2022’s extraordinary cash flows are in the rear-view mirror for most mining companies. Strong balance sheets give the majors options in 2023. But valuations are constricting M&A activity while inflation is forcing the rescheduling of projects. Companies will seek to maximise value from their existing portfolios through restructuring, organic growth and sales strategies. Metals and mining companies’ cautious approach is underpinned by a mixed macro-outlook. We expect energy transition-focused commodities to outperform bulks in 2023. Will new capacity in copper and nickel push those markets into surplus? What would that ... (full story)