We've seen some incredible moves in many rare earth stocks. A big bull in a niche commodity market is quite the drug. 👀🔥
1/ Energy Fuels $UUUU 2/ Critical Metals $CRML

🧵 Newmont, the world's largest gold producer, achieved a record-breaking all-in sustaining cost (AISC) margin of $1,727 per ounce of gold produced last quarter, up 120% (!) versus Q2 2024.
Over the last four quarters, Newmont's core business has become a huge cash cow. Now, let's review some of the most important developments and highlights from the latest Q2 2025 report. 👇 1 / $NEM In Q2 2025, Newmont produced 1,478 million ounces of gold. Gold production was down 4%, but this was in line with the forecast due to the sale of non-core assets (see the sales of Tier-2 mines to e.g. Discovery Silver, Orla Mining) in order to focus on Newmont's Tier-1 portfolio.
The US gold giant also produced 36,000 tons of copper, 8 million ounces of silver, and 67,000 tons of zinc.
Newmont benefited from increased production at Yanacocha due to improved injection leaching. Production at Peñasquito increased due to higher gold grades. Production at Nevada Gold Mines and Boddington increased due to higher tonnage processed following planned maintenance.
2 / $NEM

Critical Raw Materials for the Defense Sector and the significant Dependence on a Few Major Suppliers 🚀⛏️ Components and raw materials used in an MBT or infantry fighting vehicle

🧵 The world's largest gold miner, Newmont, hit a new 52-week and multi-year high earlier this week, finally catching up with the roaring 2024 gold bull run. Then some profit taking took place.
Yesterday, the American gold giant released its Q3/2024 financial results. Let's take a look at some of the key numbers and developments. ⛏️👇
$NEM #gold Newmont's attributable gold production increased 4% to 1.67 million ounces from the prior quarter primarily due to higher production at Cerro Negro.
Third quarter production also benefited from higher throughput at Brucejack, increased mill utilization at Ahafo and improved production at Yanacocha primarily due to the benefits of injection leaching. Overall, solid production results, but slightly below guidance, so Q4 needs to be even better.
Below you can see the gold production trend, which is back to higher levels after the massive Newcrest acquisition. $NEM

Some interesting charts from MinEx on the tin market. ⛏️⚡️
Future Tin Supply: Opportunities & Challenges
#tin #commodities #china $AFM.v h/t MinEx Consulting Global Tin Production, 2004-2023
#tin #commodities #indonesia #china

The Silver Institute has just released its major new macro report "World Silver Survey 2024". The timing is perfect as silver prices just broke above $30 an ounce and hit a new decade high.
Here is what you need to know.. 🧵
#silver $SLV #metals Another massive shortfall: The #silver market balance was again deeply negative in 2023. Global silver demand exceeded global silver supply by more than 180 million ounces. It was the second largest silver deficit of the past decade.

Copper market balance under pressure: We've seen more supply disappointments and disruptions in recent months.
- Production at Codelco, the world's top supplier of the red metal, fell 10.1% to 107,300 metric tons in March.
- There was another strike at MMG's large Las Bambas copper mine, one of the largest copper mines in South America.
- Glencore's copper production fell another 2% last quarter and has been declining for more than 4 years.
- Copper production at Antofagasta, a major copper miner in Chile, was 129,400 tons in Q1 2024, 11% lower than in Q1 2023.
- Anglo American lowered its 2024 output target for copper to between 730,000 tons and 790,000 tons, from as much as 1 million tons, essentially removing the equivalent of a large copper mine from global supply. Production will fall even further in 2025, before starting to rise again the following year.
- KGHM Group, a large copper miner from Poland, reported lower than planned copper production.
- With smelters in Asia hungry for the red metal, the copper concentrate market turned from surplus to deficit.
- Still closed: One of the biggest supply disruptions was the government-ordered closure of one of the world's largest copper mines, First Quantum's Cobre Panama, which contributed over 330,000 tons of production in 2023.
- Global copper inventories were close to 30-year lows in terms of days of demand. This underscores the upside risk to the commodity price given the increased pricing power it gives producers.
$FCX $BHP $RIO $SCCO #copper #mining Big challenge: Copper mine grades have been declining for a long time and are still declining. #copper

🧵 Hungry for growth again.
There is a new trend among the major mining companies. For the first time since the end of the great bull market in commodities more than 12 years ago, the giants of the mining industry are focusing more on growth.

In recent years, BHP, Rio Tinto and the like have been relatively reluctant to embark on major new investment programs, maintaining strong capital discipline and prioritizing dividend payouts over growth investments. That will change in 2024. The commodity giants want to benefit more from the expected boom in demand for many metals that will play a key role in the energy transition (see Copper).

Given the risks of recession and the many uncertainties in the world's largest consuming nation (China), will the new growth spurt succeed? 2024 is going to be very interesting in this area as well. Let's take a look at some of the #mining giants' CAPEX plans for the coming year(s). ⚒️
BHP, the world's largest raw materials group from Australia, is planning to increase its capital expenditure significantly to USD 10 billion per year. This is a significant increase in CAPEX. In recent years, BHP's total annual capital expenditure has typically been in the range of $6-7 billion.

BHP is currently focusing on the construction of the gigantic Jansen potash mine in Saskatchewan, Canada, which will become one of the largest production sites for fertilizers. $BHP is also investing in the expansion of its copper portfolio in Australia.

In recent months we have seen numerous negative reports about the tight supply situation in the copper sector and for various important development projects. ⚒️
- First Quantum's Cobre mine in Panama is shut down, eliminating about 1.5% of the world's copper supply.
- Anglo American just cut its 2024 copper production plans by 200,000 tons.
- Glencore's copper production will decline for the fifth consecutive year in 2023, almost 30% below 2018 levels.
- Teck Resources' majority owned QB2 copper mine is once again on the hook for massive cost overruns.
- Freeport, the world's second-largest copper producer, said a few weeks earlier that it would slow expansion plans due to inflation and slumping prices for the red metal used throughout the global economy.
- Codelco, the world's largest state-owned copper producer, cut its annual production forecast to the lowest in 25 years and raised cost estimates.
- Zambia's copper production will fall by more than 10% this year to the lowest level in 14 years.

It will be very exciting to see how the market balance for #copper evolves in 2024. There are many reasons to be bullish.
China, the world's largest copper producing and processing country, is struggling on its own.
Beijing is discussing plans and seeking industry input to impose curbs on the world's largest processor of the metal to reduce overcapacity and carbon emissions, according to people familiar with the matter, who asked not to be identified because the information isn't public. The restrictions could be in place by the middle of the decade, they said. #copper
Source:

Cost inflation in the gold mining industry

Cost inflation is real and eating into margins. At the beginning of 2021, the all-in sustaining cost (AISC) of gold at Newmont $NEM, the world's largest gold producer, was less than $1,050 per troy ounce. Since then, costs have risen massively. In the last quarter, Newmont's AISC was $1,426 per ounce and in the second quarter, AISC was almost $1,500 per ounce.

It is no wonder that Newmont's net income and free cash flow have come under severe pressure over the past 24 months, which is the main reason for the underperformance of this gold stock. Over the past 3 years, the price of gold has risen about 10% in USD terms, while Newmont's shares have fallen almost 35%. This is a dramatic underperformance.

Newmont's AISC trend speaks for itself. #gold #mining
How are the All-In Sustaining Costs (AISC) calculated? Take a look at the list below. You will also see that AISC does not include all of a gold producer's costs. Details here: gold.org/download/file/…

🧵 The price of gold has just hit a new all-time high. However, gold miners are trading well below their 2011 record high - see chart below.
What has caused this massive underperformance?
Let's look at some of the key reasons. ⚒️🪙

#gold #mining $GDX Cost Inflation

We have seen a massive increase in the cost of mining over the last 15 years. Whether it is energy raw materials (e.g. diesel is important for open pit mines), lubricants, mining machinery, wages for miners and skilled workers, economic feasibility studies, permitting, exploration costs, etc. - most cost factors have increased tremendously.
The cost of producing gold has risen far more than the price of gold over the past few years, which has put corresponding pressure on profit margins. This is the main reason for the underperformance of many gold producers relative to the gold price, and particularly affects the senior gold producers - see All-in Sustaining Costs (AISC) below.

🧵 Where does uranium come from?

The elementary fuel for the nuclear industry is mined in only a few places in the world. Let's take a look at the top 10 uranium mines, which account for most of the world's #uranium production. ⚒️
The largest mines dominate in negative production trend

In 2022, the 10 largest uranium mines produced 28,125 tons or 57% of the world's uranium supply. The entire uranium market supply is controlled by just a few companies and the majority of uranium production comes from a handful of countries.