While the US and China want their critical-mineral investments to deliver the biggest returns possible, governments in resource-rich countries must balance external pressures with internal demands. Mining firms must also win local communities’ trust, as host countries will be quick to throw them under the bus if public opinion sours.
OXFORD—Two tumultuous elections have captured headlines this week. In Brazil, incumbent President Luiz Inácio Lula da Silva defeated his far-right challenger Flávio Bolsonaro. And in Serbia, the student-led opposition ousted Aleksandar Vučić after 14 years in power. But the challenge for these new governments is just beginning. Whether they like it or not, both will be swept up in the global scramble for critical minerals and metals.
