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.

We exercise vigilance on securities we select for sustainable development and / or for respect of code of ethics. These values affect health, respect for the human person and his rights, the environment, external political relations.

We favor mining companies adopting best practices, policies and effective actions in the context of their impact studies. We pay special attention to guidelines, to initiatives and standards compliant with a sustainable mining development.

We communicate to Junior's the importance of integrating the concept of sustainable development even in the early stages of exploration. The Junior's impact on the environment and on local societies. Their overall impact is reduced in comparison to the development of a mine, but it is nevertheless crucial in the educational aspects and for transparency towards local communities.

We constantly review and we adapt our objectives based on evolving best practices in sustainable development, on feedback from our partners and on the mining sector as a whole; as well as on any new related laws or regulations from non-governmental organizations or governments.

We recognize that the laws and regulations and standards do not govern all types of behavior. Therefore, we have a code of conduct for all ETHORE employees who are responsible for applying it.


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


We select companies which explore for strategic metals with projects located in prolific metallogenic belts or in new promising mining district.

Value and Risks

We assess company value based on the quality of their assets and the probability to mitigate risks. We extrapolate the value using NPV and DCF method + sensitive analysis with @Risk (Palissade software). A risk rating


ESG criteria are included in our Risk Analysis. ESG Risk Rating (eRR) is part of our final rating.