LatAm Metals and Mining Pulp and Paper Coverage Summary

Goldman Sachs provides updated coverage, price forecasts, and spot price sensitivity analysis for the Latin American metals, mining, pulp, and paper sectors as of May 2026.

Key Takeaways

• 1.Goldman Sachs maintains a positive outlook on selected Latin American metals and mining stocks, with 'Buy' ratings for Aura Minerals, Grupo Mexico, First Quantum, Gerdau, Hudbay, Suzano, Ternium, Vale, and Usiminas.
• 2.The report highlights a cautious stance on Copec, CSN, and CSN Mineracao, which are currently rated as 'Sell'.
• 3.Commodity price forecasts for 2026 show Copper at $12,656/t and Gold at $5,028/oz, with significant upside in specific precious and base metals relative to long-term nominal averages.

Table of Contents

• Coverage Summary
• Relative Performance
• Commodity & FX forecasts
• GSe vs spot prices & FX
• Spot +/-10% change in commodity prices
• EBITDA sensitivity
• FCF Yield vs Production growth
• Price/NAV vs EV/EBITDA
• GS vs Consensus
• Historical Trading 1-yr Fwd EV/EBITDA
• Disclosure Appendix

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