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Metals &Mining:Industrial Metals 2Q17preview,Still in de

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Metals &Mining:Industrial Metals 2Q17preview,Still in de

We forecast aggregate Industrial EBITDA falling $1.2bn QoQ to $5.7bn for our5 Industrial companies under coverage. The expected decline in cashflow ismainly a result of the lower iron ore price impacting Vale. Key topics: Weexpect some progress at Grasberg has been made but a final outcome is stillsome time away, Vale's blending strategy is likely to see sales belowproduction for the quarter and SQM's realized price for lithium should behigher QoQ. We expect sector Net Debt to decline 6% to $41.6bn. We maintaina Buy on Teck (cash flow, valuation), Vale (valuation, improving Balance Sheet)and First Quantum (copper production growth).

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