业绩综述：资产处置、并购与铜业务增长・估值分析

IndustryMetals & Mining Results wrap: disposals, M&A andcopper growth. Valuations Liam Fitzpatrick Results wrap Research Analyst+44-20-754-13233 Earnings season for the Global Mining Sector concluded this week, with resultsfrom the diversified majors and a number of copper companies. Considering thisweeks' reporting, BHP (Hold) kicked it off and surprised the market with a largesilver streaming deal ($4.3bn) and is targeting a further $3-4bn in disposals in thenear term. The company also provided new capex figures for its Copper SAbusiness, which were significantly higher than market expectations. GLEN (Buy)followed on Wednesday and the focus was on disposals; the DRC minority stakesale agreement should be finalised in the coming months and the lock-up on theBunge equity stake (32.8m shares, currently worth ~$3.9bn) ends in early July.Looking ahead, we believe further asset sales could be announced, noting recentnews that the company could be close to selling the Kazzinc business. Bastian SynagowitzResearch Analyst+41-44-227-3377 Cody HaydenResearch Analyst+44-20-754-13230 RIO (Hold) attempted to refocus the market on its near-term copper growth, thetarget to release $5-10bn through disposals and the company's cost cutting drive.However, the company’s earnings call was dominated by questions on GLEN,following the recent collapse in the merger talks. In our view, a deal between the twocompanies is still possible further down the line (merger analysis). Anglo (Buy)closed out the week on Friday, and reported a pre-tax impairment (previouslyflagged) of $2.3bn at De Beers. The De Beers sales process is nearing completion,while the formal sales process for the coking coal business is back underway (Angloexpects to announce a sale in Q2 and complete by year end). Across our copper coverage, ANTO (Sell) provided limited new updates as itsongoing projects, the Centinela Second Concentrate and its Los Pelambres‘Growth Enabling Projects’, continue to progress on time and on budget. For TECK(Buy), works at the QB TMF are progressing to plan and largely as communicatedon the site trip in November, while on ‘Anglo Teck’, the merger remains subject tocustomary closing conditions and on anti-trust approvals from China and SouthKorea (the US, EU, and other key regions have now been received). For LUN (Hold),the company reported robust earnings but the key update was the Vicuñaintegrated technical study (a 50:50 JV with BHP) released earlier in the week. Stage1 capex has been guided to $7.1bn and depending on the timing of its sanctioningdecision (expected in late 2026), first production could be as early as H2 2030following a 40-month construction period. 22 February 2026Metals & MiningMetals & Mining Data & news flow FMannounced the results of its technical report for Taca Taca, its most advancedgreenfield project located in Peru. The study highlights an after tax NPV (8%) of$5.9bn on $4.50/lb copper and $3,000/oz gold, with life of mine average annualproduction of 209 kt copper and 96 koz gold. Development capital has been guidedto $5.3bn.FCX announced it has entered into a MoU with the Indonesiagovernment for a life of resource extension of operating rights for PT FreeportIndonesia in the Grasberg minerals district.Vale Base Metalshas entered into anagreement to form a four-part consortium for the Thompson Nickel Belt in Canada.RIOannounced that work at its Simandou iron ore project in Guinea have beensuspended after a contractor was killed. It remains unclear how long its operationswill be suspended for, but RIO is still guiding its JV’s share of production at 5-10 mtin 2026. China’sBF capacity utilisation rate for the week ending 12 February stoodat 86.4%, up 0.7 ppts WoW, and marking two weeks of consecutive increases. Dailyaveragecrude steel outputfor CISA members over 1-10 February was up by 1%from the end of January and down 9% YoY.Traders’ steel inventoriesup 9% WoW.Steel margins were flat WoW; both HRC mill margins and rebar mill margins remainnegative. China’s domestic steel scrap price was up 1% WoW.Iron ore portinventories-1% WoW (up 10% YoY) and declined after 11 weeks of consecutiveincreases. China property sales decreased 14% WoW and is up 47% YoY over thepast four weeks. China’spower generation indexis flat WoW. Copper: Chinacopper concentrate spot TC-US$51/t on 13 February (-US$51.2/t last week), stillclose to its all-time low. The COMEX copper premium to LME is marginally positive,while premiums in China are down 20% WoW. Chinabase metal inventories:zinc,aluminium and copper inventories up by 16%, 7% and 6%. Commodity price and FX trends (Fig 10-17) Base metals broadly decreased over the past week. Aluminium, copper, nickel andzinc (all -1%) led the moves lower, while cobalt remained flat. Precious metalsincreased over the past week; led by palladium, silver, and platinum (all +4%),followed by rhodium (+3%) and gold (+2%). Within bulks, coking coal (+11%)increased, while iron ore (-2%) decl