Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

A buy-side analyst with over 18 years of experience investing in Asian markets and specializing in the mid-small cap space, emphasizing value investing in companies with good free cash flows/dividends and long-term holding horizons. 
Exempt Financial Adviser (EFA) under CrossASEAN Research Pte Ltd. It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity, Bottom-up Analyst

Copper Price Correction: Four Stocks To Look At

Southern Copper (SCCO US) 2Q FY26 Results/Concall Update: >13,000 USD/Ton Copper Driving Upgrades

Ero Copper Corp. (ERO US / ERO CN) Update: Q2 FY26 Results, Cash Inflection Confirmed

Southern Copper Correction Provides An Opportunity

Copper: China Copper Concentrate Imports Show No Signs Of Letting Up

Antofagasta (ANTO LN): Set Up For a Record H2 FY26

Copper: No Resolution To The Peace Talks + High Inventories = Destock And Lower Prices

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/freeport-mcmoran-inc" target="_blank" data-smartkarma-citation="entities:12491:1" rel="noopener">Freeport McMoRan's (FCX US)</a> Grasberg mine, which was scheduled to return to full production in 2027, <a href="https://www.channelnewsasia.com/business/freeport-indonesia-adjusts-grasberg-production-recovery-full-resumption-delayed-until-2028-6109926" target="_blank" rel="noopener">has now pushed its recovery to </a><a href="https://www.channelnewsasia.com/business/freeport-indonesia-adjusts-grasberg-production-recovery-full-resumption-delayed-until-2028-6109926" target="_blank" rel="noopener">2028</a>. The mine is running at 40-50% utilization.</li>
<li>Further pressure on the cost side as Indonesia proposed a step-up in royalties in gold, copper, and tin mining. We are already witnessing <a href="https://news.metal.com/newscontent/103887752-SMM-Copper-Flash-High-Diesel-Power-Generation-Costs-in-DRC-Put-SX-EW-Copper-Smelters-Under-Pressure" target="_blank" rel="noopener">rising fuel prices</a>/<a href="https://www.spglobal.com/energy/en/news-research/latest-news/metals/041526-chinas-sulfuric-acid-restrictions-set-to-squeeze-miners" target="_blank" rel="noopener">lower sulfuric acid supplies</a>. </li>
<li>We see that elevated copper prices are resulting in great Q1 results from <a href="https://www.smartkarma.com/entities/antofagasta-plc" target="_blank" data-smartkarma-citation="entities:21814:1" rel="noopener">Antofagasta PLC (ANTO LN)</a> / <a href="https://www.smartkarma.com/entities/southern-copper-corp" target="_blank" data-smartkarma-citation="entities:16279:1" rel="noopener">Southern Copper (SCCO US)</a> and <a href="https://www.smartkarma.com/entities/lundin-mining-corp-92352503-3781-4fcb-a4db-62e6f6343783" target="_blank" data-smartkarma-citation="entities:25356:1" rel="noopener">Lundin Mining (LUN CN)</a> </li>
</ul>



Freeport McMoRan's (FCX US) Grasberg mine, which was scheduled to return to full production in 2027, has now pushed its recovery to 2028. The mine is running at 40-50% utilization.
Further pressure on the cost side as Indonesia proposed a step-up in royalties in gold, copper, and tin mining. We are already witnessing rising fuel prices/lower sulfuric acid supplies. 
We see that elevated copper prices are resulting in great Q1 results from Antofagasta PLC (ANTO LN) / Southern Copper (SCCO US) and Lundin Mining (LUN CN) 


Grasberg Slips, Copper Rips: Sulfuric Acid Shortages and Diesel Costs Add Fuel