Core Insights - Manulife and Mahindra & Mahindra (M&M) have established a 50:50 life insurance joint venture with a total capital commitment of Rs 7,200 crore ($840 million) [1][3] - Each partner will invest Rs 1,250 crore ($140 million) in the first five years, with operations expected to commence in 15 to 18 months [3][4] - The joint venture aims for a valuation of Rs 18,000 to Rs 30,000 crore within 10 years, with M&M's management indicating that these projections are conservative [5] Company Overview - This joint venture marks Manulife's entry into the Indian insurance market, leveraging M&M's existing financial services infrastructure [4][16] - M&M will fund its share of the capital through dividends from Mahindra Finance, requiring only one-third of these dividends for the joint venture [4] Market Potential - The life insurance market in India is valued at over $20 billion in new business premiums, growing at a 12% compound annual growth rate over the past five years [14] - There is a significant protection gap and low insurance penetration in India, presenting long-term growth opportunities [15] Strategic Positioning - The joint venture aims to become a leading life insurer in rural and semi-urban India, capitalizing on M&M's extensive distribution network [5][6] - The partnership is expected to benefit from Manulife's global reinsurance expertise, potentially reducing total capital requirements [4][16] Future Plans - The joint venture may explore entering the non-life insurance sector once regulations permit composite licenses [11] - The management anticipates breaking even faster than competitors, with a focus on creating long-term value for the group [8][9]

Financial Performance - Adjusted EBITDA for Q3 2025 was $143 million[12], impacted by production deferrals and delayed sales shipments[12] - Adjusted EPS for Q3 2025 was $003 per share[12] - Free cash flow for the last twelve months (LTM) was $309 million[23] - Cash and cash equivalents stood at $611 million in Q3 2025[23] - Net debt to adjusted EBITDA ratio was 05x[23] Production and Operations - Q3 2025 copper production was 242 kt[12] - Q3 2025 gold production was 536 koz[16] - Peru operations copper production was 18 kt in Q3 2025[30], with gold production at 26 koz[30] and cash cost at $130/lb[30] - Manitoba operations gold production was 22 koz in Q3 2025[36], with copper production at 08 kt[36] and gold cash cost at $379/oz[36] - British Columbia operations copper production was 52 kt in Q3 2025[41], with gold production at 48 koz[41] and cash cost at $321/lb[41] Copper World Project - Mitsubishi will contribute $600 million for a 30% JV interest in the Copper World project[47] - Hudbay's estimated equity contribution to the Copper World project is reduced to approximately $200 million[52] - The Copper World project is expected to increase consolidated copper production by +50%[66], adding 92ktpa of copper production[67]

Core Viewpoint - Aegis Resources Ltd. has signed two option agreements with Targa Exploration Corp. to earn up to an 80% interest in the El Zanjon and Venidero gold-silver projects in Argentina, strategically positioning the company for potential exploration upside while retaining a 20% interest in each project upon completion of feasibility studies [1][2][4]. Option Agreements - The option agreements were signed on November 7, 2025, allowing Targa to earn an 80% interest in both projects by funding all exploration costs to complete feasibility studies for a resource of over 2 million ounces of gold equivalent [5][7]. - Aegis will retain a minimum 20% interest in each project, similar to its previous agreement with Andina Copper Corporation regarding the Cobrasco project [2][7]. Financial Commitments - For the El Zanjon project, Targa must make cash and share payments totaling $512,500 and drill 23,000 meters over a 12-year period, with additional cash payments if the feasibility study is not completed by specified anniversaries [8][9]. - Similar financial commitments apply to the Venidero project, with the same total payments and drilling requirements [12][13]. Project Locations and Potential - The El Zanjon project covers 34,521 hectares and is located 30 km south of AngloGold Ashanti's Cerro Vanguardia mine, which produces 175,000 ounces of gold equivalent annually [17]. - The Venidero project spans 7,996 hectares and is situated 60 km south of Newmont's Cerro Negro mine, with surface samples returning up to 4.45 g/t Au [18][19]. Existing Royalties - The Venidero project has an existing 0.5% NSR that can be repurchased for $1,000,000, while the El Zanjon project has a 2% NSR, half of which can be repurchased for $1,000,000 [16]. Company Strategy - Aegis aims to build value through strategic partnerships and carried interests, minimizing dilution while maximizing shareholder value [4][25].

Exclusive: Restaurant Brands International struck a joint-venture deal with Chinese private-equity firm CPE to inject capital into its Burger King China business and help fuel growth overseas https://t.co/psvyHnslUG ...

Starbucks is forming a joint venture with Chinese alternative asset management firm Buoyu Capital to operate the coffee chains locations in China. That deal is valued at $4 billion. Buyu will hold up to a 60% interest in the joint venture with Starbucks holding the 40% stake.The company though has conducted a monthslong review of options for its China business which includes about 8,000 coffee shops. Boy's founders include the grandson of one of China's former presidents. And if you look at Starbucks shares ...

Starbucks is forming a joint venture with Chinese alternative asset management firm Buoyu Capital to operate the coffee chains locations in China. That deal is valued at $4 billion. Buyu will hold up to a 60% interest in the joint venture with Starbucks holding the 40% stake.The company though has conducted a monthslong review of options for its China business which includes about 8,000 coffee shops. Boy's founders include the grandson of one of China's former presidents. And if you look at Starbucks shares ...

This story was originally published on Restaurant Dive. To receive daily news and insights, subscribe to our free daily Restaurant Dive newsletter. Dive Brief: Starbucks sold a majority stake of its China business to Boyu Capital for $4 billion as it plans to form a joint venture managing operations in the country, the company said in a Monday press release. Boyu will acquire a 60% stake in the business while Starbucks will retain 40% and continue to own and license the brand and intellectual property ...

Core Insights - Starbucks has agreed to sell a majority stake in its China retail operations to Boyu Capital for $4 billion, establishing a joint venture where Boyu will hold up to 60% [1] - The overall valuation of Starbucks' China retail business is estimated to exceed $13 billion, factoring in the sale proceeds and the value of Starbucks' remaining interest [2] - The joint venture aims to combine Starbucks' global coffee leadership with Boyu's local market expertise to accelerate growth and enhance customer experiences [4] Company Strategy - Starbucks will retain a 40% stake in the joint venture and continue to own and license the brand and intellectual property [1] - The joint venture will be headquartered in Shanghai and will manage Starbucks' 8,000 coffeehouses in China, with plans to expand to 20,000 locations [4] - Starbucks will maintain ownership of non-retail assets, including the Kunshan Coffee Innovation Park and the Yunnan Farmer Support Center [5] Market Context - The deal follows a competitive selection process, with Boyu being one of five shortlisted candidates [6] - The joint venture is expected to finalize once regulatory approvals are obtained, targeting completion in the second quarter of Starbucks' fiscal 2026 [6] - Boyu Capital's partner emphasized the strong brand connection Starbucks has with Chinese consumers and the potential for innovation in the market [3]

星巴克宣布，与中国另类资产管理公司博裕投资达成战略合作，双方将成立合资企业，共同运营星巴克在中国市场的零售业务，目标将门店数量增加至20000家。根据协议，博裕将持有合资企业至多60%股权，星巴克保留40%股权，后者将继续作为星巴克品牌与知识产权的所有者和授权方，向新成立的合资企业进行授权。博裕资本将以约40亿美元的企业价值（不计现金与债务）收购相应股权。星巴克预计其中国零售业务的总价值将超过130亿美元，目前拥有8000家门店，愿景是将数量增加至20000家。外汇交易员 (@myfxtrader):彭博：星巴克已对其中国业务可能引入的投资者进行了筛选，包括私募股权公司和科技公司在内的十几家公司入围第二轮。包括博裕、凯雷投资集团、殷拓、方源资本、KKR、高瓴和春华资本在内的一些私募股权公司，京东集团和腾讯控股均受邀参与。 ...

business. Kate Rogers got the details. Kate, >> hi Melissa.That's right. We've been uh anticipating this news. Starbucks announcing its founding partner in China, entering into a joint venture agreement with Buoyu Capital.It's a leading alt investment firm to operate Starbucks retail business in China. Now, under this agreement, Buoyu will hold up to a 60% interest in Starbucks retail operations in China. Starbucks will retain a 40% interest in the joint venture and it will continue to own and license the S ...