Glencore
If there was ever a “set and forget” miner, it would be these guys.
Teck Resources
TBD if Teck gets an “ESG" rerate once their coal Assets are sold later this year and QB2 fully ramps up.
Codelco
Once the World’s largest copper producer - Codelco had its lowest production year in a quarter century in 2023. It followed this up with the lowest quarter of production since I’ve been keeping tabs (2016) and has recently seen production at its biggest mine El Teniente drop sharply due to a rock fall in the underground. Fighting deteriorating geology on these century old mines is tough work and Codelco’s struggles is a big reason behind the supply/demand tightening up for copper.
Anglo American
We all know what happened here. I personally thought Anglo shareholders should have taken the BHP deal, but it is what it is… the move by BHP showed a couple of things in my opinion - firstly the cheapest way to get copper units at the moment is acquire them and the cheapest way to acquire is often these diversified miners that don’t get a copper multiple for what are world class copper mines.
