Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>The Pilbara is a globally significant mining region, known for its vast iron ore reserves, economic importance, and evolving role in renewable energy development.</li>
<li>BHP, Rio Tinto, and Fortescue drive Pilbara’s mining industry, with BHP and Fortescue increasing output by 2.1% and 5.5% over five years, while Rio Tinto's production declined by 0.6%.</li>
<li>Mining costs have surged, with Rio Tinto's unit costs rising 10.8% annually, the highest among the three, while Fortescue’s capital expenditure has grown 13% per year, outpacing competitors.</li>
</ul>


The Pilbara is a globally significant mining region, known for its vast iron ore reserves, economic importance, and evolving role in renewable energy development.
BHP, Rio Tinto, and Fortescue drive Pilbara’s mining industry, with BHP and Fortescue increasing output by 2.1% and 5.5% over five years, while Rio Tinto's production declined by 0.6%.
Mining costs have surged, with Rio Tinto's unit costs rising 10.8% annually, the highest among the three, while Fortescue’s capital expenditure has grown 13% per year, outpacing competitors.


Pilbara Mineral Hub – Part 1: Iron Ore and Mining Giants

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>Iron ore majors guide flattish growth for 2025, while China continues to have strong iron ore imports (4.2% YoY for CY24), despite weak steel production (-1.1% YoY). </li>
<li>Significant capacity growth commences in CY26 with the ramp-up of <a target="_blank">Rio Tinto Ltd (RIO AU)'s </a>Simandou project, equivalent to 6% of global seaborne trade ~100 million tons.  </li>
<li>We believe the iron ore price will be rangebound until 2026 (between 100-120 USD/ton), after which it is highly probable that it will decline to 80-90 USD/ton.</li>
</ul>


Iron ore majors guide flattish growth for 2025, while China continues to have strong iron ore imports (4.2% YoY for CY24), despite weak steel production (-1.1% YoY). 
Significant capacity growth commences in CY26 with the ramp-up of Rio Tinto Ltd (RIO AU)'s Simandou project, equivalent to 6% of global seaborne trade ~100 million tons.  
We believe the iron ore price will be rangebound until 2026 (between 100-120 USD/ton), after which it is highly probable that it will decline to 80-90 USD/ton.


Iron Ore Majors Guidance: Key To Understanding Supply Side in 2025

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

JX Advanced Metals / Equity Capital Markets

<ul>
<li>JX Advanced Metals (5016 JP) is seeking to raise about ¥460 billion in the upcoming IPO on the Tokyo Stock Exchange. The indicative IPO price is ¥862 per share.</li>
<li>The final IPO pricing will be on 10 March. JX Advanced Metals will be listed on 19 March. Eneos is selling as many as 534.9 million shares in the IPO.</li>
<li>The company has a strong customer base. It is a key supplier to TSMC, Samsung, Intel, SK Hynix, and Micron for sputtering targets and high-purity metals.</li>
</ul>


JX Advanced Metals (5016 JP) is seeking to raise about ¥460 billion in the upcoming IPO on the Tokyo Stock Exchange. The indicative IPO price is ¥862 per share.
The final IPO pricing will be on 10 March. JX Advanced Metals will be listed on 19 March. Eneos is selling as many as 534.9 million shares in the IPO.
The company has a strong customer base. It is a key supplier to TSMC, Samsung, Intel, SK Hynix, and Micron for sputtering targets and high-purity metals.


Dry Bulk Commodity Market Insights, DBX Commodities Limited

DBX Commodities

Dry Bulk Commodity Market Insights

DBX Commodities Limited

DBX provides the most accurate and comprehensive real-time data and insights for dry bulk commodities based on satellite imagery and intelligence.

Alex CLAUDE, an expert in commodity tech with 15 years experience in the commodity trading industry, teamed up with the Signal Group in 2020 and started DBX. 

Our product is the result of a unique combination of domain and technological expertise. We offer the most comprehensive, accurate and deepest research analytics of the dry bulk commodity market: coal, iron ore, alumina, bauxite, sugar, wheat, soybeans and soymeal.

Commodities

<ul>
<li>
Fundamental supply &amp; demand outlook for iron ore: Neutral to Bearish
</li>
<li>
DBX Outlook: Short-Term Price Weakness Amid Export Rebound and Soft Demand
</li>
<li>
Australian iron ore exports plummeted to 60.6 million tonnes in February, the lowest since 2020, due to Tropical Cyclone Zelia, but DBX expects a recovery to 75 million tonnes in March as conditions normalize.
</li>
</ul>



Fundamental supply &amp; demand outlook for iron ore: Neutral to Bearish


DBX Outlook: Short-Term Price Weakness Amid Export Rebound and Soft Demand


Australian iron ore exports plummeted to 60.6 million tonnes in February, the lowest since 2020, due to Tropical Cyclone Zelia, but DBX expects a recovery to 75 million tonnes in March as conditions normalize.



Global Iron Ore Fundamentals (March 2025)

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Feb 14th (reported today) which has an aggregated short interest worth USD24.0bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Aristocrat Leisure, Treasury Wine Estates, Sigma Pharmaceuticals, Santos, A2 Milk Company, Nextdc.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Feb 14th (reported today) which has an aggregated short interest worth USD24.0bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Aristocrat Leisure, Treasury Wine Estates, Sigma Pharmaceuticals, Santos, A2 Milk Company, Nextdc.


ASX Short Interest Weekly (Feb 14th): Aristocrat Leisure, Treasury Wine Estates

Australia

BHP Group Limited operates as a mining company.  The Companyengages in the exploration, development, production and processing of iron ore, metallurgical coal, and copper. BHP Group serves customers worldwide.

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BHP Group Ltd (BHP LN)

Pilbara Mineral Hub – Part 1: Iron Ore and Mining Giants

The Pilbara remains a vital mining and economic powerhouse, shaped by major industry players, evolving production trends, and a growing focus on...

Mint Finance

Iron Ore Majors Guidance: Key To Understanding Supply Side in 2025

Our insight summarizes the guidance from iron ore majors and the anticipated impact on prices starting in the calendar year 2026 when Rio Tinto's...

Sameer Taneja

JX Advanced Metals IPO Preview

JX Advanced Metals (5016 JP) is seeking to raise about ¥460 billion in the upcoming IPO on the Tokyo Stock Exchange. The indicative IPO price is...

Douglas Kim

Global Iron Ore Fundamentals (March 2025)

Fundamental supply & demand outlook for iron ore: Neutral to Bearish. DBX Outlook: Short-Term Price Weakness Amid Export Rebound and Soft Demand

DBX Commodities

ASX Short Interest Weekly (Feb 14th): Aristocrat Leisure, Treasury Wine Estates

We analyzed ASX short interest report for the past week and highlight short interest changes in Aristocrat Leisure, Treasury Wine Estates, Sigma...

Ke Yan, CFA, FRM

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