Core Viewpoint - BHP Group is divesting a 49% stake in its Western Australia iron-ore power network to BlackRock's Global Infrastructure Partners [1] Group 1 - The transaction involves a significant stake in BHP's infrastructure, indicating a strategic shift in asset management [1] - This move aligns with BHP's broader strategy to optimize its portfolio and focus on core operations [1] - BlackRock's Global Infrastructure Partners is expected to enhance the operational efficiency of the power network [1]

Core Viewpoint - BHP Group has entered into an agreement with Global Infrastructure Partners, a part of BlackRock, for a $2 billion investment in a minority stake of Western Australia Iron Ore's inland power network [1] Company Summary - BHP Group is collaborating with Global Infrastructure Partners to enhance its infrastructure capabilities in Western Australia [1] - The investment signifies BHP's commitment to developing its inland power network, which is crucial for its iron ore operations [1] Financial Summary - The agreement involves a substantial funding of $2 billion from the U.S.-based investor [1] - This investment will provide Global Infrastructure Partners with a minority stake in the power network, indicating a strategic partnership [1]

Core Viewpoint - Gold Royalty has signed an agreement to acquire a royalty on the Pedra Branca mine for $70 million, which is expected to enhance its cash flow and asset value through increased exposure to gold and copper [1][3][4]. Acquisition Details - The acquisition involves a royalty on the Pedra Branca mine, an operating copper-gold mine in Brazil, currently owned by a BHP Group subsidiary [1]. - The transaction is expected to close once customary conditions are satisfied, following BHP's announcement to sell the mine to CoreX Holding [2]. Financial Implications - For the 12 months ending June 30, 2025, the previous royalty holder received approximately $7.9 million in royalty expenses, equivalent to around 2,800 gold equivalent ounces at an average price of $2,811 per ounce [2]. - The royalty structure includes a 25% net smelter return (NSR) on gold and a 2% NSR on copper produced from the mine, which is anticipated to add meaningful cash flow to Gold Royalty [3]. Strategic Positioning - The acquisition is seen as a significant addition to Gold Royalty's portfolio, which will include eight cash-flowing assets and over 250 royalty and streaming interests [4]. - The royalty structure ensures full exposure to the asset's long-term optionality, covering both the Pedra Branca East and West deposits without step-down options [5]. Operational Context - The Pedra Branca East underground operation began production in 2020, with a mining rate of approximately 800,000 tonnes per annum [5]. - Following BHP's acquisition of OZ Minerals in 2023, the mine's life has been extended, and increases in mineral resources and ore reserves have been reported [5]. Company Overview - Gold Royalty is a gold-focused royalty company that provides flexible financing solutions to the metals and mining sector, with a diversified portfolio centered on NSR royalties primarily located across the Americas [6].

杰富瑞将必和必拓目标价从57美元上调至60美元。 ...

Core Viewpoint - Gold Royalty Corp. has announced an agreement to acquire a royalty on the Pedra Branca mine for $70 million in cash, which is expected to enhance the company's cash flows and asset portfolio significantly [1][5][6]. Transaction Details - The acquisition involves a payment of $70 million to BlackRock World Mining Trust plc for the royalty on the Pedra Branca mine, which is currently operated by BHP Group Limited [1][5]. - The completion of the acquisition is subject to customary closing conditions, and Gold Royalty has the necessary resources to fund the purchase [5] - After the closing, Gold Royalty will receive all payments related to production from the royalty for periods ending after December 31, 2025 [5]. Financial Impact - For the 12 months ending June 30, 2025, the royalty expense recorded by the previous holder was approximately $7.9 million, equivalent to about 2,800 gold equivalent ounces (GEOs) at an average gold price of $2,811 per ounce [6]. - The acquisition is expected to add significant cash flow to Gold Royalty, particularly due to the current favorable gold pricing environment [6]. Royalty Structure - The royalty includes a 25% net smelter return (NSR) on gold and a 2% NSR on copper produced from the Pedra Branca mine, enhancing Gold Royalty's exposure to both gold and copper [6][7]. - The royalty covers the Pedra Branca East and West deposits and does not include any step-down options, providing full exposure to the asset's long-term potential [6]. Asset Quality - The Pedra Branca mine is a high-quality asset located in Brazil's Carajás region, known for its rich mineral deposits [6][8]. - The mine achieved first production in 2020 and has a mining rate of approximately 800 ktpa, with BHP continuing to extend its mine life and report increases in mineral resources and reserves [6][9][10]. Operator Background - The mine was constructed by OZ Minerals and is currently operated by BHP, which has a strong operational track record [6][9]. - BHP announced the sale of Pedra Branca to CoreX Holding BV, a diversified industrial conglomerate, which is expected to complete the transaction upon satisfying customary conditions [11]. Geographic Context - Pedra Branca is situated in a prolific mining region in Brazil's Pará state, which is home to world-class deposits of various minerals, including iron ore, copper, and gold [6][8].

Group 1: US Travel Ban Expansion - The Trump administration plans to expand its travel ban list to over 30 countries, increasing from the current 19 nations, following a recent shooting incident in Washington, D.C. [3][8] Group 2: Japan's Bond Market Operations - Japan's Ministry of Finance is offering ¥4.3 trillion in Treasury Discount Bills as part of a broader strategy, which includes an additional ¥6.3 trillion in Treasury bills for fiscal year 2025 to fund a stimulus package. [4][8] - The Ministry of Finance also plans to buy back ¥20 billion in government bonds on December 8, which may influence bond yields and market liquidity. [4][8] Group 3: Hong Kong Stock Exchange Trading Halt - The Hong Kong Stock Exchange halted trading in Guangdong–Hong Kong Greater Bay Area shares at 9:03 A.M. HKT on December 5, although specific reasons for the halt were not disclosed. [5][8] Group 4: Mining Industry Decarbonization Efforts - Mining companies BHP Group and Rio Tinto have introduced the first Caterpillar battery-electric haul trucks to their Pilbara operations in Western Australia, as part of their commitment to achieve net-zero operational greenhouse gas emissions by 2050. [6][8]

Core Viewpoint - The arrival of Australia's first Cat® 793 XE Early Learner battery-electric haul trucks at BHP's Jimblebar iron ore mine signifies the beginning of on-site testing of Caterpillar's battery-electric heavy haulage technology in collaboration with Rio Tinto, marking a significant advancement in sustainable mining practices [1] Group 1 - The two Early Learner trucks represent an industry-first collaboration between BHP, Rio Tinto, and Caterpillar [1] - This initiative is a major step towards integrating battery-electric technology in the mining sector, which is crucial for the economic landscape of Australia [1]

新近消息显示，尽管报价的溢价已超过20%，全球最大矿业公司必和必拓求购英美资源集团的第二次尝试仍告吹。 美东时间12月1日周一，媒体称，必和必拓出价达到约400亿英镑（约合530亿美元），但最终遭到英美资源的董事会拒 绝。知情人士透露，必和必拓最近一次的收购报价约为每股34英镑，较11月20日英美资源27.36英镑的收盘价溢价约 24%。 必和必拓于11月20日向英美资源董事会发送了详细提议，报价主要以股票形式，同时包含部分现金。然而英美资源在评 估后认为，其正在推进的收购加拿大泰克资源（Teck Resources）的方案能创造更大价值，同时担心与必和必拓的交易面 临冗长的监管审批流程。 知情人士透露，英美资源拒绝必和必拓400亿英镑报价的主要原因包括两方面。首先，英美资源认为，与泰克资源合并能 产生更大价值，其次，担心与必和必拓交易的监管审批过程过于冗长，期间必和必拓股价波动可能显著影响最终交易价 值。 此次收购战核心在于对铜矿资产的争夺。英美资源之所以长期被视为收购目标，正因其拥有极具吸引力的铜资产组合。 若与泰克资源成功合并，将诞生全球前五大铜生产商，两家公司在智利安第斯山脉的相邻铜矿将带来显著协同效 ...

An aerial view of the Jansen project. Credit: BHP. BHP (NYSE, LSE, ASX: BHP) wants to use lessons from its maiden foray into potash production to ensure that a subsequent expansion of the facility is completed at or under budget.The world’s biggest miner in July disclosed a $1.7 billion cost overrun in the development of its Jansen potash mine in Saskatchewan as it pushed first production back by six months to mid-2027. The project’s first stage – known as Jansen 1 – is now expected to cost as much as $7.4 ...

Anglo American branding. BHP Group offered around £40 billion ($53 billion) in its now-aborted attempt to acquire Anglo American Plc,  according to people with knowledge of the matter. The commodities giant bid about £34 per share for Anglo American, the people said, asking not to be identified because the information is private. The offer was mostly stock, but also included a cash component, Bloomberg News has reported. Most Read from Bloomberg BHP sent a detailed proposal to Anglo American’s board la ...