The Australian government’s decision to allow the US mining giant Alcoa to continue clearing swathes of Western Australian jarrah forest despite past illegal clearing practices was made in part due to a critical minerals deal reached between Australia and the Trump administration last year, a new document shows. The document also reveals Alcoa was unlawfully clearing land for its bauxite mining practices in the area south of Perth for 15 years, despite warnings from the federal environment department. Conse ...

Core Viewpoint - Rio Tinto Ltd reported earnings with an EPS of $3.67, slightly below estimates, but revenue exceeded expectations at approximately $30.77 billion [1][6] Financial Performance - The company experienced a 14% decrease in net profit to $9.97 billion for 2025, despite a diversified portfolio that mitigated declines in iron ore prices [5][6] - Revenue performance was strong, surpassing estimates of $30.19 billion [2][6] - RIO's P/E ratio is approximately 15.26, and its price-to-sales ratio stands at about 2.90, indicating market valuation relative to earnings and sales [3] - The enterprise value to sales ratio is around 3.17, suggesting how the company's total value compares to its sales [3] Operational Efficiency - RIO saw an 8% increase in net cash generated from operating activities, reaching $16.8 billion [4] - The enterprise value to operating cash flow ratio is approximately 10.98, providing insight into cash flow generation relative to valuation [4] - The current ratio is approximately 1.53, indicating the company's ability to cover short-term liabilities with short-term assets [4] Market Reaction - Following the earnings report, RIO's share price dropped by 4% during early trading, influenced by a broader sell-off in the mining sector [2]

Rio Tinto Group (NYSE:RIO) H2 2025 Earnings call February 19, 2026 03:30 AM ET Company ParticipantsBen Davis - Head of European Metals and Mining ResearchEphrem Ravi - Managing DirectorGlyn Lawcock - Head of Resources ResearchLiam Fitzpatrick - Managing Director and Head of European Metals and MiningMatthew Greene - VPPaul Young - Managing DirectorPeter Cunningham - CFORahul Anand - Executive Director and Head of Australia Materials ResearchSimon Trott - CEONone - Company RepresentativeConference Call Parti ...

Alcoa to Participate in BMO 2026 Global Metals, Mining & Critical Minerals ConferenceFeb 10, 2026 8:15 AM Eastern Standard Time# Alcoa to Participate in BMO 2026 Global Metals, Mining & Critical Minerals ConferenceShare---PITTSBURGH--([BUSINESS WIRE])--Alcoa Corporation ("Alcoa†) will participate in a live webcast session at the BMO Global Metals, Mining & Critical Minerals Conference in Hollywood, Florida, on February 24, 2026.At 9:00 a.m. EST, an Alcoa executive will participate in a question- and-answe ...

Core Insights - Alcoa reported revenue of $3.45 billion for the quarter ended December 2025, reflecting a 1.1% decrease year-over-year, but exceeding the Zacks Consensus Estimate by 6.34% [1] - The company's EPS was $1.26, up from $1.04 in the same quarter last year, representing a surprise of 32.63% over the consensus estimate of $0.95 [1] Financial Performance - Alcoa's average realized price per metric ton of alumina was $341.00, surpassing the analyst estimate of $334.30 [4] - The average realized price per metric ton of aluminum was $3,749.00, compared to the analyst estimate of $3,724.71 [4] - The average cost per metric ton of aluminum shipped was $2,478.00, lower than the estimated $2,679.38 [4] - Total sales for alumina were $1.44 billion, exceeding the estimate of $1.32 billion, but down 41.2% year-over-year [4] - Total sales for aluminum reached $2.37 billion, slightly below the estimate of $2.45 billion, with a year-over-year increase of 24.7% [4] - Third-party sales of bauxite were $173 million, exceeding the estimate of $160.89 million, with a year-over-year increase of 35.2% [4] - Total third-party sales amounted to $3.45 billion, compared to the average estimate of $3.34 billion, reflecting a 1.1% decrease year-over-year [4] Market Performance - Alcoa's shares have returned 19.1% over the past month, significantly outperforming the Zacks S&P 500 composite's 0.7% change [3] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating potential for outperformance in the near term [3]

Financial Data and Key Metrics Changes - Revenue increased by 15% sequentially to $3.4 billion, with the alumina segment's third-party revenue rising by 3% and the aluminum segment's third-party revenue increasing by 21% [9][10] - Net income attributable to Alcoa was $226 million, slightly down from $232 million in the prior quarter, with earnings per share at $0.85 [9][10] - Adjusted EBITDA was $546 million, reflecting a sequential increase of $276 million primarily due to higher metal prices [11][12] Business Line Data and Key Metrics Changes - In the alumina segment, adjusted EBITDA decreased by $36 million due to lower alumina prices, despite higher shipping volumes [11] - The aluminum segment's adjusted EBITDA increased by $213 million, driven by higher metal prices and lower alumina costs [12] Market Data and Key Metrics Changes - FOB Western Australia alumina prices remained stable but slightly lower than the third quarter average, putting pressure on higher-cost refineries [21] - LME aluminum prices increased by 8% sequentially, reaching $3,200 per metric ton, supported by strong demand and constrained supply [23] Company Strategy and Development Direction - The company is focused on safety, stability, and operational excellence while advancing strategic initiatives to create value in 2026 [30] - Alcoa is working on monetizing remediation sites in the U.S. and expects to reach agreements in the first half of 2026 [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2026 production guidance, citing strong operational performance and ongoing smelter restarts [33][34] - The company anticipates challenges in the alumina segment due to pricing pressures but maintains a low-cost position on the cost curve [42][43] Other Important Information - The company ended the year with a strong cash balance of $1.6 billion and free cash flow of $594 million for the year [13][15] - Capital expenditures for 2026 are estimated at $750 million, with a focus on sustaining capital and potential growth opportunities [17][18] Q&A Session Summary Question: Confidence in 2026 production guidance - Management believes the 2026 guidance is attainable based on ongoing smelter restarts and strong production performance [33][34] Question: Domestic supply of alumina and gallium project updates - Alcoa is open to considering U.S.-based alumina supply to reduce transportation costs and is making progress on the gallium project in Western Australia [36][37] Question: Alumina profitability and cost reduction initiatives - Management acknowledges the current cycle's challenges and emphasizes a commitment to cost management without jeopardizing future plant viability [42][43] Question: Update on idle sites and monetization - Negotiations for a primary site are ongoing, with a focus on maximizing value through complex arrangements rather than simple land sales [45][46] Question: Current status of Alumar Smelter - Alumar Smelter faced power interruptions but is expected to maintain similar production levels in the first quarter [51][53] Question: Capital return and net debt considerations - The company aims to maintain a strong balance sheet while balancing debt repayment and potential shareholder returns [70][72]

Financial Data and Key Metrics Changes - Revenue increased 15% sequentially to $3.4 billion, with the alumina segment's third-party revenue up 3% and the aluminum segment's third-party revenue up 21% [9][10] - Fourth quarter net income attributable to Alcoa was $226 million, slightly down from $232 million in the prior quarter, with earnings per share at $0.85 [9][10] - Adjusted EBITDA was $546 million, with a sequential increase of $276 million primarily due to higher metal prices [11][12] - Return on equity for the year was 16.4%, the highest since 2022, and free cash flow for the year was $594 million [14][15] Business Line Data and Key Metrics Changes - In the alumina segment, adjusted EBITDA decreased by $36 million due to lower alumina prices, despite higher shipping volumes [11][12] - The aluminum segment's adjusted EBITDA increased by $213 million, driven by higher metal prices and lower alumina costs [11][12] Market Data and Key Metrics Changes - FOB Western Australia alumina prices remained under pressure, with 60% of Chinese refineries facing margin pressures due to current pricing levels [21][22] - LME aluminum prices increased 8% sequentially, reaching $3,200 per metric ton, supported by strong demand and constrained supply [23][24] - The Midwest premium rose sharply, benefiting Alcoa's U.S. production, while the Rotterdam premium increased due to demand front-loading ahead of the CBAM implementation [27][28] Company Strategy and Development Direction - The company is focused on safety, stability, and operational excellence while advancing strategic initiatives to create value in 2026 [30] - Alcoa is negotiating to monetize remediation sites in the U.S. and expects to reach agreements in the first half of 2026 [7][8] - The company is not pursuing greenfield expansions due to high capital costs but is exploring brownfield opportunities for growth [87] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2026 production guidance, citing strong operational performance and ongoing restarts of smelters [33][34] - The company anticipates challenges in the alumina segment due to pricing pressures but maintains a low-cost position on the cost curve [42][43] - The outlook for 2026 includes expected alumina production between 9.7 and 9.9 million tons and aluminum production between 2.4 and 2.6 million tons [16][17] Other Important Information - The restart of the San Ciprián smelter is progressing well, with approximately 65% of capacity operational by the end of 2025 [6][8] - The company recorded a non-cash charge of $144 million to impair goodwill in the alumina segment due to current alumina prices not supporting the valuation [10] Q&A Session Summary Question: Confidence in 2026 production guidance - Management believes the 2026 guidance is attainable based on ongoing smelter restarts and strong production performance [33][34] Question: Domestic supply of alumina and gallium project updates - Management is open to using U.S.-based alumina supply if it reduces transportation costs and is making progress on the gallium project [36][37] Question: Alumina profitability and cost reduction initiatives - Management acknowledges the current cycle's challenges and emphasizes a low-cost position while exploring cost reduction initiatives [42][43] Question: Update on idle sites and monetization - Negotiations for a primary site are ongoing, with a focus on maximizing value through complex arrangements rather than simple land sales [45][46] Question: Current status of Alumar Smelter - Alumar Smelter faced power interruptions but is expected to maintain similar production levels in the first quarter [51][53] Question: Capital return and net debt considerations - Management aims to maintain a strong balance sheet while balancing debt repayment and potential shareholder returns [68][72]

4 th Quarter Earnings Alcoa Corporation This presentation contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as "aims," "ambition," "anticipates," "believes," "could," "develop," "endeavors," "estimates," "expects," "forecasts," "goal," "intends," "may," "outlook," "potential," "plans," "projects," "reach," ...

Core Insights - Rio Tinto's stock has surged approximately 47% over the last six months, driven by favorable commodity markets, effective corporate strategy, and renewed investor interest in materials stocks [2] - The company is engaged in early-stage merger talks with Glencore, which could create the largest mining corporation globally with an enterprise value exceeding $200 billion [3] - The potential merger has heightened the perception of Rio Tinto's assets as increasingly rare and valuable [4] Commodity Market Performance - Rio Tinto's shares reached a 52-week peak price of over $85 in mid-January 2026, reflecting sustained positive investor sentiment [6] - Copper prices are near record highs, around $11,800 per tonne, driven by demand from electrification, renewable energy, and AI data centers [7] - Iron ore shipments from Pilbara increased quarter-on-quarter in 2025, contributing to cash flows despite a 13% decline in iron ore prices [8] Operational Performance and Strategic Changes - In its 2025 half-year results, Rio Tinto reported an underlying EBITDA of $11.5 billion and operating cash flow of $6.9 billion, demonstrating resilience amid fluctuating iron ore prices [10] - The company has revised its bauxite production outlook to 59–61 million tonnes for the full year, indicating an increase from earlier estimates [11] - Rio Tinto is refining its portfolio around iron ore, copper, aluminum, and lithium, while reducing non-core assets, including the acquisition of Arcadium Lithium [12][13] Market Sentiment and Sector Trends - The broader mining industry's positive performance has benefited Rio Tinto, as investors shift towards materials stocks amid economic uncertainty [14] - The demand for tangible assets is increasing due to inflationary pressures and industrial demand trends favoring firms producing physical commodities [14] Future Outlook - Rio Tinto's future will be influenced by commodity cycles and its ability to leverage high-growth metals like copper and lithium [17] - Upcoming earnings reports and guidance updates will be significant catalysts for the stock, with a focus on balancing expansion in high-growth segments while maintaining strong cash flows from iron ore [18] - The company's transformation is attracting investor attention, emphasizing the importance of strategic decisions and execution for its future journey [19]

Core Viewpoint - Analysts forecast Alcoa (AA) will report quarterly earnings of $0.95 per share, reflecting a year-over-year decline of 8.7%, with revenues expected to be $3.24 billion, down 7% from the previous year [1]. Earnings Estimates - Over the last 30 days, there has been a 7.3% upward revision in the consensus EPS estimate for the quarter, indicating analysts' reassessment of their initial forecasts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue and Sales Projections - Analysts estimate 'Total sales- Alumina' at $1.32 billion, indicating a year-over-year decline of 46% [5]. - 'Total sales- Aluminum' is projected to reach $2.45 billion, reflecting a 28.9% increase from the prior-year quarter [5]. - 'Third-party sales- Bauxite' are expected to be $160.89 million, showing a 25.7% increase from the previous year [5]. Price and Cost Metrics - The estimated 'Average realized third-party price per metric ton of alumina' is projected at $334.30, down from $636.00 in the same quarter last year [6]. - The 'Average realized third-party price per metric ton of aluminum' is expected to be $3724.71, compared to $3006.00 in the same quarter of the previous year [7]. - Analysts forecast the 'Average cost per metric ton of aluminum shipped' to be $2679.38, slightly up from $2675.00 in the same quarter last year [7]. Production Estimates - 'Third-party alumina shipments' are expected to reach 2239 thousand metric tons, down from 2289 thousand metric tons reported in the same quarter last year [8]. - 'Alumina production' is estimated at 2433 thousand metric tons, compared to 2390 thousand metric tons in the same quarter last year [9]. - 'Bauxite production' is projected at 10 million metric tons, up from 9 million metric tons reported in the same quarter last year [10]. Stock Performance - Alcoa shares have increased by 32.4% in the past month, significantly outperforming the Zacks S&P 500 composite's 2% increase, with a Zacks Rank 1 (Strong Buy) indicating expected outperformance in the near term [11].