People
After a period of relative optimism around commodity demand and the global decarbonization agenda, the tone of this year’s Financial Times Mining Summit was more pragmatic. Industry leaders acknowledged a period of recalibration was necessary—one in which supply, valuation, and policy must realign to sustain growth. Here are six key themes that stood out to us.
1. Miners need to step up capital expenditure against often dislocated price fundamentals
Investors and operators underscored the widening disconnect between commodity pricing, reserve economics, and financing realities. Growth capital expenditure now needs to represent a materially higher share of EBITDA to maintain production levels—much less expand. Still, the market remains unconvinced, forcing industry participants to balance shareholder discipline with the imperative to reinvest—potentially at a much larger scale.
2. Copper remains king, but where is demand?
Copper’s role as the critical metal for electrification remains undisputed, but the conversation has evolved beyond enthusiasm. Supply volatility continues, and without stronger demand tied to grid upgrades and industrial electrification, investment momentum may slow. Several speakers called for a more coherent, long-term demand narrative—anchored not in hype but in copper’s indispensability to modern energy systems. A noteworthy shift is also underway toward regionalizing copper processing outside of China, closer to both sources and growing markets.
3. Climate accountability comes into sharper focus
The tone around decarbonization goals was more pragmatic than aspirational this year. Implementing credible climate targets—supported by verifiable data—is proving difficult both operationally and financially. Stakeholders are increasingly unforgiving of unsubstantiated claims. Environmental stewardship, safety performance, and community relations are now viewed as core measures of business integrity. In short, meeting sustainability ambitions with accountability has become the ultimate test of corporate credibility.
4. The U.S. reemerges as a strategic actor
Geopolitics took center stage, with the United States reemerging as a key actor in industrial policy. Building on trade incentives, investment credits, direct investment, and streamlined permitting, the U.S. is taking a more prominent role across the mining value chain. Companies are managing the resulting complexity with pragmatic agility—navigating opportunities arising from both Washington and Beijing. Despite headlines, most executives commented that tariffs are having limited influence on long-term investment decisions.
5. Realizing value from scale is hard
Participants acknowledged that realizing value from organic growth is increasingly more difficult to underwrite as capital costs, lead times, and development risks plague even some of the best assets. As a result, mergers and acquisitions are increasingly viewed as the more efficient growth path. Yet history shows that M&A success depends less on deal size and more on disciplined integration and focused strategy. Realizing value from scale remains one of the industry’s defining execution challenges.
6. The Middle East Sovereign Wealth Funds (SWFs) are still expected to be a major player
At last year’s summit, optimism was strong about the surge of Middle Eastern sovereign wealth fund (SWF) investment in mining. In 2025, that enthusiasm has become more measured. Some funds are pivoting to focus on securing strategic value chains linked to their domestic economies, while others are adopting a more deliberate pace in partner selection and asset evaluation. Despite this strategic recalibration, SWFs continue to provide the patient capital and political connectivity that remain crucial for complex, long-horizon mining projects.
This year’s discussions reflected an industry moving beyond the optimism of early-transition narratives to the pragmatism of long-term execution. For us, the takeaway was clear: mining’s future will belong to those who can translate ambition into disciplined, credible, and value-oriented action.
