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

Iron Ore: Simandou Supply Disappoints/ What's Happening To The Cost Curve/ Chinese Mills Profitable?

Elevated Iron Ore Prices Leave Limited Headroom Without a Fresh Market Trigger

Rebuilding Supply-Side Pressure Is Strengthening Bearish Conviction in Iron Ore

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>Copper revenue surged +47.9% YoY in FY2025 to US$13.7bn, now accounting for 23.8% of group revenue (vs. 17.3% in FY2023), the highest copper revenue share in at least 17 years.</li>
<li>Copper EBITDA reached a record US$7.4bn in FY2025, representing 32.9% of group EBITDA —up from 15.7% just two years prior — signalling a fundamental mix shift within the portfolio.</li>
<li>Management explicitly declined a full-perimeter merger with Glencore on value-discipline grounds, reinforcing its strategic focus on organic copper growth and selective partnering in Chile and South America.</li>
</ul>


Copper revenue surged +47.9% YoY in FY2025 to US$13.7bn, now accounting for 23.8% of group revenue (vs. 17.3% in FY2023), the highest copper revenue share in at least 17 years.
Copper EBITDA reached a record US$7.4bn in FY2025, representing 32.9% of group EBITDA —up from 15.7% just two years prior — signalling a fundamental mix shift within the portfolio.
Management explicitly declined a full-perimeter merger with Glencore on value-discipline grounds, reinforcing its strategic focus on organic copper growth and selective partnering in Chile and South America.


THE COPPER CATALYST: Rio Tinto's Strategic Pivot Toward Copper-Led Growth

Rio Tinto Ltd

THE COPPER CATALYST: Rio Tinto's Strategic Pivot Toward Copper-Led Growth