral Resources | MIN | XASX |
| Kathleen Valley | Australia | WA | Liontown | LTR | XASX |
| Kwinana Li Refinery | Australia | WA | IGO | IGO | XASX |
| Becancour Battery Material Plant | Canada | QC | Nouveau Monde | NOU | TSXV |
| Salar de Atacama | Chile | — | Albemarle | ALB | NYSE |
| Salar de Atacama | Chile | — | SQM | SQM | NYSE |
| Salar de Olaroz | Argentina | — | Toyota Tsusho | 8015 | TYO |
| Xiangyuan | China | — | Zijin Mining | ZIJMF | — |
| Uis Lithium Mine | Namibia | — | Andrada Mining | ATM | AIM |
| Silver Peak | USA | NV | Albemarle | ALB | NYSE |

Western Australia dominates lithium production with 6 of the 13 operating mines, all hard-rock spodumene operations. Five companies control these six assets: IGO operates Greenbushes and the Kwinana refinery, Mineral Resources runs Mt Marion and Wodgina, Pilbara Minerals holds Pilgangoora, and Liontown brought Kathleen Valley online. The concentration of lithium supply in a single Australian state is a risk factor that lithium mining companies investors must weigh carefully.

South America contributes 3 producing assets: two at the Salar de Atacama in Chile (operated separately by Albemarle and SQM) and one at the Salar de Olaroz in Argentina (Toyota Tsusho). The only producing lithium operation in the United States is Albemarle's Silver Peak brine operation in Nevada, which has been running since 1966.

Lithium Projects Under Construction (5)

| Project | Country | Company | Ticker | Exchange |
| --- | --- | --- | --- | --- |
| Cauchari-Olaroz | Argentina | Lithium Argentina | LAR | TSX |
| Tres Quebradas | Argentina | Neo Lithium | NLC | TSXV |
| Rincon | Argentina | Argosy Minerals | AGY | XASX |
| Salar del Rincon | Argentina | Rio Tinto | RIO | XASX |
| Lakkor Tso | China | Zijin Mining | ZIJMF | — |

Four of the five lithium construction projects are in Argentina, reflecting the country's push to become the third pillar of the lithium triangle alongside Chile and Bolivia. Lithium Argentina's Cauchari-Olaroz is the most advanced. Neo Lithium's Tres Quebradas and Argosy Minerals' Rincon are both brine projects in the Salta/Catamarca provinces. Rio Tinto's Salar del Rincon entry signals major-miner interest in Argentine brine. The only non-Argentine construction project is Zijin Mining's Lakkor Tso in Tibet, China.

The construction pipeline adds context to the 696-project lithium project pipeline 2026: less than 1% of tracked lithium projects are physically being built. The gap between exploration and construction remains the single largest bottleneck in lithium supply growth.

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Uranium: 17 Active Projects (11 Production, 6 Construction)

Uranium supply dynamics are tighter than any other critical mineral. Mining Terminal tracks 558 uranium projects, but only 17 are producing or under construction. The uranium project pipeline 2026 covers the broader pipeline; the uranium supply outlook 2026 addresses the demand-supply imbalance in detail.

Uranium Projects in Production (11)

| Project | Country | Region | Company | Ticker | Exchange |
| --- | --- | --- | --- | --- | --- |
| McArthur River | Canada | SK | Cameco | CCO | TSX |
| Cigar Lake | Canada | SK | Cameco | CCO | TSX |
| McClean Lake | Canada | SK | Denison Mines | DML | TSX |
| Honeymoon | Australia | SA | Boss Energy | BOE | XASX |
| Inkai | Kazakhstan | — | Cameco | CCO | TSX |
| Appak/Western Mynkuduk | Kazakhstan | — | Sumitomo | SSUMF | — |
| Langer Heinrich | Namibia | — | Paladin | PDN | XASX |
| Nichols Ranch ISR | USA | WY | Energy Fuels | EFR | TSX |
| Irigaray | USA | WY | Uranium Energy | UEC | NYSE |
| Lost Creek ISR | USA | WY | Ur-Energy | URE | TSX |
| White Mesa Mill | USA | UT | Energy Fuels | EFR | TSX |

Cameco controls 3 of the 11 producing uranium assets, including the world's two highest-grade underground mines at McArthur River and Cigar Lake in Saskatchewan's Athabasca Basin. Energy Fuels operates two U.S. assets (Nichols Ranch ISR and White Mesa Mill), making it the most diversified American producer. The United States has 4 producing uranium operations, all in Wyoming or Utah, but combined output remains a fraction of Canadian and Kazakh production.

Boss Energy's Honeymoon restart in South Australia and Paladin's Langer Heinrich restart in Namibia represent the two most significant recent production additions. Both were former producers that shut down during the post-Fukushima price collapse and restarted as uranium prices recovered above $80/lb. More detail in at the companies, see our uranium mining stocks analysis.

Uranium Projects Under Construction (6)

| Project | Country | Region | Company | Ticker | Exchange |
| --- | --- | --- | --- | --- | --- |
| Mulga Rock | Australia | WA | Deep Yellow | DYL | XASX |
| Etango | Namibia | — | Bannerman | BMN | XASX |
| Pinyon Plain | USA | AZ | Energy Fuels | EFR | TSX |
| Henry Mountains | USA | UT | Energy Fuels | EFR | TSX |
| Rosita ISR | USA | TX | enCore Energy | EU | TSXV |
| Shirley Basin ISR | USA | WY | Ur-Energy | URE | TSX |

The uranium construction pipeline is weighted toward the United States: 4 of the 6 projects are American, spread across Arizona, Utah, Texas, and Wyoming. Energy Fuels alone accounts for 2 construction-stage projects (Pinyon Plain and Henry Mountains), adding to its 2 existing producing assets. This makes Energy Fuels the most vertically concentrated Western uranium company with 4 total active-stage projects.

Deep Yellow's Mulga Rock in Western Australia and Bannerman's Etango in Namibia are the two non-U.S. construction projects. Both are ASX-listed juniors building their first mines, a risk profile that differs substantially from the established producers expanding capacity.

With 558 total uranium projects in the pipeline and only 17 in production or construction (3.0%), the uranium sector has the second-tightest conversion rate among critical minerals. At current reactor demand growth rates, these 17 projects cannot fill the projected supply gap without significant pipeline acceleration.

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Rare Earth Elements: 6 Active Projects (2 Production, 4 Construction)

Rare earth elements power permanent magnets for EVs, wind turbines, and defense electronics. Mining Terminal tracks 218 REE projects globally, but only 6 have reached production or construction. The extreme concentration of REE supply is the defining feature of this commodity group.

REE Projects in Production (2)

| Project | Country | Region | Company | Ticker | Exchange |
| --- | --- | --- | --- | --- | --- |
| Mt Weld | Australia | WA | Lynas Rare Earths | LYC | XASX |
| Mountain Pass | USA | — | MP Materials | MP | NYSE |

Outside of China, the entire Western rare earth supply chain runs through exactly 2 mines. Lynas operates Mt Weld in Western Australia, the highest-grade rare earth deposit in production outside China, and processes concentrate at its Kuantan facility in Malaysia. MP Materials operates Mountain Pass in California, the only U.S. rare earth mine. Together, these two operations produce virtually all non-Chinese separated rare earth oxides.

This duopoly makes REE the most supply-concentrated critical mineral. A disruption at either Mt Weld or Mountain Pass would immediately tighten global supply outside China, which still controls roughly 60% of rare earth mining and over 85% of processing. For investors tracking this space, our rare earth mining stocks coverage provides company-level analysis.

REE Projects Under Construction (4)

| Project | Country | Region | Company | Ticker | Exchange |
| --- | --- | --- | --- | --- | --- |
| Kalgoorlie REE Processing | Australia | WA | Lynas Rare Earths | LYC | XASX |
| Dubbo REE | Australia | NSW | Australian Strategic Materials | ASM | XASX |
| Nechalacho | Canada | — | Vital Metals | VML | XASX |
| Saltend | UK | — | Pensana | PRE | LSE |

The REE construction pipeline is entirely Western-aligned: 2 projects in Australia, 1 in Canada, and 1 in the UK. Lynas's Kalgoorlie processing facility is designed to replace its Malaysian plant and bring separation capacity onshore to Australia, a strategically significant move. Australian Strategic Materials' Dubbo project would add a second Australian REE source. Vital Metals' Nechalacho in Canada's Northwest Territories targets light rare earths, while Pensana's Saltend facility in the UK is designed as a European processing hub.

All 4 construction-stage projects are being built by ASX-listed or LSE-listed companies, meaning the Western REE construction pipeline is entirely funded through public equity markets. No major diversified miner has committed capital to a greenfield REE mine, a gap that leaves the sector reliant on junior-company execution.

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Graphite: 7 Active Projects (2 Production, 5 Construction)

Graphite is the largest component by weight in lithium-ion battery anodes. Mining Terminal tracks 123 graphite projects, making it the smallest critical mineral pipeline by project count. Yet its supply chain may be the most China-dependent: China produces roughly 65% of natural graphite and controls over 90% of anode material processing. See our graphite mining stocks coverage for company analysis.

Graphite Projects in Production (2)

| Project | Country | Region | Company | Ticker | Exchange |
| --- | --- | --- | --- | --- | --- |
| Lac des Iles Quarry | Canada | QC | Northern Graphite | NGC | TSXV |
| Sakura/Ragedara | Sri Lanka | — | Elcora Advanced Materials | ERA | TSXV |

Western graphite production outside China is nearly nonexistent. Only 2 tracked projects are producing: Northern Graphite's Lac des Iles quarry in Quebec, which produces flake graphite primarily for industrial applications, and Elcora's small-scale vein graphite operation in Sri Lanka. Combined output from these 2 mines represents less than 2% of global natural graphite supply.

Graphite Projects Under Construction (5)

| Project | Country | Company | Ticker | Exchange |
| --- | --- | --- | --- | --- |
| Lac Knife | Canada (QC) | Focus Graphite | FMS | TSXV |
| Molo | Madagascar | NextSource Materials | NEXT | TSX |
| Montepuez | Mozambique | Global Li-Ion Technology | LION | CSE |
| Balama Central | Mozambique | Tirupati Graphite | TGR | LSE |
| Lindi Jumbo | Tanzania | Walkabout Resources | WKT | XASX |

The graphite construction pipeline is geographically diversified across 4 countries on 2 continents. Africa hosts 4 of the 5 projects, with Mozambique emerging as a potential graphite hub with 2 construction-stage mines (Montepuez and Balama Central). NextSource's Molo in Madagascar is among the most advanced, having secured offtake agreements with Japanese end-users. Focus Graphite's Lac Knife would be the second Canadian graphite mine, reinforcing Quebec's position as a Western graphite jurisdiction.

With 7 active projects out of 123 total (5.7%), graphite has the highest active-to-pipeline conversion rate among the six critical minerals tracked here. This reflects the smaller but more commercially advanced nature of the graphite project universe, where exploration-stage projects are fewer but construction-stage buildout is further along than in lithium or uranium.

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Cobalt: 3 Active Projects (0 Production, 3 Construction)

Cobalt remains the most supply-constrained critical mineral in the Western pipeline. Mining Terminal tracks 102 cobalt projects, but none are in production outside of by-product streams from copper and nickel mines. All 3 active cobalt projects are under construction, and all are primary or co-product operations designed to reduce dependence on DRC artisanal mining. For company-level analysis, see cobalt mining stocks.

Cobalt Projects Under Construction (3)

| Project | Country | Region | Company | Ticker | Exchange |
| --- | --- | --- | --- | --- | --- |
| Broken Hill/Thackaringa | Australia | NSW | Cobalt Blue | COB | XASX |
| First Cobalt Refinery | Canada | ON | Electra Battery Materials | ELBMF | TSXV |
| NICO Co-Au-Bi-Cu | Canada | NWT | Fortune Minerals | FT | TSX |

The Western cobalt pipeline is paper-thin. Three construction-stage projects represent the only path to non-DRC, non-Chinese cobalt supply. Cobalt Blue's Broken Hill project in New South Wales is a primary cobalt deposit, rare in a market where most cobalt is produced as a by-product. Electra Battery Materials is building a cobalt refinery in Ontario, designed to process third-party feed. Fortune Minerals' NICO project in the Northwest Territories is a polymetallic deposit (cobalt, gold, bismuth, copper) that has been in development for over a decade.

The zero-production count for dedicated cobalt projects underscores why battery chemistries have shifted toward lower-cobalt and cobalt-free formulations (LFP, LMFP). The market has structurally priced in supply fragility, pushing OEMs toward cathode reformulation rather than waiting for primary cobalt mines to come online.

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Nickel: 5 Active Projects (0 Production, 5 Construction)

Nickel supply is dominated by Indonesian laterite operations and Russian output. Mining Terminal tracks 511 nickel projects, but the Western construction pipeline is narrow. All 5 active nickel projects are under construction; no tracked Western-focused nickel project has reached production outside of existing major-miner operations. For broader coverage, see nickel mining stocks.

Nickel Projects Under Construction (5)

| Project | Country | Region | Company | Ticker | Exchange |
| --- | --- | --- | --- | --- | --- |
| West Musgrave | Australia | WA | BHP | BHP | XASX |
| Cosmos | Australia | WA | IGO | IGO | XASX |
| Onaping Depth | Canada | ON | Glencore | GLEN | LSE |
| Oracle Nickel RKEF | Indonesia | — | Nickel Industries | NIC | XASX |
| Ban Phuc | Vietnam | — | Blackstone Minerals | BSX | XASX |

The nickel construction pipeline splits into two categories: sulphide projects (West Musgrave, Cosmos, Onaping Depth, Ban Phuc) that produce battery-grade Class 1 nickel, and laterite-RKEF projects (Oracle Nickel) that produce nickel pig iron for stainless steel. Only the sulphide projects directly address battery supply chain needs.

BHP's West Musgrave is the largest project by resource size and the only construction-stage nickel mine backed by a top-5 global miner. IGO's Cosmos is a high-grade underground operation being rebuilt after the original mine flooded. Glencore's Onaping Depth extends an existing Sudbury Basin operation in Ontario. Nickel Industries' Oracle RKEF in Indonesia adds to the country's already dominant laterite processing capacity. Blackstone Minerals' Ban Phuc in Vietnam targets a small but high-grade massive sulphide deposit.

With 511 total nickel projects and only 5 in construction (1.0%), nickel has the lowest active-to-pipeline conversion rate of any critical mineral. This reflects the commodity's price collapse following Indonesian supply expansion, which has made it difficult for junior nickel developers to secure financing.

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Supply Chain Analysis: Where the Bottlenecks Are

Production Concentration by Country

| Country | Production Projects | Share of All Production |
| --- | --- | --- |
| Australia | 8 | 28.6% |
| USA | 5 | 17.9% |
| Canada | 4 | 14.3% |
| Chile | 2 | 7.1% |
| Kazakhstan | 2 | 7.1% |
| Argentina | 1 | 3.6% |
| China | 1 | 3.6% |
| Namibia | 2 | 7.1% |
| Sri Lanka | 1 | 3.6% |
| Japan | 1 | 3.6% |
| Total | 28 | 100% |

Australia leads with 8 of the 28 producing critical mineral projects (28.6%), spanning lithium (6), uranium (1), and REE (1). Western Australia alone hosts 7 of those 8. The United States holds 5 producing projects (17.9%), all in uranium or REE. Canada contributes 4 producing projects across uranium and graphite.

Construction Concentration by Country

| Country | Construction Projects | Share of All Construction |
| --- | --- | --- |
| Australia | 5 | 17.9% |
| USA | 4 | 14.3% |
| Argentina | 4 | 14.3% |
| Canada | 4 | 14.3% |
| Mozambique | 2 | 7.1% |
| Namibia | 1 | 3.6% |
| China | 1 | 3.6% |
| Indonesia | 1 | 3.6% |
| Vietnam | 1 | 3.6% |
| Madagascar | 1 | 3.6% |
| Tanzania | 1 | 3.6% |
| UK | 1 | 3.6% |
| Total | 28 | 100% |

The construction pipeline is more geographically diversified than production. Australia, the USA, Argentina, and Canada each host 4-5 projects, collectively accounting for 60.7% of construction activity. Africa is emerging as a construction hub with 4 projects across Mozambique (2), Namibia (1), Madagascar (1), and Tanzania (1), all in graphite or uranium.

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Western vs. Chinese Supply Chain Exposure

The critical minerals debate is fundamentally a question of supply chain geography. Among the 56 active projects tracked here, the Western vs. Chinese split reveals where strategic vulnerabilities persist.

Western-Aligned Projects (52 of 56)

Across all six commodities, 52 of the 56 active projects are operated by Western-listed companies or located in allied jurisdictions. This includes all projects in Australia, Canada, the USA, Argentina, Chile, Namibia, Mozambique, Madagascar, Tanzania, the UK, and Sri Lanka. The Western pipeline is broadest in uranium (16 of 17 active projects) and lithium (16 of 18).

Chinese-Controlled Projects (4 of 56)

Only 4 active projects are controlled by Chinese entities: Zijin Mining's Xiangyuan lithium mine (production) and Lakkor Tso lithium project (construction), plus 2 additional operations. However, this metric drastically understates Chinese dominance because it excludes:

• Processing and refining: China controls 65-90% of midstream processing for lithium, graphite, cobalt, and rare earths, regardless of where the ore is mined.
• DRC cobalt: The dominant source of global cobalt (70%+) is the Democratic Republic of Congo, where Chinese-backed entities control most industrial production.
• Indonesian nickel: Chinese-financed HPAL and RKEF plants in Indonesia now produce the majority of global Class 2 nickel.

The 56-project tracker captures mine-level supply. It does not capture the processing chokepoint, which remains the critical vulnerability in Western critical minerals supply chain investing.

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Investment Implications

The Conversion Rate Problem

The overarching finding is mathematical: 2.5% of tracked projects have reached production or construction. For investors, this means:

• Pipeline headlines mislead. A country announcing "200 critical mineral projects" may have zero in construction. The stage mix is what determines supply impact.
• Junior miners face structural headwinds. Of the 28 construction projects, 22 are operated by junior or mid-tier companies. These firms must navigate permitting, financing, and offtake negotiations without the balance sheet advantages of majors. Execution risk is the dominant variable.
• Majors are underweight. BHP (West Musgrave), Rio Tinto (Salar del Rincon), and Glencore (Onaping Depth) account for only 3 of the 28 construction projects. The critical minerals buildout is largely a junior-company story, which creates both risk and opportunity.

Commodity-Specific Signals

• Lithium: Argentina is the construction epicenter (4 of 5 projects). Country risk, water rights, and royalty regimes in Salta and Catamarca provinces will determine whether these projects reach production on schedule.
• Uranium: The U.S. has the deepest construction pipeline (4 projects), positioning it for a domestic supply resurgence that aligns with bipartisan nuclear policy support.
• REE: The construction pipeline is 100% Western-aligned but 100% junior-company operated. No major miner has committed to a greenfield REE mine, leaving execution risk concentrated in small-cap balance sheets.
• Graphite: Africa hosts 4 of 5 construction projects. Mozambique's political stability and infrastructure capacity will be tested as these mines scale up.
• Cobalt: Zero production, 3 construction projects. The market has already adapted by reducing cobalt intensity in battery chemistries. Primary cobalt mining may be a shrinking addressable market.
• Nickel: With 511 pipeline projects and only 5 in construction (1.0%), the lowest conversion rate of any critical mineral. Indonesian oversupply has cratered economics for sulphide developers.

Portfolio Construction Considerations

When screening stocks, building critical minerals exposure, the tracker highlights a tradeoff between diversification and concentration. Buying the mining stocks outlook 2026 broadly captures sector beta, but the critical minerals subset demands project-level due diligence. Use the stocks page to screen by commodity exposure and the projects page to verify stage status.

Companies appearing across multiple commodity categories (IGO in lithium and nickel, Energy Fuels in uranium) offer built-in diversification within a single equity. Multi-asset operators also tend to have stronger balance sheets and operational track records than single-project developers.

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FAQ

How many critical mineral mines are being built in 2026?

Mining Terminal tracks 28 critical mineral projects under construction globally as of February 2026. This includes 5 lithium, 6 uranium, 4 rare earth, 5 graphite, 3 cobalt, and 5 nickel projects. An additional 28 projects are already in production, bringing the total active critical mineral project count to 56 across 2,208 tracked projects.

Which country is building the most critical mineral mines?

Australia and the United States lead construction activity, each hosting 4-5 projects. Australia's construction projects span lithium, uranium, REE, cobalt, and nickel, while U.S. construction is concentrated in uranium (4 projects). Argentina hosts 4 lithium construction projects, and Canada has 4 projects across cobalt, REE, and graphite.

What percentage of critical mineral projects actually get built?

Based on Mining Terminal data, only 2.5% of tracked critical mineral projects have reached production or construction. The conversion rate varies by commodity: graphite has the highest at 5.7% (7 of 123 projects), while nickel has the lowest at 1.0% (5 of 511 projects). Most projects remain in exploration, where technical, financial, and permitting challenges prevent advancement.

Which critical mineral has the tightest supply pipeline?

Rare earth elements have the tightest supply outside China, with only 2 producing mines (Mt Weld and Mountain Pass) and 4 construction projects. Cobalt is also extremely constrained, with zero dedicated production projects and only 3 under construction. See our critical minerals projects by country 2026 for geographic breakdowns.

Are major miners investing in critical minerals?

Major diversified miners have limited direct exposure to critical mineral construction. BHP is building West Musgrave (nickel), Rio Tinto has Salar del Rincon (lithium), and Glencore is developing Onaping Depth (nickel). Together, majors account for only 3 of the 28 construction projects (10.7%). The critical minerals construction pipeline is overwhelmingly a junior and mid-tier company undertaking. Explore company comparisons on the stocks page.

How does this tracker differ from government critical mineral lists?

Government lists (U.S. DOE, EU CRM list, Australia's Critical Minerals Strategy) define which minerals are "critical" based on supply risk and economic importance. This tracker goes further by mapping every individual mine at the production and construction stage with company ownership, exchange listing, and country location. It is a project-level operational tracker rather than a policy classification.

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Bottom Line

The critical minerals buildout is real but thin. Across 2,208 tracked projects in 6 commodity groups, only 56 have reached production or construction. The 28 mines being built today will determine whether Western supply chains can reduce dependence on Chinese processing and DRC cobalt by the end of the decade. For investors, the tracker's most important signal is not the pipeline's size but its conversion rate: 2.5% and climbing slowly. Every project that clears construction and reaches first production narrows the supply gap. Every project that stalls in permitting or loses financing widens it.

Use Mining Terminal's projects page to monitor stage changes in real time. Subscribe to Mining Terminal alerts for project-level updates as construction milestones are reached.

Data sourced from Mining Terminal's database of 12,000+ global mining projects. Production and construction status verified against company filings and technical reports. Pipeline counts include all tracked projects at any stage. See methodology notes in the Mining Terminal documentation.