Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Korea Zinc (010130 KS) is the world’s largest merchant zinc smelter, with growing exposure to high-margin rare metals (Sb/In/Bi).</li>
<li>Management is executing the “Troika Drive” strategy—expanding copper and nickel sulfate capacity while scaling strategic minerals and recycling.</li>
<li>Stock trades at ~5x 2027E earnings and ~4.7x EV/EBITDA, a clear discount to peers, key risks remain rare metal price volatility, zinc TC/RC recovery timing</li>
</ul>


Korea Zinc (010130 KS) is the world’s largest merchant zinc smelter, with growing exposure to high-margin rare metals (Sb/In/Bi).
Management is executing the “Troika Drive” strategy—expanding copper and nickel sulfate capacity while scaling strategic minerals and recycling.
Stock trades at ~5x 2027E earnings and ~4.7x EV/EBITDA, a clear discount to peers, key risks remain rare metal price volatility, zinc TC/RC recovery timing


Korea Zinc (010130 KS) – Rare Metals Rerating + TC/RC Recovery = Deep Value Setup

Breaking Down the Mining News of the Day, Money of Mine

Money of Mine

Breaking Down the Mining News of the Day

An ex-underground miner, an ex-investment banker, and an ex-equity research guy breaking down the mining news of the day. It's a bit of entertainment, information, and occasionally some alpha.

Thematic (Sector/Industry)

<ul><li>China announces bolder stimulus for 2025, signaling more rate cuts and commodity prices surge</li><li>Lundin Mining sells assets to focus on Vicuna project, raising questions on copper and zinc market dynamics</li><li>Boliden acquires assets from Lundin, strengthening their position in the copper and zinc markets</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

China announces bolder stimulus for 2025, signaling more rate cuts and commodity prices surgeLundin Mining sells assets to focus on Vicuna project, raising questions on copper and zinc market dynamicsBoliden acquires assets from Lundin, strengthening their position in the copper and zinc marketsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Amman Mineral Internasional / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (1416286D IJ)</a>, an Indonesian copper-gold producer, has launched an IDX IPO to raise US$860 million. Bookbuilding runs from 31 May to 16 June.</li>
<li>Amman’s Batu Hijau mine when combined with the Elang project has the fifth largest copper equivalent reserves in the world, according to Wood Mackenzie.</li>
<li>The key elements of the investment case rest on world-class reserves, credible development plans, solid top-line growth, high profitability, leading cost competitiveness and cash generation.</li>
</ul>



Amman Mineral Internasional (1416286D IJ), an Indonesian copper-gold producer, has launched an IDX IPO to raise US$860 million. Bookbuilding runs from 31 May to 16 June.
Amman’s Batu Hijau mine when combined with the Elang project has the fifth largest copper equivalent reserves in the world, according to Wood Mackenzie.
The key elements of the investment case rest on world-class reserves, credible development plans, solid top-line growth, high profitability, leading cost competitiveness and cash generation.


Amman Mineral Internasional IPO: The Investment Case

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We continue to see some encouraging signs that suggest that the lows may have been established for this correction.</li>
<li>We still believe a bottoming process would likely take weeks or potentially months and could come with more tests of the lows -- or even an undercut.</li>
<li>With that said, we continue to see attractive and actionable setups, primarily within cyclical value (Energy, Materials, Manufacturing, Transportation, and Financials).</li>
</ul>


We continue to see some encouraging signs that suggest that the lows may have been established for this correction.
We still believe a bottoming process would likely take weeks or potentially months and could come with more tests of the lows -- or even an undercut.
With that said, we continue to see attractive and actionable setups, primarily within cyclical value (Energy, Materials, Manufacturing, Transportation, and Financials).


Encouraging Signs, But Concerns Still Outweigh; Buying Materials, Energy, Industrials, Health Care

<ul>
<li>Market dynamics remain largely constructive and we are now seeing meaningful improvement within emerging markets (EEM-US) as the Hang Seng index displays bullish price and relative strength (RS) reversals.</li>
<li>Brent and WTI crude oil are hitting 8-year highs, base metals are bullishly inflecting, and critical supports are holding on the broad global indexes.</li>
<li>Sticking with the theme from last week when we recommended Energy and Financials, two more Sectors that stand to benefit from rising rates include Materials and Industrials/Manufacturing -- add exposure.</li>
</ul>


Market dynamics remain largely constructive and we are now seeing meaningful improvement within emerging markets (EEM-US) as the Hang Seng index displays bullish price and relative strength (RS) reversals.
Brent and WTI crude oil are hitting 8-year highs, base metals are bullishly inflecting, and critical supports are holding on the broad global indexes.
Sticking with the theme from last week when we recommended Energy and Financials, two more Sectors that stand to benefit from rising rates include Materials and Industrials/Manufacturing -- add exposure.


Sticking With Value; Buying Materials & Industrials

Sweden

Boliden AB mines, processes and sells metals and mineral products, primarily zinc and copper.  Other products include gold, lead, silver, and sulfuric acid. The Company has mining and milling operations in Europe, and smelting and refining operations in Sweden, Finland and Norway.

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Boliden AB (BOL SS)

Korea Zinc (010130 KS) – Rare Metals Rerating + TC/RC Recovery = Deep Value Setup

Korea Zinc is the world's largest zinc smelter with a focus on rare metals, executing a growth strategy while trading at a discount to peers.

Rahul Jain

$1.5B for a 4th Quartile Mine?

China announces bolder stimulus, commodity stocks rise, Lundin Mining sells assets, focusing on copper mining, while Boliden acquires Nevis Corvo...

Money of Mine

Amman Mineral Internasional IPO: The Investment Case

The key elements of the investment case rest on world-class reserves, credible development plans, solid top-line growth, high profitability,...

Arun George

Encouraging Signs, But Concerns Still Outweigh; Buying Materials, Energy, Industrials, Health Care

We continue to see some encouraging signs that suggest that the lows may have been established for this correction. Still, cyclical value remains...

Vermilion Research

Sticking With Value; Buying Materials & Industrials

Sticking with the theme from last week when we recommended Energy and Financials, two more Sectors that stand to benefit from rising rates include...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Korea Zinc (010130 KS) – Rare Metals Rerating + TC/RC Recovery = Deep Value Setup

​Korea Zinc is the world's largest zinc smelter with a focus on rare metals, executing a growth strategy while trading at a discount to peers.

Rahul Jain

$1.5B for a 4th Quartile Mine?

China announces bolder stimulus, commodity stocks rise, Lundin Mining sells assets, focusing on copper mining, while Boliden acquires Nevis Corvo...

Money of Mine

Amman Mineral Internasional IPO: The Investment Case

The key elements of the investment case rest on world-class reserves, credible development plans, solid top-line growth, high profitability,...

Arun George

Encouraging Signs, But Concerns Still Outweigh; Buying Materials, Energy, Industrials, Health Care

We continue to see some encouraging signs that suggest that the lows may have been established for this correction. Still, cyclical value remains...

Vermilion Research

Sticking With Value; Buying Materials & Industrials

Sticking with the theme from last week when we recommended Energy and Financials, two more Sectors that stand to benefit from rising rates include...

Vermilion Research

Korea Zinc is the world's largest zinc smelter with a focus on rare metals, executing a growth strategy while trading at a discount to peers.