業種
Diversified Mining
Diversified Mining のすべてのレポート — 全 3 件。
38/100
78Buffett
Rio Tinto: Copper EBITDA Rose 84% on 1% More Production, and £73.74 Sits Inside a £62–82 Hold Band
Rio Tinto is a global iron ore, copper, aluminium and lithium miner whose profit mix is shifting from Pilbara iron ore toward copper, with H1 2026 underlying EBITDA of US$6.77bn from iron ore against US$5.71bn from copper and US$3.31bn from Aluminium & Lithium. Group underlying EBITDA rose 28% to US$14.8bn and the interim dividend 43% to US$2.11 a share, but consolidated copper production was only 1% higher at 442kt while copper EBITDA rose 84%, so price rather than volume did most of the work, and net debt has climbed from US$5.49bn at the end of 2024 to US$14.06bn while Pilbara replacement mines, Simandou, copper and lithium are all funded at once. Rating Hold: at £73.74 the shares sit inside the £62–82 acceptable-hold band and about 19% below May's £91.17 high, yet still well above the £44–47 ideal buy zone, so the copper transition is real while the conservative margin of safety is not.
31/100
66Buffett
Zangge Mining: A Copper Associate It Does Not Control Now Drives Four-Fifths of Profit, and CNY 76.15 Already Pays for It
Zangge Mining is a Qinghai salt-lake producer of potassium chloride and lithium carbonate whose reported earnings are now dominated by a 30.78% equity-method interest in Julong Copper, an associate it neither consolidates nor operates. In H1 2026 consolidated revenue was only CNY 2.065bn while attributable net profit reached CNY 3.638bn, because Julong alone contributed CNY 2.839bn of investment income, 78.03% of attributable profit, on CNY 15.004bn of associate revenue that never enters Zangge’s top line. Rating Hold: at CNY 76.15 the stock sits inside the CNY 72-82 base sum-of-the-parts region and well above the CNY 58-62 conservative value, so the margin of safety is none and the ideal buy range is CNY 46-49.
38/100
57Buffett
Zijin Mining: A Real Multi-Metal Compounder, Priced for the Transition to Go Right
Zijin Mining is a dual-listed (Shanghai + Hong Kong) Chinese mining major that has grown from a domestic gold champion into a global gold-copper-lithium portfolio spanning 18 countries, with a roughly 5.5 billion CAD acquisition of Allied Gold's African assets still unclosed as of 2026-07-22. In 2025 revenue rose to CNY 349.1 billion and operating cash flow to CNY 75.4 billion, and first-quarter 2026 net profit jumped 98% to CNY 20.1 billion as mining-enterprise gross margin reached 71.01% and lithium carbonate output surged more than tenfold to 16.2 thousand tonnes. Rating Hold: cash generation and portfolio breadth are genuinely strong, but at CNY 30.21 the A-share already sits inside the fair-value range, leaving limited margin of safety until Allied closes and Kamoa's copper output normalizes.