Who digs, refines and separates the minerals everything else is built from, and who cannot route around whom.
The value chain
How value flows, top to bottom
This is a supply chain, not an ownership chart. Tap any layer to see its companies.
No companies match those filters.
Five-year income-statement trends for the chokepoints. Revenue bars read on the left; margins read on the right. Note that this map's chokepoints are largely Chinese A-share filers, so expect lower source tiers here than in a map of Western filers, and read the tier badge before trusting a number.
The value chain
Nine layers, one flow
Each layer sells to the one below it. Tap a layer to jump to its companies.
From
Relationship
To
What
Confidence
No relationships match.
The companies the rest of the chain has the fewest alternatives to, ranked by revenue (market cap was not sourced for these issuers). Mining is comparatively diverse; separation, refining and conversion are where the routing options run out.
Evidence
What the filings won't say
Every edge on this map is sourced. That is a rule about what the map may
claim, not a claim about what exists. These are the things we went looking for and could
not source, each one recorded with the documents actually read to establish it, and with what
would close it. An absence that names where it looked can be checked. One that does not is a shrug,
so the gate refuses to accept it.
No gaps recorded yet. This map has not run a
research burst, so it has nothing to say about what it could not find.
Every figure in this map traces to a primary source. Links open the original filing.
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A place for what you are learning as the map grows.