J P M O R G A N North America Equity Research 22 May 2026 Metals and Mining Critical Minerals Conference Takeaways: Opportunities & Challenges to Build Resilient Western Supply Chains We attended a Critical Minerals conference organized by Project Blue. The conference sessions and breakout discussions reinforced a central theme: the US and its allies are in a narrow "competitiveness window" in which China's system-level industrial policy approach – spanning upstream, midstream, and end-products – continues ...