Providing investors with a balanced perspective, Massif Capital

Massif Capital Research

Providing investors with a balanced perspective

Massif Capital

Research focused on providing investors with a balanced perspective on the environmental and economic realities of achieving a carbon-neutral economy for businesses within the Energy, Basic Materials and Industrial industries.

The Massif Capital Real Asset Strategy is a global long/short equity strategy built around bottom-up stock picking. We are focused on creating a portfolio of businesses from within the Energy, Basic Materials and Industrial sectors that balance the environmental and economic realities of achieving a carbon-neutral economy.

Macroeconomics

<ul>
<li>2023 was a challenging year, there was a lot of volatility in both long and short books.</li>
<li>We reserve the bulk of the letter for an extended discussion of our investments in lithium and the outlook for the sector in the coming years.</li>
<li>Despite dire headlines related to EVs, we remain optimistic about a lithium rebound and skeptical that supply can grow as robustly as projected.</li>
</ul>


2023 was a challenging year, there was a lot of volatility in both long and short books.
We reserve the bulk of the letter for an extended discussion of our investments in lithium and the outlook for the sector in the coming years.
Despite dire headlines related to EVs, we remain optimistic about a lithium rebound and skeptical that supply can grow as robustly as projected.


2023 4th Qtr Letter to Investors: A Deep Dive into Lithium

United States

Kaiser Aluminum Corporation is a producer of fabricated aluminum products for aerospace/high strength, general engineering, automotive and custom industrial applications. The Company's product lines includes sheet, plate, billet, redraw rod, extrusions, forgings, and tube products for a wide array of applications.

Century Aluminum Company produces primary aluminum, in both molten and ingot form, through facilities located in the United States.  The Company owns and operates a reduction facility in Ravenswood, West Virginia, and owns a partial interest in a reduction facility in Mt. Holly, South Carolina.  Century is also the operating partner of a reduction facility in Hawesville, Kentucky.

SunCoke Energy, Inc. supplies high-quality coke used in the blast furnace production of steel, under long-term, take-or-pay contracts that pass through commodity and certain operating costs to customers. We utilize an innovative heat-recovery technology that captures excess heat for steam or electrical power generation. Our cokemaking facilities are located in US and Brazil.

TimkenSteel Corporation engineers, manufactures, and markets mechanical components and steel. The Company produces air-melted alloy steel bars, bearings, chains, seals, motion control systems, tubes, and precision components. TimkenSteel oil and gas, automotive, industrial equipment, mining, construction, rail, agriculture, and power generation market sectors worldwide.

Ferroglobe PLC is a supplier of silicon metal, silicon-based specialty alloys, and ferroalloys. The Company operates in the solar, automotive, consumer products, construction, and energy business areas. Ferroglobe serves customers worldwide.

Haynes International, Inc. develops, manufactures, and markets high performance alloys, primarily for use in the aerospace and chemical processing industries.

Ryerson Holding Corporation operates as a holding company. The Company, through its subsidiaries, purchases, processes, and distributes various forms of stainless steel, aluminum, carbon, alloy steel, nickel, and red metals. Ryerson serves customers worldwide.

Ramaco Resources, Inc. acquires and develops properties for coal mining activities. The Company mines metallurgical coal reserves. Ramaco Resources operates within the United States.

Compass Minerals International, Inc. produces highway deicing salt in North America and the United Kingdom.  The Company also produces general trade salt and sulfate of potash.  Compass Minerals sells its highway deicing salt primarily to state, provincial, county, and municipal highway departments for deicing applications.

Compass Minerals International, Inc (CMP US)

Schnitzer Steel Industries, Inc. operates a steel scrap recycling business in the western United States.  The Company supplies ferrous scrap to export and domestic steel producers through its scrap collection, processing, and deep water facilities.  Schnitzer also operates collection and processing facilities, as well as manages other facilities through joint ventures.

Angang Steel Company Limited produces steel products which include cold rolled sheets, steel rail, pipe billets, wire rods, thick plates, and other steel products.

Tibet Mineral Development Company Ltd. mines chromium iron ores and produces chromium iron alloys, as well as explores for and processes copper and gold.

Bellevue Gold Limited operates as a mining company. The Company engages in the exploration and development of gold mines. Bellevue Gold serves customers in Australia.

Advanced Technology & Materials Co., Ltd. develops, manufactures, and markets advanced materials and related products. The Company's products include extra-hard materials, functional materials, and biomedical materials.  Advanced Technology also operates in commercial trading and provides technical services.

Yunnan Lincang Xinyuan Germanium Industrial Co., Ltd. produces, refines and sells germanium products and other metallurgical products.  The Company's products include high-purity germanium dioxide, germanium ingot, zone melting germanium, organic germanium products, and other metallurgical products.

Yunnan Lincang Xnyn Grm Industrl (002428 CH)

Jiangsu Shagang Co., Ltd. manufactures and markets copper products. The company's major products include copper pipes for air conditioning equipments, copper water pipes and copper alloys.

Shengda Mining Co Ltd. is a mining exploration and production company. The Company mines for non-ferrous metals in Inner Mongolia.

Mongolian Mining Corporation produces coking coal.  The Company operates the Ukhaa Khudag mine in Mongolia.

Genesis Minerals Limited is an Australian-based mineral exploration company. The Company acquires commercially significant mineral deposits that can be brought into production.

Tibet Summit Industrial Co., Ltd. manufactures zinc ingots, zinc sulfide, zinc oxide, indium and sulfuric acid.

Sigma Lithium Corporation is a Canadian company developing with an environmental sustainably ESG-focused strategy with hard rock lithium deposits. The Company produces low carbon high purity lithium concentrates. Sigma Lithium serves electric vehicle industries worldwide.

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Sigma Lithium (SGML US)

2023 4th Qtr Letter to Investors: A Deep Dive into Lithium

2023 was a challenging year, there was a lot of volatility in both long and short books. We reserve the bulk of the letter for an extended...

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