In today’s briefing:
- Global Metals & Mining Playbook – July 2025
- Jiaxin International Resources Investment Pre-IPO – Tungsten Powerhouse Anchored by State Capital
- Steel Trade: India’s BIS Mandate Spurs Import Shock Amid Rising Global Protectionism
- Jiangxi Copper (0358.HK / 600362.SH): Turnaround Hinges on Captive Shift, Still Deep Value
- James Hardie Industries Plc – The Overnight Report: Bullish Into A Short Week
- India Coal Sector Q1 FY26: Private Miners Surge, CIL Stumbles
- Flagship Minerals Limited – Building Oxide Gold and Copper Projects
- Chinese Tire Giants Accelerate Global Expansion Amid Trade Barriers
- Copper Fox Metals Inc – Mining Monthly: June Edition
- Chariot Limited (AIM: CHAR): Potentially demerging the group
Global Metals & Mining Playbook – July 2025
- Commodity trends remain bifurcated: gold, copper, and uranium are surging, while iron ore, and coal struggle under oversupply and weak demand.
- Top picks: Zijin Mining Group (601899 CH)Shandong Gold Mining (1787 HK)JSW Steel Ltd (JSTL IN), Lloyds Metals & Energy (LYDM IN) , Paladin Energy (PDN AU)
- Top shorts: Hindalco Industries (HNDL IN) , Nippon Steel Corporation (5401 JP)Coal India Ltd (COAL IN)Tata Steel Ltd (TATA IN)
Jiaxin International Resources Investment Pre-IPO – Tungsten Powerhouse Anchored by State Capital
- Jiaxin International Resources Investment Limited (JIRI) is looking to raise about US$140m in its upcoming Hong Kong IPO.
- Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production is scheduled to begin in 2Q25, with full ramp-up by 2027.
- Falling unit costs, rising ASPs, and front-loaded CAPEX point to improving free cash flow. Belt and Road alignment enhances access to funding and policy support.
Steel Trade: India’s BIS Mandate Spurs Import Shock Amid Rising Global Protectionism
- Recent Impact: India’s BIS mandate has disrupted steel imports overnight, stranding shipments and pressuring MSMEs.
- Pricing: While prices have remained broadly stable so far, rising input tightness and seasonal factors suggest upward pressure is likely ahead.
- Global Trends: Around 25–35% of global steel trade is now under protectionist measures, reflecting a broader shift toward regionalization and defensive trade policies.
Jiangxi Copper (0358.HK / 600362.SH): Turnaround Hinges on Captive Shift, Still Deep Value
- Revenue and net profit have grown steadily over the past 5 years, but margins remain structurally thin due to its tolling-heavy model.
- Strategic shift underway to expand captive mining, value-added copper products, and ESG compliance—potentially lifting margins and returns through FY30.
- Trading at a steep discount to Zijin (~0.6x P/B vs. 2.3x), the gap reflects real structural differences; not unjustified—but offers upside optionality under copper price normalization and higher captive integration.
James Hardie Industries Plc – The Overnight Report: Bullish Into A Short Week
- A global perspective on what happened overnight
India Coal Sector Q1 FY26: Private Miners Surge, CIL Stumbles
- CIL reports 8.5% drop in June output, while private and captive mines post double-digit growth
- Unusual monsoon, logistics bottlenecks, and subsidiary underperformance drag PSU volumes
- Unless execution improves in Q2 and beyond, outlook on CIL remains cautious amid structural market shifts.
Flagship Minerals Limited – Building Oxide Gold and Copper Projects
- Flagship Minerals Limited (ASX:FLG), formerly Pan Asia Metals Limited (ASX:PAM), is a junior explorer with two projects focusing on gold and copper respectively in Chile.
- Pantanillo is an advanced gold oxide project which has an NI 43-101 based 1.05Moz Au MRE (99.4% Measured and Indicated) which is a Qualified Foreign Estimate under JORC, whilst Rosario represents an earlier-stage copper exploration project.
- Both projects are subject to binding option agreements whereby FLG will make annual option payments and conduct work programmes to progress the projects.
Chinese Tire Giants Accelerate Global Expansion Amid Trade Barriers
- Linglong Tire’s new plants in Brazil, Kenya and Anhui in China
- Yongsheng Rubber to take advantage of Morocco’s FTA with West
- CNTR’s car tire facility to come up at Alexandria in Egypt
Copper Fox Metals Inc – Mining Monthly: June Edition
- The mining sector posted another solid month in June with gold breaking its streak of gains but silver and copper performing well.
- This was led by increased geopolitical uncertainty, continued government spending, and potential for lower interest rates.
- Gold was down 2%, silver was up 4%, and copper was up 5% compared to the GDX up 3%, GDXJ up 4%, SILJ up 12%, and COPX up 10%.
Chariot Limited (AIM: CHAR): Potentially demerging the group
- • The management of Chariot Group are considering splitting the company in two entities, one focusing on upstream oil and gas and the other on renewable power, the latter will also house the hydrogen and water assets.
- • Pending further details, we are placing our target price under review.
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