Daily Brief Energy/Materials: Amrize, Ramelius Resources, Entree Resources, Crude Oil, New World Resources, Gold, Holcim , SGX Rubber Future TSR20 and more

• Holcim will spin off its construction materials and solutions business into a standalone company, to be named Amrize on Friday, June 20th.

• The first day of trading will be Monday, June 23, 2025.

• Holcim plans to spin off Amrize, distributing one Amrize share for each Holcim share held.

• In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the September 2025 index rebal event.
• We expect one change for ASX 50, three changes for ASX 100, and four changes for ASX 200. Separately we see 9 ADDs and 7 DELs for ASX 300.
• The official index changes will be announced after the close on Friday 5th September 2025.

• The relationship between Rio Tinto, the Mongolian Government and Entree Resources is in turmoil. Can the new Mongolian PM break the deadlock?
• Despite a binding arbitration ruling in December 2024 in favor of Entree, the government of Mongolia and Rio remain in dispute on how to handle Entree’s ownership position.
• On June 6th, it was announced that Rio will have to change its mine plan for Oyu Tolgoi as there has been no agreement between Rio, Entree and the government.

• Despite the pressure on the regime and escalating hostilities between Israel and Iran, oil prices have remained relatively contained, up only $10 since last Tuesday
• The risks of the Strait of Hormuz being closed are considered low due to US presence in the region and historical trends of short-lived oil shocks from conflicts
• Regime changes in oil-producing countries have historically led to significant spikes in oil prices, with supply disruptions lasting up to six months and causing prices to stabilize at levels 30% or higher than pre-conflict levels

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• New World receives an amended deal from CAML for 5.3 cents a share, with a $10 million placement to Camel at the same price.
• Kinterra Capital, who holds a 12% stake in New World, is unhappy with the placement and requests an urgent order to prevent it.
• The placement is conditional on New World not receiving a superior proposal from a third party in the next 14 days, which incentivizes Kinterra to make a takeover bid within that timeframe.

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• Price discovery and risk management tools in commodities markets through futures contracts
• Discussion with industry leaders at the 2025 Asia Pacific Precious Metals Conference in Singapore
• Focus on creating a kilo bar contract and improving price discovery in Asia, with a growing interest in connecting Asia to the world

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Transaction: Holcim completed the spin-off of its North American business, Amrize, on June 23, 2025; shares listed on SIX and NYSE under ticker AMRZ.
• Rationale: Enables Holcim to focus on global sustainable construction, while Amrize targets high-growth U.S. infrastructure and housing markets.
• At a $30B EV, Amrize would list near $54.43/share, implying Holcim should trade at CHF 68.20 post-spin.

• Crude Oil (CL1 COM COMDTY) reached extreme levels amid the Iran war; our models flagged a >89% reversal probability at the end of last week. Short-term tactical view: OVERBOUGHT.
• The long-term price may be higher than now, so any pullback may be a good occasion to BUY.
• This insight briefly discuss possible entry points, a couple of scenarios.

•  April NR production plunges 37.3% month-on-month  
•  Exports fall sharply; glove shipments dip 19.2% to US$258.9 mn  
• Imports too decline despite tapering NR production

• It was just a matter of time when Toronto-based PE outfit Kinterra Capital, with a (then) 11.99% stake, made a move on copper miner New World Resources (NWC AU).
• After declaring  it had increased its holding to 19.126%, Kinterra followed with an off-market NBIO at A$0.057/share. Presumably the Offer requires due diligence but the announcement is silent on this.
• Separately, Central Asia Metals (CAML LN) announced after market last Friday, it had bought 178.8mn shares (5% of shares out) at A$0.055/share; and subsequently bumped terms to A$0.055/share.