Vale Indonesia (INCO.IJ) Logistics Recovery and HPM Benefits Set the Stage for FY26F-27F...
We cut our TP to Rp7,300 (prev. Rp8,000) on slower monetization, partly offset by new HPM implementation and higher matte output.
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Vale Indonesia: First New Project Guidance, Rating Upgrade
Vale Indonesia reported first guidance for new projects expected to transform its revenue from 100% nickel matte to a roughly 50/50 matte/nickel...
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Sumitomo Metal Mining - A Shiny Mix of Gold, Copper and Nickel
This miner has extremely conservative forecasts, some scarcity value, and a strong balance sheet for potential future buybacks and dividends.
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Macro Strategy: The Fed Tightens: Can BI Hold the Line?
The Fed Tightens: Can BI Hold the Line? The curve prices in another hike, but historical patterns suggest a more measured yield adjustment than in...
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Metal Mining: Nickel Ore HPM Revised Further, Improving Pricing Certainty (OVERWEIGHT)
Metal Mining Nickel Ore HPM Revised Further, Improving Pricing Certainty. Low-grade limonite sees a lower pricing floor, narrowing the gap with...
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