Money of Mine How a New Global Order Is Rewriting Commodity Investing (Tomasz Nadrowski)
Dec 5, 2025
Tomasz Nadrowski, founder of the Amvas Terradin Critical Minerals Fund, shares his insights on navigating the complex landscape of non-Chinese critical minerals. He discusses the ramifications of China's export controls, the need for rebuilding Western value chains, and the importance of processing in mining. Tomasz highlights promising areas like fluorine and specialty metals while stressing the risks of oversupply. He also touches on the geopolitical dimensions shaping investment strategies in a bifurcated market, revealing his unique perspective on future opportunities.
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Mining Is Inherently Geopolitical
- Mining is location-bound so geopolitical power shapes supply chains and access.
- Tomasz argues we moved from competition to conflict, reframing critical minerals as security issues.
Prioritise Near-Term Cash And Processing
- Focus investments on projects closest to cash and avoid long-duration early-stage explorers.
- Prioritise processing and mid-stream assets that fit Western separation and refining plans.
Design Projects For Western Value Chains
- Developers must design projects for non-Chinese offtake and mid-stream needs much earlier.
- The market needs signals from refiners/separators to guide upstream investment choices.
