Critical minerals have become central to geopolitics, industrial policy and the energy transition. But who ultimately controls supply chains, and can western governments realistically challenge China's dominance?In this episode, Argus battery materials reporter Chris Welch speaks with journalist and author Nicolas Niarchos, whose book The Elements of Power: A Story of War, Technology, and the Dirtiest Supply Chain on Earth follows cobalt, copper and other critical minerals from mines in the Democratic Republic of Congo to the industries that depend on them.Key topics include:Whether western financial systems are suited to commodity investingChina's influence over markets and even pricesThe influence of long-term contracts in cobalt over spot marketsThe reliability of data for industrial pricing benchmarksWhether a focus on extraction neglects the role of surrounding infrastructureThe challenges facing governments