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].

Key TakeawaysThe Trump administration is reportedly expanding its travel ban list to include over 30 countries, as stated by US Homeland Security Secretary Kristi Noem.Japan's Ministry of Finance is actively managing its bond market, offering ¥4.3 trillion in Treasury Discount Bills today and planning a ¥20 billion government bond buyback on December 8.Trading in Guangdong–Hong Kong Greater Bay Area shares on the HKEX was halted at 9:03 A.M. HKT on December 5, though the specific reason for the halt remains ...

PERTH, Australia--(BUSINESS WIRE)--Australia's first Cat® 793 XE Early Learner battery-electric haul trucks have arrived at BHP's Jimblebar iron ore mine in the Pilbara, marking the start of on-site testing, in collaboration with Rio Tinto, of Caterpillar's battery-electric heavy haulage technology in the region that powers the nation's economy. The two Early Learner trucks, delivered through an industry-first collaboration between BHP, Rio Tinto and Caterpillar represent a major step toward a. ...

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 ...

Core Points - The ASX experienced a significant outage affecting around eighty companies, including Metcash and Ovanti Limited, disrupting their planned newsflow [2][3] - The ASX's performance was negatively impacted, with the XJO index down 0.4% during trading [3] - Energy and materials sectors showed slight gains, while healthcare lagged, particularly CSL Ltd and Sigma Healthcare [4] - Unico Silver and other silver miners saw price increases due to rising silver and gold prices, indicating potential bullish trends [4] - Woodside Energy's shares rose over 1.2% due to stronger oil prices, while BHP Group increased nearly 1% amid iron ore futures uptick [5] - Treasury Wine Estates faced a decline after announcing an impairment in its US business, compounded by weak sales in China [5] - AUB Group's shares plummeted nearly 20% after a key takeover partner withdrew, causing discontent among shareholders [6] - Digico Infrastructure REIT and HMC Capital also fell as interest in data center stocks waned following previous spending boom reports [6]

Jefferies分析师报告称，矿业"重获青睐"。过去一周，矿业公司股票大幅跑赢大盘，因投资者押注美联 储将在即将召开的会议上降息。Jefferies的分析师表示："这可能是2026年将要发生的事情的预演，因为 美联储主席鲍威尔的继任者可能会支持更大幅度的降息。"他们表示，此举将成为矿商的看涨驱动因 素，因为降息往往会支持经济增长。这些分析师表示，过去一个月，买方对矿商的平均预期出现了"重 大的积极转变"。在悉尼市场，必和必拓和力拓分别上涨0.9%和0.3%。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The overall inventory of iron ore remains high, but due to limited availability of some resources, structural contradictions still exist, providing some support for spot prices. - In November, there were no significant macro - events. Starting from December, the macro - impact is expected to gradually increase. - Overall, iron ore prices are expected to move within an oscillatory range [11][13][14]. 3. Summary According to the Table of Contents 3.1 Week - on - Week Assessment and Strategy Recommendation - **Supply**: The total global iron ore shipment volume was 32.784 million tons, a week - on - week decrease of 2.38 million tons. The total shipment volume from Australia and Brazil was 26.374 million tons, a decrease of 2.713 million tons. Australia's shipment volume was 18.396 million tons, a decrease of 2.109 million tons, and the volume shipped from Australia to China was 15.536 million tons, a decrease of 3.194 million tons. Brazil's shipment volume was 7.978 million tons, a decrease of 0.604 million tons. The total arrival volume at 47 Chinese ports was 29.395 million tons, an increase of 5.696 million tons; the total arrival volume at 45 Chinese ports was 28.171 million tons, an increase of 5.482 million tons [11][13]. - **Demand**: The daily average pig iron output was 2.3468 million tons, a decrease of 0.016 million tons from the previous week. The blast furnace iron - making capacity utilization rate was 87.98%, a decrease of 0.60 percentage points from the previous week; the steel mill profitability rate was 35.06%, a decrease of 2.60 percentage points from the previous week [11][13]. - **Inventory**: The total inventory of imported iron ore at 47 ports across the country was 159.0122 million tons, an increase of 1.6637 million tons; the daily average port clearance volume was 3.4406 million tons, an increase of 0.0067 million tons [11][13]. 3.2 Futures and Spot Market - **Price Spread**: The PB - Super Special powder price spread was 111 yuan/ton, a week - on - week change of - 3.0 yuan/ton. The Carajás fines - PB powder price spread was 91 yuan/ton, a change of - 4.0 yuan/ton. The Carajás fines - Jinbuba powder price spread was 147 yuan/ton, a change of - 1.0 yuan/ton. The ((Carajás fines + Super Special powder)/2 - PB powder) price spread was - 10.0 yuan/ton, a change of - 0.5 yuan/ton [17][19][22]. - **Feed Ratio and Scrap Steel**: The pellet feed ratio was 14.52%, a change of - 0.03 percentage points from the previous period. The lump ore feed ratio was 12.22%, a change of - 0.23 percentage points. The sinter feed ratio was 73.27%, a change of + 0.27 percentage points. The price of scrap steel in Tangshan was 2145 yuan/ton, a week - on - week change of - 10 yuan/ton. The price of scrap steel in Zhangjiagang was 2080 yuan/ton, a change of - 50 yuan/ton [23][25]. - **Profit**: The steel mill profitability rate was 35.06%, a change of - 2.6 percentage points from the previous week; the import profit of PB powder according to the Steel Union's data was - 8.18 yuan/wet ton [26][28]. 3.3 Inventory - The inventory of imported iron ore at 45 ports across the country was 152.1012 million tons, a week - on - week change of + 1.5547 million tons. The pellet inventory was 302,350 tons, a change of + 91,800 tons. The iron concentrate powder inventory at ports was 1.28443 million tons, a change of + 360,000 tons. The lump ore inventory at ports was 1.97937 million tons, a change of + 163,300 tons. The Australian ore port inventory was 63.0746 million tons, a change of + 0.8122 million tons. The Brazilian ore port inventory was 59.8703 million tons, a change of - 0.1998 million tons. The inventory of imported iron ore at 247 steel mills this week was 8.94248 million tons, a change of - 0.05875 million tons from the previous week [32][35][45]. 3.4 Supply Side - **Overseas Shipments**: The latest shipment volume from Australia to China through 19 ports was 15.27 million tons, a week - on - week change of - 2.851 million tons. Brazil's shipment volume was 7.931 million tons, a change of - 0.548 million tons. Rio Tinto's shipment volume to China was 4.975 million tons, a week - on - week decrease of 0.497 million tons. BHP Billiton's shipment volume to China was 4.445 million tons, a decrease of 1.045 million tons. Vale's shipment volume was 5.462 million tons, a decrease of 1.254 million tons. FMG's shipment volume to China was 4.002 million tons, a decrease of 0.184 million tons [47][50][53]. - **Arrival and Import**: The latest arrival volume at 45 ports was 28.171 million tons, a week - on - week increase of 5.482 million tons. In October, China's non - Australian and non - Brazilian iron ore imports were 19.8492 million tons, a month - on - month increase of 1.2656 million tons [47][59]. - **Domestic Mines**: The latest domestic mine capacity utilization rate was 60.77%, a change of - 0.02 percentage points. The daily average output of iron concentrate powder from domestic mines was 474,800 tons, a change of - 20,000 tons [47][65]. 3.5 Demand Side - The daily average pig iron output in China was 2.3468 million tons, a decrease of 0.016 million tons from the previous week. The blast furnace capacity utilization rate was 87.98%, a decrease of 0.60 percentage points from the previous week. The daily average port clearance volume of iron ore at 45 ports was 3.3058 million tons, a week - on - week change of + 0.0066 million tons. The daily consumption of imported iron ore at 247 steel mills was 2.8943 million tons, a week - on - week change of - 0.0225 million tons [67][70][73]. 3.6 Basis - As of November 28, the calculated basis of iron ore BRBF was 44.83 yuan/ton, and the basis rate was 5.34% [75][78].