2025 was a remarkable year for metals and mining, but the industry's financial performance tells a more nuanced story. Market capitalization reached record levels, yet returns varied significantly depending on commodity exposure. Between 2015 and 2025, gold producers saw total shareholder returns increase 8.1 times, compared with 6.3 times for copper producers and 2.2 times for nickel producers. This reflects a wider shift in where value is being created across the industry. A decade ago, steel, iron ore and coal accounted for the bulk of sector value. Since then, gold and copper have gained share. In our newly released Global Materials Perspective 2026, we examine how the industry's value pools are shifting and what this means for companies considering their portfolios and capital allocation priorities. Discover what’s changing: https://lnkd.in/exnRpA2s #McKinseyInsights #GlobalMaterialsPerspective #Canada
Metals and Mining Industry Shifts in Value Creation
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Market capitalization of metals & mining companies reached record levels, yet returns varied significantly depending on commodity exposure. Between 2015 and 2025, gold producers saw total shareholder returns increase 8.1 times, compared with 6.3 times for copper producers and 2.2 times for nickel producers. This reflects a wider shift in where value is being created across the industry. A decade ago, steel, iron ore and coal accounted for the bulk of sector value. Since then, gold and copper have gained share. In our newly released Global Materials Perspective 2026, we examine how the industry's value pools are shifting and what this means for companies considering their portfolios and capital allocation priorities. Discover what’s changing: https://lnkd.in/erMNsZ6t #McKinseyInsights #GlobalMaterialsPerspective
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There you have it - gold and copper (and I would add silver that often is a come from behind standout in later stages of a bull market). These should be the anchor tenants in any mining portfolio. All the other critical minerals are necessary, but at least one "anchor tenant" is suggested to ensure growth. #gold #silver #copper #directinvestment #GotGold?
Market capitalization of metals & mining companies reached record levels, yet returns varied significantly depending on commodity exposure. Between 2015 and 2025, gold producers saw total shareholder returns increase 8.1 times, compared with 6.3 times for copper producers and 2.2 times for nickel producers. This reflects a wider shift in where value is being created across the industry. A decade ago, steel, iron ore and coal accounted for the bulk of sector value. Since then, gold and copper have gained share. In our newly released Global Materials Perspective 2026, we examine how the industry's value pools are shifting and what this means for companies considering their portfolios and capital allocation priorities. Discover what’s changing: https://lnkd.in/erMNsZ6t #McKinseyInsights #GlobalMaterialsPerspective
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Everyone is in sync on the copper outlook - and ATERRA Metals Inc. (CSE: $ATC | OTCQB: $CSSCF) is positioned right where it matters. McKinsey’s Global Materials Perspective 2026 frames the case: copper prices climbed past US$13,500/mt by mid-2026, mining’s share of the copper EBITDA pool has nearly doubled to 88% since 2015, and a roughly 10% supply–demand gap persists through 2035 - with data centres alone projected to drive 4.3% of global demand by 2030. That’s the macro. Here’s ATERRA’s micro: three copper-gold porphyry options in Chile’s Dos Amigos Mining District, Phase II exploration funded, and drill results ahead. Chile. Porphyries. Copper. The right asset class in the right jurisdiction at the right time. https://lnkd.in/p/g-rxcQPc #GoCopper #Chile #Exploration #Porphyries
Market capitalization of metals & mining companies reached record levels, yet returns varied significantly depending on commodity exposure. Between 2015 and 2025, gold producers saw total shareholder returns increase 8.1 times, compared with 6.3 times for copper producers and 2.2 times for nickel producers. This reflects a wider shift in where value is being created across the industry. A decade ago, steel, iron ore and coal accounted for the bulk of sector value. Since then, gold and copper have gained share. In our newly released Global Materials Perspective 2026, we examine how the industry's value pools are shifting and what this means for companies considering their portfolios and capital allocation priorities. Discover what’s changing: https://lnkd.in/erMNsZ6t #McKinseyInsights #GlobalMaterialsPerspective
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Barchart is expanding our metals data offering through an enhanced partnership with Fastmarkets. Fastmarkets’ metals and mining prices and freight rate data are now available through cmdtyView and Barchart’s streaming and Market Replay services, giving clients a more complete view of global metals markets. With 1,500+ IOSCO-compliant benchmark assessments from Fastmarkets alongside Barchart’s direct LME connection and CME Group metals coverage, clients can bring exchange-traded and physical market pricing together in one workflow. From base metals and battery raw materials to steel, scrap, ores, alloys and industrial minerals, this expanded coverage provides greater visibility across the global metals value chain. Read the full announcement and learn more: https://lnkd.in/ghppEDWx #Metals #Mining #MarketData #cmdtyView #Fastmarkets
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Hamdi Rouz and I have been working to build this partnership and this is an exciting step for anyone in the metals industry. Barchart has one of the best LME feeds and now users can get Fastmarkets metals prices right alongside LME & CME exchange prices. Massive disruptions to supply chains along with sweeping tariffs have led to significant regional price differences. Serious market research requires analyzing physical prices to understand the global picture for metals.
Barchart is expanding our metals data offering through an enhanced partnership with Fastmarkets. Fastmarkets’ metals and mining prices and freight rate data are now available through cmdtyView and Barchart’s streaming and Market Replay services, giving clients a more complete view of global metals markets. With 1,500+ IOSCO-compliant benchmark assessments from Fastmarkets alongside Barchart’s direct LME connection and CME Group metals coverage, clients can bring exchange-traded and physical market pricing together in one workflow. From base metals and battery raw materials to steel, scrap, ores, alloys and industrial minerals, this expanded coverage provides greater visibility across the global metals value chain. Read the full announcement and learn more: https://lnkd.in/ghppEDWx #Metals #Mining #MarketData #cmdtyView #Fastmarkets
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LME prices copper. Who prices the concentrate? At last week's FT Metals & Mining Summit, our CEO Carlos Francisco Fernandez made a point on the Dealmaking 2026 panel that goes to the heart of what we are building: the price-discovery gap is a valuation gap. Copper trades on deep, transparent benchmarks. In lithium, cobalt, antimony and rare earths, buyer and seller often can't agree what an asset is worth, because they can't agree what the product is worth. Concentrate adds another layer. Every lot is valued on assays, payables, treatment charges and penalties, agreed bilaterally and documented across emails, PDFs and spreadsheets. FinkaMetals is building one shared view of the trade, from mine to offtake: assay data, documentation, logistics, financing and settlement, visible to every party involved. We're in London for LME Week. If you mine, trade, finance or smelt concentrate, we'd like to meet. Send us a message. With thanks to FT Live for the footage. #LMEWeek #FTMining #Mining #CommodityTrading #CriticalMinerals #Metals
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✧ Orezone Gold Corporation (TSX: ORE | ASX: ORE | OTCQX: ORZCF) Delivers Record Q3 2026 Gold Production! ⤷ 59,674 oz of gold produced, marking a record quarter. ⤷ Bomboré: 40,562 oz produced. ⤷ Casa Berardi: 19,112 oz produced. ⤷ Share Price: A$3.02 | 2026 YTD: +57.29% | 1-Year Return: +74.57%. President & CEO Patrick Downey anticipates another record-breaking quarter in Q4, supported by higher-grade ore feed across both operations. ✧ Follow Mining Herald for the latest global mining and market updates. #OrezoneGold #ASX #TSX #GoldMining #MiningHerald #GoldProduction #MiningStocks
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Navoi Mining and Metallurgical Company lifts first-half profit 57% as the gold price outruns output Navoi Mining and Metallurgical Company reported a net profit of USD 2,382 million for the first half of 2026, 57.2% above the same period of 2025. Revenue rose 49.9% to USD 7,067 million from USD 4,715 million, while gold production fell 1.8% to 1.51 million ounces. The increase in revenue therefore came from the gold price and not from volume. All-in sustaining costs rose 41.5% to USD 1,647 an ounce from USD 1,164. The company attributes the largest part of the increase to the mineral extraction tax, which accounts for 31% of AISC per ounce, and names higher stripping volumes at Muruntau under Stage V, Phase II as a further factor. The 6.1% strengthening of the sum added USD 101 an ounce, or 8.7% of the total increase. Adjusted EBITDA grew 59.8% to USD 4,889 million and the margin widened to 69.2% from 64.9%. Leverage fell to 0.3x from 0.5x net debt to trailing EBITDA, and the weighted average effective interest rate on the debt portfolio declined to 6.67% from 7.71%. The portfolio consists of USD 500 million of eurobonds placed in May 2025 and USD 1 billion placed in October 2024. Operating cash flow decreased 3.4% to USD 2,514 million while capital expenditure rose 31.8% to USD 543 million, so the period generated less cash than the profit figure indicates. #MetalsAndMining #FinancialResults https://lnkd.in/detibtpB
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Alfonso T.