Insight
Diversified miners Q2-22 reported results review
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Report summary
Ongoing operational issues have driven production guidance down across those diversified miners reporting interim results. Cost guidance continues to inflate. Meanwhile, metals prices retreated from earlier supply shocks. The combined effect was a moderation in the miners’ operating margins in Q2. Ostensibly, miners’ approach to dividends diverged. Glencore and BHP announced record pay outs while Rio Tinto and Anglo reigned in extraordinary dividends. But low levels of gearing are being maintained across the board. BHP and Rio Tinto retained net cash positions going into H2. Glencore’s net debt remains significantly lower than its US$10bn target. Will healthy balance sheets insulate miners in a prolonged downturn or provide ballast for larger acquisitions in a market reversal?
Table of contents
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Q2 was dominated by falling prices, climate-related disruptions and inflation
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