Raw material ‘criticality’—sense or nonsense?

The past decade has seen a resurgence of interest in the supply security of mineral raw materials. A key to the current debate is the concept of 'criticality'. The present article reviews the criticality concept, as well as the methodologies used in its assessment, including a critical evaluation of their validity in view of classical risk theory. Furthermore, it discusses a number of risks present in global raw materials markets that are not captured by most criticality assessments. Proposed measures for the alleviation of these risks are also presented.