19 Observations on mining and refining of critical minerals

Observation Nine – Gaining Power By Losing Money

This episode explores a side of critical minerals that is rarely discussed openly: the relationship between price, power, and survival. As countries race to secure strategic supply chains, a deeper question is beginning to emerge — what happens when the market conditions themselves make alternative supply difficult to sustain? From nickel expansion and pricing pressure to the growing debate around strategic capacity, resilience, and state-backed endurance, this observation examines why critical minerals have never behaved like ordinary commodity markets , and why the ability to survive weak prices can become a form of power. Produced By: Kiana Kianara Executive Vice President, Marketing & PR

Observation Eight – Churning The Critical Minerals Without The Midas Touch

As critical minerals move deeper into discussions around industrial security and domestic capability, refining is increasingly positioned at the center of the conversation. Yet behind the urgency surrounding capacity expansion lies a quieter and more complex tension — one that extends beyond production itself. This episode explores the structural realities shaping modern refining systems, and the questions that emerge when strategic expectations begin to collide with the conditions under which capacity is actually built. Produced By: Kiana Kianara Executive Vice President, Marketing & PR

Observation Seven – Refining Is Not What ESG Says It Is

A closer look at how refining is measured — and where that measurement begins to lose clarity. This piece explores the gap between reported outcomes and real performance, at the stage where materials are transformed and value is created. Produced By: Kiana Kianara Executive Vice President, Marketing & PR

Observation Six – Energy Transition and Industrial Breakpoints

The energy transition is often presented as a matter of scale—more materials, more capacity, more speed. This observation steps back from that assumption. What appears straightforward at the level of targets and timelines becomes far less certain when viewed through the systems required to support it. Not everything that is planned can be delivered as expected—and not everything that exists can be used when it is needed. This is not a question of ambition. It is a question of alignment. And that is where things begin to shift. Produced By: Kiana Kianara Executive Vice President, Marketing & PR

Observation Five – Africa: Where The Value Chain Begins – And Leaves | Part 2

Across much of Africa, critical minerals enter the global system at the earliest stages — yet rarely remain within it long enough to capture the full value of transformation. What appears as participation is often only partial presence. This episode follows the structure behind that pattern. Produced By: Kiana Kianara Executive Vice President, Marketing & PR