The Critical Minerals Trade Is Growing Up
For several years, strategic importance was almost an investment thesis in itself. The next phase of the market will be considerably more demanding. For the past few years, being classified as a critical mineral has been a remarkably effective way of attracting attention (and capital). Lithium, rare earths, antimony, tungsten, gallium, germanium. The list has […]
Copper Is Expensive, But Are Copper Miners Cheap?
The copper bull case is hardly controversial anymore. The more difficult question is whether the same case can be made for copper equities. There is probably no need to make the bull case for copper again. Copper has already traded well above US$14,000/t this year. Grid investment is accelerating, electrification remains copper-intensive, data centres have […]
Gallium and Germanium: The Same Headlines, Different Economics
Gallium and germanium have become almost inseparable in the critical minerals debate. They appear together in announcements on Chinese export restrictions, government funding programmes and presentations promising investors exposure to defence, semiconductors and artificial intelligence. Yet grouping them together tells us relatively little about either market. The distinction matters now because alternative supply is beginning […]
Critical Minerals Funding Isn’t the West’s Problem—Economics Is
Governments have finally recognised the strategic importance of critical minerals. The harder question is whether the projects being funded can ever stand on their own. There was an interesting story out of Europe this week. Twenty-three companies behind projects selected by the EU as strategically important to its critical minerals ambitions issued what they called […]
RARE EARTHS ARE STRATEGIC. RARE EARTH STOCKS ARE NOT!
Why I remain optimistic on the commodities, but far more selective about the companies that produce them Why I would happily own the material—but rarely the mining company. One of the questions I am asked most frequently is remarkably simple. “Which rare earth stock should I buy?” My answer usually surprises people. None of them. […]
The Real Bottleneck in Critical Minerals Isn’t Mining
Why Processing-Not Geology-May Determine the Winners and Losers of the Next Resource Cycle If you listened to the debate around critical minerals over the past five years, you would be forgiven for thinking the world’s biggest challenge is a shortage of mines. Governments want more mines. Investors are financing more mines. Mining companies are racing […]
Tungsten Under Pressure
Why Short-Term Volatility is Masking Tungsten’s Long-Term Strategic Importance Every commodity has its moment. Twenty years ago, it was iron ore. A decade later, rare earths briefly captured the world’s attention before fading back into the background (although admittedly, it is again garnering attention). More recently, lithium became the poster child of the energy transition, […]
Antimony Market Outlook: Why I Believe the Ingot Market Is Heading Toward $38,000-40,000 per Tonne
The antimony market is at a pivotal moment. Despite a clear glut of ingots flooding the market, benchmark prices such as those published by FastMarkets have shown little movement. But the current disconnect between China — where prices have stabilized at $20,000–$22,000 per tonne — and the rest of the world is unsustainable. A correction […]
Commodity Power Plays: The rising stakes in scandium, gallium, germanium and tellurium
When people talk about the metals driving tomorrow’s technologies, copper, lithium, and nickel usually dominate the headlines. But behind the scenes, a quartet of lesser-known elements—scandium, gallium, germanium, tellurium—may quietly be gearing up for their day in the sun. These are strategic, niche materials—often by-products—and their futures will hinge on supply chain constraints, geopolitical decisions, […]
Anglo American and Teck Resources: A New Copper Powerhouse?
When Anglo American and Teck Resources unveiled plans for a “merger of equals,” it marked the most significant shake-up in the mining sector in over a decade. Together, the two companies would form a diversified global mining giant, one of the top four copper producers in the world, and a potential catalyst for a new […]