Invite: Analyst Access: Richard Garchitorena Initiating Coverage on North America Metals & Mining

Research evidence excerpt

Invite: Analyst Access: Richard Garchitorena Initiating Coverage on North America Metals & Mining

Discuss the Research

Richard initiates coverage of North America Metals and Mining with 14 names. Richard’s

positive industry view is driven by two key themes that are driving commodities and the

future direction of the metals and mining sector: 1) the rise of transformative technologies

(AI infrastructure, robotics, electrification) and their impact on demand and 2) the rise of

resource nationalism (governments asserting control over steel, uranium, and rare earths).

Key Sector Takeaways:

Copper emerges as our most favored industry, with supply deficits expected and demand

growth from electrification and AI capex poised to continue. We see rare earths as another

beneficiary of growth in the new economy and shifts away from concentrated supply

chains. On steel, US protectionist policies have proven effective in tightening domestic

supply and supporting higher steel prices, despite still tepid domestic industrial

activity. We are positive on gold, as USD weakness, falling interest rates and inflation fears

are likely to remain in place for the foreseeable future. Uranium should benefit from

growing electricity demand growth over the next decade.

Key Investment Ideas:

Overweight: FCX, STLD, HBM, MP, NEM, AEM, NUE, FM

Equal Weight: CCO, CMC, LUN, B

Underweight: SCCO, CLF

Read the Research

North America Metals & Mining: A Sky Full of Stars;

Initiating on the Metals and Mining Sector »

Meet the Analysts

Richard Garchitorena, CFA, is a senior equity research

analyst covering the North America Metals and Mining

sector, joining Barclays in 2025. He has worked in the

investment industry since 2004, including roles with Extel-

ranked research teams at Credit Suisse (Metals and