In case you missed it, Aussie Most Read Publications: 14 Jul to 20 Jul 2026

研报英文原文证据摘录

In case you missed it, Aussie Most Read Publications: 14 Jul to 20 Jul 2026

, an update on the suspension of Collahuasi's desalination plant carries tail risks, as

we believe a prolonged suspension could have implications for copper recoveries in H2'26 or 2027.

BHP/RIO/Capstone (Lyndon Fagan)

May Cochilo data: Mantoverde set for a strong June quarter; Escondida and Mantos solid; Spence

needs a strong finish

RIO and BHP are due to report quarterly production on Wednesday/Thursday this week. The Chilean Copper Commission

(Cochilco) data through to May highlights: 1) Escondida copper output looks solid, with May output the highest month of the

half year – our 4Q26 estimates look easily achieveable assuming another consistent June performance. 2) Spence is showing

positive momentum but off a relatively low base; production has been below FY25 levels, and a strong June month is needed to

hit out 4Q26E (albeit the revised guidance looks safe). 3) Capstone should enjoy a very solid Mantoverde result with May

improving marginally on a very strong April result; 2Q26 should beat our forecast, while Mantos looks in-line (Mantos Blancos

Phase II PFS is expected in 3Q 2026). We remain OW rated on BHP, RIO and CSC based on a positive medium-term copper

view and undemanding valuation metrics. We see the current pullback in copper equities as a good entry point. CSC reports on

July 30.

Suncorp Group Ltd (Siddharth Parameswaran) (SUN AU, N)

FY26 result preview: Margins in 2H26 should be OK - but FY27 faces more risk due to low premium

growth and corresponding margin implications

SUN reports its FY26 result on 12th August. Industry growth appears to have slowed (though still reasonable) as evidenced by

SUN downgrading GWP growth guidance again to 2.7%.