webinars Market Intelligence /marketintelligence/en/events/webinars/state-of-the-market-mining-q3-23.xml events-detail__hero js-detail-hero esgSubNav
Webinar Replays

State of the Market: Mining Q3'23

Thursday, November 16, 2023
60 minutes

Policy announcements and the release of economic indicators continued to drive metals price volatility during the September quarter of 2023. Industrial metals market participants faced contrasting outlooks for key economies, with uncertainty over demand from China and Europe tempered by outperformance in the US. Towards the end of the quarter, the strength of the US jobs market contributed to the US Federal Reserve's hawkish commentary following September's interest rate pause, noting that higher-for-longer interest rates might be required to reduce inflation. Bearish market sentiment quickly emerged, leading to a sharp retreat for gold prices and increased concerns that metals demand could underperform in 2024, should the higher interest rates persist longer than previously forecast. The first weeks of the December quarter brought further global uncertainty with the outbreak of the Israeli war with Hamas in Gaza.

Exploration activity continued to slow in the quarter, as weaker metals prices and equity market support hampered their ability to secure funding and expand programs. While drilling levels stayed relatively flat quarter over quarter, the number of financings, positive project milestones, and new initial resource announcements fell. These trends align closely with our exploration budget trends for 2023, which saw a modest 3% decline year over year, attributable mostly to weaker gold-focused efforts and the softening activity by the junior group.

Join our analysts as we provide a recap of the September 2023 quarter and 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
Access Now


S&P Global Contributor
Jason Sappor is a Senior Analyst in the Metals and Mining Research Team at S&P Global Commodity Insights, based in London. His primary focus is the nickel market, which includes conducting nickel supply and demand analysis and nickel price forecasting, producing the monthly Nickel Commodity Briefing Service report, and writing timely research articles. Full Bio
S&P Global Contributor
Gian Seblos is a Mining Analyst in the Metals and Mining Research Team based in the Philippines. Full Bio


S&P Global Contributor
Mark Ferguson is the Research Director for the Metals & Mining Research group at S&P Global Commodity Insights. 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. Full Bio

Alex, please download the S&P Networking App

The Platts Events mobile app puts conference navigation and networking at your fingertips. Available one week before the event, the mobile app gives delegates :

  • Advance access to the attendee list
  • Live agenda updates and networking activities
  • Immediate access to speaker presentations
  • Essesntial, real-time event details and notifications
  • Upload a profile photo, set up a meeting, amd more

* Platts attempts to secure as many speaker presentations as possible, however some speakers choose not to share their materials. Therefore some presentations may not become available. Additionally speaker presentations for this event are only available for download from the networking mobile app and web link

Access this webinar on demand

Access Now

Access this webinar on demand

Access Now