Greetings Contrarian,

This is The Next Big Rush, your daily drop of mining and energy investing news. Where we come together to play with our dogs. 🦴

Here are the highlights:

🤩 Fat Copper Profits

🤞 Vale Divests Base Metals

🧐 Visual Of The Day

🤩 Fat Copper Profits

Grupo Mexico, a leading global copper producer, reported a 38% rise in Q2 net profit due to increased copper sales and strong performance from its transportation unit, outperforming Refinitiv estimates. Despite an 11% dip in copper prices, sales rose nearly 13% from last year due to higher ore grades at its Toquepala mine in Peru.

The company aims to produce 1.048 million metric tons of copper in 2023, slightly more than the previous year. Their capital expenditures increased to $1.83 billion for improvement and expansion projects.

However, political instability in Peru could pose challenges. Q2 revenue grew by approximately 8% to $3.45 billion.

🤞 Vale Divests Base Metals

Brazilian mining company Vale (NYSE: VALE) plans to sell a 13% stake in its transition metals business, Vale Base Metals (VBM), for $3.4 billion to fast-track copper and nickel production. The deals include Saudi Arabian joint venture Manara Minerals acquiring 10% and US firm Engine No. 1 taking a 3% stake.

This move aligns with Vale's strategy to better manage nickel and copper assets, in anticipation of increased demand from the EV market. The investment is set to speed up VBM's capital program and potentially triple copper and nearly double nickel production over the next decade.

The deal is expected to close by Q1 2024.

Is this a sign of a top? 🤔

📰 In Other News:

🧐 Visual Of The Day

Happy Speculating!

The Editor

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.