Flash | 16 Nov 2025 15:34:41 ET │ 10 pages CMOC (3993.HK) What's New from Citi 2025 China Conference: KFM Phase 2 in Operation in 1H27E CITI'S TAKE We hosted meetings for CMOC on Nov 13th at our China Conference in Shanghai. Ms. Xinyi Liu, IR Manager, and Ms. Anna Zhu, IR Manager, attended the meeting. Below are our key takeaways. 3Q25 result – The higher net profit QoQ in 3Q25 and better than market expectation profit is mainly driven by lower effective tax rate, some realized cobalt sales volume, and stro ...

Summary of Key Points from the Conference Call Industry Overview: Copper Core Views and Arguments - **Long-term Outlook**: The company maintains a structurally positive view on copper through 2025, despite concerns about a 'soft patch' in supply and demand (S&D) fundamentals in 3Q25 due to softening demand from China after a strong first half of the year [1][6] - **Demand vs Supply**: Demand growth is expected to remain resilient at approximately 3%, while mine and refined supply growth is projected to be less than 1%, leading to deficits that will drive inventory drawdowns and support price increases [1][6] - **Short-term Challenges**: In the near term, tighter fundamentals are unlikely to catalyze LME copper prices to sustainably trade above $11,000 due to elevated net positioning and holding refined output [1][6] Supply Dynamics - **Mine Supply Cuts**: Significant cuts to mine supply have been noted, including a reduction of approximately 500,000 tons in output from the Grasberg incident and cyclical lows in Collahuasi output, leading to essentially flat global mine supply in 2025 and less than 1% growth in 2026 [2][3] - **Refined Output Stability**: Despite tightness in the copper concentrate market, global smelter output remains stable, with a year-to-date increase of 12% in China's refined copper production, contributing to a surplus in the global refined market [3][6] Demand Insights - **Mixed Demand Signals**: Demand is holding up, supported by robust grid investments in China and renewables in Europe and the US, but traditional end markets in Europe and the US show little evidence of recovery [6][7] - **Future Demand Growth**: Refined copper demand growth is forecasted at around 3.5% for 2026/27, with potential upside risks from economic recovery in developed markets [6][7] Investment Opportunities - **Preferred Copper Equities**: The company identifies Freeport, Anglo American, Teck, and Antofagasta as preferred copper plays, with Freeport expected to re-rate positively if medium-term production at Grasberg is affirmed [7] - **Market Performance**: Copper equities have performed well, with COPX up 60% year-to-date, and the company anticipates continued premium valuations for copper equities compared to diversified peers [7] Additional Insights - **Inventory Trends**: Global visible copper inventories are approximately 0.5 million tons, below the average levels of 2010-2020, indicating a tight supply situation [17] - **Speculative Positioning**: Increased speculative long copper positioning has been observed, driven by material mine disruptions and a trend towards 'hard assets' [1][6] Conclusion The copper market is characterized by a structurally positive long-term outlook, tempered by short-term challenges related to demand fluctuations and supply disruptions. Investment opportunities exist in select copper equities, with a focus on maintaining premium valuations amidst a backdrop of mixed demand signals and stable refined output.

November 21, 2025 02:04 AM GMT Zijin Mining Group | Asia Pacific Asia Pacific Summit 2025 Feedback Key Takeaways Copper: Julong copper mine phase II with a designed capacity of 160-180kt/yr is expected to commence production by end-2025 and deliver an additional 100kt output in 2026. Expansion of its Serbia copper complex is expected to complete in ~2027, slightly slower than expected, as the block caving method is a new application in Serbia and the approval will take more time. Production cost of copper c ...

Flash | 16 Nov 2025 18:22:27 ET │ 11 pages Zijin Mining (2899.HK) What's New from Citi 2025 China Conference: Mine Gold and Copper Output Maintain Decent Growth CITI'S TAKE We hosted meetings for Zijin Mining on Nov 13th at our China Conference in Shanghai. Ms. Krystal Chen, IR Manager, attended the meeting. Below are our key takeaways. Mine gold output – Mine gold output is 65t in 9M25, +20% YoY, mainly driven by newly acquired Akyem mine and increasing output from Sawaya'erdun gold mine. Mgmt. expects the ...

Core Viewpoint - BHP Group Ltd has officially withdrawn from merger discussions with Anglo American plc, signaling a shift towards focusing on its own growth strategies despite the potential benefits of a merger [1][2]. Group 1: Merger Discussions - BHP confirmed it is no longer considering a merger with Anglo American after initial discussions and has formally withdrawn under Rule 2.8 of the UK City Code on Takeovers and Mergers [1][3]. - The company stated that while a merger would have provided "strong strategic merits" and "significant value for all stakeholders," it remains committed to its organic growth plans [2]. Group 2: Implications of Withdrawal - BHP's withdrawal under Rule 2.8 prevents it from making another offer for Anglo American for at least six months unless certain exceptions occur, such as a new formal offer from another party or a material change in circumstances [3]. - The potential merger was seen as a significant opportunity to create the world's largest copper producer, a critical metal for energy transition, but faced challenges including regulatory hurdles and potential opposition from shareholders [4]. Group 3: Strategic Focus - Following the decision to withdraw from merger talks, BHP is refocusing on internal projects, particularly its copper and potash expansions in Chile and Canada, aligning with long-term demand trends in electrification and decarbonization [5].

Core Viewpoint - BHP Group has decided not to pursue a takeover of Anglo American after recent discussions, as Anglo American moves forward with plans to merge with Teck Resources [1] Group 1 - BHP Group's decision comes amid Anglo American's advancing merger plans with Teck Resources [1] - The talks between BHP Group and Anglo American have concluded without a takeover agreement [1]

Core Viewpoint - BHP Group has decided not to pursue a takeover of Teck Resources amid ongoing negotiations for Teck's merger with Anglo American, which is valued at $64 billion [1][2]. Group 1: BHP's Position - Initial discussions took place between BHP and Anglo American, but BHP has confirmed it will not proceed with a combination of the two companies [2]. - A significant challenge for BHP was Teck's ability to match any unsolicited bid during the negotiation phase [2][3]. Group 2: Anglo American and Teck Merger - Anglo American is expected to pay a $330 million break fee if it withdraws from the deal with Teck, which would impact BHP financially if it took control of the merger [3]. - An extraordinary meeting for Anglo shareholders is scheduled for December 9, where a vote on the Teck merger is anticipated to pass, resulting in a $50 billion merger that would give Anglo a 70% exposure in copper [4]. Group 3: BHP's Future Strategy - Following the decision to step back from takeover attempts, BHP plans to focus on its own growth strategies, particularly in the Chinese market, where it faces challenges due to state-backed competition [5]. - BHP shares opened at $40.37 on the trading day following the announcement [5].

Core Viewpoint - BHP Group has decided to cease pursuing a potential merger with Anglo American following initial discussions with Anglo's board [1] Company Summary - BHP Group is no longer interested in a combination with Anglo American after preliminary talks [1]

Group 1: Anglo American and BHP Takeover Proposal - Anglo American has rejected a new takeover proposal from BHP Group, stating that the offer does not surpass the value of its existing strategic partnership with Teck Resources [2] - This rejection continues Anglo American's resistance to BHP's advances, following previous rejections of offers valued at £31 billion ($39 billion) and £34 billion in April and May 2024 [3] - A key issue in earlier bids was BHP's proposed structure, which required Anglo American to demerge its stakes in Anglo American Platinum and Kumba Iron Ore, deemed "highly unattractive" by Anglo American's board [4] - Shareholders from Anglo American and Teck are expected to vote soon on a deal to establish a new copper entity reportedly worth more than $60 billion, positioning it as a major player in the global copper market [4][8] Group 2: Commonwealth Bank Executive Change - The Commonwealth Bank of Australia has announced the departure of its Group Chief Information Officer, Gavin Munroe, who has been in the role since November 14, 2022 [5][6] - Munroe was responsible for leading strategic initiatives to strengthen the bank's IT systems and drive digital transformation during his tenure [6] - The bank has not yet announced a successor or the effective date of Munroe's departure [6]

Core Insights - BHP Group has renewed its interest in acquiring Anglo American despite Anglo's proposed merger with Teck Resources, indicating a shift in strategy after previously walking away from a potential deal [1][2][4] Group 1: BHP's Acquisition Interest - BHP's renewed approach comes less than three weeks before Anglo and Teck shareholders vote on a $53 billion merger, which would be the largest mining industry combination in over a decade [2][7] - BHP's previous attempt to acquire Anglo last year was for $49 billion but fell through due to disagreements over the deal structure, which required Anglo to divest certain niche assets [4][5] - The current proposal from BHP is reportedly simpler and more straightforward than last year's offer [4] Group 2: Anglo American's Market Position - Anglo American has a market capitalization of approximately $41.8 billion, significantly outpacing BHP's market cap of around $132.2 billion since the previous talks ended [5] - The potential merger with Teck could create a larger copper mining complex than Escondida in Chile, positioning the combined entity as the world's largest copper producer with nearly 2 million tonnes of annual production [6] Group 3: Regulatory and Market Considerations - There are doubts surrounding the Anglo-Teck merger due to Canadian government pressure for stronger commitments to jobs at the proposed Vancouver headquarters [7] - The merger still requires approval from regulators in the US, Canada, and China, adding complexity to the situation [7]