“As one commodity ends, another begins” – Benchmark House of Lords Speech: LME Week, London 

This speech was delivered in a House of Lords reception celebrating relations between the UK, Argentina, Brazil and Chile. It was given by Benchmark CEO Simon Moores.

The world of minerals is changing.

A new asset class is emerging to sit alongside traditional commodities.

The asset class of critical minerals is now driving the supply chains of the future. Key minerals such as lithium, rare earths, graphite, cobalt, nickel, manganese.

Key traditional commodities, especially copper, are also being reshaped for the 21st century as everything becomes electrified.

In this moment of flux, the old ways of doing this are not quite working and innovation and new thinking is taking centre stage.

Only two days ago the UK turned off its last remaining coal fired power plant, ending our 142 year long relationship with the fossil fuel. And with it becoming the first major economy to stop burning coal.

This is such an historic moment and we are right in the middle of it.

But where one commodity ends, others begin.

Opportunities for disruptors are plentiful. Benchmark has been one such example.

Everything is changing.

The way we use and recycle minerals.

The way we trade minerals – both for today’s physical supplies and as hedging mechanisms for tomorrow.

The way we buy minerals are changing and who we partner with.

Choosing long term stable critical mineral partners will be crucial in navigating this new era of electric vehicles and energy storage which is central to the energy transition.

Countries like Argentina, Brazil, and Chile are leading this push into this new era of critical minerals.

Developing lasting, long term relationships is the key to ensuring these global pipelines of critical minerals are stable, scalable, and sustainable.

Even as we build as much local capacity as possible, the need for a global supply chain will still remain, as the primary base for a new generation of demand.

Benchmark enables these conversations and these investments to happen. Whether it’s our lithium and critical mineral prices used to settle contracts or our supply chain data used for billion dollar gigafactory investments.

Yet while Benchmark can enable this environment, making these long term deals happen is on everyone else in this room.

I am proud that Benchmark is UK bred and now in our tenth year. But this era is now just at the start.

I very much want to thank Lord Waverley for giving such an historic platform to let this conversation play out and encourage all of you to take advantage of such moments in time.

Thank you and good luck.

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