19 Observations on the mining and refining of critical minerals
"19 Observations on the mining and refining of critical minerals" is a CVMR original series of articles centered on subjects within the mining and refining of critical minerals industry. The series deals with issues that are not discussed as often as their importance warrants.
The series brings forward insights shaped by years of sustained observation of the critical minerals industry and direct experience across mining and refining operations. Rather than seeking to be comprehensive or present a particular prescriptive, this series focuses on issues that tend to sit outside dominant narratives, despite playing a meaningful role in how critical mineral supply actually operates.
Many discussions around critical minerals focus on policy intent, sources of supply and end-user demand. 19 Observations instead reflects the underlying realities of extraction, supply chain and processing — the industrial, operational, and structural factors that are frequently present but less frequently articulated. The perspectives presented are informed by long-term exposure to the sector and by familiarity with how these activities unfold in practice, across cycles and geographies.
As a series, 19 Observations does not aim to advocate for particular outcomes or provide forecasts. Its purpose is to surface insights and considerations that may benefit from greater attention, offering context drawn from experience rather than abstraction. Each article stands as a discrete reflection, contributing to a broader understanding of the mining and refining stages that underpin critical mineral supply.
Through this series, CVMR shares accumulated perspective on aspects of the industry that are often implicit, overlooked, or under explored, with the intention of adding nuance and depth to ongoing conversations around critical minerals.
Why Refining Determines Who Controls Critical Minerals
t is commonly believed that “If one controls the mine, one controls the market.” This assumption sits quietly beneath many discussions about critical minerals. It feels intuitive. Mining is visible. Reserves are measurable. Extraction is often framed as national strength and new mining projects are frequently presented as evidence of supply security or strategic independence. As a result, debates around critical minerals tend to focus on familiar questions:
Who controls the reserves? Who owns the mines? How quickly can new deposits be brought online?
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Jan 22, 2026
