We are excited to announce that as of February 1, Wood Mackenzie is a portfolio company of Veritas Capital, a leading investor at the intersection of technology and government. Our focus remains on providing you with the best intelligence, analytics, data and tools to ensure you are making the best data-driven business decisions with confidence.  

Read more in our news release here. 


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

This report is currently unavailable

For details on how your data is used and stored, see our Privacy Notice.

- FAQs about online orders
- Find out more about subscriptions

21 December 2022

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

Report summary

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

Table of contents

  • Executive Summary
  • Margins cool
  • 1. M&A – will the majors pay to play?
  • 2. Reimagining organic growth
  • 3. Automotive – friends with benefits
  • 4. Positioning for the Post-China era
  • 5. Spin to win

Tables and charts

This report includes 3 images and tables including:

  • The majors’ capex will settle at a higher level
  • The majors are making rapid progress in eliminating scope 2 emissions
  • Sales to China may have already peaked

What's included

This report contains:

  • Document

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

    PDF 932.36 KB