Mineral Fund Advisory President Christopher Berlet speaks at the PDAC conference. Credit: Frédéric Tomesco
Massive investment flows into metals exchange-traded funds (ETFs) over the past two decades are the main reason miners are struggling to raise capital, an analyst told the world’s biggest mining conference.
Global metal and mining ETF assets rose about 6% in the first two months of 2025 to $352 billion, new data from the Mineral Fund Advisory research firm show. This follows a 13% jump in assets in 2024 as investors poured money into gold metal ETFs. Physical gold ETFs make up about 70% of metal and mining ETF assets globally.
Funding shortfalls for mineral exploration have become a major issue just as demand for commodities tied to the energy transition is soaring. Data from the Toronto Stock Exchange and the TSX Venture Exchange, which are home to about 40% of the world’s publicly traded…
