Metals & Minerals
Metals and minerals are the backbone of industrial development and the energy transition. From steel and cement to copper wiring and lithium batteries, they enable construction, manufacturing, electrification, and technology. As economies urbanize and decarbonize, strategic minerals are reshaping trade, investment, and policy.
Commodity Categories
Metals and minerals are grouped by properties, uses, and how they are traded. Categories often overlap—battery materials draw on base-metal supply chains, and precious metals serve both industry and investment.
- Ferrous & bulk: iron ore, steel, metallurgical coal
- Base/industrial metals: copper, aluminum, zinc, lead, nickel, tin
- Precious metals: gold, silver, platinum group metals
- Battery & transition minerals: lithium, cobalt, graphite, manganese, Class 1 nickel
- Rare earths & tech materials: neodymium, praseodymium, dysprosium, gallium, germanium
These categories intersect in downstream applications—for example, copper and aluminum compete in power cables, and nickel feeds both stainless steel and batteries.
Historical Perspective
From the Bronze and Iron Ages to modern skyscrapers and smartphones, metals and minerals have defined economic eras. The rise of global exchanges standardized grades and delivery, while industrial “supercycles” tied to urbanization and infrastructure repeatedly reshaped demand.
“Electrification has elevated copper, nickel, lithium, and rare earths from niche inputs to strategic materials.”
Today, policy, geopolitics, and ESG standards influence permitting, investment, and trade flows as much as geology—stretching project timelines and amplifying price cycles.
Supply Chain: From Rock to Product
Metals and minerals flow through capital-intensive chains where each step changes form, purity, logistics, and pricing—from ore in the ground to refined metal and finished components.
Exploration & Development
Deposits are discovered, drilled, permitted, and financed—often over many years before first production.
Mining & Beneficiation
Ore is extracted and processed (crushing, grinding, flotation) to produce concentrates or direct-shipping products.
Smelting, Refining & Logistics
Concentrates become intermediates and high-purity metals, then move via bulk carriers, rail, and warehouses.
Fabrication, Use & Recycling
Metals are formed into semis and parts for construction, transport, grids, and electronics; scrap returns as secondary supply.
Key Characteristics
Despite their diversity, metals and minerals share traits that define how they are stored, priced, and traded:
| Characteristic | Description |
|---|---|
| Grade & Specification Sensitivity | Prices hinge on purity, deleterious elements, and form (e.g., cathode vs. rod); off-spec material trades at discounts. |
| Capital Intensity & Long Lead Times | Mines and smelters require large upfront investment and years of permitting, delaying supply responses. |
| Geology & Country Risk Concentration | Reserves are unevenly distributed; politics, ESG, water, and power access constrain output. |
| Logistics & Bottlenecks | Port capacity, rail, smelter availability, and energy costs can bind supply more than in-situ resources. |
| Recycling & Substitution Dynamics | Scrap buffers markets and lowers emissions; users can thrift or substitute metals when prices surge. |
Major Producers & Consumers
Production clusters where geology and energy costs are favorable, while consumption concentrates in manufacturing and construction hubs. Australia and Brazil dominate iron ore; Latin America and Africa are key for copper; Southeast Asia and Central Africa supply nickel and cobalt; refining and fabrication capacity is widespread but often clustered near low-cost power and large end-markets.
Chart: Leading global producers and consumers of metals and minerals across ferrous, base, precious, and battery materials.