Global Metals & Mining Geologic Geopolitics - 25-30% of global iron & copper supply face elections in 2026; critical minerals, permitting, tax & energy policies in focus for Global Miners

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Global Metals & Mining Geologic Geopolitics - 25-30% of global iron & copper supply face elections in 2026; critical minerals, permitting, tax & energy policies in focus for Global Miners

J P M O R G A N Global Fundamental Research

29 May 2026

Global Metals & Mining

Geologic Geopolitics - 25-30% of global iron & copper

supply face elections in 2026; critical minerals,

permitting, tax & energy policies in focus for Global

Miners

European Metals, Mining & Steel Once a mining project is completed, mining companies are subject to the

policy changes of the host jurisdiction. Changes in the geopolitical outlook & Patrick Jones AC

policy direction in various regions can be critical for the investment case for (44-20) 7742-5964

many mining companies and commodities markets. Our Geologic patrick.jones@jpmorgan.com

J.P. Morgan Securities plc

Geopolitics series seeks to highlight 1) which jurisdictions will hold elections AC Dominic O'Kane

relevant to the Global Metals & Mining sector, 2) what are the key issues the

(44-20) 7742-6729

sector faces in each jurisdiction, and 3) what could be the key flash points for dominic.j.okane@jpmorgan.com

exposed corporates in our global coverage. Countries representing 25-30% of J.P. Morgan Securities plc

global iron ore & copper supply will face elections in 2026. Varun Bhattad

(91-22) 6157-5027

varun.bhattad@jpmchase.com

Since our inaugural Geologic Geopolitics (Apr’25, link), the US-Iran conflict, and J.P. Morgan India Private Limited

its impact on the global economy and the geopolitical landscape, has created near- North American Metals & Mining

term uncertainty for exposed miners, commodities markets, & jurisdictions. The AC Bill Peterson

conflict is driving higher opex inflation (notably energy), supply security concerns