Most of the Cu-Mo, and some of the Au-Ag used by humankind accumulates in Earth’s crust above shallow magma reservoirs named porphyries. The formation of porphyry-type ore deposits is relatively well understood but important pieces of the puzzle are still missing. In particular, it is commonly accepted that magmas beneath volcanoes are the main source of the metals. Yet, exactly how magmatic fluids carry and deposit metals is debated. In this presentation, some of the very latest research on these magmatic, hydrothermal and volcanic systems will be presented. The role of volatile-saturated, deep mafic magmas and that of immiscible sulfide melts will be discussed. Information obtained from volcanoes will be applied to ore forming systems. Finally, all of this information will be integrated into a genetic model.