Justin Peter Gardiner Lowe / Commentary
Investment Commentary
Commentary on critical minerals, uranium and the places where capital and industrial policy fail to meet.
The Uranium Contracting Cliff
American utilities have 98 percent of next year's fuel requirement under contract and 9 percent of 2033. Fourteen years of below-replacement contracting have to be repaid into a supply base that has learned discipline.
Read the essay → 1 August 2026What Actually Stops a Project in Africa
Power and the decade of climate finance rules that discouraged building it, the route to the coast, and whether the fiscal terms survive. Three constraints, and only one of them is political.
Read the essay → 1 July 2026The Midstream Is Where the West Keeps Losing
Refining concentration rose again in 2025, investment fell while prices rose, and export controls proved where the leverage sits. The constraint is not geology. It is the willingness to underwrite an operating margin for twenty years.
Read the essay →Enquiries
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jl@gardinerinvest.com