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Critical minerals supply needs multiple streams as fungibility falls

Portfolio manager Tomasz Nadrowski says global critical mineral fungibility is limited, and there is not enough supply to reliably buffer fast shifting inflows and outflows.

Reported · Written up by our desk · Mining

Mining.com reports that portfolio manager and author Tomasz Nadrowski argues investors and supply planners need multiple streams of critical minerals to meet demand, warning that there are not enough supply sources to create reliable consistency in the market.

On the Northern Miner podcast, Nadrowski said a “buffer” can reduce volatility, but it cannot assume the same inflow and outflow patterns, pointing to a lack of fungibility that makes shortages harder to smooth.

He also tied critical-mineral demand to technological change and discussed how China’s economic approach influences Western industry, saying protecting domestic industries could require tariffs, price floors, and revenue that supports downstream manufacturing.

Nadrowski further argued that mining investors should consider the broader economic structure behind these flows, saying totalitarian regimes historically focus on metals to gain control and market independence, which he linked to the ability to build factories and military capacity.

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