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Global nickel markets are in an uncomfortable place. Prices have halved since 2022 amid persistent oversupply of both Class 1 and Class 2 refined nickel, and prices are falling for stainless steel, the production of which is the main source of nickel demand.     At the same time, absolute demand for nickel-based cathodes has... View Article

Recent disruptions in the Middle East highlight a growing vulnerability in global mineral value chains that extends beyond minerals. While much attention focuses on oil, gas, and energy markets, the implications reach deeper into the industrial systems that underpin critical mineral production. The Strait of Hormuz is a key chokepoint for global trade, through which... View Article

With the anticipated increase in demand for critical minerals to enable energy and digital transition, governments are increasingly turning to government-to-government (G2G) deals and partnership frameworks to diversify supply chains and secure access to critical raw materials. Since January 2025, the United States, for example, has signed at least 20 bilateral frameworks, memoranda of understanding... View Article

Record gold prices are driving a surge in artisanal and small-scale gold mining (ASGM), yet illicit flows undermine revenues, communities, and global security. The price of gold has risen by approximately 500% since 2008, making it one of the world’s most sought-after commodities. Yet the sector faces significant challenges. An estimated 20% of global gold... View Article

Critical minerals lie at the intersection of industrial ambitions, climate urgency, and geopolitical strategy. Yet, the trade and investment frameworks that govern them are misaligned with the realities of a just and sustainable energy transition. Aligning mineral security with climate and development goals is essential if the energy transition is to deliver shared prosperity rather... View Article