Summary of the Conference Call on China Economics Industry Overview - The report focuses on the **Chinese economy**, particularly the inflation metrics and the impact of anti-involution on various sectors [1][4][5]. Key Points and Arguments 1. **CPI and PPI Trends**: - China's headline **CPI** turned negative at **-0.4% YoY** in August, primarily due to falling food prices [4][6]. - The **PPI** reading improved to **-2.9% YoY**, with a sequential change of **0.0% MoM**, marking the end of an 8-month streak of negative prints [5][6]. 2. **Food Prices Impact**: - Food prices increased by **0.5% MoM**, but the year-on-year decline widened to **-4.3% YoY**, the largest contraction since February 2024 [6]. - Pork prices continued to decline, reaching **-16.1% YoY**, while vegetables and fruits also saw significant price drops [6]. 3. **Core Inflation**: - Core inflation, excluding food and energy, rose to **0.9% YoY**, with core goods inflation reaching **1.4% YoY**, the highest since February 2020 [6][13]. 4. **Sector-Specific Insights**: - Upstream sectors showed signs of reflation, particularly in coal and ferrous metal mining, where contractions narrowed significantly [5][6]. - Downstream sectors, including solar and NEVs, experienced selective recovery, but overall demand remains a concern [5][6]. 5. **Future Expectations**: - A firm pickup in CPI is expected towards year-end, despite near-term volatility, with ongoing upstream reflation for PPI [1][15]. - Incremental policy measures are anticipated, focusing on property support, infrastructure, and potential new financial injections of approximately **RMB 500 billion** [16]. 6. **Monetary Policy Outlook**: - The central bank is not expected to rush into rate cuts, with both policy rate cuts and RRR cuts likely delayed amid an equity rally [16]. Additional Important Content - The report highlights the potential for smaller discounts during upcoming online promotions due to regulatory efforts to manage price competition in food delivery [15]. - The overall economic outlook suggests stabilization in the GDP deflator and a cautious approach to monetary easing, reflecting the complexities of the current economic environment [15][16]. This summary encapsulates the critical insights from the conference call, providing a comprehensive overview of the current state and future expectations of the Chinese economy.

Core Insights - The article discusses the investment position of Gate City Capital Management, highlighting a beneficial long position in BTU shares, indicating a positive outlook on the company's performance [1]. Group 1 - Gate City Capital Management is a registered investment adviser, providing educational information without making specific offers or solicitations for securities [2]. - The report includes forward-looking statements and projections that may not be accurate due to factors beyond the company's control [2]. - The company emphasizes the importance of consulting with qualified financial advisers before making investment decisions [2]. Group 2 - Seeking Alpha clarifies that past performance does not guarantee future results and that no specific investment recommendations are provided [3]. - The views expressed in the article may not represent the opinions of Seeking Alpha as a whole, indicating a diversity of perspectives among analysts [3]. - The analysts contributing to the platform may not be licensed or certified, which could affect the reliability of the information presented [3].

India’s move to revise the consumption tax structure comes at a perfect time for state miner Coal India, which is battling plateauing demand and bloated inventories https://t.co/LvWZlS4Qua ...

Core Insights - Ramaco Resources, Inc. has engaged Hatch Ltd. to lead the Pre-Feasibility Study (PFS) for the Brook Mine rare earth elements and critical minerals project, marking a significant step in the project's development [1][2][3] Group 1: Project Development - Hatch was selected due to its technical expertise and proven experience in rare earth processing, which is crucial for the project's next phase [2][3] - The PFS will include test-work support, pilot plant design, and process flowsheet optimization, serving as a foundational document for future permitting and investment discussions [1][3][4] - The Brook Mine is estimated to contain 1.7 million tons of total rare earth oxide (TREO), with previous assessments confirming the project's commercial and technological feasibility [4] Group 2: Company Background - Ramaco Resources operates in southern West Virginia and southwestern Virginia, focusing on metallurgical coal and developing rare earth and critical minerals in Wyoming [5] - The company has four active metallurgical coal mining complexes and is in the initial stages of production for a rare earth and coal mine near Sheridan, Wyoming [5] - Ramaco holds approximately 76 intellectual property patents and related agreements, supporting its innovative approaches in the industry [5]

Government Policy & Environmental Concerns - The Australian government approved an extension to a Glencore Plc thermal coal mine [1] - Environmental groups expressed renewed concerns about Australia's climate change efforts following the mine extension approval [1]

Core Viewpoint - Shougang Fushan Resources reported a 38% year-on-year decline in attributable net profit to HK$404 million for 1H25, which was better than expected due to a milder decline in earnings driven by a larger-than-anticipated reduction in costs despite falling coal prices [1]. Production and Sales - Raw and clean coking coal output increased by 17% and 19% year-on-year to 2.64 million tons and 1.54 million tons, respectively, with 100% of raw coal being washed. Clean coking coal sales volume rose 16% year-on-year to 1.55 million tons, primarily due to a temporary production suspension at Xingwu Coal Mine in 1H24 [1][2]. Price Trends - The average selling price of clean coking coal fell 45% year-on-year to Rmb1,067 per ton in 1H25. This decline was steeper than the 36% and 39% year-on-year decreases in Shanxi main coking coal prices at Jingtang Port and Shanxi Liulin No.9 coking coal, respectively. The price drop was attributed to a shift in coal quality following the full mining of lower-group coal at Xingwu Coal Mine [2]. Cost Management - The unit production cost of raw coking coal decreased by 28% year-on-year to Rmb328 per ton in 1H25. Cash costs fell 32% year-on-year to Rmb241 per ton, while cash costs excluding uncontrollable expenses declined 31% year-on-year to Rmb185 per ton [3]. Cash Flow and Dividends - Net operating cash inflow decreased by Rmb727 million year-on-year to Rmb453 million in 1H25. As of the end of June, the company held available free funds of HK$9.48 billion (HK$8.41 billion excluding the 2024 final dividend). The firm plans to pay an interim dividend of HK$0.06 per share for 1H25, resulting in a payout ratio of 76% and a dividend yield of approximately 2.2% based on the current share price [4]. Market Outlook - Coking coal prices rebounded in 3Q25, with a cautiously optimistic outlook for coking coal fundamentals in 2H25. Prices have risen since July, supported by tightening supply in certain regions. The price of Liulin No.9 coking coal increased from Rmb968 per ton in June to Rmb1,278 per ton by August 28, with a quarterly average of Rmb1,209 per ton in 3Q25, up 10% compared to 2Q25 [5]. Future Projections - The upside for coking coal prices will depend on domestic supply contractions, influenced by expectations of weaker demand amid sluggish steel consumption and declining profit margins. Coking coal imports, particularly from Mongolia, may see marginal improvement as coal prices recover [5]. Financial Adjustments - The company has lowered its coal price and cost assumptions, cutting its 2025 and 2026 earnings forecasts by 4% to HK$892 million and HK$978 million, respectively. The stock is currently trading at 15.8x and 14.4x 2025e and 2026e P/E ratios. The company maintains an OUTPERFORM rating with a target price of HK$3.00, implying 17.1x and 15.6x 2025e and 2026e P/E ratios and offering an 8% upside [5].

Industry Overview - Poland's south, the center of coal mines and heavy industry, is undergoing changes [1]

Core Viewpoint - Mongolian Mining Corporation (MMC) reported a significant decline in revenue and net profit for the first half of 2025, primarily due to lower average selling prices and a one-off loss related to debt refinancing, while also advancing its gold mining project which is expected to positively impact future performance [2][3][5]. Financial Performance - The Group generated total revenue of approximately USD346.6 million in 1H2025, a decrease of about 35.9% compared to USD541.1 million in 1H2024 [2]. - The Group sold approximately 4.2 million tonnes of washed coal products, maintaining sales volume similar to the first half of 2024, but revenue declined due to softened average selling prices [2]. - Gross profit for the period was approximately USD62.9 million, with a net loss attributable to equity shareholders of approximately USD23.3 million, contrasting with a net profit of USD133.0 million in the same period of 2024 [3]. Operational Developments - MMC advanced construction works for the Bayan Khundii (BKH) gold mine, with commissioning of the processing plant and site support facilities completed, and initial overburden removal operations commenced [4]. - Commercial gold production at the BKH mine is expected to begin within the third quarter of 2025 [4]. Strategic Outlook - The CEO of MMC expressed commitment to corporate strategies that secure the company's position as the largest internationally listed private mining company in Mongolia, noting improved market sentiment starting from the third quarter of 2025 [5]. - The company aims to maintain a prudent financial policy and a strong balance sheet while diversifying its business portfolio and identifying potential investment targets in Mongolia [5].

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. MONGOLIAN MINING CORPORATION (Incorporated in the Cayman Islands with limited liability) (Stock Code: 975) INTERIM RESULTS ANNOUNCEMENT FOR THE ...

Group 1 - A mine electrician at the Marfork Preparation Plant suffered a fatal accident, identified as Eric Bartram, who had nearly two decades of experience [1] - The CEO of Alpha Metallurgical Resources expressed deep sadness over the incident and extended condolences to the family of the deceased [1] - The Marfork Preparation Plant is operated by Marfork Coal Company, LLC, a subsidiary of Alpha Metallurgical Resources [1][3] Group 2 - The company is collaborating with federal and state agencies to investigate the circumstances surrounding the accident [2] - Alpha Metallurgical Resources is a Tennessee-based mining company with operations in Virginia and West Virginia, supplying metallurgical products to the global steel industry [3]