INDUSTRY▮INVESTMENT TRACKER

HIGH — wet process at the core: leaching, precipitation, solvent extraction, slurry handling, polymerisation, neutralisation. Agitator scope is near-certain.
MED — significant wet or blending duty in the flowsheet, but not the headline process.
LOW — predominantly dry, pyrometallurgical, thermal or assembly. Mixing scope limited to utilities and effluent.

This flag is my own read of each flowsheet, not something the operators published. Treat it as a shortlisting aid, not a qualification.

Announced ≠ committed. Several entries below are pre-FID. BHP's Olympic Dam expansion, for instance, is at study stage with a decision not expected until CY2027 — the contract value shown is engineering scope, not project capex.

One figure is genuinely contested. Agnico Eagle's Hope Bay is reported by Bloomberg as a $1.7 bn mine and by the company's own release as roughly $2.4 bn of initial capital. I have used the company figure and flagged it on the card. Do not quote either without checking the release.

Mixed scopes — this is why there are two totals. Some numbers are single-asset capex, some are multi-year programme capex (Freeport), some are sector pipelines covering dozens of unnamed projects (green steel, US food & beverage, US pulp & paper), and some are government funding rather than project cost (Australia's A$2.5 bn, Canada's C$400 m, USDA's $500 m). Adding them together would double-count badly and inflate the figure roughly threefold. Entries marked programme total are excluded from "project capex" and counted separately. Neither number is a market size.

Cancellations are listed too. ArcelorMittal's €1.3 bn German DRI plant is on the page as cancelled, and it is the most informative entry in the steel section: the green-steel pipeline is consolidating around projects with state backing and cheap power. A tracker that only shows announcements will mislead you about which sectors are actually building.