Morning Bites (part 2)
💎De Beers has again raised its small rough diamonds prices ~10%, Rapaport reports, citing buyers and insiders at the miner’s 2nd cycle. The increase applied to goods weighing around 0.03ct across different qualities. To recap, the company previously increased small diamonds prices by the same 10% at its January sight. In our view, the dynamics might reflect some lagged effect from the closure of Rio Tinto's big Argyle mine in late-2020 (there are no plans to reopen it) that produced mainly small-size stones. Overall, De Beers’ rough prices were still up ~3% YoY at its 2nd sales cycle in 2023, on our numbers
#diamonds
https://metals-wire.com/sector/Diamonds
💎De Beers has again raised its small rough diamonds prices ~10%, Rapaport reports, citing buyers and insiders at the miner’s 2nd cycle. The increase applied to goods weighing around 0.03ct across different qualities. To recap, the company previously increased small diamonds prices by the same 10% at its January sight. In our view, the dynamics might reflect some lagged effect from the closure of Rio Tinto's big Argyle mine in late-2020 (there are no plans to reopen it) that produced mainly small-size stones. Overall, De Beers’ rough prices were still up ~3% YoY at its 2nd sales cycle in 2023, on our numbers
#diamonds
https://metals-wire.com/sector/Diamonds
BHP 2H22 results - EBITDA underperformed
📝In CY 2H22, the company's revenues were stronger than we had expected (+5% vs. us and -2% vs. consensus), due to higher proceeds from its iron ore segment. At the same time, EBITDA came in materially below the forecasts (-7% vs. consensus and -5% vs. us), due to substantial growth in unit cash costs (e.g., at Escondida copper mine, they exceeded our estimates by a double-digit margin)
🛒The company aims to sell its Daunia and Blackwater coking coal mines (24% of its total coal production), partly given the recent hike in Queensland's royalties, that affected the mines' financials
⛏According to the miner's guidance, its iron ore production might be down ~6% HoH in CY 1H23, while copper output might grow 7% over the period
📌On our numbers, at spot, BHP's CY 1H23F EBITDA might be materially stronger HoH, supported by the upbeat iron ore and copper prices
#BHP #iron_ore
https://metals-wire.com/company/BHP_AU/
📝In CY 2H22, the company's revenues were stronger than we had expected (+5% vs. us and -2% vs. consensus), due to higher proceeds from its iron ore segment. At the same time, EBITDA came in materially below the forecasts (-7% vs. consensus and -5% vs. us), due to substantial growth in unit cash costs (e.g., at Escondida copper mine, they exceeded our estimates by a double-digit margin)
🛒The company aims to sell its Daunia and Blackwater coking coal mines (24% of its total coal production), partly given the recent hike in Queensland's royalties, that affected the mines' financials
⛏According to the miner's guidance, its iron ore production might be down ~6% HoH in CY 1H23, while copper output might grow 7% over the period
📌On our numbers, at spot, BHP's CY 1H23F EBITDA might be materially stronger HoH, supported by the upbeat iron ore and copper prices
#BHP #iron_ore
https://metals-wire.com/company/BHP_AU/
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Antofagasta 2H22 results - slightly above market expectations
📝In 2H22, Antofagasta's revenues were stronger than both the consensus and our expectations (+1% and +5%, respectively), supported by higher realised prices and inflows from the transport division. As a result, the EBITDA figure also positively surprised (+1% vs. consensus and +7% vs. us)
⛏As previously announced, the group plans to increase copper production 3-10% YoY in 2023, reflecting the Los Pelambres mine expansion
💰The company's BoD has recommended a final dividend of USD 0.51/sh, which implies a DY of some 2.4%
📌On our numbers, at spot, Antofagasta's 1H23F EBITDA might enjoy low double-digit growth HoH, amid higher prices across its whole metals basket
#ANTO #copper
https://metals-wire.com/company/ANTO_LN/
📝In 2H22, Antofagasta's revenues were stronger than both the consensus and our expectations (+1% and +5%, respectively), supported by higher realised prices and inflows from the transport division. As a result, the EBITDA figure also positively surprised (+1% vs. consensus and +7% vs. us)
⛏As previously announced, the group plans to increase copper production 3-10% YoY in 2023, reflecting the Los Pelambres mine expansion
💰The company's BoD has recommended a final dividend of USD 0.51/sh, which implies a DY of some 2.4%
📌On our numbers, at spot, Antofagasta's 1H23F EBITDA might enjoy low double-digit growth HoH, amid higher prices across its whole metals basket
#ANTO #copper
https://metals-wire.com/company/ANTO_LN/
Teck 4Q22 results - unpleasant surprise
📝The miner's 4Q22 revenues came in weaker than we had expected (-18% vs. us and -7% vs. consensus), as the company missed its FY22 copper and coal guidance. Hence, sales of the commodities underperformed our estimates by 6% and 17%, respectively. Consequently, EBITDA was quite discouraging (-13% vs. consensus and -17% vs. us)
⛏According to the miner's FY23 guidance, copper output is estimated to jump >40% YoY, following the ramp up of the Quebrada Blanca project (its production outlook remains roughly unchanged). Meanwhile, coking coal production is set to increase 10-20% YoY (marginally lower than the previous guidance)
📌On our numbers, at spot, Teck's 1Q23F EBITDA might materially recover QoQ, bolstered by the potential growth in production, as well as elevated coking coal and copper prices
#TECK #copper
https://metals-wire.com/company/TECK_US/
📝The miner's 4Q22 revenues came in weaker than we had expected (-18% vs. us and -7% vs. consensus), as the company missed its FY22 copper and coal guidance. Hence, sales of the commodities underperformed our estimates by 6% and 17%, respectively. Consequently, EBITDA was quite discouraging (-13% vs. consensus and -17% vs. us)
⛏According to the miner's FY23 guidance, copper output is estimated to jump >40% YoY, following the ramp up of the Quebrada Blanca project (its production outlook remains roughly unchanged). Meanwhile, coking coal production is set to increase 10-20% YoY (marginally lower than the previous guidance)
📌On our numbers, at spot, Teck's 1Q23F EBITDA might materially recover QoQ, bolstered by the potential growth in production, as well as elevated coking coal and copper prices
#TECK #copper
https://metals-wire.com/company/TECK_US/
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Morning Bites
🚘EU + UK passenger car registrations rose 12% YoY in January, slightly decelerating from the 13% YoY gain in December. The results were in line with our estimates. However, the figure was still 25% below the pre-COVID 2019 level (-16% in December), with most of the YoY growth due to the low base effect. Hence, we reiterate our view that EU car sales are likely to remain subdued in the near future, following the unfavourable macroeconomic conditions globally. Overall, this might add some stress to the demand for PGM from the auto industry
#cars
https://metals-wire.com:3000/sector/PGM
🚘EU + UK passenger car registrations rose 12% YoY in January, slightly decelerating from the 13% YoY gain in December. The results were in line with our estimates. However, the figure was still 25% below the pre-COVID 2019 level (-16% in December), with most of the YoY growth due to the low base effect. Hence, we reiterate our view that EU car sales are likely to remain subdued in the near future, following the unfavourable macroeconomic conditions globally. Overall, this might add some stress to the demand for PGM from the auto industry
#cars
https://metals-wire.com:3000/sector/PGM
Rio Tinto 2H22 results - EBITDA in-line with consensus
📝The miner's revenues in 2H22 were stronger than both our and consensus expectations (by 3% and 6%, respectively), bolstered by higher realised iron ore and copper prices. As a result, EBITDA was also slightly more upbeat (+4% vs. us and in-line with consensus)
⛏According to Rio's recently announced FY23 guidance, its iron ore shipments are to increase up to 4% YoY, while aluminium output is to grow 3-10% YoY
💰Management has declared a final dividend of USD 2.25/sh (~2.9% DY), taking Rio Tinto's full-year dividend to USD 4.92/sh. Overall, this is substantially lower than the record payment of USD 10.40/sh for 2021
📌On our numbers, at spot, Rio Tinto's 1H23F EBITDA will be materially higher HoH, amid the recent recovery in iron ore prices, as well as lower transportation costs
#RIO #Iron_ore
https://metals-wire.com/company/RIO_LN/
📝The miner's revenues in 2H22 were stronger than both our and consensus expectations (by 3% and 6%, respectively), bolstered by higher realised iron ore and copper prices. As a result, EBITDA was also slightly more upbeat (+4% vs. us and in-line with consensus)
⛏According to Rio's recently announced FY23 guidance, its iron ore shipments are to increase up to 4% YoY, while aluminium output is to grow 3-10% YoY
💰Management has declared a final dividend of USD 2.25/sh (~2.9% DY), taking Rio Tinto's full-year dividend to USD 4.92/sh. Overall, this is substantially lower than the record payment of USD 10.40/sh for 2021
📌On our numbers, at spot, Rio Tinto's 1H23F EBITDA will be materially higher HoH, amid the recent recovery in iron ore prices, as well as lower transportation costs
#RIO #Iron_ore
https://metals-wire.com/company/RIO_LN/
Morning Bites
🔗Global crude steel output was down 3% YoY to 145mnt in January, decelerating from the 11% YoY decline in December, according to the World Steel Association. Meanwhile, the 2% YoY growth in China's output (55% of global steel supply in January) was likely due to the low base effect from production curbs a year ago. Ex-China steel output shrank 9% YoY (vs. -13% YoY in December). Steel output in the EU declined further, by 15% YoY (vs. -18% YoY), amid the local energy crisis. US steel production decreased 10% YoY (the same YoY dynamics as in December). The data also shows that the drop in Russia’s steel output decelerated to 9% YoY in January, from -17% YoY in December
📌To recap, China has recently published strong financial data for January (historically, the most important month). In our view, that might support domestic construction activity and, hence, the demand for industrial metals in 2023
#steel
https://metals-wire.com:3000/sector/Steel
🔗Global crude steel output was down 3% YoY to 145mnt in January, decelerating from the 11% YoY decline in December, according to the World Steel Association. Meanwhile, the 2% YoY growth in China's output (55% of global steel supply in January) was likely due to the low base effect from production curbs a year ago. Ex-China steel output shrank 9% YoY (vs. -13% YoY in December). Steel output in the EU declined further, by 15% YoY (vs. -18% YoY), amid the local energy crisis. US steel production decreased 10% YoY (the same YoY dynamics as in December). The data also shows that the drop in Russia’s steel output decelerated to 9% YoY in January, from -17% YoY in December
📌To recap, China has recently published strong financial data for January (historically, the most important month). In our view, that might support domestic construction activity and, hence, the demand for industrial metals in 2023
#steel
https://metals-wire.com:3000/sector/Steel
Week ahead data releases in M&M
As the reporting season continues, several major M&M names are to report their earnings. For the PGM miners publishing this week (Sibanye and Impala), our EBITDA forecast is slightly below the consensus. For other producers, our outlook is more upbeat
#reporting_season
https://metals-wire.com:3000/events
As the reporting season continues, several major M&M names are to report their earnings. For the PGM miners publishing this week (Sibanye and Impala), our EBITDA forecast is slightly below the consensus. For other producers, our outlook is more upbeat
#reporting_season
https://metals-wire.com:3000/events
Morning Bites (part 1)
🔗CISA mills daily crude steel production grew 1.5% to 2.09mnt in mid-February, from the first ten days of the month. This was 10.2% higher YoY, vs. the 7.2% YoY growth in the previous ten days. Meanwhile, local steel stock increased 8.3% over the period (15.5% above the 2022 level, as of 20 February), which implies that domestic demand for steel remains soft. To recap, China has recently published strong financing data for January (historically, the most important month). That, in our view, might support domestic construction activity and, hence, demand for industrial metals in 2023 (e.g. steel and base metals)
#steel
https://metals-wire.com/sector/Steel
🔗CISA mills daily crude steel production grew 1.5% to 2.09mnt in mid-February, from the first ten days of the month. This was 10.2% higher YoY, vs. the 7.2% YoY growth in the previous ten days. Meanwhile, local steel stock increased 8.3% over the period (15.5% above the 2022 level, as of 20 February), which implies that domestic demand for steel remains soft. To recap, China has recently published strong financing data for January (historically, the most important month). That, in our view, might support domestic construction activity and, hence, demand for industrial metals in 2023 (e.g. steel and base metals)
#steel
https://metals-wire.com/sector/Steel
Morning Bites (part 2)
🏗China’s excavator sales fell 33% YoY in January (domestic + export), after the 30% YoY drop in December. We note that the decline was sharper than envisaged by the previous estimate from SteelOrbis. Meanwhile, domestic excavator sales shrank 59% YoY, after the 60% YoY fall in December, amid the Covid-19 effects and unfavourable market conditions. The still weak domestic sales imply no short-term recovery in the stagnating Chinese real estate segment. However, the country’s strong liquidity injections data for January might add support to the local demand for industrial metals in 2023, in our view
📈Russia’s gold output dropped 9.6% YoY in January, after the 9.3% YoY growth in December, according to Rosstat. Overall, some slowdown in Russia's production (~9% of global gold mined output) is favourable for our positive view on the yellow metal's price, bolstered by the strong prospects for demand
#steel #gold
https://metals-wire.com:3000/news-reports
🏗China’s excavator sales fell 33% YoY in January (domestic + export), after the 30% YoY drop in December. We note that the decline was sharper than envisaged by the previous estimate from SteelOrbis. Meanwhile, domestic excavator sales shrank 59% YoY, after the 60% YoY fall in December, amid the Covid-19 effects and unfavourable market conditions. The still weak domestic sales imply no short-term recovery in the stagnating Chinese real estate segment. However, the country’s strong liquidity injections data for January might add support to the local demand for industrial metals in 2023, in our view
📈Russia’s gold output dropped 9.6% YoY in January, after the 9.3% YoY growth in December, according to Rosstat. Overall, some slowdown in Russia's production (~9% of global gold mined output) is favourable for our positive view on the yellow metal's price, bolstered by the strong prospects for demand
#steel #gold
https://metals-wire.com:3000/news-reports
Morning Bites (part 1)
⚠️The recent accident at a Chinese coal mine has triggered nationwide safety checks, Bloomberg reports. After a landslide buried over 50 people in the Inner Mongolia region last Wednesday, the local ministry of emergency management dispatched 20 inspection teams across the country to prevent further incidents. We see additional risks for domestic coal capacity, given that the 10% YoY supply boost in 2022 might have come on the back of more safety violations
🇨🇳China's Tangshan has initiated production curbs ahead of major political meetings, Bloomberg reports. Meanwhile, according to a Mysteel report, several mills planned to reduce their sintering capacity 30-50% to meet the government requirements. However, the timing of the measure was not specified. In our view, the decision might add some stress to global iron ore prices: the city accounts for 13% of China’s steel supply
#coal #steel #iron_ore
https://metals-wire.com:3000/news-reports
⚠️The recent accident at a Chinese coal mine has triggered nationwide safety checks, Bloomberg reports. After a landslide buried over 50 people in the Inner Mongolia region last Wednesday, the local ministry of emergency management dispatched 20 inspection teams across the country to prevent further incidents. We see additional risks for domestic coal capacity, given that the 10% YoY supply boost in 2022 might have come on the back of more safety violations
🇨🇳China's Tangshan has initiated production curbs ahead of major political meetings, Bloomberg reports. Meanwhile, according to a Mysteel report, several mills planned to reduce their sintering capacity 30-50% to meet the government requirements. However, the timing of the measure was not specified. In our view, the decision might add some stress to global iron ore prices: the city accounts for 13% of China’s steel supply
#coal #steel #iron_ore
https://metals-wire.com:3000/news-reports
Morning Bites (part 2)
💎Rio Tinto has decided to extend its Diavik mine life until at least to early-2026, the company has announced. The mine was previously slated to end commercial production in 2025. Rio estimates that the approved USD 40mn investment will yield an additional 1.4mnct of rough diamonds (1.1% of global supply in 2022E). Meanwhile, the second phase (subject to approval in 2024) might produce a further 0.8mnct (0.7%). Overall, the long-term pipeline remains insufficient to cover demand, we estimate: hence, this news is unlikely to materially affect the rough diamond supply
#diamonds
https://metals-wire.com/sector/Diamonds
💎Rio Tinto has decided to extend its Diavik mine life until at least to early-2026, the company has announced. The mine was previously slated to end commercial production in 2025. Rio estimates that the approved USD 40mn investment will yield an additional 1.4mnct of rough diamonds (1.1% of global supply in 2022E). Meanwhile, the second phase (subject to approval in 2024) might produce a further 0.8mnct (0.7%). Overall, the long-term pipeline remains insufficient to cover demand, we estimate: hence, this news is unlikely to materially affect the rough diamond supply
#diamonds
https://metals-wire.com/sector/Diamonds
Sibanye-Stillwater 2H22 results – financials underperformed
📝The miner's 2H22 revenues were below both the consensus and our expectations (by 8% and 6%, respectively), affected by ~10% lower PGM and gold sales volumes. This was mainly due to the persisting supply issues in SA. Meanwhile, a single-digit HoH growth in AISC exacerbated the negative impact on EBITDA (which was -20% vs. consensus and -17% vs. us)
⛏Per the company's FY23 guidance, its SA PGM output is to grow up to 4% YoY, which is still 5% below the 2021 level. Meantime, US PGMs and SA gold supply are set to increase >20% YoY
💰Management has declared a final dividend for 2022 of ZAR 3.5bn (USD 191mn), which implies a DY of some 3.2%
📌On our numbers, at spot, Sibanye's 1H23F EBITDA might be slightly softer HoH, mainly due to the recent fall in palladium prices
#SBSW #PGMs
https://metals-wire.com/company/SBSW_US/
📝The miner's 2H22 revenues were below both the consensus and our expectations (by 8% and 6%, respectively), affected by ~10% lower PGM and gold sales volumes. This was mainly due to the persisting supply issues in SA. Meanwhile, a single-digit HoH growth in AISC exacerbated the negative impact on EBITDA (which was -20% vs. consensus and -17% vs. us)
⛏Per the company's FY23 guidance, its SA PGM output is to grow up to 4% YoY, which is still 5% below the 2021 level. Meantime, US PGMs and SA gold supply are set to increase >20% YoY
💰Management has declared a final dividend for 2022 of ZAR 3.5bn (USD 191mn), which implies a DY of some 3.2%
📌On our numbers, at spot, Sibanye's 1H23F EBITDA might be slightly softer HoH, mainly due to the recent fall in palladium prices
#SBSW #PGMs
https://metals-wire.com/company/SBSW_US/
Morning bites (part 1)
🇨🇱Chile’s copper production grew 1% YoY in January, slightly rebounding from the 2% YoY fall in December. Overall, in January, output remained close to its historical lows, amid the drought and negative structural effects (e.g. grade depletion). In our view, were these factors to continue affecting mining in Chile (27% of world mined Cu production), they might partially offset the positive effect from new projects (Kamoa, QB2, Udokan, etc) in 2023
#copper
https://metals-wire.com:3000/sector/Copper
🇨🇱Chile’s copper production grew 1% YoY in January, slightly rebounding from the 2% YoY fall in December. Overall, in January, output remained close to its historical lows, amid the drought and negative structural effects (e.g. grade depletion). In our view, were these factors to continue affecting mining in Chile (27% of world mined Cu production), they might partially offset the positive effect from new projects (Kamoa, QB2, Udokan, etc) in 2023
#copper
https://metals-wire.com:3000/sector/Copper
Morning Bites (part 2)
🏗China’s preliminary excavator sales are seen 10% lower YoY in February (domestic + export), vs. the 33% YoY drop in January, based on industry estimates provided by SteelOrbis. Meanwhile, the decline in domestic excavator sales might decelerate to 30% YoY, after the 59% YoY fall in January, still affected by Covid-19 and unfavourable market conditions. We note that Caterpillar CEO Jim Umpleby has recently warned about slowing business activity in China following the subdued demand. Hence, we reiterate our view that the stagnating Chinese property sector is unlikely to recover in the near future. However, the country’s strong financial data for January might bolster domestic construction activity and, hence, support the demand for industrial metals in 2023, in our view
#steel
https://metals-wire.com/sector/Steel
🏗China’s preliminary excavator sales are seen 10% lower YoY in February (domestic + export), vs. the 33% YoY drop in January, based on industry estimates provided by SteelOrbis. Meanwhile, the decline in domestic excavator sales might decelerate to 30% YoY, after the 59% YoY fall in January, still affected by Covid-19 and unfavourable market conditions. We note that Caterpillar CEO Jim Umpleby has recently warned about slowing business activity in China following the subdued demand. Hence, we reiterate our view that the stagnating Chinese property sector is unlikely to recover in the near future. However, the country’s strong financial data for January might bolster domestic construction activity and, hence, support the demand for industrial metals in 2023, in our view
#steel
https://metals-wire.com/sector/Steel
Morning Bites (part 1)
🌏Global manufacturing PMIs showed mixed dynamics in February. The Eurozone Markit Manufacturing PMI decreased slightly to 48.5 (from 48.8 in January, in line with consensus). Meanwhile, the US ISM manufacturing PMI inched up to 47.7 (from 47.4, but still below the consensus estimate of 48.0)
🇨🇳At the same time, China's official PMI surged to 52.6 in February (from 50.1 in January), substantially outperforming the market forecast of 50.5. China's Caixin manufacturing PMI also increased, to 51.6 (from 49.2), beating the consensus estimate of 50.2
❗️Below-50 manufacturing PMIs in the US and Eurozone indicate a manufacturing sector contraction in these regions, which is negative for the demand for industrial metals. At the same time, upbeat Chinese PMIs provide some positive read-across on the country's manufacturing sector. This underpins our view on higher demand for industrial metals, amid the reopening in China
#PMIs
https://metals-wire.com:3000/news-reports
🌏Global manufacturing PMIs showed mixed dynamics in February. The Eurozone Markit Manufacturing PMI decreased slightly to 48.5 (from 48.8 in January, in line with consensus). Meanwhile, the US ISM manufacturing PMI inched up to 47.7 (from 47.4, but still below the consensus estimate of 48.0)
🇨🇳At the same time, China's official PMI surged to 52.6 in February (from 50.1 in January), substantially outperforming the market forecast of 50.5. China's Caixin manufacturing PMI also increased, to 51.6 (from 49.2), beating the consensus estimate of 50.2
❗️Below-50 manufacturing PMIs in the US and Eurozone indicate a manufacturing sector contraction in these regions, which is negative for the demand for industrial metals. At the same time, upbeat Chinese PMIs provide some positive read-across on the country's manufacturing sector. This underpins our view on higher demand for industrial metals, amid the reopening in China
#PMIs
https://metals-wire.com:3000/news-reports
Morning Bites (part 2)
⛏Freeport McMoran has fully restored operations at its Grasberg copper mine, the company reports. Mining operations (3.1% of global copper supply) had been temporarily suspended since mid-February, due to the heavy rains and mud flows that caused damage to facilities. Hence, the accident has not substantially affected the copper market balance, in our view
#copper
https://metals-wire.com/sector/Copper
⛏Freeport McMoran has fully restored operations at its Grasberg copper mine, the company reports. Mining operations (3.1% of global copper supply) had been temporarily suspended since mid-February, due to the heavy rains and mud flows that caused damage to facilities. Hence, the accident has not substantially affected the copper market balance, in our view
#copper
https://metals-wire.com/sector/Copper
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SQM 4Q22 results – largely in-line with expectations
📝SQM's 4Q22 revenues were slightly above both the consensus and our estimates (+5% and +3%, respectively), mostly due to higher lithium output, which offset a ~10% lower realised price. Overall, EBITDA was close to our expectations (+3% vs. consensus and +1% vs. us)
⛏Management expects >20% lithium demand growth in FY23 and guides for the company’s lithium capacity to reach 265kt in 2025 (+45% vs the 2022 level)
❗️At spot prices, we expect 1Q23 EBITDA to grow in the low-single digits QoQ
$SQM #lithium
https://metals-wire.com:3000/company/SQM_US/
📝SQM's 4Q22 revenues were slightly above both the consensus and our estimates (+5% and +3%, respectively), mostly due to higher lithium output, which offset a ~10% lower realised price. Overall, EBITDA was close to our expectations (+3% vs. consensus and +1% vs. us)
⛏Management expects >20% lithium demand growth in FY23 and guides for the company’s lithium capacity to reach 265kt in 2025 (+45% vs the 2022 level)
❗️At spot prices, we expect 1Q23 EBITDA to grow in the low-single digits QoQ
$SQM #lithium
https://metals-wire.com:3000/company/SQM_US/
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Implats CY 2H22 results - EBITDA outperformance due to one-off
📝In CY 2H22, the company's revenues came 4% below consensus and 3% under our forecast, mostly due to softer proceeds from its refining division (IRS). However, EBITDA outperformed (+8% vs. consensus and +10% vs. us), due to a positive one-off effect (site-by-site EBITDA was still 6% below our estimates)
⛏The miner reiterated its FY23 (ending 30 June 2023) production guidance: on average, refined 6E PGMs output is expected to stay flat YoY. However, the growth in cash costs per ounce was revised to 9% YoY (from ~7% YoY)
💰The BoD has declared an interim cash dividend for FY23 of ZAR 3.57bn (~USD 206mn), which implies a DY of 2.7%
📌On our numbers, at spot, Impala's CY 1H23F EBITDA might be moderately weaker HoH, due to the recent drop in palladium and rhodium prices
#IMP #PGMs
https://metals-wire.com/company/IMP_SJ/
📝In CY 2H22, the company's revenues came 4% below consensus and 3% under our forecast, mostly due to softer proceeds from its refining division (IRS). However, EBITDA outperformed (+8% vs. consensus and +10% vs. us), due to a positive one-off effect (site-by-site EBITDA was still 6% below our estimates)
⛏The miner reiterated its FY23 (ending 30 June 2023) production guidance: on average, refined 6E PGMs output is expected to stay flat YoY. However, the growth in cash costs per ounce was revised to 9% YoY (from ~7% YoY)
💰The BoD has declared an interim cash dividend for FY23 of ZAR 3.57bn (~USD 206mn), which implies a DY of 2.7%
📌On our numbers, at spot, Impala's CY 1H23F EBITDA might be moderately weaker HoH, due to the recent drop in palladium and rhodium prices
#IMP #PGMs
https://metals-wire.com/company/IMP_SJ/