Between Rock and a Smart Place: Mine Returns, Not Illusions

C-MACC Weekly Sustainability and Energy Transition Report

Between Rock and a Smart Place: Mine Returns, Not Illusions

• 1st Topic of the Week: The critical-minerals race is broadening, with a greater focus needed on processing than mining, as competition targets power, integration, and industrial execution, rather than resource endowment.
• 2nd Topic of the Week: Hydrogen’s tipping point is shifting from power and feedstock costs to returns; can Western producers adapt capital discipline fast enough to keep up with China’s integrated low-carbon buildout?
• Otherwise, global decarbonization momentum masks the fact that power integration, circular manufacturing, carbon monetization, and adaptive capital allocation define competitiveness and systemic energy resilience.

Exhibit 1: Global critical minerals markets need more balanced refining/processing relative to raw material sourcing.

Source: IEA, C-MACC Analysis, November 2025

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