The rules shaping where long-horizon capital can go.
Governments are taking equity, underwriting demand and backing strategic projects in sectors they also regulate. Universal owners need rules for the moment the state becomes shareholder, customer and rule-maker at the same time.
Beneficiation is not the surprise. The underwriting risk is that export permissions, ownership rules and compliance deadlines can change after capital has been committed - without becoming a textbook expropriation.
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