Global mining: the metal map
See which metal is actually scarce, then look at the company
Eleven conclusions, two extremes, copper squeeze, uranium, AI tiers, iron, precious, acid, Zijin, leaders—long memo spine split out.
Read the metal map through three questions
- Is it a broad bull year: precious-metal crashes and industrial squeezes can run together.
- Which metals actually feel AI: copper and uranium lead; iron ore is mostly noise.
- Is the scarcity the metal or the reagent: sulfuric acid can choke copper and uranium at once.
Updated 2026-08-21 · Research notes, not investment advice.
- 1. Eleven conclusionsThesis cards
- 2. Two extreme markets in 2026Side-by-side
- 3. Copper: a structural shortageTimeline
- 4. Uranium: an underpriced AI beneficiaryBar
- 5. AI and metals: tier itThesis cards
- 6. Iron ore: surplus widens, cost floor risesBar
- 7. Precious metals: record, crash, repairBar
- 8. Sulfuric acid: a cross-metal single pointThesis cards
- 9. Zijin: China’s volume-over-price paradigmSide-by-side
- 10. Leaders and laggards: two narratives breakBar
- 11. Lithium and policy metalsThesis cards
- 12. Tin: cleanest bull case this yearThesis cards