December 23, 2025 01:25 PM GMT European Metals and Mining 23 December 2025 Consolidation, Scarcity, and Regionalisation M O R G A N S T A N L E Y R E S E A R C H Europe Morgan Stanley & Co. International plc+ Ferdinand Huber RESEARCH ASSOCIATE Ferdinand.Huber@morganstanley.com +44 20 7677-2702 European Equity Research Alain Gabriel, CFA EQUITY ANALYST Alain.Gabriel@morganstanley.com +44 (0)20 7425 8959 Ioannis Masvoulas, CFA EQUITY ANALYST Ioannis.Masvoulas@morganstanley.com +44 (0)20 7425 0427 Adahna Ekoku ...