Its chairman also expects the market to maintain its confidence in Codelco, despite rating agency Moody's giving notice of a possible ratings downgrade.
IDTechEx forecasts that graphite will remain the most widely used anode material in Li-ion batteries through the medium term with demand exceeding 2 million tonnes by 2029.
China is expected to continue building its influence over key minerals such as lithium and cobalt across the developing world, according to S&P Global.