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Summary
The optimism generated by China’s reopening last year and milder US inflation in the March quarter has quickly faded amid persisting global recessionary risks and stressed US and European banking sectors. Bearish sentiment has tempered industrial metals prices, while gold has benefited from its traditional safe haven status.
The exploration sector had mixed performance in the March quarter, with mining financing gaining strength but remaining well off the same period in 2022, while drilling activity has been on a steady retreat. We also review mergers and acquisitions, which, despite strong macroeconomic headwinds, remained robust in 2022, headlined by the Newmont offer for Newcrest.
While we expect volatile metals prices in the near term, we foresee the release of pent-up demand and boosted global decarbonization efforts inevitably keeping metals markets tight and prices afloat on our forecast horizon.
Join us to recap the March 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
Moderator
S&P Global Energy
Kevin Murphy
S&P Global Energy
Director of Metals & Mining Research
Kevin Murphy is a Research Director for Metals and Mining Research with S&P Global Market Intelligence and is based out of Halifax, Nova Scotia. He manages a group of analysts with the Metals & Mining Research group and writes analysis on various aspects of the industry including exploration, discoveries and production pipelines.
He began his career in metals and mining in 2007 as an analyst for Metals Economics Group which, through a series of acquisitions, became the core of S&P Global Market Intelligence’s Metals & Mining division. He is passionate about the mining industry and its critical role in the global economy.
Speakers
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.
S&P Global Market Intelligence
Mitzi Sumangil
S&P Global Market Intelligence
Associate Commodity Analyst
Event Support