Group 1 - Vedanta Ltd plans to raise approximately ₹3,000 crore through a domestic bond issuance to refinance upcoming obligations and improve liquidity [4] - The three-year bonds are expected to carry a coupon of around 8.75%, while the five-year notes may offer roughly 9% [4] - Barclays Plc and Citigroup Inc are acting as arrangers for the bond transaction, which could be launched as early as next week targeting domestic institutional investors [4] Group 2 - Vedanta is undergoing a demerger of its aluminium, oil and gas, power, and iron and steel businesses into separate standalone listed entities, expected to conclude by the end of the financial year [4] - The National Company Law Tribunal (NCLT) approved the demerger scheme under sections 230-232 of the Companies Act on December 16, 2025 [3] - The listing of the five spun-off entities is anticipated to be completed by the first quarter of 2026-27 [4]

Core Viewpoint - Freeport-McMoRan Inc. is experiencing a volatile stock performance despite being a leading copper miner, with recent gains being largely reversed, indicating potential near-term valuation concerns and geopolitical complexities [2][3]. Company Overview - Freeport-McMoRan is one of the world's leading copper miners, benefiting from a bullish sentiment in the basic materials sector, particularly mining stocks [2]. - The Grasberg mine in Indonesia is a significant asset for Freeport, being one of the largest copper and gold mines globally, which is central to the company's long-term growth narrative [4]. Recent Developments - On February 18, Freeport restructured its relationship with the Indonesian government, trading a majority stake in the Grasberg operation for operational continuity and a long-term contract, securing rights to operate through at least 2041 [5][6]. - This restructuring has resulted in Freeport holding a minority economic interest in the Grasberg mine, which reduces its earnings leverage compared to its previous majority position [8]. Market Dynamics - Rising copper demand driven by electric vehicles, data centers, and electrification supports the long-term bullish outlook for Freeport's stock [7]. - Following an 80% rally in four months, technical indicators suggest that Freeport's stock may experience a pullback to the $55–$57 range before potentially moving higher again [7].

Core Insights - Ero Copper has released its maiden preliminary economic analysis (PEA) for the Furnas project, highlighting it as a cornerstone asset in the company's long-term growth strategy, with a focus on capital intensity and economics [4][7]. Financial Performance - The company reported record fourth-quarter revenue of US$320 million, with adjusted EBITDA of US$186.7 million, driven by strong operational performance across its mines [5][16]. - The PEA indicates an after-tax net present value (NPV) of approximately US$2 billion and an internal rate of return (IRR) exceeding 27% based on an initial capital investment of US$1.3 billion [2][7]. - Adjusted net income attributable to owners for the fourth quarter was US$108.4 million, translating to US$1.04 per share, while the full-year adjusted net income was US$220.4 million, or US$2.12 per share [18]. Production and Operational Highlights - The Furnas project is expected to produce over 1.2 million tons of copper, 2 million ounces of gold, and 9 million ounces of silver over an initial 24-year mine life, with the first 15 years averaging 70,000 tons of copper and 111,000 ounces of gold annually at first-quartile C1 cash costs of approximately US$0.24 per pound of copper [3][7]. - Ero is guiding consolidated copper production of 67,500 to 77,500 tons for 2026, reflecting year-over-year growth primarily from increased throughput at Caraíba and Tucumã [11][20]. Project Development and Future Plans - The company plans to drill an additional 50,000 meters at Furnas in 2026 to target extensions of high-grade mineralization and is evaluating opportunities to enhance project economics through a magnetite recovery circuit and gravity pre-concentration [1][7]. - Ero aims to fully pay down its revolving credit facility in 2026 and maintain a strong cash position, targeting a net debt to EBITDA ratio below 1x before initiating capital returns to shareholders [20][21]. Operational Improvements - The fourth quarter of 2025 marked the strongest operational performance of the year, with significant production increases at Caraíba, Tucumã, and Xavantina [8][9]. - At Tucumã, copper production rose over 22% quarter-over-quarter, while Xavantina saw a 53% increase, benefiting from higher grades and improved throughput [9].

Core Viewpoint - The article discusses the 12 best undervalued stocks to invest in currently, highlighting insights from Katie Stockton regarding market trends and specific stock recommendations [1][4]. Market Trends - The S&P 500 has been range-bound, with support around 6750, and a neutral short-term bias has been maintained [1][2]. - Momentum has deteriorated across all time frames, raising concerns about market entry amid increased volatility, as indicated by the VIX breaking out to the upside [2]. Stock Recommendations - **TotalEnergies SE (NYSE:TTE)**: Price targets raised by Berenberg to EUR 62 and Citi to EUR 75, with a Buy rating due to strong valuation support amid geopolitical tensions [9][10]. - **The Toronto-Dominion Bank (NYSE:TD)**: Reported earnings of $4.0 billion, up 45% year-over-year, with price targets raised by Scotiabank to C$142 and CIBC to C$140 [12][13]. - **Royal Bank of Canada (NYSE:RY)**: Reported record net income of $5.8 billion, up 13% year-over-year, with price targets adjusted by Scotiabank to C$247 and TD Securities to C$259 [15][16]. - **Rio Tinto Group (NYSE:RIO)**: Announced a joint venture for a desalination plant to deliver 8GL of water annually, reducing pressure on regional aquifers [18][20]. - **Shell plc (NYSE:SHEL)**: Price targets raised by JPMorgan to 3,600 GBp and Citi to 2,950 GBp, with strong operational performance reported in Q4 2025 [22][23]. - **Novo Nordisk A/S (NYSE:NVO)**: Upgraded to Equal Weight with a price target adjustment to $40, following FDA approval for new indications of a growth hormone [25][26]. - **Newmont Corporation (NYSE:NEM)**: Price target raised to $150 by Citi, with a bullish outlook on gold and reported mineral reserves of 118.2 million ounces [29][30].

Core Viewpoint - Rio Tinto has decided not to pursue a formal offer for Glencore, closing the matter for at least six months due to UK regulations, with analysts suggesting Rio Tinto will likely operate independently moving forward [1][2]. Group 1: Company Actions and Market Reactions - Prior to the announcement, investors anticipated that Rio Tinto might extend its deadline to clarify intentions regarding Glencore, but this did not occur [2]. - The options market showed significant activity for Rio Tinto, with a volume of 1.29 million options traded, over 17 times higher than its 30-day average, indicating strong investor interest [3][4]. - The inability to agree on merger terms was a key factor in the decision, with Glencore seeking a 40% stake in the combined entity, which Rio Tinto deemed too high [6]. Group 2: Options Activity and Investor Strategies - The options volume for Rio Tinto was notably high, with 40 options in the top 100 Vol/OI ratios, all being call options, reflecting bullish sentiment among investors [3][4]. - Institutional investors, such as Citigroup, held significant positions in Rio Tinto, with 1.5 million shares and additional call options, indicating a strategic approach to capturing dividends [9]. - Many trades were executed at bid prices, suggesting that investors were looking to book gains rather than exercise options for dividends, with open interest dropping by 14% [11][12]. Group 3: Financial Implications and Future Outlook - Rio Tinto's final dividend for 2025 is set at $2.54 per share, an increase from $2.25 the previous year, which may influence investor decisions regarding call options [8]. - The strategy of writing covered calls was popular among investors holding Rio Tinto shares, as it provided an opportunity for income generation despite the risk of having to sell shares at expiration [13][14]. - The overall sentiment in the options market remains bullish, despite the negative net trade sentiment, as many investors rolled over their positions to capture higher premiums [18].

🚨 UPDATE: Cango Inc. shuts down 30% of mining capacity, reducing hashrate to 34.55 EH/s as mining profits decline. https://t.co/kmCdshBQvp ...

Bitcoin miner Cango has temporarily taken about 30% of its mining capacity offline, reducing its average operating hashrate to 34.55 EH/s versus 50 EH/s deployed, as declining mining profitability pressures operations. The company said the move is part of efforts to optimize equipment. https://t.co/EPvGxziQBX ...

Group 1 - BHP Group Limited is advancing strategic deals to strengthen its copper supply chain, including an agreement with Faraday Copper Corp to acquire a wholly owned subsidiary [1][2] - The company is divesting 100% of the San Manuel property in Arizona, receiving a 30% equity interest in Faraday and associated shareholder and marketing rights, facilitating the restart of the San Manuel copper mine [2] - BHP has entered a long-term streaming agreement with Wheaton Precious Metals International, receiving an upfront payment of $4.3 billion in exchange for silver produced at the Antamina mine [3] Group 2 - BHP Group Limited is recognized as the world's largest copper producer and is involved in producing essential commodities such as iron ore, steelmaking coal, and soon potash [4]

Group 1: Placement Announcement - The company has completed Tranche 1 of its placement, raising gross proceeds of approximately C$5.90 million (around A$6.20 million) [1] - The company expresses gratitude towards new and existing shareholders for their support [1] - Tranche 2 of the placement is pending shareholder approval, which will be sought at the upcoming Annual General Meeting anticipated in May 2026 [1] Group 2: Valuation Update - The company will reduce the holding value of its investment in Elementum 3D by C$12.84 million (A$13.18 million) due to updated valuation data reflecting current market conditions [2] - This updated valuation will be included in the financial report for the year ended 31 December 2025, which is expected to be finalized and released shortly [2] Group 3: Impairment of Tenements - An impairment of C$10.36 million (A$10.67 million) will be recognized based on the value of tenements held at the end of the reporting period [3] - This impairment aligns with the company's accounting policies and is consistent with previous annual adjustments [3] - The impairment update will also be included in the financial report for the year ended 31 December 2025, expected to be released shortly [3]

Core Viewpoint - United States Antimony Corporation has been approved for uplisting to the New York Stock Exchange, marking a significant milestone for the company as it transitions from the NYSE American to the NYSE [1] Group 1: Company Overview - United States Antimony Corporation is a leading producer and processor of antimony, zeolite, and other critical minerals [1] - The company is noted for being the only fully integrated antimony company outside of China and Russia [1] Group 2: Trading Information - The company's common shares are expected to commence trading on the NYSE on or about March 11, 2026, under the symbol "UAMY" [1]