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Anglo American's mining portfolio spans many commodities and continents. Like fellow large diversified miners, Anglo has significant exposure to copper, iron ore and metallurgical coal, but it is unique among the global majors given its significant platinum group metals and diamonds output. The company accounts for about one third of the world’s platinum supply and around 30% of palladium supply. Anglo also owns 85% of De Beers, in most years the world's largest supplier and marketer of rough gem diamonds by value. Anglo also plans to move back into the crop nutrients business via its Woodsmith polyhalite project in the United Kingdom.

When global economic conditions become unpredictable, investors often flock to gold. The yellow metal is currently trading around $2,000 per ounce, up 12% for the year; over the past five years, the range for gold prices has been $1,275-$2,075. During the first phase of the pandemic, the spot price for an ounce of gold jumped 33% in six months and broke through the $2,000 level. Gold spot prices also spiked above $2,000 in early March 2022 due to the war in Ukraine, and are now at similarly high levels as tension builds in the Middle East. The current price of gold reflects the perceived safety of hard assets amid the global conflicts, as well as lower U.S. interest rates that tend to weaken the dollar, which is how the currency is priced. The outlook for Federal Reserve rate cuts also helps gold, as lower rates lower the risk for a global economic recession and thus a potential decline in gold purchased for jewelry. By our reckoning, gold prices have averaged $1,950 for 2023, above our forecast for $1,850. Our forecast trading range for gold in 2024 is $2,200-$1,700, and our average forecast for the year is now $2,000. This compares to average gold prices of $1,806 in 2021, $1,781 in 2020, $1,400 in 2019, $1,265 in 2018, $1,277 in 2017, $1,258 in 2016, and $1,155 in 2015. In conclusion, as long as geopolitics and global economic uncertainty are part of the market conversation, the price of gold is likely to remain at levels well above the historical average.

Teck is a diversified miner with coal, copper, and zinc operations in Canada, the United States, Chile, and Peru. Metallurgical coal is Teck's primary commodity in terms of EBITDA contribution, followed by copper and zinc. Teck is the world's second-largest exporter of seaborne metallurgical coal and is a top-three zinc miner. Its major new copper mine in Chile at the majority-owned Quebrada Blanca 2, in partnership with Sumitomo, will drive an increase in Teck’s attributable copper production by roughly 80%. Along with a number of additional copper growth options, Teck’s strategy is to rebalance its portfolio to low carbon metals such as copper. It sold its oil sands business in early 2023 and has agreed to sell its coal business, with the deal likely closing in the third quarter of 2024.

Albemarle is one of the world's largest lithium producers. In the lithium industry, the majority of demand comes from batteries, where lithium is used as the energy storage material, particularly in electric vehicles. Albemarle is a fully integrated lithium producer. Its upstream resources include salt brine deposits in Chile and the U.S. and two hard rock mines in Australia, both of which are joint ventures. The company operates lithium refining plants in Chile, the U.S., Australia, and China. Albemarle is a global leader in the production of bromine, used in flame retardants. It is also a major producer of oil refining catalysts.