GS Materials

Latest edition · October 5, 2026

GS McGeoch GS Materials Oct 5....RIO process creep, VALE updraft, GLEN in Aust, AAL baby steps and EU Utils previews (upgrades incoming). 5 Oct 2026

Goldman Sachs' daily materials specialist note examines Rio Tinto's $5bn infrastructure auction, Anglo American's regulatory milestones with China, and positive Q3 earnings setups across European utilities. The report also provides commodity price decks and agendas for the upcoming Global Metals & Mining Conference in London.

In this daily update, Goldman Sachs Materials Specialist James McGeoch highlights key developments across global mining and European utilities. Rio Tinto faces margin compression in iron ore due to rising freight, placing significant focus on its $5bn Pilbara power asset monetisation and cash deployment plans. Meanwhile, Anglo American's $54bn merger with Teck progresses with China reportedly seeking supply commitments rather than structural remedies. European utilities (EDP, NTGY, ENEL, RWE, ENGIE) show robust operational momentum with positive upgrade risk ahead of Q3 reporting, while Glencore expands its footprint via marketing guidance upgrades and Australian roadshows.

Key takeaways from the latest edition

• 1.Rio Tinto is executing an infrastructure auction aiming to realize $5bn by year-end, with multiple private equity and infrastructure bidders circling world-class Pilbara power assets.
• 2.Anglo American's $54bn merger with Teck awaits Chinese antitrust approval, where China is seeking binding copper-concentrate supply commitments rather than structural asset divestments.
• 3.European utilities are heading into Q3 reporting with strong fundamental momentum and upside upgrade risk, led by EDP, Naturgy, Enel, RWE, and Engie.

What this series covers

• Global Metals & Mining Conference
• Commodity and FX Forecast

Edition archive

• GS McGeoch GS Materials Oct 5....RIO process creep, VALE updraft, GLEN in Aust, AAL baby steps and EU Utils previews (upgrades incoming). 5 Oct 2026

  October 5, 2026

• GS Materials August 14

  August 14, 2026

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