Ethore SA believes it is indispensable implementing responsible investment in the mining sector to reach a more sustainable mineral resource management in the future.

The responsible investment approach taken by Ethore SA in the mining sector aims to provide analysis and relevant advices to enhance investment decisions in companies that have ethical and responsible development approach and act in a proactive way in regards of sustainability aspects.

The responsibility of an investment in mining stocks may have a significant impact on the adoption of best practices and standards. We know that the mining sector is marred by severe accidents due to risk management negligence, to unsatisfactory working conditions or inadequate technical procedures. This state of business is unsustainable and we can participate to its improvement.

The raw materials extracted by mining companies feed a growing world population. The dependence on new materials and other technologies go hand in hand with the increase in purchasing power of the middle class. These extracted materials currently supporting about 45% of economic activity in the world. In addition, the modern industry requires rare and minor metals, whose concentrates’ specificities must meet very high quality standards imposed by OEM's (Original Equipment Manufacturers). For some of these metals, the future will go through the verticalization of the supply chain.

It is no longer sufficient for mining companies to offset their impacts by purely monetary compensation, or build hospitals and schools without considering the ‘after-mine’. Today, we must do things differently and in a more integrated way with existing NGOs or indigenous sustainable projects. Some mining companies have a narrow focus and short-term plans and they do not yet fully consider the impact of the legacy they will generate.

Metals are part of our modern lives and we must think sustainability through the process of circular economy. 

Today, Industrial world depends on metals and for most of them their life cycle is very limited. There is a lot to do, but improvements have started in :

  • optimized mining extraction and recovery
  • more skilled and ESG (CSR) orientated management
  • mining automation and electrification
  • efficient tailings'retreatment
  • low-risk chemical extraction process,
  • smart use of metals in materials
  • urban mining and recycling

Thus we believe the mining sector is evolving under some positive influences coming form OEM's supply chain transparency, ESG (formerly CSR) reporting initiatives, Conferences of the Parties (COP), influencial fund managers, and responsible investors.




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.