The Art of Commodity Investing (Taylor McKenna of Kopernik)

Today we’re sharing our conversation with Taylor McKenna of Kopernik Global Investors.

We’ve long wanted to chat with Kopernik, given their strong value investing orientation, the fantastic research papers they’ve shared and their eclectic portfolio.

And our conversation didn’t disappoint. Taylor shared the Kopernik philosophy, before expanding on why they like platinum group metals, gold and lithium, as well as thoughts on copper and uranium equities, amongst many topics.

This interview was recorded on 30 May 2025

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TIMESTAMPS

(00:00) Preview

(01:00) Introduction

(03:35) Kopernik's Investment Strategy

(05:04) Understanding Cyclical Markets

(06:16) Valuation Metrics in Mining

(08:06) Platinum and Palladium Market

(11:16) Navigating Geopolitics

(17:30) Impala vs Zimplats

(20:58) Gold as a Long-Term Investment

(26:12) Opportunities in Gold Mining

(27:49) Newmont's Strategic Moves

(31:18) Investment Strategies in Small Companies

(39:34) Uranium Market

(41:30) Lithium Market

(48:08) Navigating Political Risks in Mining

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