State of the Market: Mining Q2-2023

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