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Daily Brief Energy/Materials: iShares Russell 2000 ETF, Rio Tinto Ltd, Crude Oil, Rio Tinto , Ardagh Metal Packaging, Sherwin Williams Co, Equinor ASA, Pan American Silver and more

May 24, 2023

In today’s briefing:

By Joe Jasper

By Jesus Rodriguez Aguilar

By Andreas Steno

By Baptista Research

By Charles Macgregor

By Baptista Research

By Baptista Research

By Edison Investment Research

Pan American Silver (PAAS) announced divestment of a number of non-core assets, including MARA and Morococha. The sale is in line with the company’s intention to optimise its project portfolio following the acquisition of Yamana’s Latin American assets earlier this year. It will generate combined cash proceeds of US$593m, plus net smelter return (NSR) royalties, resulting in a stronger balance sheet as well as a significant reduction in care and maintenance (C&M) costs. We will update our estimates and valuation following the release of the Q223 financial results scheduled for 9 August.

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