Stephen A. Forrest

Stephen A. Forrest

Chairman, Principal Consultant & Engineer; Chairman of the Executive Committee

Eur Ing, Pr Eng, C Eng, BSc (Hons), FIMM, FIMinE 

Stephen Forrest, one of the PGM industry’s foremost authorities, known universally for his value chain-spanning expertise, has spent a career working with a portfolio of major commodity companies and clients, in more recent years becoming the analytical link between producer and end-user, processor and investor, as Chairman of SFA (Oxford), the leading PGM consultancy he set up in 2001.

Stephen’s industry track record is significant, not least for the many facets it encompasses, having worked as a Commodities Strategist, Fund Manager and Operations Manager, risen to the highest levels of mining management, conducted trade finance and capital raising exercises in the Eastern Bloc and Western world, and accomplished Top Rating as a Mining Analyst covering platinum-group metals, base metal and coal markets. Through this multi-faceted history, he has built up an exclusive network of contacts that transcends individual industrial sectors and value chain linkages, placing him in a unique position to provide cross-commodity expertise to a trusting client base.

Leveraging off this vast relationship set, in 2001, he founded SFA (Oxford), an independent consultancy covering a broad spectrum of mining-, minerals- and commodity-related issues, including macroeconomic analysis, supply and demand scenarios, in-depth cost analysis, derivative research and price forecasting. He has since led SFA towards becoming the industry standard in commodity research, managing the mapping of the entire PGM value chain, assisting company clients in more than $7 billion in strategic transactions, and offering otherwise unobtainable insights into the PGM and other commodity industries.

Key Assignments and Achievements

Stephen has carried out significant investigations and network development in the commercial market structures of the PGM and other commodities industries, bringing together top industry consultants in order to model, forecast and extrapolate the full value landscape.

Throughout his career, Stephen has both completed and project managed many varied and complex commodity-based projects from across the periodic table, his achievements including:

  • Directed a major on-site investment due diligence of Russia’s nickel giant, Norilsk Nickel
  • Assisted analytically on successful operational planning assignments for major PGM producers, as well as capital investment projects for industry players
  • Advised on key investment due diligence projects, including an $80m vanadium project in Australia, $200m ferrochrome project in South Africa, and a $200m copper project in China
  • Building associations with many major commodity participants, becoming the trusted analytical partner for many in typically clandestine markets


  • Registered as a Chartered Engineer with the Engineering Council (UK) and the Engineering Council of South Africa, and listed as a Euro Engineer with the European Federation of National Engineering Associations
  • Securities Institute, London (International Equity Markets, International Capital Markets and South African Regulatory Module)   
  • Fellow of the Institute of Mining and Metallurgy (UK) and the Institute of Mining Engineers (UK) (now IOM3)
  • University of the Witwatersrand (SA), Business Administration Graduate School's Management: Development Programme & the Negotiation Skills Programme   
  • Mine Manager's Certificate of Competency   
  • BSc (Hons) in Mining Engineering from the University of Wales

Back to The Team

The Team

Stephen A. Forrest
Chairman, Principal Consultant & Engineer; Chairman of the Executive Committee

Beresford Clarke
Managing Director & Head of Research; Member of the Executive Committee

David Mobbs
Head of Marketing; Member of the Executive Committee

Dr Jenny Watts
Principal Analyst: Automotive Demand & Technology; Member of the Executive Committee

Samantha Trickey
Principal Analyst: Supply, Geology & Mining; Member of the Executive Committee

Dr Ralph Grimble
Principal Market Analyst: Commodities & Financial Markets; Member of the Executive Committee

Jamie Underwood
Senior Strategy Analyst: Project Consulting

Oksan Atilan
Consulting Market Analyst: Automotive Demand

Wenlin (Karen) He
Consulting Market Analyst: China

Thomas Chandler
Senior Strategy Analyst: Project Consulting

Alex Biddle
Senior Mining Analyst

John Miles
Associate Consultant

Elaine Forrest
Executive Company Secretary; Secretary of the Executive Committee

Andy Smith
Independent; Member of the Executive Committee

Jeremy Coombes
Independent; Member of the Executive Committee