Don’t buy miners now

David Llewellyn-Smith

Monday 23 June 2025

Many argue that iron ore is cheap. But above $90, it is still very expensive.

That is the tell on why you should not buy miners now, even though they appear cheap on NTM and dividends.

The reason is, the market is yet to discount the entrance of Simandou, which is actually going better than expected.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.