Resource nationalism surge spells rough times for miners; Rio Tinto, Mongolia reach new Oyu Tolgoi expansion plan deal; Copper price crashes through $4.00, down 7%.
As world economies shift to more electrification and away from fossil fuels to reach net-zero carbon emissions by 2050, expect more copper mining and interest in metals like cobalt and nickel.
Resource nationalism has been on the rise over the past year, but Verisk Maplecroft believes the worst is yet to come for miners as governments try to claw back the financial losses of the pandemic.