State of the Market: Mining Q2-2023 | S&P Global Ratings | 22 August 2023 | Online

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.

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.

• Commodity price trends, drivers and estimates
• Mergers and acquisitions, mining financing
• Exploration and development metrics

2023 Speakers

Paul Bartholomew
Senior Analyst, Metals and Mining Research, S&P Global Commodity Insights

Paul Manalo
Analyst, Metals and Mining Research, S&P Global Commodity Insights

Mark Ferguson
Research Director, Metals and Mining Research, S&P Global Commodity Insights