Core Insights - Vedanta Resources Ltd has successfully raised 500 million dollars through bond issuance to repay near-term obligations and enhance its capital structure [1][2] Financial Position - The company has reduced its total gross debt from 9.1 billion dollars in fiscal 2022 to 4.8 billion dollars as of June 2025, indicating a significant reduction of over 4 billion dollars [6] - The average maturity of the debt portfolio is now over four years, and the weighted average interest cost has been reduced to single digits [1][6] - Vedanta has a long-term loan facility with undrawn balances of 682 million dollars, ensuring robust liquidity [3] Operational Performance - Core businesses, including zinc, oil and gas, aluminium, and power, continue to deliver strong EBITDA and cash flows [3] - Commodity prices have remained resilient, supporting the company's profitability despite global trade disruptions [4] Strategic Initiatives - The ongoing demerger of Vedanta Limited into five independent sector-specific entities aims to unlock value, enhance transparency, and enable sharper capital allocation [4] - The company is committed to financial discipline, focusing on honoring all debt obligations and sustaining its deleveraging trajectory through internal accruals and strategic refinancing [5] Liquidity and Capital Structure - Vedanta maintains robust liquidity supported by dividend inflows from operating subsidiaries and healthy free cash generation [2][3] - The company has diversified its credit profile through a mix of bonds and bank loans, adding new banks to its capital structure [7]

Larsen & Toubro’s Minerals & Metals business vertical has won multiple large orders in India, the engineering conglomerate announced today. The company secured a contract from Hindalco to construct a 180,000 tonnes per annum aluminium smelter and Gas Treatment Centre for a greenfield project in Odisha. The smelter work covers civil and structural works, supply and erection, while the GTC project involves complete engineering, procurement, construction and plant installation. L&T also bagged an order from Ta ...

Hydro’s adjusted EBITDA for the third quarter of 2025 was NOK 5,996 million, down from NOK 7,367 million in the same quarter last year. The results decreased from lower realized alumina prices and a stronger NOK. This was partly offset by higher primary and alumina volumes, positive gain from increasing U.S. Midwest premium in Extrusions (metal effect) and realization of previously eliminated internal profits. Hydro generated NOK 2.2 billion in free cash flow, while the twelve month adjusted RoaCE ended at ...

J P M O R G A N Asia Pacific Equity Research 17 October 2025 Aluminium Dashboard Global demand up 2% as inventories remain low; expect price support on copper linkage Key takeaways: (1) Global aluminium demand is up 2% YTD (largely matched by production) through August, with China up 3% and RoW up 1%; China production at ~44Mtpa is near the production cap. (2) Unlike copper where inventories have surged, global aluminium visible inventories at 1,130kt remain below 2024 levels, despite adding ~300kt over the ...

Core Insights - Geomega Resources Inc. has signed a Joint Development Agreement (JDA) with Rio Tinto for the Bauxite Residue Valorization Technology, which includes a demonstration license for Circuit 1 and 2 [1][2] - The agreement could lead to a demonstration plant in Saguenay, Quebec, with potential payments totaling up to $4,500,000 [2][3] - The technology aims to enhance the environmental footprint of alumina refining by reducing bauxite residue storage and extracting critical minerals [3][4] Financial Aspects - Geomega anticipates receiving $1,400,000 in 2025, $100,000 in early 2026, and up to $3,000,000 in additional payments if the demonstration plant is constructed, totaling a potential of $4,500,000 [2] Technological Impact - The Bauxite Residue Valorization Technology could allow for the extraction of direct reduced iron (DRI) grade ore and critical minerals such as rare earth elements and titanium concentrates [3][4] - Geomega will provide engineering support and conduct tests to demonstrate the technology's flexibility and robustness using various bauxite residue feeds from Rio Tinto's global operations [3][4] Strategic Importance - The partnership with Rio Tinto highlights the increasing demand for sustainable solutions in managing industrial and mining residues, contributing to a reliable local supply chain for critical minerals [4][5] - The collaboration is seen as a significant step towards commercial licensing of Geomega's technology and positions Quebec and Canada as potential leaders in sustainable technology development [5][6] Industry Context - The agreement is part of ongoing efforts to reduce the environmental impact of alumina refining, addressing challenges faced by the global aluminum industry [6][8] - Geomega's strategy includes working with major partners to extract value from mining feeds and industrial residues, focusing on reducing environmental impacts and greenhouse gas emissions [10]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China Basic Materials, specifically focusing on Copper and Aluminium - **Current Trends**: Fundamentals are stable with an improving outlook for industrial metals driven by macroeconomic factors such as US rate cuts, US dollar weakness, and China's potential stimulus measures due to weak economic data [2][3] Core Insights - **Copper Market**: - Demand normalization post-tariff has not negatively impacted prices as anticipated in Q3 2025 [2] - UBS raised copper price forecasts for 2025 and 2026 by 3% to US$4.37/lb and US$4.80/lb respectively [3] - Expected supply constraints and strong secular growth drivers (e.g., electrification) will support prices in 2026/2027 [3] - **Aluminium Market**: - Demand remains mixed, but supply constraints, particularly from China, are supporting prices [4] - Aluminium price forecasts for 2025 and 2026 were increased by 5% and 2% to US$1.17/lb and US$1.18/lb respectively [4] Earnings and Price Target Adjustments - **Earnings Forecasts**: - Increased earnings forecasts for Zijin, CMOC, and JCC by 4%-5% for 2025 and 5%-9% for 2026 due to higher price expectations for copper, aluminium, and gold [5] - Specific earnings adjustments include: - Zijin: 2025 NPAT raised to Rmb 46,519 million (+4%) and 2026 NPAT to Rmb 57,056 million (+9%) [19] - CMOC: 2025 NPAT raised to Rmb 17,504 million (+5%) and 2026 NPAT to Rmb 19,200 million (+6%) [19] - **Price Target Changes**: - Price targets for key companies were raised, including: - Zijin H: Target increased by 9% to Rmb 35.4 [19] - CMOC H: Target increased by 6% to Rmb 17.5 [19] - Hongqiao: Target increased by 4% to Rmb 28.0 [19] Additional Insights - **Market Dynamics**: - The overall outlook for industrial metals is improving, with a reduced risk of a near-term demand slowdown [2] - Potential for restocking in developed markets could support prices as traditional end markets recover [2] - **Investment Recommendations**: - Top picks include Zijin, JCC, Hongqiao, and Tianshan based on revised earnings and price targets [5] Important but Overlooked Content - **Macroeconomic Drivers**: The report emphasizes the importance of macroeconomic themes rather than physical market tightness in supporting metal prices [2] - **Equity Rotation**: There is a noted equity rotation into mining stocks, indicating investor confidence in the sector's recovery [2] This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and outlook of the copper and aluminium markets, along with specific company performance forecasts and investment recommendations.

Emirates Global Aluminium has picked banks including Goldman Sachs and Citigroup to arrange a potential IPO, sources say https://t.co/mGA28iuXLx ...

Summary of J.P. Morgan Aluminium Dashboard Industry Overview - **Industry**: Aluminium and Alumina Producers - **Global Demand**: Increased by 3% year-to-date (YTD) through July, with China up by 4% and the Rest of the World (RoW) up by 2% [1][15] - **Global Production**: Softer growth at 1.5% globally, with China at +2% and RoW flat [1] - **Global Inventories**: Remain low at approximately 1,125kt, but have increased by about 300kt since late June, still below 2024 levels and near decade lows for this time of year [1] Key Insights - **Alumina Prices**: Decreased from approximately $380/t in late July to $337/t at spot, with the alumina/aluminium linkage rate at 13%, below the average of 17% [1] - **Aluminium Prices**: Up by 5% YTD, with forward curves in slight contango [1] - **Market Outlook**: J.P. Morgan's Global Commodities Research team anticipates a balanced market this year and a mild surplus next year [1] Investment Recommendations - **Overweight Calls**: - Rio Tinto (RIO AU/RIO LN) - Norsk Hydro (NHY NO) - Press Metal (PMAH MK) [1] Financial Metrics of Key Companies - **Rio Tinto Ltd.**: - Market Cap: $108.3 billion - EV: $126.7 billion - Price Target: $123.0 (6% upside) - EV/EBITDA: 5.7 [4] - **Norsk Hydro**: - Market Cap: $13.1 billion - EV: $15.2 billion - Price Target: $73.0 (11% upside) - EV/EBITDA: 5.1 [4] - **Press Metal**: - Market Cap: $10.9 billion - EV: $11.8 billion - Price Target: $5.9 (6% upside) - EV/EBITDA: 16.3 [4] Consensus Estimates - **Rio Tinto NPAT**: - FY26: $9,661 million (1% below consensus) - FY27: $9,757 million (8% below consensus) [9] - **Norsk Hydro NPAT**: - FY26: $14,939 million (23% above consensus) - FY27: $11,972 million (15% below consensus) [9] Production and Demand Summary - **China Aluminium Production**: Expected to increase from 24.9 Mt in July 2024 to 25.4 Mt in July 2025 (2% increase) [15] - **Global Aluminium Demand**: Projected to rise from 41.4 Mt in July 2024 to 42.7 Mt in July 2025 (3% increase) [15] Additional Insights - **Alumina Production in China**: Expected to rise from 79.8 Mt in 2023 to 83.7 Mt in 2024 [17] - **Global Production Trends**: Year-to-date production shows a 2.6% increase globally, with specific regional variations [17] This summary encapsulates the key points from the J.P. Morgan Aluminium Dashboard, highlighting the current state and outlook of the aluminium industry, along with specific investment recommendations and financial metrics for key companies.

Core Viewpoint - The European Union's aluminium sector is advocating for the imposition of approximately 30% duties on scrap metal exports to prevent domestic shortages and maintain competitiveness against Asian buyers [1][2][3]. Group 1: Export Trends and Economic Impact - EU aluminium scrap exports reached a record 1.26 million metric tons in 2024, marking a 50% increase compared to five years ago, with a significant portion directed towards Asia [1]. - The situation has deteriorated due to U.S. import tariffs, which are set at 50% for aluminium but only 15% for scrap, leading to increased scrap imports into the U.S. and a shift in focus for Asian buyers towards EU supplies [2]. Group 2: Policy and Industry Response - European Aluminium and Eurofer have engaged with the European Commission to advocate for an export levy, emphasizing the need for public policy to address market failures and protect Europe's strategic interests [3]. - The EU has begun monitoring scrap exports since July and plans to evaluate the necessity of action by the end of the third quarter [3]. Group 3: Recycling and Environmental Considerations - Scrap is crucial not only for domestic producers but also for the sector's decarbonization efforts, as recycling aluminium consumes 95% less energy than producing it from mined bauxite [4]. - European companies have invested €700 million (approximately $821 million) to enhance recycling furnace capacity to 12 million tons [4]. Group 4: Global Context and Domestic Challenges - Many non-EU countries, including India and China, already impose restrictions on metal scrap exports, highlighting a global trend towards limiting such exports [5]. - The recycling industry has pointed out that the rise in scrap exports is due to low domestic demand and inadequate capacity to process mixed scrap, such as that from shredded vehicles [6].

Core Viewpoint - Nanshan Aluminium International Holdings reported strong interim results for 1H25, with significant revenue and profit growth driven by rising alumina sales prices and volumes [1][2]. Financial Performance - Revenue increased by 41.0% year-on-year to approximately US$597 million, while profit attributable to shareholders surged by 124.2% year-on-year to around US$248 million, slightly exceeding expectations due to higher-than-expected sales prices [1]. - Gross profit rose by 70.1% year-on-year, with gross margin improving by 8.7 percentage points to 50.9% [2]. - The selling price of alumina increased by 36.9% year-on-year to US$529 per ton, while operating costs rose by 16.3% year-on-year to US$260 per ton [1]. Tax and Dividend - The company will face an increase in corporate income tax to 15% effective January 1, 2025, due to compliance with the Global Anti-Base Erosion Rules [2]. - An interim dividend was declared for the first time since the IPO, with a payout ratio of approximately 20% to reward shareholders [2]. Production Capacity and Expansion - Nanshan Aluminium is a leading alumina producer in Southeast Asia, with ongoing project construction progressing faster than expected [3]. - The company has built alumina production capacity of 3 million tons per year, with Phase II of a new project expected to start production in Q4 2025 or Q1 2026 [3]. Competitive Advantages - Cost advantages stem from Indonesia's abundant bauxite and coal resources, along with an expanding deep-water port to enhance logistics efficiency [5]. - Regional advantages include tax incentives for up to 20 years in the Galang Batang KEK, allowing alumina products to be utilized throughout Southeast Asia [5]. - Shareholder advantages arise from strong industrial synergies among the major shareholders in midstream alumina production, downstream consumption, and upstream bauxite supply [5]. Financial Forecasts and Valuation - Net profit forecasts for 2025 and 2026 have been raised by 7% and 9% to US$374 million and US$500 million, respectively [5]. - A-shares are trading at 9x and 6x estimated P/E for 2025 and 2026 [5]. - The target price has been raised by 58% to HK$52.59, reflecting a 25% upside based on upward earnings revisions and improving market risk appetite [5].