This commodity cycle is no longer dependent on just China – but a broader global transformation linked to the energy transition.
How do you assess the current commodity cycle, and what differentiates it from past ones?
Commodity cycles are defined by a deep, structural shortage of metals and minerals that are key for the period. After years of underinvestment, there is now a scarcity of critical mineral supply at a time when demand is surging due to innovations like AI, data centres, and major upgrades to global power infrastructure. What sets this cycle apart from the previous ones is the scale and scope of the demand drivers. This is a worldwide event – it’s no longer dependent on just China – but a broader global transformation linked to the energy transition.
The scope is larger as well, with supply chain security and defence at the forefront of the national agenda, resulting in government becoming more actively involved. It can be neatly summarised in a comment I heard recently at a conference; ‘if the past 25 years were about global efficiency, the next 25 years are about resilience’.
Which commodities are most undervalued today, and where do you see the strongest long-term opportunities?
Commodities such as copper, rare earths, molybdenum, antimony, and tungsten are currently undervalued despite being critical to the future economy. Copper, in particular, is essential for electrification and underpins everything from power grids to electric vehicles. Long-term opportunities lie in positioning early within these essential supply chains, particularly as clean technologies mature and the demand for these minerals grows. This forward-looking approach has been baked into our next fund and will allow for value capture as the energy transition accelerates.
What convinces you that a junior exploration company is worth backing?
The decision to invest in a junior begins once a potentially viable deposit has been identified. From there, the focus is on strong geology, sound engineering, and compliance with ESG standards. CD Capital employs a disciplined investment approach, ensuring that all technical, operational, and environmental fundamentals are rigorously evaluated and validated before advancing any opportunity. This structured methodology enables us to identify and mitigate risks early, maintain high due diligence standards, and ensure that every project aligns with long-term value creation and sustainability objectives.
What will the mining industry look like in 5 to 10 years?
I see the mining industry becoming more vertically integrated, where resource extraction, processing, and refining are all connected. Not only does this create secure supply chains, but it also helps companies to realise further value-add. We are already seeing nations take this approach, with Indonesia being the prime example in their nickel policies, and companies too. A further benefit of this full supply-chain integration and visibility is also that, responsible mining groups may be able to recognise a premium on their product. At the same time, technological advancements are transforming the sector.
Automation is improving safety and productivity by reducing manual intervention, while AI-driven exploration enables faster, more accurate deposit discovery with lower costs. Low-impact extraction technologies are also further reducing emissions, water use, and land disturbance, enhancing both efficiency and sustainability. In this new era, the most successful companies will be those that embrace technology while embedding ESG principles across their operations.
By investing in local communities, ensuring workforce safety, and adopting circular economy practices, these companies will build trust and gain a competitive edge in accessing capital, permits, and partnerships. Ultimately, vertical integration and technological innovation, in tandem with ESG excellence, will see a mining sector that is efficient, profitable, responsible, and future-ready.
What advice would you give to young women building a career in mining finance or investment?
As the mining industry continues to undergo a profound transformation, there has never been a more exciting time for women to lead, innovate, and redefine the future of this sector. Fundamentally, you should believe in the value of your perspective, as it is only through diverse voices and fresh ideas that the industry will continue to progress. A strong foundation in the technical fundamentals of mining is essential for making sound and informed investment decisions.
Developing well-rounded, practical insight into mining and processing operations by complementing analytical work with on-the-ground experience provides a true understanding of the challenges of the sector. The ability to understand both the rocks and the returns is a powerful combination, and the right mentors can help turn that knowledge into impact.
To further advance this vision, CD Capital proudly sponsors a Critical Minerals Scholarship at Imperial College London, supporting the next generation of leaders who will be central to advancing the energy transition and beyond.
Article source: https://miningindaba.com/articles/a-deep-dive-on-critical-minerals-vertical-int
