John Mulligan

London Metal Exchange week is always a good opportunity to take the pulse of the global metals markets. An unexpected highlight for me was the investment panel on the afternoon of the LME's Monday seminar. Here's my take on the discussion. Energy transition story rekindles fund interest in metals: https://lnkd.in/e9SUvrJ4

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Great FT editorial yesterday: "The pursuit of Anglo American highlights a global copper problem" https://lnkd.in/evS9YwxG It highlights an issue we have been writing about for some time - huge climate transition-driven metal demand will come up against years of underinvestment, which will drive up clean tech metal prices. Who could benefit from a new supercycle in metals? Chile and Peru hold significant reserves of copper. Perhaps a useful analog is the the 2003-2008 commodity supercycle. Copper prices quadrupled, and the Chilean peso and Peruvian sol appreciated 60% and 19% respectively (left chart). Mining revenues helped boost fiscal positions too, and debt ratios fell (right chart). Economies geared to clean tech metal mining, like Indonesia, Chile, Peru and Australia are likely to be big winners as the climate transition unfolds. #climatechange #climatetransition #metals #cleanenergy

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First Class Metals PLC ("First Class Metals" "FCM" or the "Company") the UK listed metals exploration company seeking economic metal discoveries across its extensive land holdings, remains focused in northern Ontario, Canada, is pleased to announce significant advancements in field activities and supporting technical developments. Highlights · Coco East property- field work completed, base metal potential. · Sunbeam Project- 85 samples from Nuinsco diamond core drilling dispatched for assay. · North Hemlo- 25 coarse rejects from Dead Otter trend to be re-assayed by Photon Assay · Zigzag Lithium & Critical Metals Project- Award of an Exploration Permit for three years Marc Sale First Class Metals CEO Commented: “At FCM we persist in our aim of enhancing the value of the portfolio. The field work at Coco East ensures the property's positive standing beyond 2024, furthermore we eagerly await the results from the prospecting in a new area of historic potential. The review of the historic drill core from the Sunbeam Property was our initial focus this year after EGS ‘found’ the TerraX core. The significance of the review is the revelation that from the stripping at Roy and Pettigrew the host porphyry was proved to be auriferous: successful resampling here could revolutionise the property’s potential. Despite Dead Otter's assays being the highest recorded from the North Limb of Hemlo, we suspect coarse gold might be skewing fire assay results, possibly misrepresenting the samples. Adopting Photon Assaying, a relatively new method, may resolve this issue. Lastly the award of a further three years Exploration Permit at Zigzag, supported by the Whitesand First Nation is a welcome event. The permit opens up the new structure we delineated in the south and gives us more options on the core structure that we drilled last December. It’s been a busy few months for FCM as we enter the summer period with a lot of activity still to look forward to. As a follow up to my recent field trip to northwest Ontario we have populated additional information to the Data Room and received request from a further company to review specific properties.” https://lnkd.in/eh6ynSp3

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#ClimateChange is not just an environmental issue. It is a #geostrategic and #security matter that require pragmatic foresight. With critical mineral at heart of climate smart mining and energy transition, forging the right type of international partnership with resource rich counties is paramount. #ClimateSmartMining #Geostrategy #EnergyTransition #Europe #Euronews

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World Platinum Investment Council - WPIC® Director of Research Edward Sterck on what needs to happen for #PGM #market conditions to align with new mines: "We expect deficits to deplete above ground stocks and the markets tighten for those underlying fundamentals to become the most important mechanism for establishing value once again." FULL VIDEO: https://lnkd.in/gSTFPSsV #WPIC #ASX #ASXnews #stocks #insights #marketnews Alex Paull

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Sarytogan Graphite Limited announces a significant equity investment from the EBRD, enhancing its growth trajectory and operational capabilities. Read More https://lnkd.in/gZacdHHF #EquityInvestment, #EBRD, #cashFlow, #operationalMilestones, #graphiteMining

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BCM.ASX is on track to develop the first low-cost in-situ recovery (ISR) rare earth project outside of Asia. This environmentally friendly initiative combines low capital and operating costs with a high-quality product. With the world largest truely ionic REE deposit its a stock to watch for 2025!

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Investors Call for Climate Strategy Vote at UK’s Largest Listed Companies As we approach the 2025 AGM season, our message is clear: it’s time for boards to engage with shareholders by providing a vote on their climate transition strategies. A group of investors with £1.6 trillion AUM has written to FTSE 100 companies yet to offer their shareholders a vote on these crucial plans. Transparent and credible plans that align with global decarbonisation goals are essential for fostering informed investment decisions and strengthening partnerships between investors and companies. By offering a dedicated vote on these strategies, boards empower investors to provide valuable feedback—whether that’s support or constructive concerns. This collaborative approach helps refine corporate strategies, ensuring they are well-positioned to manage climate-related risks and seize emerging opportunities. With only 20% of FTSE 100 companies currently offering shareholders a transition plan vote, there’s an opportunity for more boards to align with best practices and actively involve their investors in the journey toward decarbonisation. The message is clear: meaningful progress on climate action comes from transparency, dialogue, and a commitment to shared goals. We’re ready to support and collaborate with boards that take decisive steps toward a sustainable and resilient future. Press release here: https://lnkd.in/eeGEHTJD Paul Hunter Matthias Narr Natasha Landell-Mills, CFA Martijn Stam Vaishnavi Ravishankar Stephanie Monnier Ellie Walley Lewis James-Lawrence Laura Moss-Bromage Saphira Suoi Tristan Fava, CESGA Roger Lewis Cesare Vitali Marie Marchais Vanessa Mai Sophie Lawrence Marine Dulon, CESGA Andreas von Angerer Stephen Power SJ Alistair Tucker Diane Moulonguet Sheila Stefani Gillian de Candole Nathanaël Neveu Elin Noring Christina Gordon Christiansen Farida Hassanali Lionel Brun Helene Winch Robert Dan Babington Capucine Beslay Claire Berthier Ellen Karin Pedersen Beatrice Stadler Scott Murray Julian Parrott Clémence Chatelin

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𝐅𝐈𝐑𝐒𝐓 𝐂𝐋𝐀𝐒𝐒 𝐌𝐄𝐓𝐀𝐋𝐒 𝐏𝐋𝐂 𝟐𝟔 𝐉𝐮𝐧𝐞 𝟐𝟎𝟐𝟒 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐮𝐩𝐝𝐚𝐭𝐞 – 𝐂𝐨𝐜𝐨 𝐄𝐚𝐬𝐭 𝐚𝐧𝐝 𝐎𝐧𝐆𝐨𝐥𝐝 𝐄𝐚𝐫𝐧-𝐢𝐧. First Class Metals PLC ("First Class Metals" "FCM" or the "Company") the UK listed metals exploration company seeking economic metal discoveries across its extensive land holdings, remains focused in northern Ontario, Canada, is pleased to announce that field work on the Coco East base / precious metal property is now underway. 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 ·        Field work has commenced  on the Coco East property, base metal potential ·        The Earn-in deal with OnGold Invest Corp (“OnGold”) has been renegotiated, FCM has now acquired 100% of the property as a result  the exploration work commitment has been removed. 𝐌𝐚𝐫𝐜 𝐒𝐚𝐥𝐞 𝐅𝐢𝐫𝐬𝐭 𝐂𝐥𝐚𝐬𝐬 𝐌𝐞𝐭𝐚𝐥𝐬 𝐂𝐄𝐎 𝐂𝐨𝐦𝐦𝐞𝐧𝐭𝐞𝐝: “In true FCM fashion we are endeavouring to put as much of the available funds ‘into-the-ground’, though gold prices are soaring the Coco East property has real potential for base metals. However, the very anomalous gold in lake sediment samples on the OnGold property constitute a significant target which too demands follow-up when appropriate.’ #gold #Criticalmetals #exploration #canada #ontario Full article-- https://lnkd.in/gyUKqxVV

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A very pertinent article in the Financial Times ahead of #cop29 which ties in nicely with BancTrust & Co.'s mandate as the Investment Banking partner for the world’s first UNFCCPC Paris Agreement authorised Internationally Transferred Mitigation Outcomes (#ITMOs) awarded to #Suriname.                           We have over 40 potential buyers in the data room at present and are keen to speak to other Countries, Corporates or Financial Institutions who may wish to use ITMO's as an innovative, scalable solution to offset their Carbon Footprint or to embed into their fund products via a repacked solution. With a minimum of 95% of the proceeds raised returning to the country under a strictly prescribe Use Of Proceeds Policy, the positive impact on forest preservation, #biodiversity & on the balance sheets of #emergingmarket countries will be transformational with the successful monetisation of these, the world’s first Sovereign Carbon ITMOs under #Article6 Launched by Suriname at just a few weeks ago, the Sovereign Carbon Credits are fully UNFCCC #REDD+ verified and validated at national and international level. The recipients of these Carbon Credits are allowed to issue and trade their Sovereign Carbon with other countries and the private sector. And the aim is to create a Carbon Credit Market with real, tradable liquidity. For further details please contact your BancTrust & Co. coverage or your contact at our partner ITMO Ltd. or me Dean Tyler #CarbonCredits #ITMO #biodiversity #SDGs #ParisAgreement #Article6 #redd+

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🚨 NEW REPORT ALERT: Scaling carbon removals is essential to meet Paris Agreement goals 🌍 According to the latest University of Oxford Smith School of Enterprise and the Environment - University of Oxford report, carbon removal is crucial for limiting global warming to 1.5°C – but we're not scaling fast enough ⏳ 💡 Key Findings: - Investment gap: We need much more private-sector capital to boost carbon removal capacity. "Only 0.5% of companies with science-based targets have purchased durable carbon removal" - Delays in durable removal deliveries: Up to 11 years delay from purchase to deliver for some credits - "of the 11 million tonnes that have been sold, only 2.9% have been delivered" - Private sector to the rescue: With public budgets stretched, the private sector can play a decisive role in scaling carbon removal. - New financing options: green bonds, insetting and direct investment into carbon removal companies are all options that should be explored. 🔑 The bottom line: It’s time for private businesses to step up investment in carbon removal projects, drive innovation, and shape the future of carbon markets. Check out the full report here: https://lnkd.in/eAk5Qcgu Ben Caldecott Dr Injy Johnstone Steve Smith Robert Höglund Eve Tamme Sebastian Manhart Niall Mac Dowell Mai Bui Julio Friedmann Solène Chiquier Josh Burke FRSA #CarbonRemoval #NetZero

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The Blended Capital Group’s founder, Paul Clements-Hunt, has talked about and supported corporate, investor and regulatory focus on complex converging systemic risks (CCSR’s) for a long time. Climate, inequality, populism, conflict and other aspects of our 🌍 present complicated interrelated challenges that require capital at scale and targeted solutions that reflect underlying complexity. A basic fact is that risks don’t go away when we ignore them, risks fester, which is why focus is so important. Artisanal #mining is an obvious significant opportunity as we look at CCSR’s. Some stats: 🎉 there are 45 million artisanal miners; including their families, 225 million people are dependent on #asm 225 million people = 2.5% of 🌍 population 🎉 the sector matters economically- 20% of #gold, 80% of sapphires, significant #criticalminerals and construction materials are mined by the sector Why does ASM matter when talking about CCSR’s? 🎉 we need more minerals - populations are growing, the #energytransition drives demand, tech/AI also drives demand Growing capacity of ASM lowers supply risks that could impede our path to #netzero, while also supporting broader economic growth 🎉 building capacity in ASM requires capital at scale - formalization costs $ while delivering social and economic gains that make it a commercial target for #mininginvestment and #impactinvestment; the need for capital at scale is consistent across today’s CCSR’s 🎉 professionalizing artisanal miners has spillover benefits - #humanrights adherence, enhanced dignity of work, #sustainabledevelopment that grows underdeveloped economies as stable predictable business relationships set in - sustainable development and stable predictable business relationships lowers a broad variety of social and conflict risks 🎉 mining uses the land - how we mine impacts forests, biodiversity, water, air and soil - professionalized artisanal miners touch the environment much less then informal ASM or large mining The Blended Capital Group and our partners are committed to reimagining ASM. Formalization improves the dignity and productivity of work in commercially realistic ways. Increased supply lowers risks for the energy transition and for broader downstream economies. Increased formalization supports development and can be a conflict-reduction mechanism. All of this means that the sector is important when looking at solutions for the complex converging systemic risks that we need to manage in today’s world. Alliance for Responsible Mining (ARM) Levin Sources BanQu Inc. Napier Meridian #sdgs #responsibleinvestment #responsibleminkng #esg

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Governments from across the U.K., European Union, United States and Canada all want more #criticalminerals to protect their economies, their environments and their borders ... but is there enough capital to grow #mining? No. So how can governments create policies to encourage more investment and jobs to extract, process and recycle these essential #minerals? #canpoli #cdnpoli #uspoli #energytransition #energytransformation #nickel #copper #cobalt #lithium #graphite

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Sources have told Fastmarkets that the record-low spot copper concentrate TCs have meant that a number of miners have agreed to sell material increasingly deep into the future, with tenders for material as far off as 2028 on offer. Sources told Fastmarkets that multiple deals for 2025 have been agreed below zero TC, and for 2026 and beyond at less than one half of wherever that years’ benchmark is agreed. Miners believe they can use the currently competative market to lock in favourable TCs for the coming years. Meanwhile traders are settling in for a pronlonged period of tight concentrate supply. Full article available for free on Fastmarkets’ website here: https://lnkd.in/eZvvGpuJ Fastmarkets Fastmarkets Metals and Mining #copper #coppermining

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Last week, Centum announced our 2023/24 financial results, where we shared that we’ve increased our shareholding in the Akiira Geothermal Power project from 37.5% to 75%. https://lnkd.in/dg3YEREZ Akiira, located in Naivasha near Ol Karia, is a strategic investment for us, and I want to share some of the thinking behind this move. Given the slowdown in domestic demand, we’re focusing on export-oriented sectors that can benefit from a weakening currency, Kenya’s trade agreements, our well-educated workforce, and our advanced financial markets. Last year, we made two significant investments that align with these goals. First, we acquired the assets of Two Rivers to create the Two Rivers International Finance and Innovation Center (TRIFIC). TRIFIC aims to boost service exports, attract foreign direct investment (FDI), and create export-oriented service jobs. Despite being only a year old, TRIFIC has made significant progress, with enterprises expected to bring over USD 250 million in investments and create more than 7,000 jobs. Our second investment was increasing our stake in Akiira to develop this asset more effectively. Akiira’s objectives are similar to TRIFIC’s, focusing on boosting exports, creating jobs, and attracting FDI. We plan to develop significant green power at Akiira, selling it to the grid and to users within a proposed industrial park. This is crucial as industries are increasingly seeking locations near green power sources, especially given the growing importance of sustainability in global supply chains. Kenya’s trade agreements with the UK, EU, UAE, and ongoing negotiations with the US open up vast export opportunities. While green energy is difficult to transport, we can “export” it through goods manufactured using this energy at Akiira. We already have interest from industries like data centers and carbon capture facilities, whose demand for green power is substantial. Our strategy is to create a seamless ecosystem between TRIFIC and Akiira. Investors can set up holding companies in TRIFIC, benefit from SEZ incentives, and develop their projects in Akiira, where they’ll have access to affordable green power and key infrastructure like the Suswa Railway station. In summary, our increased investment in Akiira is a strategic move to leverage global trends in sustainability and green energy. Together with TRIFIC, we aim to drive export-oriented growth, attract foreign investment, and generate significant economic benefits for Kenya.

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This statement needs to be heard. The question it poses is pivotal. The objectives are vitally important. In 2014 we drew upon years of research done by Dr Catherine Coumans PhD, who coordinates research and the Asia-Pacific program at MiningWatch Canada. This showed that engagement with the mining industry by the mutual fund managers was making matters significantly worse. Possibly well intentioned ‘critical friend’ engagement led to the assimilation of fund managers into the mining culture and their way of thinking leading to tacit and sometimes active support for their appalling behaviour. This resulted in false engagement and greenwashing. Dr Coumans’ work continues and current evidence shows that many major mining companies have not really changed despite their marketing tricks and clever board appointments. However, @Adam Matthews’ work as Chief Responsible Investment Officer for the Church of England, Chair of the Global Investor Commission on Mining and member of the UN Secretary General’s advisory panel on critical minerals, is hopefully to be applauded. Our fear is that the mining industry has over many decades got used to blatantly abusing its workers, wantonly damaging the environment and corruptly bribing government officials to displace indigenous communities, thus committing genocide and other crimes against humanity. It is a difficult ship to turn around. Our hope is that Adam Matthews is driving them towards real and meaningful change at a level that carries real authority and gravitas. Critical minerals are critical not only to the transition to net zero but also to achieving justice and equity for the mostly southern hemisphere nations, and their indigenous peoples, who have historically been robbed, by mostly northern hemisphere nations, of their resources.

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Energy transition story rekindles fund interest in metals Summary: The global energy transition is rekindling interest in the metals sector, a central theme at this year's London Metal Exchange (LME) Week. Despite recent setbacks with falling prices of battery metals like lithium, cobalt, and nickel due to oversupply and slower-than-expected electric vehicle (EV) sales, the long-term outlook remains bullish. BloombergNEF forecasts significant metal shortages in the coming decade, with up to six billion metric tons required by 2050 in a net zero scenario. While current demand remains weak, especially as China’s economy underperforms and Europe’s manufacturing contracts, the promise of future shortages is drawing renewed attention from investors. After years of being underweighted, with fund allocations to commodities plummeting from 10% to just 2%, fund managers are now seeing the energy transition as a lucrative opportunity. Investment flows returning to the sector could become a significant price driver, rivaling supply constraints. This renewed interest mirrors the last surge in the 2000s, when commodities were seen as an inflation hedge, backed by China’s rapid industrialization. The metals needed for the global energy transition may now set the stage for another investment wave. #EnergyTransition #Metals #BatteryMetals #Lithium #Nickel #Cobalt #NetZero #CommodityInvesting #LMEWeek #Sustainability

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