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10 articles · 18 operations
The copper bull case is the most consensus idea in metals and still the most underbuilt. The problem was never demand. It's that you can't permit and dig your way out of a structural deficit in under a decade.
A wall of Indonesian laterite and HPAL capacity, much of it China-backed, has flattened the cost curve and left a graveyard of Western nickel producers. Pretending class 1 and class 2 are the same metal is how you misread the whole thing.
The least glamorous tonne in mining bankrolls the most glamorous bets. Before you get excited about a copper growth pipeline, ask where the cash to build it comes from. The answer is usually red dirt from the Pilbara.
The most violent chart in the complex just did what it always does. Before you call the bottom, get straight on brine vs hard-rock, carbonate vs hydroxide, and who actually survives a low-price year.
A yieldless rock is near record highs while real assets are supposedly out of fashion. Gold isn't telling you about gold. It's telling you what the smart, nervous money thinks about everything else.
LFP took share, every cathode maker promised to engineer cobalt out, and yet the DRC still anchors the metal and a Chinese major still decides the price by turning one mine on and off. Read the chemistry that ships, not the chemistry in the press release.
A field dispatch from the mining-conference circuit, where the canapés are warm, the resource estimates are warmer, and everyone has discovered the next Greenbushes in a tent in the Yukon. A (mostly) loving send-up.
The anode gets none of the glamour and most of the leverage. China dominates natural flake, synthetic graphite and — crucially — the processing in between. Building a Western anode supply chain is harder than building a mine.
The ferrous complex sets the macro mood for mining; precious metals set the fear gauge. Both move capital toward and away from the battery basket. A quick map of the markets behind the markets.
A field guide to the language juniors use when they want your money. Bonanza intercepts, 'district-scale potential,' and the difference between a discovery and a stock promotion. Companies, not just commodities, get covered here.
| Operation | Mineral | Country | Owner | Stage |
|---|---|---|---|---|
| Greenbushes | Lithium | Australia | Talison (Tianqi/IGO + Albemarle JV) | Producing |
| Salar de Atacama | Lithium | Chile | SQM & Albemarle (CORFO leases) | Producing |
| Thacker Pass | Lithium | United States | Lithium Americas (GM offtake) | Construction |
| Sorowako | Nickel | Indonesia | PT Vale Indonesia | Producing |
| Raglan | Nickel | Canada | Glencore | Producing |
| Escondida | Copper | Chile | BHP (op.), Rio Tinto, JECO | Producing |
| Kamoa-Kakula | Copper | DR Congo | Ivanhoe Mines / Zijin JV | Producing |
| Oyu Tolgoi | Copper | Mongolia | Rio Tinto / Government of Mongolia | Producing |
| Tenke Fungurume | Cobalt | DR Congo | CMOC (China Molybdenum) | Producing |
| Mutanda | Cobalt | DR Congo | Glencore | Producing |
| Balama | Carbon | Mozambique | Syrah Resources | Care & Maintenance |
| Vidalia (anode plant) | Carbon | United States | Syrah Resources | Producing |
| Pilbara (iron ore hubs) | Ferrous | Australia | BHP, Rio Tinto, Fortescue | Producing |
| Bowen Basin | Ferrous | Australia | BHP/Mitsubishi (BMA), Glencore, others | Producing |
| Carajás | Ferrous | Brazil | Vale | Producing |
| Carlin Trend / Nevada | Precious | United States | Nevada Gold Mines (Barrick/Newmont JV) | Producing |
| Kalgoorlie Super Pit | Precious | Australia | Northern Star Resources | Producing |
| Mogalakwena | Precious | South Africa | Anglo American Platinum | Producing |