They explicitly exclude lithium:
And they strongly emphasise how expensive they think stuff is:
They're not doing anything quickly in other words, because they don't want to buy the top.
The last "peak" in the copper cycle took 6 years to unwind. Same with tin. This assumes history repeats, which it doesn't. It also assumes demand destruction and substitution, which misunderstands the electrification dynamic.
Ann: 2021 AGM Chairmans Address, page-10
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