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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In this episode, Helen Amos discusses new highs in gold and silver prices as transatlantic tensions around Greenland’s future escalate. We look at how US metals stockpiling over Trump’s second term compares with the Cold War era, and reflect on new questions around China’s aluminium output, met coal’s steady come back and tin’s outperformance.

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BMO Precious Metals Monitor: The Greenland Effect

The Age of Metals Stockpiling - How Much has the U.S. Accumulated?

Silver: Entering Dangerous Territory for the Gold:Silver Ratio

Met Coal Stirs From Its Slumber

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Helen Amos is joined by George Heppel to wrap up on the big developments and surprises over 2025. They discuss the recent surge in silver and platinum, what has kept metals prices high in the face of global tariffs, China’s reach on global metals supply chains, critical minerals investments, and the COMEX-LME copper arbitrage. They mull over some of the key themes and uncertainties into 2026.  

BMO clients can view our reports,

2026 Metals & Bulk Commodity Price Update: Material World

BMO Precious Metals Monitor: Silver Bells Are Ringing

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In this episode, Helen Amos is joined by BMO’s Chief Economist Doug Porter to discuss the impact of big macro shifts on the metals and mining space. They talk everything from rate cuts, the US dollar, AI, de-dollarisation, global trade, and emerging market development.

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