GS Australian Bulks, Base Metals, Rare Earths, & Steels — Coverage Summary, Forecasts, and Spot Pricing Scenarios

This report by Goldman Sachs covers Australian bulks, base metals, rare earths and steel together with the Australian mining and metals companies under its coverage, and provides commodity price and FX forecasts as well as spot pricing scenario analysis. The team assigns Buy ratings to BHP, BSL, CIA, ILU, LYC and RIO, Sell ratings to FMG and NHC, and Neutral ratings to the remaining companies. The report presents spot and annual price forecasts for base metals, precious metals, bulks, manganese ore, bauxite, alumina, mineral sands, potash and uranium, and an outlook for lithium and rare earths. It also compares each company's EBITDA, per-share metrics, free cash flow yield and valuation under the base case versus spot price and FX scenarios, highlighting the implied upside or downside under spot pricing.