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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, Ferrous Metals Research
Paul is Based in Melbourne, Australia, Paul has been covering ferrous markets for 18 years and is responsible for S&P Global Energy’s global research, analysis and forecasts.
Paul began covering iron ore and steel for Steel Business Briefing (SBB) in Shanghai in 2008, where he was China Editor. He returned to Australia in 2010 and was Country Manager before the acquisition of SBB by Platts in 2011. Before joining SBB, Paul worked for PwC, Penton Media and other research and media companies.
Speakers
S&P Global Energy
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, Head of Non-ferrous Markets, Metals & Mining Research
Mark Ferguson is the Head of Non-ferrous Markets with 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 metals & mining sector.
Mark currently leads the nonferrous metals markets team providing clients with 10-year forecasts for supply, demand and prices, covering base and precious metals. Amid shifting government policies, trade flows, macroeconomic trends, and energy transition efforts, he guides the team’s responsive research in support of the global metals and mining industry. Mark holds an MSc in Earth Sciences from Dalhousie University, Canada.
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