Market Overview - The ASX is expected to open down by -1.2%, influenced by declines in Wall Street [1] - The Nasdaq fell -1.6% amid a tech selloff, while the S&P and Dow both dropped -1.2% [2] - Global markets also experienced losses, with London down -0.9% and the Stoxx index down -1% [3] Commodities - Gold prices remained steady but slightly down, while silver saw a significant drop of -12.5%, trading at US$73.83/oz [4] - Iron Ore prices decreased by -1.9%, selling at $100.65 per tonne [7] - Brent Crude oil fell by -3%, now priced at $67.31 per barrel [7] Company News - Rio Tinto has abandoned merger talks with Glencore, which would have created the world's largest mining company; Rio Tinto's stock fell -2.6% in London, while Glencore's dropped -11% [5] - Advance Metals reported successful historic sampling tests at its Yoquivo silver-gold project, potentially leading to a resource upgrade next month [6] - MGX Resources completed a half-split acquisition of the Central Tanami gold project in the Northern Territory [6] - REA Group and Syntara are among the companies reporting today [6]

Core Insights - The ALPS International Sector Dividend Dogs ETF (IDOG) gained 3.1% in January, driven by strong performances in mining and energy sectors, which reported record production and benefited from rising commodity prices [1] Mining Sector - BHP Group saw a 16% increase in stock price after announcing record copper and iron ore output, with a revised production outlook for fiscal 2026 increased to between 1.9 and 2.0 million tonnes from 1.8 to 2.0 million tonnes [1] - Copper prices rose by 32% year-over-year, contributing to BHP's positive performance [1] Energy Sector - Equinor ASA experienced a 13.5% stock price increase following strong fourth-quarter results and a record-high production forecast for 2025, along with a 3% production growth target for 2026 [1] - Equinor announced a $1.5 billion share buyback program while maintaining a dividend of 39 cents per share [1] - Other notable performers in the energy sector included Polish refiner Orlen, which gained 13.5%, and Australian producer Woodside Energy Group, which climbed 12.2% [1] Nordic Companies - Three Norwegian companies ranked among IDOG's top five performers in January, with Telenor increasing by 15.6% and Aker BP rising by 14.7% [1] - The strength of Nordic equities, particularly in energy and materials, was highlighted in a Morningstar report [1] Financial Sector - BNP Paribas, a French bank, gained 13.86%, contributing to the overall performance of IDOG in January [1] Fund Performance - IDOG attracted $4.85 million in new investor capital during January and maintains a trailing twelve-month dividend yield of 4.27% [1]

Core Viewpoint - The proposed £190 billion merger between mining giants Rio Tinto and Glencore has collapsed due to disagreements on pricing and control, marking the third failed attempt by Rio Tinto to acquire Glencore [2][5] Company Summaries - Rio Tinto announced it would abandon its pursuit of Glencore, stating it could not reach an agreement that would deliver value to its shareholders [3] - Glencore responded by indicating that Rio Tinto's offer did not provide a sufficient premium for full control of the merged entity [4] - The merger discussions began on January 8, aiming to combine two FTSE 100 companies [6] Industry Context - Both companies were interested in Glencore's 44% share in the Collahuasi copper mine in Chile, a significant asset given the looming supply crunch in copper due to increasing demand from the electrification of the global energy sector [7][8] - The copper price is currently at record highs, intensifying competition among global mining firms for copper reserves [8] Financial Implications - The combined entity, including debt and cash, could have been valued at £190 billion, with Rio Tinto valued at approximately £116 billion and Glencore at £55 billion [12] - Following the announcement of the merger's collapse, Rio Tinto's shares dropped about 2%, while Glencore's stock fell by 7% [13] Leadership and Strategy - The new CEO of Rio Tinto, Simon Trott, has expressed a disciplined approach to mergers, focusing on the value and synergies that can be achieved [10][11] - Glencore criticized Rio Tinto for undervaluing its copper assets and demanding excessive control over the merged company [11][12]

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

Industry Overview - Commodity markets provided a supportive backdrop for non-ferrous miners in Q4 2025, with strength in precious metals and copper, contributing to a favorable earnings season for the Zacks Basic Materials sector, which is expected to see a 2.8% increase in earnings driven by a 9.5% rise in revenues due to higher commodity prices [1][2] Company Performance - Four mining companies identified as likely to beat earnings estimates this season are HudBay Minerals, Lundin Mining, First Quantum Minerals, and Teck Resources, all expected to deliver improved year-over-year results [2][8] Commodity Price Dynamics - Gold prices reached a high of $4,557 per ounce, with average prices up 55% year-over-year to $4,135 per ounce, driven by safe-haven demand and central bank purchases, with quarterly demand hitting a record 1,303 tons [4] - Silver prices also saw significant increases, reaching a high of $82.67 per ounce, with average prices up 74% year-over-year, supported by supply deficits and steady industrial demand [5] - Copper prices averaged $5.21 per pound, a 22% increase from the previous year, fueled by demand from electrification and renewable energy projects amid supply concerns [6] Company-Specific Insights - HudBay Minerals has an Earnings ESP of +0.40% and is expected to report a 127.8% increase in earnings year-over-year, with production figures showing declines across copper, gold, zinc, and silver, but offset by higher metal prices [13][14] - First Quantum Minerals has an Earnings ESP of +26.15% and is projected to see a 75% increase in earnings year-over-year, despite a 10% decline in copper production [15][16] - Teck Resources has an Earnings ESP of +25.77% and is expected to report a 60.6% increase in earnings year-over-year, with copper production rising 9.9% but sales down 5.1% [18][20] - Lundin Mining has an Earnings ESP of +11.49% and is anticipated to see a 150% year-over-year increase in earnings, with copper production down 14% but offset by higher prices [22][23]

Group 1 - Rio Tinto has abandoned a significant mining deal with Glencore for the third time [1]

Ionic Mineral Technologies is considering an initial public offering as early as 2027, as US miners race to build a domestic supply chain for rare earths and other critical minerals https://t.co/7n2Z5zgFLp ...

Core Viewpoint - A proposed deal aimed at creating the world's largest mining company, valued at over $200 billion, has not materialized, leading to a significant decline in Glencore's share price by approximately 8% [1] Company Summary - The deal would have positioned Glencore as the largest player in the mining sector, with a market capitalization exceeding $200 billion [1] - Following the news of the failed deal, Glencore's shares experienced a notable drop of around 8% [1]

Rio Tinto said it was no longer considering a potential tie-up with Glencore after weeks of talks, killing a potential deal that would have created the world’s largest mining company https://t.co/tVeUY8Vi0m ...

Group 1 - The two mining companies are in discussions regarding a potential merger [1]