The surge in metal prices has renewed speculation about a mining peak, a view that fails to reflect the industry’s structural realities. Two strong years do not reverse decades of neglect. In our view, what we have seen is a wake-up call, not a market top. 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.
