OXFORD — Two tumultuous elections have captured headlines this week. In Brazil, incumbent President Luiz Inácio Lula da Silva defeated his far-right challenger Flávio Bolsonaro. And in Serbia, the student-led opposition ousted Aleksandar Vučić after 14 years in power. But the challenge for these new governments is just beginning. Whether they like it or not, both will be swept up in the global scramble for critical minerals and metals. Critical minerals and metals are essential to build modern infrastructure, implement advanced technologies, and pursue decarbonization. They are vital inputs in electricity grids, wind turbines, solar panels, batteries, electric vehicles, and energy storage. And Brazil and Serbia both possess them: Brazil holds the world’s second-largest reserve of rare earths (after China), estimated at 21 million tons (Mt), and Serbia has significant stores of coal and lithium, as well as copper, gold, and other metals. As it stands, global supplies of these materials, and mining plans for them, are insufficient to meet growing demand. For example, BloombergNEF