After years in the shadows, mining is staging a dramatic revival. Once burdened by scandals and environmental backlash, the sector now finds itself in the spotlight for all the right reasons — critical to energy transition, global supply chains, and strategic sovereignty. But as the industry reawakens, London’s role as a mining finance hub may be under threat.
A New Narrative for an Old Industry
Gustavo Pimenta, CEO of Vale, captured the shift with one confident line at a recent summit:
“Mining is a good thing … It improves lives. … You can count on us in the future.”
His tone contrasted sharply with past defensiveness. Leaders like Pimenta — and Anglo American’s Duncan Wanblad — are increasingly seeking to brand mining as indispensable to a net-zero future. Wanblad has repeatedly emphasized that extraction must change, but will not disappear.
The urgency is real. With electrification, batteries, renewables and clean tech ramping up, demand for copper, rare earth elements, silver, platinum and more is soaring. The International Energy Agency estimates copper demand must grow by as much as 30 % to support the energy transition alone.
At the same time, metals like gold are surging — partly as safe-haven assets in a volatile economy. For investors, the tailwinds are strong. For London, the question is whether it can remain the beating heart of mining capital.
London’s Historical Edge — and Its Vulnerabilities
For decades, the City of London has been the go-to centre for global mining finance: IPOs, M&A, listing, equity, debt, and advisory. Many African, Latin American and Australasian miners have made London their financial home — partly because of capital depth, regulatory familiarity, legal frameworks, and talent.
Yet cracks are widening. Competing financial centres, regulatory pressure, ESG backlash, and alternative listing venues (Canada, Australia, South Africa) are creating slipstreams. The resurgence of mining could accelerate a realignment away from London unless the City adapts — maintaining its value proposition in a new era of transparency, sustainability and strategic metals.
What London Must Do
To stay relevant, London needs to lean into the evolving mining paradigm. Key strategies include:
- Green & ethical mining finance: Emphasize ESG reporting, carbon disclosure, and “responsible extraction” credentials. Lenders and investors are demanding it.
- Specialist capital markets products: Develop instruments tied to decarbonisation, carbon credits, resource-backed debt, royalty schemes, project finance for critical mineral mines.
- Regulatory clarity & certainty: Provide stable frameworks for sustainable mining projects, approvals, tax incentives — particularly in mineral jurisdictions.
- Talent and advisory edge: Maintain expertise in geology, engineering, capital structuring, sustainability, and cross-border transaction skill.
- Partnership with frontier markets: Cultivate relationships with emerging mining jurisdictions — Africa, Latin America, Southeast Asia — offering local capital, technical expertise, and governance structures.
If London fails on any of these fronts, mining’s rebound may unfold around it — not through it.
Final Thought
Mining’s resurgence is more than cyclical. It’s structural. In a world that now needs raw materials to power clean energy, connectivity, semiconductors and infrastructure — the value of the ground beneath us is once again rising.