The disappointments are a reminder of how hard it is to maintain and grow supply of metals that feed the world’s factories and building sites. New mines require billions of dollars and can take decades before they’re ready to start up, if they get there at all. At existing operations, companies are struggling with everything from covid-19 absenteeism to extreme weather and basic missteps that hurt productivity and drive up expenses.
The mining industry has been one of the big winners from the post-lockdown economic recovery and the threat of supply disruption from Russia’s invasion of Ukraine. Nearly every major metal and mineral has hit a record in the past 12 months, fueling profit and share price gains across the sector.
Supplies are tight globally: exchange stockpiles of metals like zinc and aluminum have fallen to perilously low levels after demand rebounded last year and global logistics systems were snarled. While…
