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As Penny Production Ends, Copper Bonds Show Selective Strength, Says Gimme Credit
Credit improvement expected as Kansanshi S3 ramps up and Cobre Panamá targets a 2026–2027 restart. Strong liquidity and debt reduction support a on the 8% 2033 notes.
Strong first-half 2025 results and progress on major Peru and Mexico projects. Despite tariff-related disruptions and elevated investment spending, analysts expect the balance sheet to remain strong.
Grasberg mud-rush impacts will curb Indonesian output through 2027. Exceptional liquidity but near-term bond underperformance drives an on the 2034 notes.
Merger forming " Anglo Teck " will create the world's fifth-largest copper producer. Teck's investment-grade profile supports a reaffirmed score.
Strong half-year results and continued progress on portfolio restructuring, including advancement of the De Beers separation and the Teck merger.
Post-earthquake production cuts and rising costs heighten execution risk. Recovery expected to be gradual.
High-quality assets, a robust project pipeline, and a solid balance sheet position the company to weather tariff volatility and benefit from strong copper and gold markets.
Gimme Credit expects tightening supply, electrification-driven demand growth, and improving balance sheets to underpin the copper sector. While operational risks remain, selective copper bonds offer compelling yield opportunities in an increasingly supportive long-term environment.
Gimme Credit
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