Diversified miners H2-22 financial results review

In this report we provide a review of the financial results of the major diversified miners. Coal exposure paid dividends in 2022. With thermal coal benefiting from energy crisis and metallurgical coal prices also elevated, the divergent factor in the performance of the major miners was how much exposure they had. In their outlooks for 2023, management all highlighted the role China can play as a stabilising force in the global economy. Companies are expecting reopening will boost demand offsetting potential slowdowns in Europe and the US.