Daily Brief Energy/Materials: Northern Star Resources, Zijin Gold, Anglo American, Sibanye Stillwater , Ecolab Inc, Nucor Corp, Packaging Corporation of America, Reliance Steel & Aluminum, Serica Energy, Condor Energies and more

• The VanEck Gold Miners ETF/USA (GDX US) will change benchmark from the NYSE Arca Gold Miners Index to the MarketVector Global Gold Miners Index at the close on 19 September.
• The differences in the constituents between the two indices should result in 8 adds and 25 deletes. Estimated one-way turnover is 27.4% resulting in a round-trip trade of US$12.5bn.
• The forecast adds have continued to underperform the forecast deletes as the big valuation gap that had opened up since the announcement of the benchmark switch narrows.

• Zijin Gold (2579355D HK) is looking to raise up to US$3.0bn in its upcoming Hong Kong IPO.
• It is a global leading gold mining company formed by combining all of the gold mines of Zijin Mining, located outside of China. 
• We have looked at the company’s past performance in our previous note. In this note, we will undertake a peer comparison.

• Anglo and Teck have decided to merge, creating a ~$53bn copper-focused mining major that ranks #4 globally with ~1.2 Mt of output in 2024.
• The deal targets ~$800m in annual savings by year four, though history suggests full delivery is unlikely.
• The combined group offers strong leverage to copper’s structural growth and top-3 scale in seaborne met coal as a cash engine.

Key points (machine generated)

• The analysis focuses on Sibanye-Stillwater (SBSW) and its potential in the platinum group metals (PGMs) market, while also considering competitors like Northam Platinum and Impala Platinum.
• The thesis suggests that decreasing production costs can lead to increased profits and stock prices as commodity prices rise.
• Sibanye-Stillwater operates in South Africa and the United States but faces geopolitical risks associated with its South African operations, a common challenge for PGM miners in the region.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Ecolab reported a robust second quarter with notable strengths and some areas of challenge.
• The company maintained a strong trajectory of double-digit earnings growth amidst a complex global operating environment.
• Organic sales grew by 3%, driven largely by strong value pricing and the core business’s momentum.

• Nucor Corporation delivered a solid performance in the second quarter of 2025, indicating resilience and adaptation in a volatile economic environment.
• The company reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of approximately $1.3 billion and an earnings per share of $2.60, reflecting robust performance compared to the previous quarter.
• This improvement is primarily attributed to higher average selling prices in the steel mills segment and steady pricing coupled with increased volumes in the Steel Products segment.

• Packaging Corporation of America (PCA) reported its financial results for the second quarter of 2025, depicting a mixed picture of the company’s performance amid varying market conditions.
• The company recorded a net income of $242 million, or $2.67 per share, an increase from the previous year’s $199 million, or $2.20 per share.
• Excluding special items, net income was $224 million, translating to $2.48 per share, exceeding the prior year’s figures and beating the guidance by $0.07 per share due to lower operating and fiber costs.

• The latest financial results for Reliance, Inc. present a complex picture, highlighting both the company’s robust performance in certain areas and the challenges posed by ongoing market volatility and economic uncertainties.
• Positives from the results include a record performance in terms of tons sold during the second quarter, with growth outpacing the industry average by 7 percentage points.
• This success can be attributed to the company’s extensive scale, access to domestic metals, and comprehensive processing capabilities, further showcasing Reliance’s ability to leverage its operational efficiencies and market position to capture additional market share effectively.

• Production at the Triton FPSO is currently running at a reduced rate due to a vibration issue within the compression trains, requiring bearing replacement.
• Normal output is expected to resume by end-September.
• Triton achieved net production of over 25,000 boe/d in August using only one compressor.

• 3Q25 Uzbekistan production to date has averaged 10,284 boe/d; which is consistent with 10,258 boe/d reported in 2Q25.
• Drilling of the first vertical well in Uzbekistan is underway, with results expected in October.
• The well is targeting the producing carbonate reservoir, as well as deeper clastic formations and fractured basement intervals.