Important publications

13-Mar-2019

Platinum Group Metals – Incentive prices emerge as smog clears

26-Nov-2018

Global: Chinese fuel cell demand – Clearing the fog

13-Nov-2018

South Africa: Chinese platinum jewellery demand – Down, but definitely not out

24-Oct-2018

South Africa: Exxaro and South32’s SAEC - A match made in heaven?

18-Oct-2018

South Africa/Russia: Gold - Safe-haven appeal back in vogue?

27-Aug-2018

South Africa: Mondi Ltd - Tailwinds may dissipate

23-Aug-2018

South Africa: Sasol Ltd – Positive momentum, but can it crack?

16-Aug-2018

Global: Russian Metals & Mining – Victims of their own success?

13-Aug-2018

South Africa: Impala Platinum – Finally, a plan with defined milestones

10-Aug-2018

Russian Metals & Mining: Proposed tax increases

23-July-2018

Global: Metals & Mining – ESG: Decoding the bigger picture

18-June-2018

Global: Draft SA Mining Charter – Unlikely to grow value

14-May-2018

Global: Metals & Mining – Not reflecting improved fundamentals

14-May-2018

EEMEA: Steel companies – We still see value

14-May-2018

Alrosa – Tailwinds dissipating –Transfer of coverage

23-Apr-18

Global: Metals & Mining – Evolving nature of the PGM industry

12-Apr-18

Global: Metals & Mining– Unpacking iron ore margins

8-Feb-18

Russia/South Africa: Gold mining – Optionality vs long-term value

5-Feb-18

Russia: PJSC Polyus – Best quality assets – BUY

5-Feb-18

Russia: Polymetal International – Yield underpin, attractive growth – BUY

17-Jan-18

Global: Metals & Mining – The transformers

2-Nov-17

South Africa: ArcelorMittal South Africa – Not a ‘steel’ yet – SELL

21-Sep-17

Global: Metals & Mining – Offering superior IRR

12-Sep-17

South Africa: Sasol Ltd – Unpacking LCCP guidance and market dynamics

10-Jul-17

South Africa: Sappi – Repositioning for growth

16-Jun-17

South Africa: Metals & Mining: SA Mining Charter – Negative for the industry

13-Jun-17

South Africa: Metals & Mining: SA Mining Charter – Measuring exposure and compliance

7-Jun-17

Global: Metals & Mining sensitivities – Yield potential through the cycle

20-Mar-17

Global: Metals & Mining: Copper – Running hard to stand still

23-Jan-17

Global: Metals & Mining – Panning for value: growth vs value

5-Dec-16

Global: Metals & Mining – Less is more

9-Sep-16

Global: Metals & Mining – Wheel of fortune

23-Aug-16

South Africa: Cracking the surface of the gold rally

4-Jul-16

South Africa: Mondi – Boxing clever – BUY

24-Jun-16

South Africa: Sasol Ltd – Growth at the expense of value – HOLD

20-Jan-16

Global: Metals & Mining – The long (term value) and short (term risks) of it

9-Dec-15

Global: Metals & Mining – Quantifying capacity closures

23-Nov-15

Global: Metals & Mining – Efficiency: Survival of the fittest

14-Sep-15

CIS Metals & Mining: Seeing value in challenging times

14-Sep-15

Global: Metals & Mining – Searching for survivors

3-Jul-15

Global: Metals & Mining – Panning for value

23-Mar-15

Global: Metals & Mining – Commodity bear provides long-term value

19-Jan-15

Global: Metals & Mining – Value sector

4-Dec-14

Global: Metals & Mining – Approaching trough margins, but P/Es could de-rate

13-Oct-14

Global: Productivity & efficiency benchmarking – Focus on the platinum sector

11-Sep-14

South Africa: Metals & Mining – Falling iron ore prices outweigh self-help

20-Jun-14

Global: Commodities: Iron ore – Cost support falls to $90/t by 2016E

20-Jun-14

Global: Mining: Tide going out for iron ore – Stick with quality as cash flow evaporates

24-Mar-14

Global: Mining: Harvest time – Cash flowing back to shareholders

20-Jan-14

Global: Nine reasons to be more bullish on miners

11-Nov-13

Global: Mining – Not a growth sector – Struggling to find value