The ferrous complex isn't in the acronym, but you can't read mining without it. Iron ore funds the majors that fund everything else; metallurgical (coking) coal still makes the steel; and steel is the skeleton the energy transition hangs on. We cover it straight — including the coal — because pretending steel runs on vibes helps nobody.
The least glamorous tonne in mining bankrolls the most glamorous bets. Before you get excited about a copper growth pipeline, ask where the cash to build it comes from. The answer is usually red dirt from the Pilbara.