Australian Metals & Mining Weekly: Copper: mini primer + demand. Plus RIO, BHP, EVN, GMD A$13bn merger.

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Australian Metals & Mining Weekly: Copper: mini primer + demand. Plus RIO, BHP, EVN, GMD A$13bn merger.

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Australian Metals & Mining Weekly

Copper: mini primer + demand. Plus RIO,

BHP, EVN, GMD A$13bn merger.

Industry Overview

BHP & RIO production reports; some patina into CY27 20 July 2026

BHP: Solid JunQ production update with record iron ore. Copper and iron ore in line with Equity

expectations, coal stronger. Key takeaways: FY27 production guide: largely in line with Australia

BofA /consensus noting Copper SA softer on Carrapateena/inventory. See: Strong FY26 Metals & Mining

copper finish but some patina into 27e RIO TINTO: Iron ore. Pilbara (Australia) 83.5 Mt, Equity Research

+6% QoQ, flat YoY, -4% vs our estimate, +1% vs consensus (visible alpha). Shipments Kate McCutcheon >>

ahead at 85.3 Mt. Copper 213 kt, -7% QoQ, -7% YoY, -1% vs our estimate, -2% vs cons. ResearchMerrill LynchAnalyst(Australia)

Production guide unchanged. See: Driving growth. But Mongolian tax is taxing. +61 2 9226 5728

kate.mccutcheon@bofa.com

EVN: Guidance delivered; FCF/oz best in group JasonResearchFaircloughAnalyst >>

EVN delivered guidance for the 2nd consecutive year. FCF/oz for JunQ of A$2100/oz the MLI (UK)

jason.fairclough@bofa.com

highest in our gold coverage. JunQ bought disclosures on FY27 capex + AISC so FY result

Chen Jiang >>

should be "clean". EVN says capex is a timing issue/pull forward. PO nudged down 20cps Research Analyst

to A$14/sh. We like the copper exposure, organic growth story and management track Merrill Lynch (Australia)

chen_jiang@bofa.com

record. See: Guidance delivered; FCF/oz best in group though FY27 capex is up

Elaine Faddis >>

Research Analyst

Merrill Lynch (Australia)A$13bn GMD+VAU merger. ST accretive, MT dilutive

elaine.faddis@bofa.com