Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>Late 2024 <a href="https://www.smartkarma.com/entities/entree-resources-ltd-3aeeb68c-80d0-4ada-822e-898883fbb28e" target="_blank" data-smartkarma-citation="entities:26727:1" rel="noopener">Entree Resources (ETG CN)</a> announced it won its arbitration against <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a>. The vote by the three judges was unanimously in favor of Entree. </li>
<li>
<a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> held its investor day in early December 2024 where almost its entire growth plan for 2025-2030 is predicated on Oyu Tolgoi's (OT) performance.</li>
<li>
<a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> is now backed into a corner to find a solution for OT's minority shareholder Entree Resources. The most logical outcome? RIO buys ETG in 2025.</li>
</ul>


Late 2024 Entree Resources (ETG CN) announced it won its arbitration against Rio Tinto Ltd (RIO AU). The vote by the three judges was unanimously in favor of Entree. 

Rio Tinto Ltd (RIO AU) held its investor day in early December 2024 where almost its entire growth plan for 2025-2030 is predicated on Oyu Tolgoi's (OT) performance.

Rio Tinto Ltd (RIO AU) is now backed into a corner to find a solution for OT's minority shareholder Entree Resources. The most logical outcome? RIO buys ETG in 2025.


Rio Tinto Loses Arbitration Against Entree Resources; Now What?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/royal-gold-inc" target="_blank" data-smartkarma-citation="entities:11226:1" rel="noopener">Royal Gold Inc (RGLD US)</a> launched a cash takeover bid of 2 CAD/share (85% premium) on Horizon Copper.</li>
<li>Recall, <a href="https://www.smartkarma.com/entities/horizon-copper-corp" target="_blank" data-smartkarma-citation="entities:42909:1" rel="noopener">Horizon Copper (HCU CN)</a> has a 25% controlling stake in <a href="https://www.smartkarma.com/entities/entree-resources-ltd-3aeeb68c-80d0-4ada-822e-898883fbb28e" target="_blank" data-smartkarma-citation="entities:26727:1" rel="noopener">Entree Resources (ETG CN)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/rio-tinto-plc" target="_blank" data-smartkarma-citation="entities:22114:1" rel="noopener">Rio Tinto PLC (RIO LN)</a>is too bureaucratic to counterbid as the CEO transition paralyses the organization.</li>
</ul>



Royal Gold Inc (RGLD US) launched a cash takeover bid of 2 CAD/share (85% premium) on Horizon Copper.
Recall, Horizon Copper (HCU CN) has a 25% controlling stake in Entree Resources (ETG CN). 

Rio Tinto PLC (RIO LN)is too bureaucratic to counterbid as the CEO transition paralyses the organization.


Rio Tinto Sees Royal Gold Snap-Up Horizon Copper, Which Has a Controlling 25% Stake in Entree

Thematic (Sector/Industry)

<ul>
<li>In April a Chinese buyer made an offer for Ross Beaty controlled <a href="https://www.smartkarma.com/entities/lumina-gold-corp" target="_blank" data-smartkarma-citation="entities:43346:1" rel="noopener">Lumina Gold (LUM CN)</a>, an Ecuador gold project. </li>
<li>One of our top picks <a href="https://www.smartkarma.com/entities/solaris-resources-inc" target="_blank" data-smartkarma-citation="entities:40176:1" rel="noopener">Solaris Resources (SLS CN)</a> surged on the back of this news as it indicates Ecuador is open for business after the re-election of President Noboa.</li>
<li>Copper prices have remained resilient despite ongoing "USA vs the World" trade war.</li>
</ul>


In April a Chinese buyer made an offer for Ross Beaty controlled Lumina Gold (LUM CN), an Ecuador gold project. 
One of our top picks Solaris Resources (SLS CN) surged on the back of this news as it indicates Ecuador is open for business after the re-election of President Noboa.
Copper prices have remained resilient despite ongoing "USA vs the World" trade war.


Junior Copper Miners: Ecuador Sees M&A Action by China

<ul>
<li>
<a href="https://www.smartkarma.com/entities/entree-resources-ltd-3aeeb68c-80d0-4ada-822e-898883fbb28e" target="_blank" data-smartkarma-citation="entities:26727:1" rel="noopener">Entree Resources (ETG CN)</a> has been roaring over the past three weeks on the back of ...no official news!</li>
<li>As we highlighted in our prior insights we expected an arbitration ruling by late 3Q24, but there has been no news published by Entree or <a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> </li>
<li>Volume spike and price action remind us of Turquoise Hill buyout in 2022.</li>
</ul>



Entree Resources (ETG CN) has been roaring over the past three weeks on the back of ...no official news!
As we highlighted in our prior insights we expected an arbitration ruling by late 3Q24, but there has been no news published by Entree or Rio Tinto Ltd (RIO AU) 
Volume spike and price action remind us of Turquoise Hill buyout in 2022.


Entree Resources: +84% YTD on Arbitration Leak? Or Rio Tinto M&A Speculation?

Canada

Horizon Copper Corp. operates as a copper mining company. The Company focuses to acquire copper assets for precious metal by-product streams. Horizon Copper serves customers in Canada.

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Horizon Copper (HCU CN)

Rio Tinto Loses Arbitration Against Entree Resources; Now What?

Entree Resources wins arbitration against Rio Tinto, leading to speculation that Rio may acquire Entree in 2025 due to reliance on Oyu Tolgoi's...

Nicolas Van Broekhoven

Rio Tinto Sees Royal Gold Snap-Up Horizon Copper, Which Has a Controlling 25% Stake in Entree

Royal Gold Inc offers 2 CAD/share (85% premium) in cash takeover bid for Horizon Copper, with Rio Tinto PLC unable to counterbid due to...

Nicolas Van Broekhoven

Junior Copper Miners: Ecuador Sees M&A Action by China

Chinese buyer's offer for Lumina Gold boosts Solaris Resources, signaling Ecuador's openness for business post-re-election of President Noboa,...

Nicolas Van Broekhoven

Entree Resources: +84% YTD on Arbitration Leak? Or Rio Tinto M&A Speculation?

Entree Resources (ETG CN) surges without official news, reminiscent of Turquoise Hill buyout in 2022, as investors await arbitration ruling with...

Nicolas Van Broekhoven

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Rio Tinto Loses Arbitration Against Entree Resources; Now What?

​Entree Resources wins arbitration against Rio Tinto, leading to speculation that Rio may acquire Entree in 2025 due to reliance on Oyu Tolgoi's...

Nicolas Van Broekhoven

Rio Tinto Sees Royal Gold Snap-Up Horizon Copper, Which Has a Controlling 25% Stake in Entree

​Royal Gold Inc offers 2 CAD/share (85% premium) in cash takeover bid for Horizon Copper, with Rio Tinto PLC unable to counterbid due to...

Nicolas Van Broekhoven

Junior Copper Miners: Ecuador Sees M&A Action by China

​Chinese buyer's offer for Lumina Gold boosts Solaris Resources, signaling Ecuador's openness for business post-re-election of President Noboa,...

Nicolas Van Broekhoven

Entree Resources: +84% YTD on Arbitration Leak? Or Rio Tinto M&A Speculation?

​Entree Resources (ETG CN) surges without official news, reminiscent of Turquoise Hill buyout in 2022, as investors await arbitration ruling with...

Nicolas Van Broekhoven

Entree Resources wins arbitration against Rio Tinto, leading to speculation that Rio may acquire Entree in 2025 due to reliance on Oyu Tolgoi's...

Royal Gold Inc offers 2 CAD/share (85% premium) in cash takeover bid for Horizon Copper, with Rio Tinto PLC unable to counterbid due to...

Chinese buyer's offer for Lumina Gold boosts Solaris Resources, signaling Ecuador's openness for business post-re-election of President Noboa,...

Entree Resources (ETG CN) surges without official news, reminiscent of Turquoise Hill buyout in 2022, as investors await arbitration ruling with...