State of the Market: Mining Q3-2019 + 2020 Outlook Webinar


Title: State of the Market: Mining Q3-2019 + 2020 Outlook Webinar

Duration: 1 Hour

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Macroeconomic conditions have continued to deteriorate in Q3-2019, with global GDP growth estimates being revised lower and industrial indicators in many major economies entering negative territory. Although China and the U.S. hit pause on their trade dispute in early October, the outlook remains cloudy, with a weakening demand outlook causing copper and zinc prices to continue falling over the quarter. In contrast, nickel prices jumped sharply over speculation that Indonesia would enact a ban on nickel ore exports at year-end, while the gold price broke through US$1,500 per ounce in August, and has remained steady around this level going into October.

Despite the challenging macroeconomic outlook, the exploration sector picked up strongly in the September quarter after reaching a multiyear low in the previous quarter. Gold-focused efforts, in particular, reached their highest levels since the March 2013 quarter, as financing activity reacted positively to the gold price, while drilling activity, new resources and positive project announcements all rebounded strongly.

However, we do not expect 2019 exploration activity to outpace 2018 levels, as our analysis of 2019 exploration budgets in our Corporate Exploration Strategies series has recorded an overall 3% decline in planned exploration expenditure for the year. This research confirms the diverging conditions among commodities, with budgets for gold falling 12%, copper budgets rising 12% and nickel budgets jumping 18%.

As 2019 comes to a close, join us to recap the September quarter. Hear our views for the remainder of the year and expectations for 2020.

  • Commodity price trends, drivers and estimates
  • Drilling activity and exploration metrics
  • Mergers and acquisitions
  • Quarterly financing activity
  • 2019 exploration budget trends
  • 2020 outlook


Matthew Piggott
Head of Metals & Mining Research
S&P Global Market Intelligence

Thomas Rutland 
Commodity Analyst, Metals & Mining Research
S&P Global Market Intelligence

Jason Sappor
Commodity Analyst, Metals & Mining Research
S&P Global Market Intelligence

Kevin Murphy 
Lead Analyst, Exploration
S&P Global Market Intelligence

Cristiano Zazzara Ph.D.
Managing Director, Head of Risk Services EMEA
S&P Global Market Intelligence

Dr. Cristiano Zazzara is Managing Director and Head of Risk Services Relationship Management, focusing on key market stakeholders, including C-level Executives and Regulators. He is an expert in financial risk management with over 20 years’ experience at banks, government agencies, service providers, Universities and think tanks.

Cristiano joined S&P Global Market Intelligence from MSCI Risk Metrics where he was the Head of Market, Credit, Counterparty Risk and OTC Clearing Business for the EMEA Banking sector and Global Head of Credit Advisory Business for Buy-side and Sell-Side Institutions. Previously, he was Managing Director in the Research & Strategy Unit of Unicredit Group, Managing Director and Head of the Internal Rating Unit at Capitalia Banking Group, and General Manager of the Italian Association of Banking and Finance (ASSONEBB). Dr. Zazzara also served as a financial economist at the Fondo Interbancario di Tutela dei Depositi, where he was the Head of the Research Department.

Dr. Zazzara received a BSc in Economics & Business and a MSc in Banking from the University La Sapienza of Rome, and a PhD in Management (Finance) from the Swiss Federal Institute of Technology in Lausanne (EPFL).

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