According to Tolman, the single biggest surprise of the year is that traditional market drivers have taken a backseat to government intervention. He observed that price is no longer the dominant driver in a lot of commodities now that policy has taken center stage. As Tolman noted, mining was dictated by simple metrics such as geology, grade, and inventory cost curves for decades. Now, critical minerals have transformed into high-stakes strategic leverage, and governments are stepping in along with buyers, financiers, and regulators. This shift is highly evident in major resource-producing nations globally. For ... (full story)