State of the Market: Mining Q1-22

At the start of 2022, global inflation concerns were paramount, threatening to slow global economic growth rates as central banks began broadcasting their intentions to restrain rising prices through higher interest rates and bringing an end to quantitative easing policies. Russia’s invasion of Ukraine in February however, triggered wide-scale commodity market impacts, with various metal prices soaring on anticipated supply chain challenges as Russia was increasingly isolated from the global economy. These events have further subdued economic outlooks, while late quarter COVID restrictions in China have remained intractable, adding further downside risks amid the additional supply chain challenges. With recession risks rising, demand for commodities will remain conflicted; some companies and commodities could benefit from efforts to seek non-Russian sources while global demand for others could fall materially as the year progresses.
Despite a volatile macroeconomic picture, the exploration sector showed resilience in the March quarter, with high drilling activity levels tempered only by weaker financing conditions, when compared to a year ago.

Join us to recap the March quarter and review our Metals & Mining sector outlook:

• Geopolitical & macroeconomic trends
• Commodity market outlooks
• Discoveries and initial resources
• Drilling and exploration metrics
• Mining finance, merger and acquisitions activity