We have a positive impact on our business sector

We are learning to share our knowledge

We are scientists seeking for best practices

We are rigourous and entrepreneurial

We apply equality of treatment for all

/Ethics and Mining
A mining project can have positive impacts (jobs, taxes, education and social development); but it also produces large changes when it appears in a region without previous mining activities.

These changes have environmental impacts (air, water, soil, living species), social impacts (relocation, local traditions, land use, immigration, education), and health impacts (communicable diseases). Impact studies identify the measures needed to mitigate the impacts. Their implementation by the management and the effects produced should be checked and monitored. However the impact spheres are not only confined to the project or to the region or even in a local community. Impact spheres must encompass the region, province, state, country. This global vision allows large-scale joint efforts and promote synergies.

Public and sustainable development policies, such as those committed in Australia or Canada, show positive results.

Today, around the world, the main problem is the coexistence between communities and mining operations. Conflict or social instability caused by mines is a recurrent phenomenon in all continents because communities require full transparency from the mining companies. Any defect or lack of information inevitably leads to a sense of injustice and weakness .

A key challenge remains the environmental impact that is strongly linked to risk of water pollution (river and groundwater) and affect local population as a whole.

Sustainability aspects are also involved in the cessation of mining activity and restitution of land for use by local communities. This step is crucial to measure the overall impact of a mining project. Adequate provision must be made for self-management of local communities after the mining period.

Expertise comes from oriented knowledge enriched by the experience.

The expertise of Ethore SA includes environmental impact studies (water, soils) and then many years in management of mineral exploration projects and field investigations (geological, geophysical, geochemical and mineralogical). Technical skills have then evolved in stocks research and analysis. The founder and director of Ethore SA, Laurent Krull has managed major projects in Africa with Anglo American, including a JV with Equinox Zambia. Ethore (formerly LKConsult) subsequently contributed to the growth of investment funds such as 'Gold2000' (buy-side analyst 2003- 2007), 'Metals Exploration Fund CHF' (Founder partner and adviser 2008 -2016) and the 'Rare Earth Elements Fund CHF' (founder and partner 2009-on going).

The value of the geological expertise is proven by the results obtained in the field and by the recognition of his peers; but it also helped generate very substantial performance through the choices and investment advice. We have the capabilities to target and evaluate companies, which have the means to develop their values in the financial markets.

Ethore SA has a proven geological expertise dedicated to risk assessment. We have also the conceptual knowledge and functioning of portfolios in the metals sector.

Ethore SA provides technical support to family office, professional investors or independent asset managers.

/Expertise and Value
/Metals and Trends
Metals needs evolve with the emergence of new technologies and innovations in materials science. This is a fact and we can observe it from the rising demand for lithium, rare earths, graphite and alloying metals as Niobium, Molybdenum, Titanium and others.

These trends are also linked to economic constraints and sustainability of solutions.

Research into substitution and recycling are an integral part of the life cycle of metals and therefore natural resource requirements.

For these reasons we are vigilant on innovations and researches affecting the metals sector.


All required expertise dedicated to mineral project assessment and stocks analysis.


We exercise vigilance on securities we select for sustainable development and / or observance of ethical charter.


We have advised several Investment Funds, which compete favorably against their benchmarks.


Analysis and report are available through our e-shopping module