In the six months since Barrick Mining parted ways with CEO Mark Bristow, it’s done a lot to prepare for an IPO of its premier gold assets. Now it has tapped Goldman Sachs to lead the deal. Read more in Canada Daily. https://t.co/hQQAJjd1Ac ...

Barrick Mining has tapped Goldman Sachs to lead an initial public offering of its North American assets, say people familiar with the matter, as the company moves forward with plans to spin out its premier gold mines https://t.co/g0dG6ynIAH ...

To avoid pricing out locals, Ghana limits a tender for Gold Fields’ Damang mine to companies wholly owned by its own citizens https://t.co/p2KhZrhnsS ...

Summary of CMOC (3993.HK) Conference Call Company Overview - **Company**: CMOC (China Molybdenum Co., Ltd.) - **Industry**: Mining, specifically focusing on copper and cobalt production Key Points Financial Performance and Production Guidance - CMOC's copper output guidance for 2026 is set between **760,000 to 820,000 tons** [2] - The KFM phase 2 project, which will add **100,000 tons per annum (ktpa)** of copper capacity, is expected to commence operations in **2027** [2] Cost Management and Raw Material Consumption - The unit sulfur consumption is approximately **1 ton of sulfur per ton of copper output** [3] - Rising sulfur prices are anticipated to increase copper production costs in **2026**. CMOC plans to implement cost control measures, including reducing raw material consumption, to mitigate this impact [3] Cobalt Production and Export - Cobalt exports from the Democratic Republic of Congo (DRC) have resumed, but profit contributions in **Q1 2026** are expected to be limited due to a **2-3 month transportation period** [4] - CMOC aims to fully utilize its cobalt quota allocated for **Q4 2025 and 2026** [4] Capital Expenditure and M&A Strategy - Annual maintenance capital expenditure is projected at **RMB 4-5 billion**. The total capital expenditure for the KFM phase 2 project is approximately **US$1 billion** [2] - CMOC is considering acquisitions in mineral resources, particularly in gold and copper, and is open to minor metals. Post-acquisition, the company plans to enhance reserves through exploration and optimize operations to improve project NPV [5] Future Projects - CMOC is conducting a feasibility study for the **Odin mine gold project**, with expectations for it to be operational by **2029**. The management anticipates potential for higher annual gold output compared to previous studies [6] Valuation and Market Outlook - The target price for CMOC's H-share is based on a discounted cash flow (DCF) model, yielding a fair-value target price of **HK$28.30** [9] - Current market cap is approximately **HK$344.448 billion** (or **US$43.959 billion**) [7] Risks - Key risks that could hinder reaching the target price include: 1. Slowing grid investment in China 2. Worse-than-expected real estate investment in China, which could reduce copper demand and weaken prices 3. An acceleration in global mine supply [10] Investment Recommendation - CMOC is rated as a **Buy** with an expected share price increase of **75.8%** and a total expected return of **78.4%**, including a dividend yield of **2.7%** [7]

March 31, 2026 02:38 PM GMT Zijin Mining Group | Asia Pacific China Summit 2026 Feedback Key Takeaways | M March 31, 2026 02:38 PM GMT Zijin Mining Group Asia Pacific | Morgan Stanley Asia Limited+ Rachel L Zhang | Update | | --- | --- | --- | | | Equity Analyst | | | China Summit 2026 Feedback | Rachel.Zhang@morganstanley.com | +852 2239-1520 | | | Chris Jiang | | | | Equity Analyst | | | | Chris.Jiang@morganstanley.com | +852 3963-1593 | | Key Takeaways | Hannah Yang, CFA | | | | Equity Analyst | | | | Ha ...

Summary of the Conference Call on Metals & Mining Industry Industry Overview - The conference call focused on the **Metals & Mining** industry in **Europe** and discussed the impact of **energy shocks** and **supply disruptions** on costs and margins [1][6] - The current market is pricing in a slowdown rather than an outright recession, with margins more dependent on commodity-market tightness than inflation [1][4] Key Points Cost and Margin Dynamics - Energy shocks and supply disruptions are increasing costs, but margins are more influenced by commodity-market conditions than inflation unless inflation becomes demand-destructive [1][4] - The mining sector is experiencing a de-rating due to concerns over energy shocks and recession risks, leading to higher costs in fuel, freight, and insurance [2][9] - Historical data shows that mining margins expanded in **60-74%** of periods when unit costs rose, indicating that higher costs are not inherently bearish if demand remains resilient [3][26] Supply Chain Disruptions - The geopolitical situation has led to tangible supply chain disruptions, affecting diesel availability, freight costs, and operational complexities [10] - Specific examples include: - **Fenix Resources** facing diesel supply constraints impacting operations [10] - **Norsk Hydro** operating at reduced capacity due to natural gas supply issues [10] - Disruptions in Iranian iron ore and steel exports tightening regional supply [10] Market Valuation and Performance - The sector's valuation has adjusted to reflect a demand slowdown, with relative P/B ratios at **0.76x**, below the long-run average of **0.83x** [11][15] - The market has not yet fully priced in an outright recession, leaving room for further downside if demand shocks intensify [11] Stress Testing and Resilience - The analysis includes stress-testing mining equities against historical recessionary episodes, indicating that companies like **Glencore**, **Rio Tinto**, **Norsk Hydro**, and **Endeavour Mining** are better positioned to navigate higher cost inflation and demand risks [4][49] - The current conflict could lead to a broader impact on mining stocks globally if disruptions persist, with a focus on maintaining tight commodity balances [4][18] Commodity-Specific Insights - Different commodities exhibit varying levels of risk: - **Copper** and **zinc** are identified as the most vulnerable in a recession scenario, while **precious metals** and companies with lower cost positions show stronger resilience [43][49] - The analysis suggests that if the current energy shock leads to a broader cost-push phase, quality, low-cost mining equities are likely to outperform [32][49] Conclusion - The Metals & Mining industry is facing significant challenges due to energy shocks and geopolitical tensions, but historical data suggests that resilient demand can support margins despite rising costs [27][41] - Companies with strong balance sheets and disciplined capital allocation are better positioned to withstand potential downturns and maintain shareholder returns [13][50]

Core Viewpoint - Mkango Resources Limited successfully completed a fundraise of £12.5 million, which was oversubscribed and increased from the initial target of £10 million, reflecting strong demand from investors [6][20]. Fundraise Details - The fundraise generated gross proceeds of approximately £12.5 million (around C$23.0 million) before expenses [6][7]. - A total of 37,878,788 new Common Shares were conditionally placed at a price of 33 pence (C$0.606375) per share [7]. - The breakdown of the fundraise includes: - 30,909,154 new Common Shares from the Placing, raising approximately £10.2 million (C$18.7 million) - 636,300 new Common Shares from the LIFE Offering, raising approximately £0.2 million (C$0.4 million) - 3,030,303 new Common Shares from the Retail Offer, raising approximately £1.0 million (C$1.8 million) - 3,303,031 new Common Shares from the Subscription, raising approximately £1.1 million (C$2.0 million) [8]. Use of Proceeds - The net proceeds from the fundraise will be utilized for: - Acquisition of a synergistic German magnet business: £4,330,000 (C$7,956,375) - Capital expenditure for German operations: £3,950,000 (C$7,258,125) - Capital expenditure for UK operations: £2,200,000 (C$4,042,500) - Working capital: £2,020,000 (C$3,711,750) [15][16]. Market Context - The fundraise is seen as a strong endorsement of Mkango's strategy and long-term opportunities in the rare earths supply chain, particularly in light of challenging market conditions [20]. - The company aims to strengthen its balance sheet and advance growth initiatives in the UK, Germany, and beyond [20]. Share Capital and Trading - Following the admission of the Offer Shares, the total issued share capital will consist of 387,110,284 shares [21]. - Applications will be made for the Offer Shares to be admitted to trading on AIM and the TSX-V, with expected trading commencement on April 10, 2026 [11].

Core Viewpoint - The ALPS O'Shares U.S. Quality Dividend ETF (OUSA) does not exhibit characteristics that warrant a bullish outlook, leading to a maintained Hold rating [1] Group 1: Investment Strategy - The individual investor and writer employs various techniques to identify underpriced equities with strong upside potential and overappreciated companies with inflated valuations [1] - The research focus includes the energy sector, particularly oil & gas supermajors, mid-cap, and small-cap exploration & production companies, as well as oilfield services firms [1] - The analysis emphasizes the importance of Free Cash Flow and Return on Capital for deeper insights beyond simple profit and sales analysis [1] Group 2: Market Perspective - The investor acknowledges that some growth stocks may justify their premium valuations, highlighting the necessity for thorough investigation to determine the accuracy of the market's current opinions [1]

Core Viewpoint - Ivanhoe Mines is conducting a webinar to present the 2026 Mineral Reserve and Mineral Resource Update for the Kamoa-Kakula project, highlighting the company's ongoing commitment to transparency and investor engagement [2][4]. Group 1: Company Overview - The webinar features key executives from Ivanhoe Mines, including Founder and Co-Executive Chairman Robert Friedland, President and CEO Marna Cloete, and other senior management [3]. - The event is part of Ivanhoe Mines' efforts to keep stakeholders informed about developments in their mineral reserves and resources [2]. Group 2: Event Details - The call is recorded and took place on March 31, 2026, indicating the company's structured approach to investor relations [1]. - Forward-looking statements will be made during the event, which may involve risks and uncertainties, emphasizing the need for careful consideration of the information presented [4].

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