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Industry brief · Materials, infrastructure & industry

Mining & metalscopper, lithium, iron ore, coal; concentrators & smelters

Open-pit and underground mines with processing (concentrators, heap leach, lithium conversion) and downstream smelting/refining. 2026 features record copper prices (~USD 13,500/t), a depressed-but-recovering lithium market, new seaborne iron ore (Simandou) and Indian coal expansion. Mega-projects carry a 27% mean real cost overrun (Flyvbjerg 2026, N=886), with geology, permitting, water/tailings and host-country risk dominating.

Start a Decision Sprint See the parameters
11 swing factors · circle size = months of delay0%20%40%60%2.5%5%10%15%Probability →Cost impact →Permitting, land & social-licence delays (incl. Indigenous/tribal consent): 45% likely, 8% cost impact, 12 monthsTailings & water management failure / redesign: 25% likely, 10% cost impact, 9 monthsGrid/power supply for concentrator or smelter: 30% likely, 4% cost impact, 9 monthsGeology / grade reconciliation shortfall: 35% likely, 5% cost impact, 6 monthsLong-lead equipment delays (gearless mill drives, trucks, transformers): 40% likely, 4% cost impact, 6 monthsCommodity price downturn before first production (lithium-style bust): 35% likely, 0% cost impact, 6 monthsResource nationalism, export bans & host-country fiscal changes: 30% likely, 6% cost impact, 6 monthsFinancing & offtake risk (rates, streaming costs, FEOC rules): 30% likely, 3% cost impact, 6 monthsLabour disputes, skills shortage & safety incidents: 30% likely, 3% cost impact, 4 monthsConstruction cost inflation (steel, concrete, contractor rates): 45% likely, 8% cost impact, 3 monthsEnergy cost shock (diesel, power) during construction & ramp: 40% likely, 4% cost impact, 0 monthsPermitting, land &…Tailings & water…

Pack v1.0.0 · updated 5 Oct 2026 · 20 cited sources · 14 parameters · 11 swing factors.

At a glance

30,000Capex intensity · USD per annual tonne Cu (copper default)range 15,000–50,000 · estimate
48Construction time · monthsrange 30–72 · estimate
27%Mean cost overrunrange 0%–100% · sourced
30%Mean schedule overrunrange 0%–100% · estimate

Pack defaults with their low–high range. Overruns are sector means as a share of the original budget or schedule. All parameters and sources

Sub-industries

Capex intensity ranges by configuration. The unit changes with the asset, so compare within a row, not across rows.

Sub-industryCapex intensityNotes
Copper mine + concentratorOpen-pit/block-cave porphyry with SAG/ball milling and flotation.18,000–45,000USD per annual tonne CuQuebrada Blanca 2 and Oyu Tolgoi illustrate the top end; Oyu Tolgoi went from USD 4.6bn (2010) to ~USD 10bn (2013) (https://en.wikipedia.org/wiki/Oyu_Tolgoi_mine).
Copper smelter & refineryFlash smelting, converting, electrorefining; acid plant.1,800–6,000USD per tpa cathodeIndia (Adani Kutch Copper) at the low end; Western greenfield at the high end; TC/RCs near zero in 2025-26 squeeze smelters (estimate).
Lithium (spodumene, brine/DLE, clay) + conversionConcentrate, carbonate or hydroxide production.15,000–75,000USD per tpa LCEThacker Pass (clay) backed by a USD 2.26bn DOE loan; DOE took 5% stakes in Oct 2025 (https://en.wikipedia.org/wiki/Lithium_Americas).
Iron ore mine + rail + portBulk open-pit mining, beneficiation/pelletising, heavy-haul rail and export port.60–250USD per annual tonneSimandou: ~USD 20bn for mine, rail and port, up to 95 Mtpa (https://en.wikipedia.org/wiki/Simandou_mine).
Opencast coal (India)Coal India / SCCL mega-OCPs with FMC conveyors and rail sidings.12–30USD per annual tonneJayant expansion 20→38 Mtpa INR 25,560 cr; Gevra 70 Mty INR 11,816 cr (MoSPI PAIMANA).
Zinc/lead mines & smeltersUnderground mines with roast-leach-electrowin smelters (Hindustan Zinc, Boliden).3,000–8,000USD per tpa metalestimate

Value chain

Inputs

  • ore reserves & mining licences
  • diesel & explosives
  • electricity
  • water / desalinated water
  • grinding media & reagents
  • haul trucks, shovels, mills
  • labour & contractors
  • sulphuric acid / lime / soda ash

Process

  • exploration & resource definition
  • drill-blast-load-haul
  • crushing & grinding
  • flotation / leaching / beneficiation
  • tailings management
  • smelting & converting
  • refining (electrorefining / conversion)
  • rail/port logistics

Outputs

  • copper concentrate & cathode
  • lithium concentrate, carbonate & hydroxide
  • iron ore fines, lump & pellets
  • thermal & coking coal
  • zinc, lead, silver
  • by-products: gold, molybdenum, sulphuric acid

Parameters

14 parameters: 1 sourced, 13 informed estimates. The bar shows the low–high range with the default marked; estimates are labelled and never presented as observed data.

ParameterDefault & rangeEvidenceSource
Capex intensity(copper default)Greenfield porphyry copper incl. infrastructure.30,000 USD per annual tonne Curange 15,000–50,000estimateas of 5 Oct 2026Informed estimate; no single source
Construction monthsLarge concentrators 3-5 years post-FID; underground block caves longer.48 monthsrange 30–72estimateas of 5 Oct 2026Informed estimate; no single source
Cost overrun meanFlyvbjerg et al. 2026 Table 1: mining mean real cost overrun 1.27 (N=886), 16.9% of projects >50% overrun.27%range 0%–100%sourcedas of 5 Oct 2026arxiv.org
Schedule overrun meanMoSPI Mines ministry: anticipated costs +30% vs original in Q1 FY26; schedule slippage typically 20-40% (estimate).30%range 0%–100%estimateas of 5 Oct 2026Informed estimate; no single source
Asset life (years)Reserve-life driven.25 yearsrange 12–60estimateas of 5 Oct 2026Informed estimate; no single source
WACCNominal USD; higher for frontier jurisdictions (DRC, Mongolia, Guinea).10%range 8%–14%estimateas of 5 Oct 2026Informed estimate; no single source
Typical IRR15%range 8%–25%estimateas of 5 Oct 2026Informed estimate; no single source
UtilizationConcentrator availability × throughput vs nameplate.88%range 75%–95%estimateas of 5 Oct 2026Informed estimate; no single source
Opex % of revenue55%range 35%–80%estimateas of 5 Oct 2026Informed estimate; no single source
EBITDA marginCopper majors at 2026 prices; lithium producers much lower.42%range 20%–60%estimateas of 5 Oct 2026Informed estimate; no single source
Ramp up (months)24 monthsrange 12–48estimateas of 5 Oct 2026Informed estimate; no single source
Strip ratio2.5 waste:orerange 0.5–6estimateas of 5 Oct 2026Informed estimate; no single source
Concentrator power kWh per t20 kWh per t orerange 12–30estimateas of 5 Oct 2026Informed estimate; no single source
Royalty rateof revenue5%range 2%–12%estimateas of 5 Oct 2026Informed estimate; no single source

What moves value

Sorted by expected cost (probability × cost impact). Impacts are typical values for the sector; each one is driven by the shared factors listed, which is how one shock reaches several projects at once.

Swing factorProbabilityCost impactSchedule
Permitting, land & social-licence delays (incl. Indigenous/tribal consent)Regulatory Shared factors: Policy 0.8Watch: court injunctions (e.g., Resolution Copper litigation); forest clearance; community blockades
45%
8%
12 mo
Construction cost inflation (steel, concrete, contractor rates)Commodity Shared factors: Steel 0.4 · Construction materials 0.3 · Labour 0.3Watch: FRED WPU101; metal mining services PPI; camp/labour costs
45%
8%
3 mo
Tailings & water management failure / redesignESG Shared factors: Policy 0.4 · Construction materials 0.3Watch: TSF design changes (QB2); water-rights disputes; GISTM audits
25%
10%
9 mo
Resource nationalism, export bans & host-country fiscal changesGeopolitical Shared factors: Policy 0.9Watch: royalty/tax bills; export restrictions; contract renegotiation demands
30%
6%
6 mo
Geology / grade reconciliation shortfallTechnical Shared factors: Labour 0.1Watch: reconciliation vs reserve model; throughput vs design; recovery rates
35%
5%
6 mo
Long-lead equipment delays (gearless mill drives, trucks, transformers)Supply chain Shared factors: Electrical equipment 0.6 · Copper 0.2 · Steel 0.2Watch: OEM backlog; transformer lead times; port congestion
40%
4%
6 mo
Energy cost shock (diesel, power) during construction & rampCommodity Shared factors: Oil 0.6 · Power price 0.3Watch: Brent > USD 100 (Mar-May, Sep 2026); power tariff revisions
40%
4%
0 mo
Grid/power supply for concentrator or smelterInterface Shared factors: Grid queue 0.6 · Power price 0.3Watch: transmission line completion; PPA delays
30%
4%
9 mo
Financing & offtake risk (rates, streaming costs, FEOC rules)Financing Shared factors: Interest rates 0.7 · Policy 0.3Watch: US 10Y > 5%; DOE/EXIM support; offtake prepayment terms
30%
3%
6 mo
Labour disputes, skills shortage & safety incidentsLabour Shared factors: Labour 0.8Watch: union negotiations; fatality/stoppage events (Grasberg 2025)
30%
3%
4 mo
Commodity price downturn before first production (lithium-style bust)Market Shared factors: Copper 0.5 · Policy 0.1Watch: LTH=F / HG=F futures curve; inventory builds; China demand
35%
0%
6 mo

Market signals

What moves the case

Key variables with their typical range and what they hit in the model.

VariableTypical rangeAffects
Copper priceRecord ~USD 13,500/t monthly avg (Jul 2026); +10% price ≈ +20-30% mine EBITDA for mid-cost producers (estimate).7,500–14,500USD/tRevenue
Iron ore priceSimandou ramp adds supply; cost-curve support ~USD 80-90 (estimate).80–160USD/dmtRevenue
Coal price (Newcastle/Australia)India's Coal India sells largely at notified prices; imports track seaborne.90–400USD/tRevenue
Lithium hydroxide CIF CJKPrice collapse 2023-25 deferred many projects; ~USD 15/kg in Oct 2026.8–80USD/kgRevenue
Nickel and zinc pricesBy-product and base-metal credits.2,000–30,000USD/tRevenue
Diesel / crude oilDiesel 10-20% of open-pit mining cost (estimate); 2026 Gulf war spike.55–130USD/bblOpex
Electricity priceConcentrators ~15-25 kWh/t ore; smelters & refineries power-intensive.280–360indexOpex
Ore head gradeGrade decline is the structural cost driver for copper.0.3–1.5% Cu (or % Li2O, % Fe)Revenue, Opex
Show 4 more variables
VariableTypical rangeAffects
Copper treatment/refining chargesBenchmark TCs fell to ~zero in 2025-26 — smelter margin squeeze (estimate).0–90USD/t concentrateRevenue
Metal mining services costContractor and drilling inflation.100–200indexCapex, Opex
Price minus all-in sustaining costPrimary margin driver for copper/zinc projects.1,000–8,000USD/tRevenue, Opex
US 10Y TreasuryLong-dated project finance and streaming/royalty pricing.3–5.5Financing

Price feeds (16)

SeriesSource / idUnitFrequency
Global price of copperPCOPPUSDMFREDUSD/tmonthly
Global price of iron orePIORECRUSDMFREDUSD/dmtmonthly
Global price of coal, AustraliaPCOALAUUSDMFREDUSD/tmonthly
Global price of nickelPNICKUSDMFREDUSD/tmonthly
Global price of zincPZINCUSDMFREDUSD/tmonthly
Global price of aluminumPALUMUSDMFREDUSD/tmonthly
PPI: copper, nickel, lead & zinc miningPCU212230212230FREDindexmonthly
PPI: metal mining servicesPCU2131142131140FREDindexmonthly
Show 8 more feeds
SeriesSource / idUnitFrequency
Brent crudeDCOILBRENTEUFREDUSD/bbldaily
PPI: industrial electric powerWPU0543FREDindexmonthly
US 10Y TreasuryDGS10FRED%daily
COMEX copper futuresHG=FYahooUSD/lbdaily
Lithium hydroxide CIF CJK futures (CME)LTH=FYahooUSD/kgdaily
Iron ore 62% Fe futuresTIO=FYahooUSD/dmtdaily
Global X Copper Miners ETFCOPXYahooUSDdaily
NIFTY Metal^CNXMETALYahooindexdaily

Listed tickers (24)

Market context only: these prices tend to react first when a driver moves. Named for context; no affiliation.

Operators · 19

  • COALINDIA.NS Coal India NSE · IN
  • NMDC.NS NMDC NSE · IN
  • HINDZINC.NS Hindustan Zinc NSE · IN
  • VEDL.NS Vedanta NSE · IN
  • HINDCOPPER.NS Hindustan Copper NSE · IN
  • GMDCLTD.NS Gujarat Mineral Development Corp NSE · IN
  • FCX Freeport-McMoRan NYSE · US
  • SCCO Southern Copper NYSE · US
  • ALB Albemarle NYSE · US
  • LAC Lithium Americas NYSE · US
  • MP MP Materials NYSE · US
  • RIO Rio Tinto NYSE · EU
  • BHP BHP NYSE · APAC
  • VALE Vale NYSE · LATAM
  • GLEN.L Glencore LSE · EU
  • AAL.L Anglo American (Anglo Teck) LSE · EU
  • ANTO.L Antofagasta LSE · EU
  • BOL.ST Boliden Nasdaq Stockholm · EU
  • KGH.WA KGHM Polska Miedź WSE · EU

Suppliers · 4

  • BEML.NS BEML (mining equipment) NSE · IN
  • CAT Caterpillar (mining fleet) NYSE · US
  • EPI-A.ST Epiroc Nasdaq Stockholm · EU
  • METSO.HE Metso Nasdaq Helsinki · EU

Proxys · 1

  • COPX Global X Copper Miners ETF NYSE Arca · US

KPIs, regions and who builds

KPIs the pack tracks

  • C1 cash cost / AISC (USD/lb or USD/t)
  • head grade & recovery (%)
  • mill throughput (tpd) vs nameplate
  • strip ratio
  • payable metal produced
  • capex per annual tonne
  • reserve life (years)
  • TRIFR / fatalities
  • water intensity (m3/t ore)
  • Scope 1+2 tCO2 per t metal
  • net debt / EBITDA

Regional notes

IndiaCoal-led capex (Coal India mega-OCPs, MDO model), iron ore (NMDC), zinc (Hindustan Zinc) and critical-minerals auctions under the National Critical Mineral Mission (2025). MoSPI: Mines projects +30% anticipated cost; land, forest and rehabilitation are the critical path.
United StatesPermitting reform (FAST-41), equity stakes by DOE/DoD, s232 copper tariffs and FEOC rules drive domestic lithium, copper and rare-earth projects; Resolution Copper cleared land exchange in 2026.
EuropeCritical Raw Materials Act benchmarks (10% extraction, 40% processing, 25% recycling by 2030); Strategic Projects list; local opposition (e.g., Jadar in Serbia) and high power costs constrain smelting.
Middle EastSaudi Ma'aden and UAE investors acquiring overseas stakes; Gulf energy/acid supply disrupted by the 2026 war.
Latin AmericaChile/Peru copper (water/desal, tailings, social licence), Argentina/Chile lithium brine, Brazil iron ore.

Who builds and operates

Named for context; no affiliation. These are public market participants drawn from the research behind the pack. They are not Capibud clients or partners.

Operators · 14

  • Coal India Kolkata · INWorld's largest coal miner; MoSPI tracks ~117 coal projects ≥INR 150 cr (Gevra 70 Mty, Jayant 20→38 Mtpa).
  • NMDC Hyderabad · INIndia's largest iron-ore miner; slurry pipeline & pellet projects.
  • Hindustan Zinc (Vedanta) Udaipur · INIntegrated zinc-lead-silver; expansion plans (estimate).
  • Hindustan Copper Kolkata · INOnly vertically integrated state copper miner; ore capacity expansion (estimate).
  • Vedanta / Adani (Kutch Copper) Mumbai / Ahmedabad · INCustom copper smelting; Adani Kutch 0.5 Mtpa phase 1 (estimate).
  • Freeport-McMoRan Capibud, AZ · USGrasberg (2025 landslide trapped seven workers), Morenci; sees +50% copper demand by 2040.
  • Rio Tinto London · EUOyu Tolgoi, Simandou (exports from Dec 2025), Resolution Copper (land exchange completed 16 Mar 2026), Jadar lithium.
  • BHP Melbourne · APACEscondida, Pilbara iron ore, coking coal (BMA).
  • Anglo Teck (Anglo American + Teck) Vancouver · EUMerger of equals announced 9 Sep 2025, approved Dec 2025; QB2 tailings issues.
  • Glencore Baar · EUCopper, cobalt, coal; trading.
  • Vale Rio de Janeiro · LATAMIron ore, nickel, copper (Vale Base Metals).
  • Codelco / Antofagasta Santiago / London · LATAMChilean copper; Codelco structural projects overrun (estimate).
  • Albemarle / SQM / Lithium Americas Charlotte / Santiago / Vancouver · USLithium; Thacker Pass production starting 2026-27.
  • KGHM / Boliden Lubin / Stockholm · EUEuropean copper/zinc mining & smelting.

Suppliers · 11

  • Caterpillar / Komatsu / Hitachi CM / Liebherr OEM · USHaul trucks, shovels; autonomy and trolley-assist electrification.
  • Epiroc / Sandvik OEM · EUDrill rigs, underground loaders, BEV fleets.
  • Metso / FLSmidth OEM · EUCrushers, SAG/ball mills, flotation, filtration.
  • ABB / Siemens OEM · EUGearless mill drives (long-lead, 18-24 months, estimate).
  • Weir Group OEM · EUSlurry pumps, HPGR.
  • Bechtel / Fluor / Hatch / Worley / Ausenco EPC · USEPCM for mega-projects.
  • Outotec (Metso) / Mitsubishi Materials / Aurubis tech Licensor · EUFlash smelting and converting technology.
  • Orica / Dyno Nobel / Solar Industries Materials · APACExplosives; Solar Industries (India).
  • BEML / L&T (mining equipment & EPC) OEM · INIndian dumpers, dozers; MDO contracts.
  • Thiess / BGR Mining / MDO contractors Services · INMine developer-operators for Coal India blocks.
  • Veolia / IDE / Acciona (desalination) EPC · EUSeawater desal & pipelines for Chilean/Peruvian mines.

Customers · 6

  • Copper fabricators & wire/cable makers cathodeGrid, data centres, EVs; US 50% tariff on semi-finished copper (Aug 2025), cathode exempt.
  • Steelmakers iron ore, coking coalChina, India, Japan, Korea mills.
  • Power utilities thermal coalNTPC and state gencos absorb ~80% of Coal India output (estimate).
  • Battery cathode makers & cell OEMs lithium hydroxide/carbonateLG ES, CATL, Panasonic; IRA/FEOC rules.
  • Galvanisers & brass makers zincConstruction and automotive.
  • Smelters (custom) concentrateTC/RC market; China dominates smelting.

Project template

Work breakdown

Share of total duration per step; steps overlap where predecessors allow, as the bars show. O / ML / P are optimistic, most-likely and pessimistic multipliers on each step's duration; the hatched tail is the pessimistic case.

IDStep & timingShareO / ML / P
M100Resource definition, PFS/DFS & reserve statementDevelop · factors: Labour15%0.9 / 1 / 1.5
M200ESIA, mining licence, water rights & community agreementsDevelop · factors: Policy18%0.9 / 1 / 2
M300FEED & detailed engineering (EPCM)Engineer · EPC · factors: Labour12%0.9 / 1 / 1.3
M400Long-lead procurement: SAG/ball mills, GMDs, crushers, mining fleetProcure · OEM · factors: Electrical equipment, Steel, Copper20%0.9 / 1 / 1.5
M500Early works: access roads, camp, water & construction powerConstruct · EPC · factors: Construction materials, Labour, Oil10%0.9 / 1 / 1.4
M600Pre-stripping / underground developmentConstruct · EPC · factors: Oil, Labour18%0.9 / 1 / 1.5
M700Concentrator civils, structural steel & mechanical erectionConstruct · EPC · factors: Steel, Construction materials, Labour25%0.9 / 1 / 1.5
M800Tailings storage facility & water reclaimConstruct · EPC · factors: Construction materials, Oil, Policy15%0.9 / 1 / 1.7
M900Power supply (transmission/substation) & desal/water pipelineConstruct · EPC · factors: Electrical equipment, Grid queue, Steel15%0.9 / 1 / 1.6
M1000Concentrate logistics: pipeline, rail, port load-outConstruct · EPC · factors: Steel, Policy14%0.9 / 1 / 1.6
M1100Commissioning: dry/wet, first ore & first concentrateCommission · EPC · factors: Labour6%0.9 / 1 / 1.5
M1200Ramp-up to nameplate throughput & recoveryCommission · factors: Labour, Power price12%0.8 / 1 / 1.8

Cost breakdown

Share of capex by line, with the commodity exposure of each line (the share of that line that moves with the commodity).

  • Process plant equipment (crushing, milling, flotation, GMDs)20%
    Equipment
    • Steel 40%
    • Electrical equipment 40%
    • Copper 10%
  • Process plant civils, steel & erection18%
    Construction
    • Construction materials 40%
    • Steel 40%
  • Infrastructure: power, water/desal, roads, camp, port/rail17%
    Construction
    • Electrical equipment 30%
    • Steel 30%
    • Construction materials 20%
  • Mining fleet & pre-strip / development15%
    Construction
    • Oil 40%
    • Steel 30%
  • Tailings storage facility8%
    Construction
    • Construction materials 50%
    • Oil 20%
  • EPCM & engineering8%
    Engineering
    • Labour 60%
  • Owner's costs, permitting & community5%
    Develop
    • Policy 50%
  • Commissioning, spares & first fills5%
    Commissioning
    • Oil 20%
  • Construction labour (direct)4%
    Labour
    • Labour 100%

Financial template

Revenue model

Sale of payable metal in concentrate or cathode at LME/COMEX-linked prices less TC/RCs, freight and royalties; bulk commodities sold at index (e.g., 62% Fe) with quality adjustments; Indian coal at notified/e-auction prices.

Margin driver

Price minus all-in sustaining cost

Ramp-up

2 years to steady state

How Capibud uses this pack

A pack is a starting position, not a forecast. When a mining & metals decision opens in Capibud, pack v1.0.0 is copied in and pinned to that decision. The 14 parameters, 11 swing factors and templates the committee saw stay attached to the decision record, even after the pack is next refreshed.

Parameter ranges and WBS durations seed the P50, P80 and P90 for capex, schedule and value. Your own estimates, vendor quotes and actuals replace pack defaults line by line, and the record shows which numbers are still defaults.

Each swing factor is wired to shared factors; here the heaviest are policy, labour, construction materials and steel. A move in one factor hits every exposed project in the same scenario, which is how the capital committee sees concentration across a book rather than project by project.

The 16 price feeds and 24 listed tickers feed the brain, which watches for drivers moving outside their pack range and drafts the change for a person to review.

Shared factors behind this pack's swing factors

  • Policy
  • Labour
  • Construction materials
  • Steel
  • Electrical equipment
  • Grid queue
  • Interest rates
Relative weight: probability × impact × driver weight, summed over swing factors.

Capex tied to a shared factor

  • Steel24.8%
  • Construction materials14.6%
  • Electrical equipment13.1%
  • Labour8.8%
  • Oil8.6%
  • Policy2.5%
  • Copper2%
Share of total capex, from the cost breakdown and its commodity exposures.

Sources

Every link opens the original source in a new tab. Values marked as estimates are informed estimates by the Capibud research team.

  1. fred.stlouisfed.orghttps://fred.stlouisfed.org/series/PCOPPUSDM
  2. fred.stlouisfed.orghttps://fred.stlouisfed.org/series/PIORECRUSDM
  3. fred.stlouisfed.orghttps://fred.stlouisfed.org/series/PCOALAUUSDM
  4. fred.stlouisfed.orghttps://fred.stlouisfed.org/series/PZINCUSDM
  5. fred.stlouisfed.orghttps://fred.stlouisfed.org/series/PNICKUSDM
  6. arxiv.orghttps://arxiv.org/abs/2606.15757
  7. paimana-proj.mospi.gov.inhttps://paimana-proj.mospi.gov.in/Content/ArchiveReport/quarterly/2025-26/QPISR_QR_1st_2025-26.pdf
  8. paimana-proj.mospi.gov.inhttps://paimana-proj.mospi.gov.in/Content/ArchiveReport/flash/2025-26/FlashReport_March_2026.pdf
  9. en.wikipedia.orghttps://en.wikipedia.org/wiki/Tariffs_in_the_second_Trump_administration
  10. en.wikipedia.orghttps://en.wikipedia.org/wiki/2026_Strait_of_Hormuz_crisis
  11. en.wikipedia.orghttps://en.wikipedia.org/wiki/Oyu_Tolgoi_mine
  12. en.wikipedia.orghttps://en.wikipedia.org/wiki/Quebrada_Blanca
  13. en.wikipedia.orghttps://en.wikipedia.org/wiki/Simandou_mine
  14. en.wikipedia.orghttps://en.wikipedia.org/wiki/Anglo_American_plc
  15. en.wikipedia.orghttps://en.wikipedia.org/wiki/Resolution_Copper
  16. en.wikipedia.orghttps://en.wikipedia.org/wiki/Lithium_Americas
  17. en.wikipedia.orghttps://en.wikipedia.org/wiki/Thacker_Pass_lithium_mine
  18. en.wikipedia.orghttps://en.wikipedia.org/wiki/Freeport-McMoRan
  19. en.wikipedia.orghttps://en.wikipedia.org/wiki/Grasberg_mine
  20. en.wikipedia.orghttps://en.wikipedia.org/wiki/Copper

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