From criticality to bankability: a structural taxonomy for strategic minerals

This paper introduces the Critical Metals, Minerals, and Materials (CM3) taxonomy, a structural–financial model for assessing mineral bankability. Unlike conventional criticality frameworks that focus on geological scarcity or import dependence, CM3 identifies the economic and institutional conditions that determine whether projects can attract private investment. It links observable market, technical, and commercial structures to distinct types of financial risk, explaining why some materials remain uninvestable despite strategic importance. By integrating resource security with industrial finance, the taxonomy complements existing USGS and DOE lists and provides policymakers with a framework for prioritising interventions where private capital fails to flow.