European Metals & Mining Weekly: Conference Learnings + Killer Charts. Downgrade BHP + RIO. KGHM results.

Research evidence excerpt

European Metals & Mining Weekly: Conference Learnings + Killer Charts. Downgrade BHP + RIO. KGHM results.

Accessible version

European Metals & Mining Weekly

Conference Learnings + Killer Charts.

Downgrade BHP + RIO. KGHM results.

Industry Overview

Global Conference #43: What did we learn? 25 May 2026

43rd Global Metals, Mining & Steel Conference, Theme: Deglobalization, Stockpiling & Equity

the Rise of Hard Assets. What did we learn in Miami? Copper growth: Copper still the Europe

focus commodity, companies highlighting growth options but challenges, too. Some Non-Ferrous Metals,Mining &

projects close to approval. Gold: Companies high FCF generation. Steel: EU TRQ game Minerals

changer, US healthy spreads Energy transition: Theme broadens to ”Electrification”. Equity Research

(See our report: What did we learn?) Jason Fairclough >>

Research Analyst

“Killer Chart” = powerful, sometimes unexpected message MLI+44 (UK)20 7995 0225

We’ve just held our 43rd annual Global Metals, Mining & Steel Conference. We select jason.fairclough@bofa.com

some of the most interesting and compelling ”killer charts” from company ReinhardtResearch Analystvan der Walt >>

presentations. What makes a ”killer chart”? It contains a simple, powerful and MLI (UK)

sometimes unexpected message. [Aside: This is often our most read note of the year.] Paul Kirjanovs >>

(See our report: “Killer Charts”.) ResearchMLI (UK) Analyst

RIO: Downgrade to Neutral. Valuation full. China slowing. FelicityResearchRobsonAnalyst >>

Downgrade to Neutral: 1) Fairly full valuation 2) China credit impulse turned negative 3) MLI (UK)

Increasing oil related global macro risks related to the conflict in Middle East. Valuation: Lawson Winder, CFA >>

Big miners typically trade in range of c. 0.6-1.2x P/NPV through cycle.