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North America Metals & Mining: A Sky Full of Stars; Initiating on the Metals and Mining Sector
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North America Metals & Mining: A Sky Full of Stars; Initiating on the Metals and Mining Sector
Equity Research
21 May 2026
North America Metals & Mining
A Sky Full of Stars; Initiating on the
SIGNATURE
Metals and Mining Sector
The metals and mining sector is seeing renewed growth, North America Metals & Mining
driven by significant investments in transformative POSITIVE from Not Rated
technologies, as well as increased trade barriers. We see North America Metals & Mining
Richard Garchitorenacopper, rare earths, and uranium as key beneficiaries.
+1 212 526 5697
richard.garchitorena@barclays.com
Our call: We initiate coverage of the North America Metals and Mining sector, encompassing 14 BCI, US
stocks across base metals, precious metals, steel, uranium, and rare earths, with a Positive view.
Liqi Peng
Unlike prior commodity investment cycles, which were largely driven by “old economy”
+1 212 526 1964
infrastructure build, with the advent of AI, robotics, and the continued progression towards an liqi.peng@barclays.com
"electrified" economy, we see “new economy” markets driving incremental growth through the BCI, US
end of the decade, with supply unlikely to keep pace. Copper, rare earths, and uranium are key
beneficiaries. Our preferred stock ideas include Freeport McMoRan (FCX), Steel Dynamics
(STLD), and MP Materials.
Key sector themes: Two key themes are driving commodity prices and the future direction of
the metals and mining sector: 1) the rise of transformative technologies (AI infrastructure,
robotics, electrification), and 2) the rise of resource nationalism (governments asserting control
over steel, uranium, and rare earths).
Key Highlights
• Copper: We are constructive on copper, as we expect demand to outpace supply through the
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