Abstract

The transition to low-carbon technologies increases the demand for critical materials. This shift has heightened mineral consumption, leading to geopolitical tensions, price volatility, and supply disruptions. In this context, Iridium has become the world’s most expensive mineral due to its scarcity on Earth. With the energy sector becoming a major consumer of critical minerals, new business models have emerged on reducing or substituting critical materials and leveraging circular economy strategies to mitigate supply vulnerabilities. This perspective report explores the future outlook on new business models in Iridium mining, focusing on those framed in the sustainability of the circular economy and analyzing a brief study of a practical case to evaluate its feasibility.

Keywords:Iridium; Critical materials; Circular economy; SEM; Business models

Abbreviations: PGM: Platinum Group Metals; IEA: International Energy Agency; TRL: Technological Readiness Level; SEM: Scanning Electron Microscopy; CAPEX: Capital expenses; OPEX: Operating Expenses