229 operational stability (S&P Global, 2026). As Tirole (2017) highlights, long-term firm performance depends on aligning corporate activity with societal interests, particularly in territorially embedded industries. The S&P Global Corporate Sustainability Assessment identifies measurable indicators such as community consultation, Indigenous engagement, relocation programs, and local employment, enabling mining companies to manage social performance through structured and decision-useful data (S&P Global, 2026). This dimension is particularly relevant for critical minerals, which are often located in socially sensitive regions, increasing the financial and operational importance of community engagement (Özdemir, Huchet-Bodet, & Pérez-Ludeña, 2023; CFA Institute, 2023). Integrating these indicators into governance and capital allocation allows companies to strengthen social license, reduce operational risk, and support long-term value creation (GIIN, 2021). 8. CIRCULAR MINERAL SYSTEMS: RECYCLING AND SECONDARY PRODUCTION Critical minerals increasingly operate within circular resource systems, where value creation extends beyond primary extraction. Recycling plays an important role, particularly for minerals used in batteries, which have shorter life cycle durations and concentrated end-use streams (IEA, 2024). Copper recycling already contributes significantly to long-term supply, although long product life cycles limit its short-term recovery potential. Beyond recycling, secondary production from tailings, industrial waste, and legacy materials represents an additional opportunity to enhance supply resilience, though economic viability varies by mineral, technology, and regulatory context (OECD, 2022). Figure 3 – Circular Mineral System Circular economy frameworks emphasize that effective circularity for critical minerals requires a system-level approach integrating mining, processing, manufacturing, use, and endof-life stages, supported by design for recyclability, traceability, and cross-value-chain collaboration (Ellen MacArthur Foundation, 2024). These developments reinforce the transition toward integrated resource management systems, where circular strategies complement primary
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