Giulia Teodori’s Post

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Senior Associate at Spencer Stuart

Excited to be here at the #FTCommodities Global Summit in Lausanne, alongside a number of Spencer Stuart colleagues. Seb Stoove Rowen Bainbridge Katy Jarratt Min (Christina) Zhu Alastair Rolfe   Day 1 explored the geopolitical drama that continues to unfold around us. The ongoing impact of war in Europe took centre stage, with a sanctions regime that has pushed up costs and created enormous complexity and disruption, resulting in significant de-risking and a general shift towards security of supply over efficiency.   The risk of litigation and fines has made it harder to get banking support, added to which there is a lot of 'self-sanction'. Traders are being cautious as there is huge reputational loss in getting it wrong. As one panellist put it "regulators have created a monster they cannot control".   H. E. Nicolas Kazadi, Minister of Finance for the Democratic Republic of Congo, talked about the need for "more balanced partnerships" and the country's strategic objective to build a full battery supply chain. Top of his agenda is local transformation to reduce poverty, which means adding value within Congo versus just increasing volume.   The day ended with a discussion of critical minerals, the energy transition and growing resource nationalism. Copper will continue to prove its value, although the current price does not reflect the anticipated shortage.   Looking forward to a full day ahead, culminating with Mark Cutifani speaking at the Summit Dinner tonight.

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