EQUITY RESEARCH | February 25, 2026 | 6:26PM GMT Rethinking infrastructure; c.US$80bn lever to fund growth, M&A and returns METALS & MINING The mining sector is entering a phase of the cycle in which capital allocation will once again be the key determinant of shareholder value creation. As the miners look ahead to a new growth phase, we believe the market is likely to reward those that can demonstrate credible, differentiated thinking on how growth can be funded while maintaining attractive shareholder ret ...