Intelligence briefings
Analysis connecting deposits, refining capacity and policy to the technologies they enable.
Antimony repricing continues as western supply stays scarce
Export controls have moved antimony from an industrial afterthought to one of the most sharply repriced strategic minerals.
Data centre build-out is quietly reshaping the copper balance
Hyperscale campuses consume copper at a rate that grid planners are only beginning to model. The result is a demand stream that did not exist in most published copper forecasts five years ago.
Heavy rare earth separation, not mining, remains the bottleneck
Western rare earth strategy has focused on deposits. The constraint has always been further down the chain.
Lithium oversupply meets a structurally growing demand base
Price weakness has curtailed marginal supply while underlying consumption continues to expand.
Gallium controls expose AI hardware to a by-product supply chain
Gallium has no dedicated mines. That is precisely the problem.
Uranium supply gap widens as reactor demand firms
Years of underinvestment in mine supply meet renewed reactor demand, including from compute.
Anode qualification is the slow step in ex-China graphite plans
Building a purification plant is capital. Qualifying its output in a cell is time.
Grade decline, not permitting, is the deepest copper constraint
Every year the world mines more rock to produce the same copper.
Indonesian nickel supply reshapes the Class 1 market
A single country now determines the marginal cost of the nickel market.
Minerals for AI: a primer on the physical substrate of compute
AI is often described as weightless. Its infrastructure weighs a great deal.
How far can Europe get toward rare earth independence?
Europe has deposits, low-carbon power and magnet demand. It lacks separation.
Potash trade flows remain reshaped by sanctions
Fertiliser supply is a food security question expressed through mineral logistics.