Metals and Mining Critical Minerals Conference Takeaways: Opportunities & Challenges to Build Resilient Western Supply Chains

研报英文原文证据摘录

Metals and Mining Critical Minerals Conference Takeaways: Opportunities & Challenges to Build Resilient Western Supply Chains

J P M O R G A N North America Equity Research

22 May 2026

Metals and Mining

Critical Minerals Conference Takeaways: Opportunities

& Challenges to Build Resilient Western Supply Chains

Metals & Mining

Bill Peterson AC

(1-415) 315-6766

bill.peterson@jpmchase.com

Bennett Moore

We attended a Critical Minerals conference organized by Project Blue. The (1-212) 622-0188

bennett.moore@jpmchase.com

conference sessions and breakout discussions reinforced a central theme: the US J.P. Morgan Securities LLC

and its allies are in a narrow “competitiveness window” in which China’s

system-level industrial policy approach – spanning upstream, midstream,

and end-products – continues to shape pricing, availability, and technology

access, even amid expectations of a tactical pause in geopolitical tensions.

While much progress has been made, including over the past year, many have

cautioned that the US (and allies) are closer to the “starting line” (than finish line)

in the race to self-sufficiency. Speakers repeatedly framed progress as less about

announcing new mines and more about building durable, financeable supply

chains (particularly midstream) that can withstand changes in export controls,

qualification cycles, and infrastructure bottlenecks. A practical takeaway was that

“success” will likely be measured in scaled domestic production, not only of

critical materials across the value chain, but also in end-products (e.g., EVs,

defense/aerospace platforms) supported by aligned partner policies and a clearer

toolkit that goes beyond tariffs alone, thus pointing to a broad recipe for success