Metals and Mining interview Guide
Hi I recently got an interview for a metals and mining team. Wanted to know some key technicals & economic trends I should know for this interview.
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- Know the state of play for key commodity markets - gold in precious, copper in base etc.
- Be intelligent on the macro tailwinds - battery metals, advanced materials, bottlenecks in processing etc.
- Know key valuation methodologies - differences in how you do things between the "metals" and "mining" segments, producing asset vs. exploration etc.
So basically the differences in how you’d value an exploration company vs a producing company — what valuation methods you’d use for each one?
Going to take a step back. Check out the kind of deals the group does. Outside of the Canadian banks, there usually isn't a pure play mining group.
Generally, M&M value work is based on some variation of FCF. I think two really useful skillsets would be understanding how commodity price volatility flows through the three statements and hedging. Both have really outsize impacts on cash flow through earnings and working capital. Nuances like mark to market inventory and how to flow that through the three statements with offsets for hedging. It's not hard but there are a lot of levers with small impact that adds up.
Wow thanks for this. Do you have any other questions you’d suggest on an impact on the 3 statements?
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