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Perspectives on Innovation: The Mining Industry Harnesses the (Sustainable) Opportunity of AI Technology

March 10, 2025

Beth Williamson, Vice President, Head of Sustainable Equity Research and Associate Portfolio Manager

  • The global appetite for minerals—fueled largely by AI demand—has driven increased interest in mining companies, but long-term investors should not be dismissive of risks associated with the mining sector and specific companies within it.
  • AI has the potential to be one of the most powerful secular growth themes the world has seen, with cascading effects across all sectors of the economy, including mining.
  • Our approach to the mining industry reflects our team’s risk-conscious approach, and our portfolios include companies that are innovating with AI to improve the environmental impact, health, and safety of the mining industry.

Access to critical minerals is increasingly becoming a global economic and geopolitical imperative. Companies and governments have long recognized the benefits of having a steady supply of critical minerals, but over recent weeks, the value of critical minerals has burst into the headlines through the contentious discussions between the United States and Ukraine.

In our 2022 paper, “Mining Industry Opportunities Emerge as Demand Grows for Essential Minerals for Decarbonization,” the Calamos Sustainable Equities team explored the critical paradox facing the mining industry as the world accelerates toward a low-carbon economy, a global secular trend that we believe will remain intact even as the commitments of individual countries vary and fluctuate. While minerals are essential for clean energy technologies—with over three billion tons required by 2050, according to World Bank estimates—the mining sector presents significant environmental, social, and governance challenges. The industry's ecological footprint, labor practices, and operational risks have led many sustainable investors, including the Calamos Sustainable Equities team, to approach direct mining investments with caution.

Since the publication of our 2022 paper, demand for critical minerals (defined by the U.S. Geological Survey as those minerals that are essential to the economy), has increased significantly, due in large measure to the emergence of AI. Our job as growth investors is to identify the opportunities and risks created by AI technologies, considering both financial and non-financial criteria. Regarding the critical minerals sector, two issues are at the forefront:

  1. The exponential growth in AI applications is driving unprecedented demand for minerals like lithium, cobalt, and rare earth elements needed in advanced computing and energy storage systems.
  2. AI is revolutionizing mining operations themselves.1 According to the World Economic Forum, the global market for autonomous mining equipment, for example, is projected to grow from $3.1 billion in 2020 to $6.2 billion by 2026.2

Efficiency, Safety, and Environmental and Social Impacts: The Mining Industry Embraces Benefits of AI Technology

The adoption of AI in mining represents a fundamental shift toward safer, more efficient, productive, and sustainable operations. Thus, mining extraction companies using AI can be well-aligned with our sustainable investment criteria. We are encouraged to see mining companies using AI to improve the efficiency and safety of the mining industry while reducing the industry’s environmental and social impacts. The chart below explores 10 ways that sustainable AI technologies improve profitability and competitiveness for mining companies.

10 Ways Mining Companies Harness AI to Manage Risks and Improve Growth Potential

Investing in Innovation: Where We See Opportunity

In our 2022 paper, we noted that our assessment of risk and opportunity led our team to focus on companies helping to make mining operations more sustainable through automation, improved extraction methods, and reduced environmental impact, rather than on mining extraction companies themselves. With the growth of AI over the past several years, these investment opportunities have continued to grow; the chart below highlights some companies that have met our stringent financial and nonfinancial criteria.



1Discovery Alert, “How AI is Revolutionizing Critical Mineral Mining for the Global Energy Transition,” January 22, 2025, accessed from: https://discoveryalert.com.au/how-ai-is-revolutionizing-critical-mineral-mining-for-global-energy-transition

2World Economic Forum, “Unearthing opportunity: Why the time is now to invest in mining technologies for sustainable growth,” September 19, 2024, accessed from: https://www.weforum.org/stories/2024/09/sustainable-mining-technology-investment-opportunity

Before investing, carefully consider the fund’s investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.

Opinions, estimates, forecasts, and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. The views and strategies described may not be appropriate for all investors. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as recommendations.

As of March 6, 2025, SROI’s largest 10 positions were as follows. Alphabet, Inc. - Class A, 4.5%; Microsoft Corp., 4.4%; Apple, Inc., 3.9%; NVIDIA Corp., 2.7%; SAP, SE, 2.1%; Taiwan Semiconductor Manufacturing Company, Ltd. (ADR), 2.1%; Visa, Inc. - Class A, 1.8%; BYD Company, Ltd. - Class H, 1.6%; TJX Companies, Inc., 1.6%; HDFC Bank, Ltd. (ADR), 1.3%. The fund held 0.5% in Atlas Copco, AB Class A; 0.9% in Bentley Systems, Inc.-Class B; 0.4% in Epiroc, AB-Class A; 0.4% Rockwell Automation, Inc.; 1.3%, Siemens, AG. Holdings are calculated as a percentage of Net Assets. Holdings and are subject to change daily.

Environmental, social and governance (ESG) is based on the premise of investing in companies that have good environmental records, are ethically run and have a positive social impact.

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The principal risks of investing in the Calamos Antetokounmpo Global Sustainable Equities ETF include: equity securities risk consisting of market prices declining in general, growth stock risk consisting of potential increased volatility due to securities trading at higher multiples, value stock risk, foreign securities risk, forward foreign currency contract risk, emerging markets risk, small and mid-sized company risk and portfolio selection risk. As a result of political or economic instability in foreign countries, there can be special risks associated with investing in foreign securities, including fluctuations in currency exchange rates, increased price volatility and difficulty obtaining information. In addition, emerging markets may present additional risk due to the potential for greater economic and political instability in less developed countries.

Calamos Antetokounmpo Asset Management LLC (“CGAM”), an investment adviser registered with the SEC under the Investment Advisers Act of 1940, serves as the Fund’s adviser (“Adviser”). CGAM is jointly owned by Calamos Advisors LLC and Original C Fund, LLC, an entity whose voting rights are wholly owned by Original PE, LLC which, in turn, is wholly owned by Giannis Sina Ugo Antetokounmpo. Giannis Sina Ugo Antetokounmpo is the majority shareholder of Original C, with a 68% ownership interest.

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