A Comprehensive Guide to Investing in Metals and Mining


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Jul 01, 2023

A Comprehensive Guide to Investing in Metals and Mining

Given the world currently faces multiple challenges throughout society, the environment, and the economy the metals and mining sector presents a complex industry displaying innovation, investment

Given the world currently faces multiple challenges throughout society, the environment, and the economy the metals and mining sector presents a complex industry displaying innovation, investment opportunities, and an element of risk.

A growing population means the demand for metals and minerals is rising. However, the route to extracting metals faces mounting opposition, making it harder to combat climate change.

Regardless, the mining industry has the potential to benefit society, the environment, and the economy. It helps societies develop, creating chances to improve communities and the environment globally.

Output from the metals and mining industry includes precious and industrial metals that underpin our most fundamental industries from energy and agriculture, to construction, manufacturing, telecommunications, healthcare, and more.

The International Energy Agency projects that the shift towards green energy will significantly increase the demand for minerals. Experts expect the demand for minerals used in electric vehicles and battery storage to increase tenfold by the year 2040.

Metals are solid resources, which can be shiny, hard, pliable, fusible, and ductile, with good electrical and thermal conductivity. This could include iron, gold, silver, copper, tin, aluminum, and alloys such as steel.

Metals are found in ores, a type of rock that contains sufficient minerals to make it economically viable to extract them. The process of extracting minerals and metals from their ores, refining them for use, and creating various end products is what encompasses the field of metals and mining.

Metals, meaning in science, refer to a class of elements characterized by their high electrical conductivity, malleability, and luster.

When you combine two or more metals, you create alloys that are stronger. For instance, iron and carbon make steel, copper and tin make bronze, and copper and zinc make brass.

Ferroalloys are alloys of iron with one or more other elements, such as manganese, silicon, or chromium. Noble Alloys are alloys that contain one or more precious or "noble" metals. These include metals like gold, silver, platinum, palladium, iridium, osmium, rhodium, and ruthenium. White gold, which is used in jewelry, consists of a noble alloy, and dentistry uses noble alloys to create crowns and bridges. The phrase 'Noble alloys' can also refer to alloys with high corrosion resistance.

Mining is the process of extracting valuable or useful minerals and metals from the earth. You can carry it out on the surface (open-pit mining) or underground (subsurface mining). Mining activities include exploration (identifying mineral-rich sites), excavation, processing of ores, and reclamation of the mining site.

Metals and mining are vital to society today, contributing significantly to many aspects of daily life including:

The Economy: The metals and mining industry creates jobs, contributes to GDP, and is essential for economic growth and development.

Energy: Metals like uranium, lithium, cobalt, and nickel are vital in the energy sector for producing electricity. Metals like copper are critical for transmitting electricity, and rare metals are essential in manufacturing solar panels and wind turbines.

Construction and Infrastructure: Metals such as steel, iron, and copper are essential components in buildings, bridges, roads, and railways.

Manufacturing: Metals are used in the production of a wide range of goods, from automobiles and aircraft to electronics and appliances.

Metals come in many forms. There are precious metals, base metals, ferrous metals, and rare metals. Then there are additional classifications of metals based on different criteria that include noble, refractory, alkali, alkaline earth, and non-ferrous metals.

Precious metals are metals such as Gold, silver, platinum, palladium, and rhodium. They are called precious metals because they are considered rare and highly valued for their beauty and rarity. Precious metals are often used in jewelry, currency, and as investments. These metals have high corrosion resistance and are excellent conductors of electricity.

Base metals such as copper, zinc, lead, nickel, aluminum, and tin are common and widely used in various industrial applications. They are typically more abundant than precious metals and are worth less. Base metals are often alloyed with other metals to enhance their properties.

Ferrous metals are metals that contain iron as the main component. The most common ferrous metal is iron itself, which is widely used in construction, infrastructure, and manufacturing. Steel, an alloy of iron and carbon, is another significant ferrous metal. Ferrous metals exhibit magnetic properties and have excellent strength and durability.

Non-Ferrous metals such as aluminum, copper, brass, bronze, and titanium. These are metals that do not contain iron and include precious metals, base metals, and minor metals. They have diverse properties and applications, including electrical conductivity, corrosion resistance, and lightweight characteristics.

Rare metals include uranium, lithium, cobalt, titanium, and rare earth elements like neodymium, dysprosium, and yttrium. Also known as rare earth metals or strategic metals, these are a group of elements that are crucial in various industries due to their unique properties. They are essential in technologies such as electronics, renewable energy, and advanced manufacturing.

Noble metals include gold, silver, platinum, and palladium. Noble metals are resistant to corrosion and oxidation, making them highly stable and unreactive. They have excellent conductivity and are often used in electrical applications and jewelry.

Refractory metals include tungsten, molybdenum, tantalum, and niobium. Refractory metals are characterized by their high melting points and exceptional resistance to heat and wear. They are often used in applications that require high strength and resistance to extreme conditions.

Alkali metals and alkaline earth metals are two groups found in the periodic table. Alkali metals include elements such as lithium, sodium, and potassium, while alkaline earth metals include elements like magnesium, calcium, and barium. These metals are highly reactive and have various industrial and biological applications.

Battery metals can be broadly classified into four categories: cathode materials, anode materials, electrolytes, and separators. These contribute to the battery makeup and determine its performance.

Metals required in a battery include lithium, cobalt, nickel, manganese, aluminum, iron, copper, lead, zinc, and sodium.

Battery technology is constantly evolving, with significant research focused on developing new materials to improve battery performance and safety. Investing in battery metals presents an exciting opportunity as demand is expected to rise.

Minor metals are typically byproducts of the smelting or refining of base metals. They are widely used in industries such as technology, defense, energy, and aerospace. Minor metals include Antimony, Arsenic, Beryllium, Bismuth, Cadmium, Cerium, Chromium, Cobalt, Gallium, Germanium, Indium, Lithium, Lutetium, Magnesium, Manganese, Molybdenum, Niobium, Rare earth elements, Rhenium, Selenium, Tellurium, Titanium, Tungsten, Vanadium, Zirconium and more.

Transition metals are elements found in the middle of the periodic table, specifically in groups 3-12. They are known for having multiple oxidation states, being good conductors, and being able to form different compounds. Industries such as construction, electronics, and jewelry making widely use these metals.

Transition Metals include: Actinium (Ac), Americium (Am), Berkelium (Bk), Bohrium (Bh), Cadmium (Cd), Californium (Cf), Cerium (Ce), Chromium (Cr), Cobalt (Co), Copernicium (Cn), Copper (Cu), Curium (Cm), Darmstadtium (Ds), Dubnium (Db), Dysprosium (Dy), Einsteinium (Es), Erbium (Er), Europium (Eu), Fermium (Fm), Gadolinium (Gd), Gold (Au), Hafnium (Hf), Hassium (Hs), Holmium (Ho), Iron (Fe), Iridium (Ir), Lanthanum (La), Lawrencium (Lr), Lutetium (Lu), Manganese (Mn), Mendelevium (Md), Mercury (Hg), Meitnerium (Mt), Molybdenum (Mo), Neodymium (Nd), Neptunium (Np), Nickel (Ni), Niobium (Nb), Nobelium (No), Osmium (Os), Palladium (Pd), Platinum (Pt), Plutonium (Pu), Praseodymium (Pr), Promethium (Pm), Protactinium (Pa), Rhodium (Rh), Roentgenium (Rg), Ruthenium (Ru), Rutherfordium (Rf), Samarium (Sm), Scandium (Sc), Seaborgium (Sg), Silver (Ag), Tantalum (Ta), Technetium (Tc), Terbium (Tb), Thulium (Tm), Thorium (Th), Titanium (Ti), Tungsten (W), Uranium (U), Vanadium (V), Ytterbium (Yb), Yttrium (Y), Zinc (Zn), Zirconium (Zr).

Scrap and secondary metals are terms related to metal recycling and reuse. Recyclers and manufacturers can recycle and reuse scrap metals, which are leftover, discarded, or obsolete metal materials. This recycling process acquires secondary metals.

Both play crucial roles in creating a more sustainable and less environmentally damaging metal industry.

Mining has evolved through history, in line with technological advancements, changing societal needs, and increasing understanding of environmental impacts.

Prehistoric Era: The earliest form of mining can be traced back to prehistoric times when early humans used tools made of flint, bone, and wood to dig for flint and minerals for making tools and weapons.

Ancient Era: The first systematic mining efforts are believed to have started in Ancient Egypt around 3000 BC, primarily for gold, copper, and later iron. The Romans developed large-scale mining for minerals like gold, silver, and lead using manual labor and simple tools.

Middle Ages: During this period, mining began to become a more structured activity, with different regions becoming known for their resources such as tin in Cornwall and lead in the Pennines in the UK. Techniques such as fire-setting, where fires were used to heat rocks and then quickly cool them to make them easier to break apart, were common.

Industrial Revolution: The advent of steam power and mechanization in the 18th century brought significant advancements in mining techniques. The steam engine was utilized to pump out water from mines, which allowed for deeper mining. Dynamite was also introduced during this time, making it easier to break apart hard rock.

20th Century: The 20th century saw the widespread use of mechanization and electrification in mining. The development of drilling techniques made extraction more efficient. Mines became deeper, and safety became a more pressing issue, resulting in stricter regulations. Open-pit mining and mountaintop removal started becoming prevalent in certain regions.

Late 20th and Early 21st Century: In more recent decades, there has been a push towards more sustainable practices in mining, with a focus on reducing the environmental impact. Methods like in-situ leaching or recovery involve injecting chemicals into a deposit and extracting valuable minerals from the solution. They are becoming more popular.

21st Century and Beyond: The most recent innovations in mining techniques include the use of AI and machine learning to improve the efficiency and safety of mining operations. Autonomous drilling and hauling equipment, predictive maintenance, and real-time monitoring of operations are increasingly common.

Underwater or Deep-Sea Mining: There is also a growing interest in underwater and space mining. Underwater or deep-sea mining involves the extraction of mineral resources from the ocean floor. Meanwhile, space mining, though still in its conceptual stage, refers to exploiting the raw materials from asteroids and other minor planets, including near-Earth objects.

Wrought is typically used to refer to metals, particularly those that have been shaped, worked, or manipulated by forging, rolling, hammering, pressing, or other mechanical processes while it is in a solid state.

Wrought materials are often preferred for their improved mechanical properties compared to cast materials. The mechanical deformation and working processes impart greater strength, toughness, and ductility to the material. Additionally, wrought materials tend to have a more uniform grain structure and reduced internal defects compared to cast materials, which enhances their overall performance.

Historically, wrought iron was a commonly used material that was shaped through forging or other mechanical methods. However, in modern usage, the term 'wrought' is not limited to iron and can be applied to other metals as well, such as wrought aluminum, wrought copper, or wrought steel. These materials are typically used in applications where strength, malleability, and uniformity are important, such as in construction, automotive, and aerospace industries.

Smelting is a technique used to extract pure metal from its ore. This involved heating the ore in a fire, causing the metal to separate from the other elements in the ore and pool at the bottom of the furnace. The result was a purer, more workable metal. This knowledge marked a significant technological advancement and paved the way for the Bronze Age, where copper was alloyed with tin to produce bronze, a much harder and more durable material.

There are geophysical and geochemical methods of exploring for metal and mineral deposits.

Geophysical surveys measure the variation in physical properties of the Earth’s subsurface to determine the location and concentration of mineral deposits. Various geophysical techniques are used including magnetic, gravity, electrical, seismic, and radiometric surveys. For example, a magnetic survey can detect variations in the Earth's magnetic field caused by mineral deposits.

Geochemical methods involve analyzing soil, rock, water, or even vegetation for its chemical composition to identify anomalies that could indicate the presence of mineral deposits. Samples are taken and analyzed in a laboratory, looking for high concentrations of certain elements that are often found alongside valuable mineral deposits.

Metal extraction is done via open-pit mining or underground mining.

Open-pit mining is used when minerals or ores are found near the surface. A large open hole, or pit, is dug to extract the mineral deposit. This method is often used to extract materials such as sand, gravel, and some metals.

Underground mining is used when the mineral deposit is deep underground. Different techniques are used, such as room-and-pillar, cut-and-fill, and block caving, depending on the deposit shape, size, and orientation.

Mineral processing, also known as ore dressing, involves crushing and grinding the ore into fine dust, then using physical or chemical methods to separate the valuable minerals from the rest of the ore. The four stages of mineral dressing are crushing and grinding, sizing and classifying, concentration, and dewatering. Techniques used throughout can include automated ore sorting, electrostatic separation, froth flotation, gravity separation, and magnetic separation.

Smelting involves heating the ore (usually with a reducing agent) to extract the metal. The resulting product, called a 'matte', is a mixture of metals that can be further processed to extract the desired product.

Refining is the final step in the processing of metals where impurities are removed from the crude metal, or the matte from smelting, to produce a product of high purity.

After mining operations are completed, the disturbed land must be rehabilitated. This often involves reshaping the land, replacing the topsoil, and replanting with native species. The aim is to restore the land to a condition similar to its original state or a new condition with a beneficial use.

Water used in the mining process, or contaminated by the process, needs to be treated before it is released back into the environment. This often involves removing suspended solids, neutralizing acidity, and removing or diluting harmful substances.

Global economic productivity is deeply rooted in nature. Roughly half of the world's gross domestic product (GDP) relies significantly or entirely on natural resources. Without these resources, the remaining half of the GDP couldn't possibly be sustained. For instance, manufactured goods need natural resources like metals to produce batteries, and the availability of skilled labor depends on the well-being of employees, which in turn relies on exposure to sunlight and access to clean water.

For long-term investors and those managing key ecosystems around the world, such as forests, wetlands, and grasslands, a unique opportunity presents itself. Mining and metals companies have the chance to lead by fully acknowledging and understanding their dependency on and their impacts on nature.

Steps for mitigating these impacts include facing up to environmental and social challenges:

Mining companies can adopt responsible mining practices that reduce environmental degradation. This includes using technologies and methods that minimize deforestation and soil erosion, such as reclamation, where land is returned to its original condition after mining is done.

Proper waste management systems must be established to ensure that the waste produced from mining operations does not pollute the environment. This could involve treating wastewater before it is released and properly disposing of solid waste to avoid contamination.

Governments can enforce strict regulations on mining operations, ensuring that they adhere to environmental standards. These could include penalties for violations, mandatory environmental impact assessments, and requiring mining companies to set aside funds for environmental rehabilitation.

The local community should be involved in the decision-making process regarding mining operations. This can help to avoid displacement and other social issues. Additionally, mining companies should offer fair compensation and job opportunities to local communities to offset the social impacts of mining.

Governments and mining companies should work together to eliminate child labor in mining. This can be achieved through strict enforcement of labor laws and the provision of education and other opportunities for children.

Mining companies can mitigate health risks by investing in health infrastructure and services. This could involve providing protective equipment to workers, conducting regular health check-ups, and implementing measures to limit exposure to hazardous substances.

Mining operations can reduce their carbon footprint by using renewable energy sources, such as solar or wind energy, for their operations. This can also help to reduce the impact on global warming.

Consumers can play a part by choosing products made from sustainably sourced minerals. Companies should also promote recycling and other forms of sustainable consumption to reduce the demand for new mining.

Technology plays a crucial role in the metals and mining industry, bringing advancements that improve efficiency, safety, sustainability, and productivity. Here are some key areas where technology has made a significant impact:

Technological advancements have revolutionized mining equipment, making it more efficient and capable of handling challenging mining conditions. For example, advanced drilling equipment can penetrate harder rock formations, and large-scale machinery, such as haul trucks and excavators, can extract and transport larger quantities of ore.

Automation has transformed mining operations by reducing the reliance on manual labor and improving safety. Autonomous vehicles, such as self-driving trucks and drilling rigs, can operate without human intervention, increasing efficiency and reducing the risk of accidents. Robotics are also utilized in areas that are hazardous or difficult for humans to access, such as underground mines or remote locations.

The collection and analysis of vast amounts of data have become integral to mining operations. Data analytics and artificial intelligence (AI) enable mining companies to optimize various aspects of their operations. For instance, AI algorithms can analyze geological data to identify potential mineral deposits more accurately. Additionally, predictive maintenance algorithms can analyze equipment data to detect and prevent breakdowns, minimizing downtime and improving productivity.

With increasing emphasis on sustainability and environmental stewardship, mining companies are adopting technologies to minimize their environmental impact. These technologies include:

Renewable Energy Integration: Mining operations are increasingly incorporating renewable energy sources, such as solar and wind power, to reduce greenhouse gas emissions and reliance on fossil fuels.

Water Management: Advanced water management technologies help minimize water usage and prevent contamination of nearby water sources. These technologies may include water recycling systems, desalination, and innovative wastewater treatment processes.

Tailings Management: Technology is being utilized to improve the management of mine tailings, the waste material left after mineral extraction. Methods such as filtered tailings and dry stacking minimize the environmental risks associated with traditional tailings storage facilities.

Emissions Reduction: Mining companies are implementing technologies to reduce emissions of pollutants and greenhouse gases. This includes using cleaner-burning fuels, exhaust gas treatment systems, and implementing strategies to improve energy efficiency.

Overall, technology plays a vital role in improving operational efficiency, worker safety, environmental sustainability, and the overall competitiveness of the metals and mining industry. It enables mining companies to extract resources more efficiently while minimizing their environmental impact and ensuring the responsible use of natural resources.

The Metals and Mining GICS industry group appears under the Materials sector in the Global Industry Classification Standard (GICS) system for equities developed by MSCI and Standard & Poor's (S&P).

China is the largest producer of many metals, including steel, aluminum, copper, and zinc.

Russia is a significant producer of metals like nickel, palladium, and platinum.

Australia is known for its substantial production of iron ore, gold, and coal.

The United States produces metals such as copper, gold, silver, and molybdenum.

Canada is a leading producer of various metals, including nickel, copper, and gold.

Brazil is a major producer of iron ore and is also known for its production of aluminum, lithium, manganese, and tin.

South Africa is a significant producer of gold, platinum, and chromium.

India has notable production of metals like zinc, lead, and aluminum.

Mexico is a significant producer of silver, gold, and copper.

Peru is known for its production of copper, zinc, and lead.

BHP Group (NYSE: BHP) is one of the world's largest mining companies, involved in the production of various commodities, including iron ore, copper, coal, and petroleum.

Rio Tinto (NYSE: RIO) is a global mining and metals company that produces aluminum, copper, diamonds, gold, and other minerals.

Vale (NYSE: VALE) is a Brazilian multinational mining corporation and one of the world's largest producers of iron ore, nickel, and copper.

Anglo American (OTCMKTS: NGLOY) is a diversified mining company with operations in various commodities, including diamonds, copper, platinum, iron ore, and coal.

Glencore (OTCMKTS: GLNCY) is a multinational mining and commodities trading company involved in the production and marketing of various metals, minerals, and energy products.

Freeport-McMoRan Inc (NYSE: FCX) is a leading international mining company with significant production of copper, gold, and molybdenum.

Barrick Gold Corporation (NYSE: GOLD) is a mining company that produces gold and copper with 16 operating sites in 13 countries.

Newmont Corp (NYSE: NEM) is one of the world's largest gold mining companies and also produces copper, silver, and other minerals.

With a resource-rich landscape, Canada is home to many mining companies. These can be found on the Canadian Stock Exchange (CSE) and the Toronto Stock Exchange (TSX) and sometimes on the NYSE, or OTC Markets. Some of the top Canadian mining companies include:

Nutrien Ltd. (NYSE: NTR)

Teck Resources Limited (NYSE: TECK)

Lundin Gold Inc. (OTCMKTS: FTMNF)

B2Gold (TSX: BTG)

First Quantum Minerals (TSX: FM)

Wheaton Precious Metals Corp. (NYSE: WPM)

Agnico Eagle Mines Limited (NYSE: AEM)

Yamana Gold Inc. (NYSE: AUY)

Canadian Natural Resources Limited (NYSE: CNQ)

The mining industry has a substantial economic impact globally and nationally in many countries. Here are some key economic impacts:

The mining industry creates direct employment for millions of people worldwide, including miners, engineers, geologists, and support staff. Additionally, it generates indirect employment in related industries such as equipment manufacturing and logistics.

Mining activities contribute to economic growth by generating revenue through the sale of minerals, royalties, and taxes paid by mining companies. It can stimulate local economies by creating opportunities for local businesses and fostering infrastructure development.

Many mining-dependent countries rely on the export of minerals to generate foreign exchange and support their balance of trade. Mining exports can contribute significantly to a country's revenue and international trade.

The mining industry often requires significant infrastructure development, including roads, railways, ports, and energy facilities. These infrastructure projects can have positive spillover effects on local communities and economies.

The mining industry drives technological advancements and innovations in areas such as exploration techniques, mining equipment, and environmental sustainability. These advancements can have broader applications beyond the mining sector.

The metals and mining sector’s importance to the world’s economy creates a wealth of opportunities for investors. From individual stocks to metals and mining mutual funds and ETFs, there are many ways for investors to get a slice of the metals and mining pie.

Similarly, metals and mining investment banking has been pivotal in driving mergers, acquisitions, and capital market activities, bolstering the financial standing of many firms. For instance, metal mining companies in the USA have used these services to facilitate growth and exploration initiatives.

Investors can buy shares in many companies engaged in the exploration, extraction, and processing of minerals and metals. Their share value fluctuates based on various factors such as commodity prices, operational efficiency, and geopolitical events. Investing in mining stocks allows investors to participate in the sector's growth and potentially benefit from price appreciations, dividends, and even exposure to certain commodities without physical ownership of the metal.

Metals and mining mutual funds have gained significant traction for their ability to diversify investment portfolios, reducing the inherent risk of the volatile commodity markets.

A mutual fund is typically open-ended, meaning it continuously issues and redeems shares at their net asset value (NAV) based on the fund’s underlying holdings. These shares are bought and sold at the end of each trading day. Mutual funds usually disclose their holdings every quarter and have a minimum investment requirement.

Some Metals and Mining Mutual Funds include:

Invesco Gold & Special Minerals Fund (IOGYX)

Like many funds, this one comes in a series of classes; Class: A (OPGSX), C (OGMCX), R (OGMNX), Y (OGMYX), R5 (IOGYX), R6 (OGMIX). Class A is aimed at individual investors, while class R is generally intended for retirement plans such as 401(k)s and Y is often aimed at institutional investors.

Franklin Gold and Precious Metals Fund (FKRCX)

Gabelli Gold Fund (GOLDX)

Allspring Precious Metals Fund (EKWAX)

Fidelity® Select Gold Portfolio (FSAGX)

U.S. Global Investors, Inc. Gold and Precious Metals Fund (USERX)

First Eagle Gold Fund (SGGDX)

Sprott Gold Equity Fund (SGDLX)

VanEck International Investors Gold Fund (INIVX)

With precious metals like gold, silver, and platinum holding unique appeal, the precious metals mining ETF is a popular choice among investors, as are individual precious metals mining stocks. However, broader metals and mining ETFs and metals mining stocks also provide robust investment platforms, allowing exposure to a variety of metals and mining companies. These can include both large, established firms and smaller, growth-oriented companies in the metals and mining sector.

Metals and Mining ETFs offer a simple way to invest in the sector. An ETF gives the shareholder access to a basket of stocks, diluting the risk of holding any single equity. This is a preferred way of investing for the risk-averse investor.

SPDR S&P Metals & Mining ETF (NYSEARCA: XME)

iShares MSCI Global Metals & Mining Producers ETF (BATS: PICK)

VanEck Rare Earth/Strategic Metals ETF (NYSEARCA: REMX)

VanEck Green Metals ETF (NYSEARCA: GMET)

iShares Copper and Metals Mining ETF (NASDAQ: ICOP)

Invesco DB Base Metals Fund (NYSEARCA: DBB)

The Sprott Funds Trust offers a selection of metal-specific ETFs such as:

Sprott Gold Miners ETF (SGDM)

Sprott Junior Gold Miners ETF (SGDJ)

Sprott Energy Transition Materials ETF (SETM)

Sprott Lithium Miners ETF (LITP)

Sprott Uranium Miners ETF (URNM)

Sprott Junior Uranium Miners ETF (URNJ)

Sprott Junior Copper Miners ETF (COPJ)

Publications such as the Metals and Mining Review offer valuable insights into trends and opportunities within the industry, playing a crucial role in informing investment decisions and company strategies.

The future of metals and mining is closely tied to the rapid growth of renewable energy and its impact on the industry. The shift to more sustainable energy sources undoubtedly requires more metals and whether we can mine sufficient materials to meet demand remains to be seen.

Metals such as lithium, cobalt, nickel, rare earth elements, and even silver are essential to produce batteries used in electric vehicles and energy storage systems. While metals like copper and aluminum play crucial roles in renewable energy systems.

Key factors shaping the future of metals and mining include sustainable mining practices, technological advancements such as automation and AI, a shift towards a circular economy promoting recycling and reuse of metals to reduce waste, and ensuring a resilient and diversified supply chain for metals will become a priority, reducing dependence on a single region or country for critical minerals and metals.

While the term ESG (Environmental, social, and governance) has become politicized, companies need to demonstrate their commitment to sustainability and responsible practices to ensure they continue to attract investment.

Overall, the metals and mining industry will continue to evolve as it plays a vital role in supporting the transition to a greener and more sustainable future.

The Economy: Energy: Construction and Infrastructure: Manufacturing: Prehistoric Era: Ancient EraMiddle Ages: Industrial Revolution20th CenturyLate 20th and Early 21st Century21st Century and BeyondUnderwater or Deep-Sea MiningOpen-pit miningUnderground mining Renewable Energy Integration: Water Management: Tailings Management: Emissions Reduction: ChinaRussiaAustraliaThe United StatesCanadaBrazilSouth AfricaIndiaMexicoPeruBHP GroupRio TintoValeAnglo AmericanGlencoreFreeport-McMoRan IncBarrick Gold CorporationNewmont CorpNutrien Ltd. Teck Resources LimitedLundin Gold Inc.B2GoldFirst Quantum MineralsWheaton Precious Metals Corp.Agnico Eagle Mines LimitedYamana Gold Inc. Canadian Natural Resources LimitedInvesco Gold & Special Minerals FundFranklin Gold and Precious Metals FundGabelli Gold FundAllspring Precious Metals Fund Fidelity® Select Gold Portfolio U.S. Global Investors, Inc. Gold and Precious Metals Fund First Eagle Gold FundSprott Gold Equity FundVanEck International Investors Gold Fund SPDR S&P Metals & Mining ETFiShares MSCI Global Metals & Mining Producers ETFVanEck Rare Earth/Strategic Metals ETFVanEck Green Metals ETF iShares Copper and Metals Mining ETFInvesco DB Base Metals Fund Sprott Gold Miners ETFSprott Junior Gold Miners ETF Sprott Energy Transition Materials ETFSprott Lithium Miners ETFSprott Uranium Miners ETFSprott Junior Uranium Miners ETFSprott Junior Copper Miners ETF