It is rare to get a glimpse behind the scenes of the commodities industry. But the Swiss Mining Institute (SMI) provided insights into gold, uranium, and copper.
The commodities industry, which includes Glencore, Rio Tinto, Trafigura, BHP, Vitol & Co., is traditionally considered ‘secretive’.
Outsiders rarely get even a glimpse into its business dealings.
Closing new deals
However, the Swiss Mining Institute (SMI) granted our business news portal muula.ch access to one of the most important events within the commodities industry in Europe.
A few days ago, hundreds of managers, investors, analysts, ultra-high-net-worth individuals, and fund managers from around the world gathered at the renowned luxury hotel Dolder Grand, high above Zurich, to discuss the current situation on the commodity markets and to close new deals.
The talks at the SMI conference focused on developments in the areas of gold mining, uranium mining, and copper production.
Silver dependent on industry
Those present debated the challenges and opportunities presented by these commodities – from geopolitical risks to the effects of new technologies.
Even gold coverage in the crypto industry with blockchain money and its impact on the gold market was the subject of a panel discussion.
The general consensus was that the price of gold is likely to fall if peace plans in the Middle East and Ukraine are eventually successful.
Other discussion rounds focused on silver and manganese. Investors could get their fingers burned with silver in particular, as it is heavily dependent upon the current economic situation, with industry only generating around 50 percent of the demand for silver.
However, virtually no one talked about diamonds or energy markets.
The SMI conference in Zurich, which takes place twice a year, is usually reserved for family offices, wealth and fund managers, the super-rich, and private investors.
This event focuses on high-caliber discussions and networking, SMI chief organizer Manuel Bally told muula.ch.
The impression gained from the event confirmed that the deputy CEO and head of mining at Bally Capital Advisors had not exaggerated.
Gold rush atmosphere in the air
The attire at the event ranged from cocktail dresses and tuxedos with bow ties to dirty jeans and socks with holes in them.
But no one was looked at with askance because of their appearance. On the contrary, the gold rush atmosphere was literally in the air everywhere and anyone in that room could be a lucky winner or an important investor.
The entire spectrum was represented, from listed companies to individual fortune seekers.
Uncomplicated conversations
All participants engaged in uncomplicated conversation with one another. There was no fear of contact with the media, either.
In addition, promising business contacts were made, as muula.ch was able to testify on several occasions.
In contrast to similar events in London or New York, participants praised the private yet welcoming atmosphere. Elsewhere, such events are often said to be sprawling and anonymous.
The venue couldn’t have been better – in addition to excellent catering, the Dolder Grand hotel has many cozy seating nooks, small meeting rooms, and random sofas for quick conversations.
The venue is decorated with art by Dolder owner Urs Schwarzenbach, quickly breaking the ice in conversations and lightening the atmosphere.
Drilling dates
In addition to the panels, concrete financing and exploration deals for global mining projects around the world were discussed at the Dolder Grand.
Participants wandered from booth to booth and usually asked a CEO directly how far drilling had progressed, when the mining license would be granted, even where exactly the gold veins were located in the ground.
Certain difficult topics were discussed, such as how mining companies deal with indigenous peoples and delicate environmental issues.
When asked about regulation, participants often voiced their dissatisfaction.
But in some cases, they were not even allowed to disclose their companies’ financial figures. They could only refer to their websites because regulators had prohibited the active dissemination of financial information in order to protect small investors.
Sharpening understanding
Secrecy and discretion are often paramount in the commodities world.
This made it all the more remarkable that muula.ch was encouraged to observe the dynamic negotiations and discussions at the SMI conference at such close quarters.
If the public gains more insight into the commodities industry, understanding of the concerns and needs of Glencore, Rio Tinto, Trafigura, BHP, Vitol & Co. is only likely to improve.
November, 26/2025/kut./ena.
