Smartkarma Daily Briefs

• On 7 March, the Seoul Central District Court ruled that it is reasonable for Korea Zinc to maintain the concentrated voting system, which should favor Chairman Choi and his allies.
• On the other hand, the court also ruled that Korea Zinc was wrong to restrict Young Poong’s voting rights which should be favorable to MBK/Young Poong alliance. 
• The fact that the court has allowed concentrated voting system would mean the M&A of Korea Zinc will continue. 

• BHP stock affected by fat finger incident causing rapid drop in share price
• Ex dividend date for BHP, investors may miss out on dividend payment if purchased on or after ex dividend date
• Order for 750,000 BHP shares at higher price causes market disruption, shows impact of large trades on stock price fluctuations.

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• For the week ending 28/Feb, US crude inventories increased by 3.6m barrels, contradicting expectations of a 0.6m barrel decline. Meanwhile, gasoline and distillate stockpiles unexpectedly dropped.
• US natural gas inventories fell by 80 Bcf for the week ending 28/Feb, lower than analyst expectations of a 96 Bcf drawdown. Inventories are 11.3% below the 5-year seasonal average.
• Aramco’s 2024 net profit fell 12.4% YoY on lower crude prices and weak margins. The Trump administration gives Chevron 30 days to end Venezuelan oil operations.

• Newmont Corporation’s latest financial results and strategic roadmap indicate both challenges and opportunities inherent in its operations.
• The company’s leadership discussed its focus on integration, rationalization, and stabilization of assets following recent acquisitions and portfolio re-alignment.
• In 2024, Newmont embarked on significant transformations, focusing on three core areas: integrating newly acquired assets, rationalizing its portfolio, and stabilizing its business amid dynamic gold market demands and industry challenges.

• The developer of international green fertiliser projects today announced the signing of non-binding Heads of Terms with Hy24’s managed Clean H2 Infra Fund for an up to US$115m investment in the Villeta project in Paraguay.
• Under the proposal, the Clean H2 Infra Fund will become the anchor and lead equity investor in relation to the Company’s flagship 260,000 tonnes p.a. green fertiliser project.
• The agreement marks a significant milestone towards Final Investment Decision. 

• Teck Resources Limited’s fourth quarter and full-year results for 2024 highlight significant operational and financial shifts following strategic changes within the company.
• The sale of their steelmaking coal business marked a pivotal transformation, repositioning Teck as a focused player in energy transition metals, primarily copper and zinc.
• This strategic divestment yielded USD 8.6 billion, enabling unprecedented cash returns to shareholders, totaling $1.8 billion in 2024.

• The FY24 production had been reported previously.
• Gross production in Argentina is approximately 15,000 boe/d and is expected to increase to around 16,000-17,000 boe/d by the end of 2025.
• The acquisition of the Argentinian assets is anticipated to be completed in late 1Q25 or early 2Q25 pending the regulatory approval of the Neuquen province.

• • The Bourdon exploration well has encountered approximately 34 metres of net oil pay within a 45-metre column in the Gamba reservoir formation, representing the largest hydrocarbon column discovered to date at Dussafu.
• • Prior to drilling, Bourdon was expected to hold around 5.1 mmbbl prospective resources, net to Panoro’s WI • An appraisal side-track could be drilled to better assess the size of the discovery.
• Depending on the extent of the find, it could be developed as either a subsea tieback or a new development.

• Vietnam rakes in US$3.4 billion from rubber exports in 2024  
• Impressive surge in exports to Malaysia and Europe  
• Chinese tire firm undertakes third phase of expansion in Vietnam