GB : Mining - Capital returns and inflation protection

Our commodity price forecasts have been revised () together with estimates for our equity coverage. Following Russia’s invasion, the commodity supply’s outlook features uncertainty. Yes, demand will eventually come under pressure, recent inflation-hit prices lifts are set to hold over coming quarters. Wait, for there will be a better time to sell. Upgrading Rio Tinto, BHP & Endeavour from Sell to Hold; Anglo American to a BUY on PGM and diamonds exposure.