Mining Quarterly Review - Q1 2024

The analyst's "Mining Quarterly Review - Q1 2024" provides a comprehensive coverage on the global mining industry. It provides commodity trends covering price trends, production, capital expenditure of leading miners, development projects momentum, development projects by commodity, country, company and stage. The report also includes a demand drivers section providing information on factors that are affecting the global mining industry. It further provides updates on regulatory, technology-related, and ESG-related, developments in mining for Q1 2024.

During the first quarter of 2024, the global gold price averaged an all-time high of $2,273.0/oz, up by 9.7% over the same period in 2023. Furthermore, gold prices hit a record high, averaging US$2,579.5/oz in May 2024, driven by growing demand for safe-haven assets and central bank purchases, and expectations of rate cuts later in the year.

Copper production rose for BHP (14.8%), Anglo American (11.2%), and Grupo Mexico (5.9%) due to strong performances at their respective mines. Rio Tinto also benefitted from a higher grade at its Oyu Tolgoi mine. Conversely, First Quantum (-27.5%) and Antofagasta (-11.3%) saw production dips due to mine suspensions and sales. Codelco's output declined by 9.4% linked to accidents and a rock burst.

After 0.6% growth in Q4 2023, the development projects momentum increased by 1.06% in Q1 2024. Some 28 projects advanced during this quarter, of which around 15 were in Australia, Russia, the US and Canada, combined.

After 2.7% growth in total spending to $64.2B in 2023, the top 19 miners are expected to increase their capital expenditure by 10.6% to over $71.4B in 2024. Largest spend is expected at Rio Tinto and BHP, with each expected to spend $10B in 2024. BHP expects capital expenditure of around $10B for each of FY2024 and FY2025, of which the majority will be spent on improvements and growth, such as the Jansen Stage 1 project, Copper South Australia projects and growth in the Pilbara.

Scope

• The report contains an overview of nine commodities in the mining industry such as coal, copper, iron ore, gold, nickel, lead, zinc, uranium and lithium. It provides detailed information on commodity prices, production by country, production by company, development projects update, capital expenditure, demand drivers, technology, ESG and regulatory updates in mining.

Reasons to Buy

• Gain insights into the record-breaking gold price surge in Q1 2024
• Understand the factors driving this safe-haven asset's demand, including central bank purchases and potential rate cuts.
• Analyze copper production increases for leading miners like BHP, Anglo American, and Grupo Mexico.
• Discover the latest trends in global mining project momentum in Q1 2024 compared to Q4 2023. Explore the geographic breakdown of these advancements.
• Learn about the projected 10.6% rise in capital expenditure by the top 19 miners in 2024.
• Access a comprehensive overview of nine crucial mining commodities, including coal, copper, iron ore, and lithium.
• Leverage detailed data on commodity prices, production by country and company, development projects, and capital expenditure.
• Stay informed about the latest trends in mining technology, environmental, social, and governance (ESG) practices, and regulatory updates.
• To make informed decisions and capitalize on opportunities in the ever-evolving mining industry.
• To understand the factors influencing demand drivers of key commodities