BMO Equity Research Metal Matters

In the final part of this special series on how AI is changing mining,

They cover where AI is actually being used and having impact across exploration, processing, and increasingly in sulphide leaching, which could be game changing for the industry. They  also touch on how “Physical AI” could take autonomous mining equipment to the next level, how OEMs are embracing AI differently, how miners are dealing with AI-risks and, finally, what the data shows so far about the impact on employment and other stakeholders.

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In the first episode of this special two-part series on how AI is changing mining, Helen sits down with mining and AI experts Sean Buckley and Cris Cunha from McKinsey. While the data shows uneven adoption of AI across the mining industry, success has been found in top-down targeted programmes rather than bottom-up organic approaches, with scale an enabler. They discuss how data analytics and AI have already delivered some measurable wins in processing, with meaningful lifts in recoveries. And while there’s a lot of buzz about AI in exploration, this isn’t about the big discoveries, it’s about enhancing understanding of existing known deposits. With ore bodies now increasingly deeper, undercover, lower grade, and more complex, calling from greater “signal detection”, it’s no wonder many investors see a compelling story around commodities like copper. Part 2 will then dive deeper into other parts of the mining value chain where AI is having an impact, what’s around the corner with Physical AI, the risks we have to manage, what it means for employment and other stakeholders.

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Helen Amos is joined by George Heppel and Max Yerrill to discuss the rise of critical minerals as an investment theme. They explore how geopolitical tensions, supply chain security concerns, and government policy have accelerated investor interest in commodities such as rare earths, tungsten, graphite, and antimony. The team discusses the emergence of 'national champions' following recent U.S. government funding announcements, how policy support is reshaping company valuations, and why developing domestic critical minerals supply chains remains a long-term challenge. They also highlight key catalysts to watch, including U.S.-China trade relations, export restrictions, and the next wave of government support for the sector.

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Rare Earths: Trade Discussions Creating a Long-Term Opportunity

Critical Minerals: After Rare Earths, What’s Next on the USA’s Wishlist?

Rare Earths: 2026, The Year of Execution

Critical Minerals: Mapping the USA’s Potential Investment Landscape

Helen Amos and Katja Jancic discuss how the outlook for metallurgical and thermal coal prices has shifted following the major underground coal mine explosion in China in mid-May, which has triggered widespread closures, regulatory changes, and disciplinary action on several high-level government officials. They discuss what it might take for US met coal prices to close the gap with Pacific benchmarks, seasonal tailwinds for thermal coal, and implications of new US government coal funding.

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Met Coal Enters Its Next Fragile Supply Era: Echoes of 2023

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In this episode, Helen Amos reviews key debates over Cesco Week 2026, including Iran conflict demand risks, sulphuric acid shortages, the U.S. arb, and challenges facing western-listed mining companies in their pursuit of copper growth. Demand side headwinds from higher oil prices are valid given historical precedent, but Helen highlights that much lower oil intensity of global GDP vs the ‘70s, a greater share of copper demand now being tied to strategic uses, intensifying stockpiling and underperforming mine supply, all provide strong positive offsets.

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Copper Shines at Cesco Week

Mining Costs With Higher Oil; What Are The Sensitivities?

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In this episode, Helen Amos and Joel Jackson discuss disruptions to fertiliser supply chains stemming from the Iran conflict. Nitrogen and sulphur prices have already seen huge gains (phosphate prices are rising too) with seemingly little slack in the system for a supply response to plug the gap. They discuss how this compares in scale with the onset of the Russia/Ukraine war in 2022, and what this means for mining operations dependant on sulphuric acid for leaching and ammonia nitrate for explosives.

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Fertilizer Stocks Reawaken as Conflict Intensifies

Middle East Conflict Supply Risk: Aluminium and Iron Ore Pellets Vulnerable

Mining Costs With Higher Oil; What Are The Sensitivities?

BMO Special Event: Commodities: Middle East Conflict

First Attempt to Quantify Current Conflict, Comping to 2022 (and Even 2008)Another Week of War Escalation and Duration -Driven Volatility

Fertilizer and Methanol Impacts From Middle East and Iran Developments

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Commodity prices are reacting in a major way to the ongoing conflict in the Middle East. Please join our analysts, Randy Ollenberger, John McNulty, Joel Jackson, Helen Amos and George Heppel for a group conference call where we discuss our latest thoughts for near- and medium-term impacts on energy, metals, fertilizers, and chemicals markets.

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BMO’s Base, Precious and Critical Minerals Analysts share the key takeaways, themes and developments from the 2026 Global Metals, Mining and Critical Minerals Conference.

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In this special Metal Matters podcast, BMO Commodities Analyst Helen

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