Ben Cleary, Portfolio Manager of the Tribeca Global Natural Resources Strategy, remains optimistic about the mining and energy sectors in 2024, citing onshoring, electrification, and energy security as key trends that will drive demand for commodities. Despite a challenging 2023 for resource equities, Cleary emphasizes the sectors’ strong fundamentals, including low debt, robust cash flows, and strong capital returns. He anticipates that the positive impact of these global trends will outweigh short-term material volatility, pointing to opportunities in nuclear power, oil, and gas, as well as potential in the battery metals sector, specifically lithium and graphite.
Cleary provides stock recommendations aligned with these themes, favouring companies involved in uranium and nuclear power, such as Cameco and Boss Energy, and highlighting opportunities in energy, thermal coal, and metals markets. He sees potential in Develop Global as a top ASX copper pick and Syrah Resources as a promising player in the graphite sector. Cleary concludes by recommending Pilbara Minerals in the lithium sector and identifying South32 and Champion Iron as top picks in the bulk and diversified miners category.
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