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Managers of a group of Mirova SA green funds, which have assets totaling about $14 billion, are looking to add mining stocks for the first time as valuations of metal producers tumble.
Leading miners have seen their valuations decline as slowing growth for electric cars and a weaker economy in China curtail demand for some commodities. Copper, a crucial material for electrification, has retreated more than 17% from a record reached in May. Battery metals including lithium and nickel are hovering near multi-year lows.
By adding investments in mining, that fund would become the largest among more than 30 Article 9 peers to have exposure to the industry, according to data compiled byMirova’s rethink on mining comes as a gauge of energy transition metal producers — which includes BHP, Glencore Plc and Anglo American Plc — is trading at 12.5 times forward earnings, well below its peak of more than 80 times in 2020 and down sharply from earlier this year.
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