Metals and Mining Corporate: 5 things to look for in 2023

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 maximize value from their existing portfolios through restructuring, organic growth and sales strategies. What are the themes to look for in 2023? We assess the outlook for leading metals and mining companies next year focusing on five topics. • Pay to play - M&A will focus on early-stage assets as financing constraints emerge • Reimagining organic growth - companies will broaden their approaches to exploration and development • Friends with benefits - the majors will monetise their low carbon position through premia • Corporate focus moves to market positions in the post-China era • Spin to win - valuation differentials will shift focus to restructuring to unlock value