Demand for copper, nickel, lithium, and cobalt has risen sharply, driven by the global move to lower carbon emissions and electric vehicle makers chasing battery ingredients.
Fitch expects the NMC chemistry to remain dominant, owing to the superior energy density of high-nickel variations, which improve vehicle range and charging speeds.
Environment officials and campaigners have called for a global moratorium on deep-sea mining and on issuing new exploration contracts unless marine ecosystems can be effectively protected.