Episode 388: The Truth About How Critical Minerals Work with Lisa Sachs

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Previously titled “Episode 388: The New Oil? Critical Minerals, Corruption and the Race to Control Them with Lisa Sachs” — renamed by the publisher on Aug 9, 2026

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Recorded08 Aug 2026

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In this episode of The International Risk Podcast, host Dominic Bowen is joined by Lisa Sachs, Director of the Columbia Center on Sustainable Investment at Columbia University's Climate School, to unpack why critical minerals have become one of the defining forces in global geopolitics, economics and security, and why the countries richest in them so often stay poor.Sachs draws on two decades advising governments, investors and international institutions on resource governance to explain why minerals like lithium, cobalt and copper are not a new story but a long overlooked one, now thrust into the headlines by the clean energy transition and the race for AI. She examines why so few mining communities are genuinely better off for having mining nearby, why the "resource curse" is really a failure to treat natural resource governance as inseparable from geopolitics and international finance, and why the murky politics behind deals like the Kazakhstan tungsten project linked to the Trump family raise uncomfortable questions about conflict of interest at the highest levels. The conversation also covers what she calls "legalized corruption" in how resource deals get structured, why resource nationalism can be reasonable for developing countries but self-defeating for wealthy ones racing to secure their own supply chains, and why she believes AI and the energy transition represent a genuine opportunity to correct decades of unequal value capture if governments and companies are willing to learn from past mistakes.Key topics discussed:Why critical minerals are not the "new oil" but have always been central to the global economyWhat resource governance actually means in practice, beyond permits and environmental regulationWhy Sachs struggles to name mining communities that are genuinely better off for having miningThe conflict of interest questions raised by the Trump family's Kazakhstan tungsten investment"Legalized corruption" and the use of tax structuring and diplomatic pressure in resource dealsWhy resource nationalism is rational for developing countries but self-defeating for wealthy onesHow companies keep misreading community resistance to mining projectsWhether the clean energy transition and AI will reduce global inequality or deepen itThe international risks Dr. Sachs is watching most closely today, from climate change to AI driven inequalityThis episode is relevant to anyone interested in critical minerals, resource governance, geopolitics, supply chain security, sustainable investment or international risk.The International Risk Podcast brings you conversations with global experts, frontline practitioners and senior decision-makers who are shaping how we understand and respond to international risk. From geopolitical volatility and organised crime, to cybersecurity threats and hybrid warfare, each episode explores the forces transforming our world and what smart leaders must do to navigate them. Whether you're a board member, policymaker or risk professional, The International Risk Podcast delivers actionable insights, sharp analysis and real-world stories that matter.Dominic Bowen is the host of The International Risk Podcast and Europe's leading expert on international risk and crisis management. As Head of Strategic Advisory and Partner at one of Europe's leading risk management consulting firms, Dominic advises CEOs, boards and senior executives across the continent on how to prepare for uncertainty and act with intent. He has spent decades working in war zones, advising multinational companies and supporting Europe's business leaders.Tell us what you liked!

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