Morgan Stanley’s five core space miners: supply-chain takeaways for engineers
Reviewed by Joe Ashwell
First reported on MINING.com
30 Second Briefing
Morgan Stanley’s “Space 60” framework singles out five North America-linked miners—MP Materials, Almonty Industries, Freeport-McMoRan, Alcoa and Teck Resources—as core to the emerging space hardware supply chain ahead of a potential US$2 trillion SpaceX IPO. Freeport and Teck supply copper for high-performance rocket engine thermal systems, while Teck also produces gallium for radar, MP Materials is the only US rare earths producer for satellite and launch magnets, and Almonty provides non-Chinese tungsten for radiation shielding. Alcoa’s aluminium underpins primary rocket, satellite and spacecraft structures.
Technical Brief
- Copper’s high thermal conductivity enables regenerative cooling channels in rocket thrust chambers and nozzles.
- Rare earth magnets also reduce mass and volume in electric drive systems on rovers and launch support equipment.
- Tungsten’s very high melting point supports nozzle inserts and collimators in high‑temperature propulsion environments.
Our Take
Morgan Stanley already features heavily in our gold and macro-commodities coverage, and its separate bullish calls on aluminium and copper prices suggest its ‘Space 60’ miner picks are aligned with a broader house view that structural demand for these base metals will stay strong into the late 2020s.
With South32’s manganese output running at more than double the consensus estimate this year, the company looks better placed than many peers to respond quickly if space-related alloy demand for manganese and specialty minerals accelerates beyond current planning assumptions.
The focus on North American and European-linked suppliers of rare earth elements, tungsten and gallium (including MP Materials and Almonty Industries) underlines how space-sector supply chains are being re-oriented away from China, a theme that recurs across our recent Mining category coverage of critical minerals projects in those regions.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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