Mining
CapEx
Cycle Tracker
Industry capital expenditure index vs. spot price · Supply response lag · 2005–2030F
Boom
Bust
Trough
Recovery
CapEx index (2010=100) · Bar colour = cycle phase · Forecast dashed beyond 2024
Real Spot Price (2024 USD basis)
Current Cycle Phase
Mine-to-Production Lag (years)
Cycle Inflection Events
Major Projects Pipeline