Global Materials | Industrials | Commodities

Rahul Jain

Over 20 years of sell-side research experience across Global Metals & Mining, Cement, Industrials, and Commodities. Extensive first-hand mine and plant visits spanning India, Australia, China, the US, and the UK.
Hundreds of buy-side engagements across major global financial hubs in Asia, North America, and Europe. Also led a comprehensive client tour of China to deepen industry understanding.

Focused on fundamentals-driven analysis including earnings modeling, cost structures, and valuations using DCF and relative multiples. Global commodity cycles, supply-demand trends, and macro factors are integrated into sector calls. Research prioritizes inflection points from price, cost, and policy shifts, using a disciplined bottom-up approach supported by top-down macro screening.

Global Metals & Mining Playbook – July 2025

Tianqi Lithium (002466.SZ / 9696.HK): Rebuilding Via Expansion, Valuations Appear Reasonable

Thematic (Sector/Industry)

Chile Metals and mining / Thematic (Sector/Industry)

<ul>
<li>Rio Tinto has been confirmed as the preferred partner for Chile’s Salares Altoandinos project, marking a major step in scaling its lithium ambitions.</li>
<li>Lithium demand is expected to grow over 5x by 2040, driven by electric vehicles and energy storage, though rising supply and tech shifts may cap long-term pricing.</li>
<li>Zijin Mining is a preferred play given its diversified  -copper and gold and expanding lithium footprint &amp; lower valuation. Albemarle could  face pressure from intensifying competition, rising low-cost supply etc.</li>
</ul>


Rio Tinto has been confirmed as the preferred partner for Chile’s Salares Altoandinos project, marking a major step in scaling its lithium ambitions.
Lithium demand is expected to grow over 5x by 2040, driven by electric vehicles and energy storage, though rising supply and tech shifts may cap long-term pricing.
Zijin Mining is a preferred play given its diversified  -copper and gold and expanding lithium footprint &amp; lower valuation. Albemarle could  face pressure from intensifying competition, rising low-cost supply etc.


Rio Tinto Doubles Down on Lithium: A Late Entrant with Long-Term Intent