Midstream and Refining Investment Thesis

The midstream layer of strategic supply chains captures most of the durable margin. It is also the layer the West has been most willing to abandon.

Why this matters

Investors instinctively reach for the asset. The durable returns sit downstream of it: separation, conversion, refining, and the conversion of intermediate products into something a buyer will actually pay for. That is where the real moats are built.

Where I focus

Rare earth separation and magnet production
Uranium conversion and enrichment
Battery-grade lithium and nickel processing
Specialty refining for defence and electronics

https://niklaslindahl.com/thesis/strategic-resources/midstream-and-refining