Rocks and Hard Places: The Globalization of Mining (Global Issues)

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Jaskula, Brian. 2022. Lithium. U.S. Geological Survey, January. https://pubs.usgs.gov/periodicals/mcs2022/mcs2022-lithium.pdf. Accessed 1 Sept 2022. Pottinger, Matt, and David Feith. 2021. Opinion | China is winning the big data war, Thanks to Xi. The New York Times, 30 November. https://www.nytimes.com/2021/11/30/opinion/xi-jinping-china-us-data-war.html. Accessed 11 Sept 2022.

Scassellati, Erica (April 26, 2022). " Better Call Saul Season 6: Nacho Implicates Alvarez, an Unseen Character". Showbiz Cheat Sheet. Archived from the original on May 2, 2022 . Retrieved May 2, 2022. Greenfield, Aaron, and T.E. Graedel. 2013. The omnivorous diet of modern technology. Resources, Conservation and Recycling 74 (May): 1–7. https://doi.org/10.1016/j.resconrec.2013.02.010. In the shot where Mike is dropped off from the van in the desert, a person dressed in blue can be seen moving in the bushes near the top-left corner of the screen. It is unknown who this person is.

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Li, Liuxi, and Denise Jia. 2019. China Became Net Importer of Rare Earths in 2018. Caixin Global, 16 March. https://www.caixinglobal.com/2019-03-16/china-became-net-importer-of-rare-earths-in-2018-101393333.html. Accessed 25 Mar 2021. REPowerEU. 18 May. https://ec.europa.eu/commission/presscorner/detail/en/IP_22_3131. Accessed 10 June 2022.

Arboleda, Martin. 2020. Planetary mine: Territories of extraction under late capitalism. Brooklyn: Verso. Moreau, Jordan (April 25, 2022). " Better Call Saul Star Michael Mando Explains Nacho's [SPOILER] and Oil Baptism". Variety. Archived from the original on April 26, 2022 . Retrieved April 26, 2022.Castellano, Robert 2020. ASML: Not just a monopoly in EUV lithography. Seeking Alpha 15 June. https://seekingalpha.com/article/4354007-asml-not-just-monopoly-in-euv-lithography. Accessed 2 Sept 2022. China’s control of rare earth metals. The National Bureau of Asian Research (NBR) (blog), 13 August. https://www.nbr.org/publication/chinas-control-of-rare-earth-metals/. Accessed 11 June 2021.

Kalantzakos, Sophia. 2020a. Critical minerals and the new geopolitics. Project Syndicate, 2 October. https://www.project-syndicate.org/commentary/china-critical-minerals-new-geopolitics-by-sophia-kalantzakos-2020-10?barrier=accesspaylog. Accessed 1 Sept 2022. In the past when commodity prices were surging, as they have been of late (see chart 1), the world’s miners would be piling into projects like Quellaveco. This time the notable thing about it is its uniqueness. Few of the diversified mining behemoths—Anglo American, BHP, Glencore, Rio Tinto and Vale—have big new mines in the works. That is partly because of the industry’s long lead times; Anglo bought Quellaveco in 1992. But other forces, too, lie beneath the subdued investment. They will have consequences for the mineral-intensive energy transition towards a climate-friendlier world. The Greek saying is more of a translation or inference rather than a direct quote. The phrase was used quite often in the early parts of the 20th century in the USA and other first-world countries.

Their biggest challenge is responding to the energy transition. The companies have taken some defensive steps, getting out of the most carbon-intensive operations. Rio Tinto left the thermal-coal business in 2018. On June 6th Anglo spun off its coal operation. BHP and Vale have promised to do the same. Mines across the world are emitting less carbon dioxide, as operators invest in renewable power and try to electrify mining vehicles. President Joe Biden first white house press conference transcript. The White House, 25 March. https://www.rev.com/blog/transcripts/president-joe-biden-first-white-house-press-conference-transcript-march-25. Accessed 10 Sept 2022. Hund, Kirsten, et al. 2020. Minerals for climate action: The mineral intensity of the clean energy transition. International Bank for Reconstruction and Development/The World Bank. http://pubdocs.worldbank.org/en/961711588875536384/Minerals-for-Climate-Action-The-Mineral-Intensity-of-the-Clean-Energy-Transition.pdf The IEA has also suggested a circular economy approach could help reduce primary supply requirements for minerals for electric vehicle batteries by about 10% by 2040. In Figure 1 we show a scatter of equity regions (blue) and sectors (yellow), plotting their forward PE against the Street’s expectation for operating margin over the next 12 months. The size of each of the points denotes valuation and profitability expectations for each segment relative to its own history. Thus the US, given the 89 th and 75 th percentiles discussed above, averages at 82/100. 50th percentile would be the same size as the ‘Historic Median’ denoted in the legend at the top of the chart. While the Technology sector stands out, the plot shows that it is not alone. Indeed, the only areas of good value left (i.e. where the circle is the same size or smaller than the historic median) are the UK and Emerging Markets from a geographic perspective, and Energy and Healthcare in terms of sectors. Figure 1: Equity Forward Multiples and Forward Margins