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Summary
Macroeconomic uncertainty mixed with hope that waning inflation will temper further interest rate hikes marked much of the June quarter. Industrial metals prices generally slipped on the murky demand outlook, while gold prices were buoyant — particularly in April and May — amid a shift to safety by some investors and despite broader equity markets performing well. With many economies facing variable outlooks, metals and mining markets struggled to stay abreast of leading indicators throughout the June quarter and into the second half of 2023. This uncertainty could continue through the remainder of the year, foreshadowing continued metals market volatility.
Weakening activity levels continued for the exploration sector. Although the number of mining company financings rebounded to a one-year high, drilling activity retreated to a three-year low. Following the March quarter's strong M&A activity level highlighted by the Newmont offer for Newcrest, the aggregate deal value fell sharply in the June quarter.
As economies around the globe struggle to gain momentum, the metals and mining sector awaits opportunities to capitalize on demand growth stimulated by the energy transition. Join us to recap the June 2023 quarter and to obtain our views for the remainder of the year and beyond.
- Commodity price trends, drivers and estimates
- Mergers and acquisitions, mining financing
- Exploration and development metrics
Speakers
S&P Global Energy
Paul Bartholomew
S&P Global Energy
Associate Director, Lead Ferrous Markets
Based in Melbourne, Paul is responsible for steel, scrap, coking coal and iron ore forecasts and analysis. He has covered the ferrous sector for 15 years, starting out as China Editor in Shanghai for London-based Steel Business Briefing, before moving to Platts in 2011. Before that he worked at PwC, Penton Media and other media and research companies. He was educated at the University of Nottingham in the UK, and Macleay College in Sydney.
Speakers
S&P Global Energy
Paul Manalo
S&P Global Energy
Senior Principal Analyst, Mining Studies & Mine Economics
Paul has been a member of Metals and Mining research team of S&P Global Energy for more than 8 years. His team is involved in the annual publication of Corporate Exploration Strategies that analyzes global trends in exploration. He also works on the group's monthly Industry Monitor and focuses on keeping track of financing and capital raising activities of mining companies.Prior to joining S&P, Paul also managed different research groups that looked at various industries such as retail and logistics. He majored in Philosophy with a minor degree in Political Science from the University of the Philippines.
S&P Global Energy
Mark Ferguson
S&P Global Energy
Director, Metals & Mining Research
Mark Ferguson is the Research Director for the Metals & Mining Research group at S&P Global Energy. Having worked for previous iterations of the division since 2004, he has extensive experience in producing exploration and supply-side studies and topical research for the mining sector.
Increasingly focused on energy transition-related needs pertinent to the metals & mining sector, the Research team tracks the industry’s upstream efforts while assessing demand and price expectations for key industrial and battery metals.
Mark holds a Bachelor of Science in Geology/Geography from Saint Mary’s University, and an MSc in Earth Sciences from Dalhousie University.
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