智通财经APP获悉，必和必拓(BHP.US)的一位高管透露，公司旗下Vicuña Corp. 计划今年将其坐落于阿 根廷与智利边境、安第斯山脉海拔超4200米处的全球重磅铜矿项目的投资规模翻倍。 据Vicuña通讯总监Caterina Dzugala透露，这家由澳大利亚必和必拓和加拿大Lundin Mining组建的公司， 今年可能在Filo del Sol和Josemaría矿场投资约8亿美元。这两大项目有望跻身全球最具影响力的铜矿开 发项目之列。 Dzugala在走访项目位于圣胡安省的运营基地Batidero营地时表示："2025年我们的投资额接近4亿美元， 今年计划将这一数字翻倍。" 据公司介绍，Filo del Sol和Josemaría共同构成了Vicuña矿区，这里是全球储量最大的未开发铜、金、银 多金属矿床之一。Vicuña方面预估，矿区整体投资规模约为50亿美元，而阿根廷当地官员及行业人士则 认为，这一投资总额或高达150亿美元。 目前公司暂未确认最终投资总额，相关数据将在今年第一季度末发布的综合技术报告中披露。 自2018年Alumbrera铜矿关停后，阿根廷便再无铜产品产出。当前全球各国政 ...

铁矿石周度报告 黑色分析师：李亚飞 投资咨询号：Z0021184 日期：2026年02月08日 Guotai Junan Futures all rights reserved, please do not reprint 铁矿石周度观点：补库接近尾声，需求预期转弱 ◼ 逻辑：钢厂冬储补库接近尾声，需求预期转弱，矿价承压； | | | 当周值 | | 上周值 | | | 去年同期值 | 环 比 | | 同 | 比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 供 应 | 全球发运 | 3094 . | 60 | 2978 . | 30 | 3447 . | 30 | 3 . | 9% | -10 | 2% . | | | 澳大利亚发运 | 1774 . | 30 | 1780 . | 20 | 2067 . | 10 | -0 . | 3% | -14 | 2% . | | | 巴西发运 | 692 . | 20 | 544 . | 80 | 703 . | 20 | 27 . | 1% | -1 . ...

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Viewpoints - This week, iron ore prices continued to decline from their highs, and as short - term market sentiment and capital disturbances came to an end, prices gradually returned to the fundamental logic. The supply side continued to contribute significant increments, the supply remained loose, and port inventories of imported iron ore continued to increase rapidly. The domestic terminal steel demand was unlikely to improve significantly. After the Spring Festival, the market trading logic would focus on the recovery of terminal steel demand in the first half of the year, which might fall short of expectations. The weakening of the domestic iron ore fundamentals was expected to continue, and the high valuation of iron ore was unlikely to be sustained. Overall, the current market was mainly dominated by macro and capital factors. This week, the macro sentiment cooled, the iron ore price valuation was moderately high, and the iron ore price was expected to be weak [4]. - The trading strategy suggested a weak - running trend for single - side trading and a wait - and - see approach for arbitrage and options trading [4]. Group 3: Summary by Directory Comprehensive Analysis and Trading Strategy - The iron ore price was expected to run weakly. The single - side trading was expected to be weak, while arbitrage and options trading should adopt a wait - and - see approach [4]. Iron Core Logic Analysis - **Global Iron Ore Shipment**: Since 2026, the weekly average of global iron ore shipments has been 30.79 million tons, a year - on - year increase of 11% or 15 million tons. Among them, Australia's weekly shipments were 17.82 million tons, a 7.4% or 6.1 million - ton increase year - on - year, and Brazil's were 6.5 million tons, a 5.5% or 1.7 million - ton increase. The shipments of major overseas mines remained at a high level year - on - year. In 2025, 1.26 billion tons of iron ore were imported, a year - on - year increase of 24 million tons. Since the third quarter of last year, the year - on - year increase in domestic imported iron ore has continued to grow [7]. - **Non - mainstream Iron Ore Shipment**: Since 2026, the weekly average of non - Australian and non - Brazilian iron ore shipments has been 6.48 million tons, a year - on - year increase of 29% or 7.3 million tons. The Simandou mining area is expected to contribute most of the increment in 2026, about 20 million tons for the whole year. It is expected to be in the production ramping - up stage in 2026 and enter the fast - lane of production release in 2027 [9]. - **Imported Iron Ore Port Inventory**: This week, the port inventory of imported iron ore continued to increase, and the steel mill inventory increased significantly, resulting in a 4 - million - ton increase in the total domestic imported iron ore inventory compared with the previous week. The current port inventory of imported iron ore is at the highest level in the past six years, and the domestic iron ore supply - demand pattern remains loose. Since January, the port inventory of imported iron ore has continued to increase significantly, with an inventory accumulation of about 15 million tons [11]. - **Domestic Terminal Steel Demand**: In December 2025, the year - on - year decline in real - estate new construction was 19%, and the sales area decreased by 17% year - on - year. Infrastructure investment (excluding electricity) decreased by 12% year - on - year, and the growth rate of manufacturing investment decreased by 11% year - on - year. The real - estate market improved marginally but remained at the bottom, while the growth rates of infrastructure and manufacturing investment declined significantly. In the first half of 2026, the demand might fall short of expectations. Since the second half of 2025, domestic steel demand has been declining, and it is expected to continue to decline in the first half of 2026 on the high - base background of the first half of 2025. Overseas, in 2025, the consumption of iron ore decreased by 1% or 9 million tons year - on - year, but the consumption of iron elements increased by 3.5% or 37 million tons year - on - year. From the second quarter to the end of the year, overseas iron - element consumption was at a high level and continued to contribute increments. India's crude - steel output increased by 10% or 15.5 million tons year - on - year in 2025, and its demand remained at a relatively high level [13]. Iron Ore Fundamental Data Tracking - **Imported Iron Ore Port Price**: The report provides data on the Platts iron ore price index, the prices of PB powder and Carajás fines at Qingdao Port, and the spread between high, medium, and low - grade powder and the cash profit of steel mills [19]. - **Imported Iron Ore Port Profit**: It presents the import profits of PB powder, Carajás fines, Super Special powder, Jinbuba, PB lump, and FMG [21]. - **Profit of Mainstream Steel Mills in East China**: It includes the cash profits of rebar and hot - rolled coils in East China, the iron - making cost (excluding tax), the cash cost of hot - rolled coils, the cost of billets (excluding tax), and the cash cost of rebar [23]. - **Domestic - Overseas US Dollar Spread**: It shows the spreads between SGX and DCE contracts (converted to PB pricing), and the premium rate of Singapore iron ore to domestic iron ore [25]. - **Iron Ore Main Contract Basis and Inter - period Spread**: It provides data on the basis between the optimal delivery product and different contracts, and inter - period spreads such as 9/1, 1/5, and 5/9 spreads [27]. - **Global Four Major Mines' Shipments**: It shows the global shipment volumes of Rio Tinto, Vale, BHP, FMG, and CSN iron ore, as well as the arrival volume at 45 ports [29]. - **Imported Iron Ore Port Inventory**: It includes the inventory of powder, lump, pellet, non - trade, iron concentrate, and non - Australian and non - Brazilian iron ore at ports [31].

Mining & Energy Giants Drive January Performance of IDOGETF Trends is now VettaFi. Read More --The [ALPS International Sector Dividend Dogs ETF (IDOG)] gained 3.1% in January, driven by double-digit rallies in mining and energy holdings that reported record production and benefited from surging commodity prices. [BHP Group (BHP)] climbed 16% after announcing record copper and iron ore output, while Norwegian energy producer [Equinor ASA (EQNR)] advanced 13.5% following strong fourth quarter results, accordi ...

Core Insights - Altair Minerals has revealed significant geophysical results at its North Peters prospect, indicating substantial potential for resource expansion within the Greater Oko Project in Guyana [1][4] Group 1: North Peters Prospect - The IP geophysics survey at North Peters has identified a major untested chargeability high, C1, with a 900m strike length, of which only 300m has been drilled [2] - A resistivity corridor, R1, measuring 2.7 km has been defined, with only 600m drilled, aligning with previously reported high-grade intercepts [2] - Two additional untested chargeability highs, C2 and C4, have been identified, combining for a 550m strike length, remaining open at the survey boundaries [3] Group 2: Significant Intercepts - Notable intercepts near the C1 target include 109m at 2.04 g/t from 47m, 63m at 2.25 g/t from 55m, and 89m at 2.40 g/t from 45m [3] - Other significant results include 43m at 10.56 g/t from surface and 14m at 6.13 g/t from 49m [3] Group 3: Greater Oko Project Development - The company secured A$13.0 million through an institutional placement, enhancing its financial position [4] - Altair ended December 2025 with a cash balance of A$12.2 million, fully supporting a minimum 15,000m drill program planned for the Greater Oko Project, with drilling expected to commence in Q1 2026 [4] Group 4: South Oko Anomaly Expansion - The South Oko soil anomaly has extended by an additional 1 km to the south and west, remaining open in both directions [6] - The South Oko area now includes three distinct, open targets: W1 with a 2.0 km strike length and gold values exceeding 100 ppb Au, W3 extending 1.6 km with assays above 50 ppb Au, and E1 measuring 1.3 km with gold concentrations greater than 100 ppb Au [6] Group 5: Ongoing Dispute with BHP - Altair is involved in a dispute with BHP Group regarding its Olympic Domain copper project, with a Wardens Court hearing scheduled for 19 February 2026 [8] - The disagreement arises from BHP's intentions to use Altair's project area for infrastructure related to BHP's nearby Oak Dam Deposit, with previous discussions leading to the current adjudication process [9] - Altair remains focused on achieving a commercial resolution with BHP, which could unlock substantial value for the Olympic Domain asset [9] Group 6: Future Steps - Altair is advancing its exploration portfolio, with North Peters IP results providing clear drill targets for Q1 2026 [10] - While the Greater Oko project shows significant promise, the ongoing BHP dispute and reliance on funding are key considerations for investors [10]

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Contact: BHP is planning to restart its Cerro Colorado copper mine in Chile. The mine, located in the Pampa Norte region, is part of BHP broader ...

Core Insights - Litchfield Minerals has been selected for the 2026 BHP Xplor global accelerator program, which provides non-dilutive funding and technical support for its Oonagalabi project in the Northern Territory [1][2] Funding and Support - Litchfield will receive US$500,000 in equity-free funding to enhance geological understanding and model refinement at the Oonagalabi project [2] - The funding is non-dilutive, ensuring that Litchfield's capital structure remains unaffected while gaining access to BHP's technical specialists and proprietary exploration methodologies [4] Validation of Geological Model - BHP's selection of Litchfield indicates confidence in the company's geological concept and systematic approach to discovery at Oonagalabi, which is being developed as a large-scale, multi-event mineral system [3][6] - The program is expected to significantly accelerate geological understanding and next-phase targeting at the Oonagalabi project [3][7] Opportunity and Endorsement - The recognition by BHP reinforces Litchfield's belief in the potential for a tier-one discovery at Oonagalabi, highlighting the geological architecture present [5] - BHP's exploration officer noted Litchfield's clear commitment to responsible and systematic project progression, aligning with the goals of the Xplor program [6][7]

Core Insights - BHP has selected 10 early-stage exploration and technology companies for the 2026 BHP Xplor program, marking the largest cohort since the program's inception [1] - The 2026 cohort emphasizes a connected approach to early-stage exploration, integrating geological insight, data, and emerging technologies [2] - The program aims to enhance understanding of mineral systems in remote and complex environments through interdisciplinary collaboration [3] Exploration Companies - FrontierX (Canada) focuses on uranium exploration and is undertaking a preliminary project to test geological concepts [5] - Litchfield Minerals (Australia) is advancing copper, zinc, lead, silver, and gold opportunities, particularly in the Oonagalabi project [6] - Orion Minerals (South Africa) is applying modern data analytics to identify new discovery opportunities in its copper and zinc asset portfolio [7] - Otrera Resources (South America) is focused on sediment-hosted copper systems, leveraging regional experience and modern geochemical approaches [8] - PT GeoFix (Indonesia) is a geoscience consultancy applying proprietary tools to test new copper-gold exploration concepts [9] - Utah Geological Survey (USA) is leading a regional mineral systems analysis to improve understanding of mineral potential in the eastern Great Basin [10] Technology Companies - RadiXplore (Australia) uses AI to analyze historical exploration records and modern data for copper exploration [11] - Mineural (Canada) employs AI to help exploration teams identify and prioritize mineral targets more efficiently [12] - VectOres Science (USA) develops non-invasive tools to support mineral exploration, focusing on real-time data for early identification of mineral systems [13] - Discovery Genomics (Canada) is advancing DNA sequencing as a tool for mineral exploration, testing microbial DNA signatures to identify buried mineral systems [14]

Core Viewpoint - Major copper producers are experiencing a rally due to supply disruptions in South America, China's infrastructure stimulus, and increasing demand from electric vehicles and renewable energy sectors, with copper futures up 40% since August [1] Group 1: Market Dynamics - Mining stocks are rallying, indicating investor expectations for robust industrial activity ahead [2] - Predictions of a prolonged copper shortage are growing, leading to interest in mining stocks [2] Group 2: Company Profiles - **BHP Group**: - Offers copper exposure with a diversified portfolio, including iron ore, petroleum, and coal, generating $51.3 billion in trailing revenue [3] - Stock has increased 52% over the past year, with a forward price-to-earnings ratio of 13x, indicating expected earnings recovery [4] - Provides lower volatility with a beta of 0.66 and a dividend yield of 1.56% [4] - **Freeport-McMoRan**: - Closest to a pure copper bet among major U.S.-listed miners, generating $25.9 billion in trailing revenue [6] - Reported fourth-quarter earnings of $0.47 per share, exceeding estimates by 47%, marking four consecutive quarters of outperformance [6] - Stock has surged 80% over the past year, with EPS estimates expected to rise to $2.67 in 2026 [7] - **Southern Copper**: - Dominates profitability with a 52.4% operating margin and $13.2 billion in trailing revenue [10] - Stock has increased 132% over the past year, with a 39.3% return on equity [11] - Trades at a premium with a forward price-to-earnings ratio of 27x, reflecting strong market demand for quality [11] Group 3: Investment Opportunities - The three companies offer different risk-reward profiles for copper exposure, with Southern Copper leading in profitability, Freeport-McMoRan providing pure-play leverage, and BHP offering diversified stability [12]

格隆汇1月29日｜铜价创下历史新高后，美股上市铜矿商股价盘前上涨，必和必拓(BHP.US)涨4.1%，力 拓(RIO.US)涨3.3%。 ...