The Rebirth of Mining

By Tavi Costa

Mining is defined by long development timelines, rigid supply growth, and capital cycles that unfold over decades, not quarters. The forces behind today’s repricing — prolonged underinvestment, constrained supply, and rising structural demand — remain intact and unresolved.

What we have seen to date is the awareness phase of a bull market. Institutions were caught off guard and rushed to deploy capital without sufficient industry knowledge, pushing prices higher across the sector.