Global Sustainability "BZ Critical Minerals Expert Meeting - Open Mic" Carvalho

研报英文原文证据摘录

Global Sustainability "BZ Critical Minerals Expert Meeting - Open Mic" Carvalho

Global Research

12 May 2026ab

Global Sustainability Equities

Latin AmericaBZ Critical Minerals Expert Meeting - Open Mic

Global Sustainability

Luciana Carvalho

Geopolitical inflection reshapes the investment framework for critical minerals Product Manager

Last week we hosted an open mic with Viridis Mining and Minerals, IBRAM and CEBRI luciana.carvalho@ubs.com

to discuss Brazil’s positioning in critical minerals, with a focus on rare earth +55-11-2767 6524

elements (REEs). The discussion reinforces a clear shift over the LTM: the Shneur Z. Gershuni, CFA

investment case is moving from a geopolitical narrative to an execution-driven and Analyst

capital-selective framework. The speakers noted that governments (US/EU) are shneur.gershuni@ubs.com

now acting as investors, providing direct capital and pricing support. However, +1-212-713 3974

support remains highly selective, concentrated in a limited number of advanced, Caio Greiner

non-Chinese assets. This report is part of UBS’ ongoing series on critical materials Analyst

and builds on our note: LatAm Critical Minerals & Energy Transition Recap. caio.greiner@ubs.com

+55-11-2767 6294

Key takeaway: execution and capital discipline will define winners Victoria Kalb

Overall, the discussion reinforces a clear shift in the sector’s investment dynamics. Analyst

While geopolitical relevance and demand growth remain, capital is becoming vicki.kalb@ubs.com

+65-6495 4584

increasingly selective, and execution is emerging as the key driver of value. Across

all participants, there was broad alignment that: (i) The sector is moving from Alisa Dudchak

thematic interest to execution focus; (ii) Offtake agreements and strategic Analyst