In today’s briefing:
- Zijin Gold Pre-IPO Tearsheet
- ARG: Positioned to Benefit from Higher Copper Prices
- Beetaloo Energy Australia – C-5H Stimulated Completed – Now for the Gas Rate
- [IO Fundamentals 2025/27] Industrial Cleanup, Trade Tensions, and Diverging Inventory Data
- NIM: Gold & Silver Production Commences at the Merritt Mill
Zijin Gold Pre-IPO Tearsheet
- Zijin Gold (2579355D HK) is looking to raise up to US$2.0bn in its upcoming Hong Kong IPO. The deal will be run by Morgan Stanley and CITIC.
- It is a leading gold mining company formed by combining all the gold mines of Zijin Mining, located outside of China.
- It held interests in eight gold mines located in gold-rich regions across South America, Oceania, Central Asia and Africa.
ARG: Positioned to Benefit from Higher Copper Prices
- What you need to know: • Q2 copper production was 15.5Mlbs, vs. our 16.0Mlbs due slightly weaker grade from the fresh tailings, yet ARG maintained guidance.
- • Cash costs for the quarter came in at $1.82/lb, below our estimate of $1.93/lb, led by continued operational excellence.
- • ARG has returned $12.1M of capital to shareholders through H1/25, including $7.6M in Q2.
Beetaloo Energy Australia – C-5H Stimulated Completed – Now for the Gas Rate
- Beetaloo Energy Australia Limited (ASX:BTL) is a gas development company, with onshore Northern Territory (NT) gas exploration and development assets.
- BTL has the largest tenement position in the highly prospective Greater McArthur Basin, which includes the Beetaloo Sub-basin.
- The company has announced the successful completion of the stimulation phase of the Carpentaria-5H (C-5H) testing and evaluation campaign, with the outcomes in-line with the initial specifications.
[IO Fundamentals 2025/27] Industrial Cleanup, Trade Tensions, and Diverging Inventory Data
- Beijing’s push to cut inefficient capacity may support steel margins and create a steady floor for iron ore prices.
- Malaysia’s anti-dumping tariffs of 3.86-57.90% target Chinese steel exports, posing limited short-term impact but signalling broader risks to China’s iron ore demand over time.
- Portside inventories may continue rising as iron ore arrivals increase and weak pig iron output slows cargo pick-up across Chinese ports.
NIM: Gold & Silver Production Commences at the Merritt Mill
- What you need to know: • NIM announced it has commenced production of at its Merritt Mill, with 3.1Kt of Talisker’s high-grade ore delivered and processing underway.
- • Nicola expects to ramp-up production to full capacity (200tpd) in Q3.
- • We look forward to Nicola receiving ore from its two other sources in the near term (Blue Lagoon Resources and the 10,000t bulk sample from Dominion Creek).
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