Rare earths triggered alarm. Now batteries face a bigger constraint: battery-grade lithium and graphite.

The clean-energy economy depends on refined inputs—especially lithium chemicals and graphite anodes.

The world can mine minerals in many places. But conversion into battery-grade chemicals is concentrated.

Lithium carbonate and hydroxide need complex refining—this is where supply chain power sits.

Chile, Argentina, and Bolivia anchor the Lithium Triangle—critical to future EV supply security.

Refining ecosystems—cathodes, anodes, electrolytes—give China major pricing leverage.

Spherical graphite and synthetic graphite processing are hard to replace—and concentrated.

Governments want processing, cathodes, and supply chain clustering—not only raw exports.

Industrial policy is pushing refining and conversion into domestic or allied supply chains.

Smaller batteries reduce mineral exposure and help automakers manage volatile input markets.

EV growth now depends on mineral supply chains—especially lithium and graphite processing.