業種
Copper Mining
Copper Mining のすべてのレポート — 全 2 件。
39/100
74Buffett
Southern Copper: the Record Quarter Came From $6 Copper and $2.24/lb By-Product Credits While Output Fell 3.5%, and $198.76 Already Prices the Optimistic Case
Southern Copper is an integrated Peru-Mexico copper miner, 88.9% controlled by Grupo México, that monetises molybdenum, silver and zinc alongside copper cathode. Its record Q2 2026 was built on price rather than volume: revenue rose 40.6% to $4.289bn and attributable net income 71.6% to $1.670bn, yet mined copper output fell 3.5% to 230,662 tonnes and every major by-product declined, while by-product credits of $2.24/lb cut net cash cost to $0.05/lb against a gross cash cost of $2.29/lb that barely moved. On a $4.50/lb through-cycle copper price the base value is about $138 per share versus the $198.76 close, and the conservative case is about $94, so there is no margin of safety. Rating Watch: an unusually good copper franchise whose 2035 growth pipeline and 2026 metal prices are already largely paid for.
40/100
25Buffett
Freeport-McMoRan: A Long-Term Owner's Perspective
A leading global copper-gold-molybdenum miner (copper 74% / gold 17% / molybdenum 7%) with scarce but highly concentrated flagship assets at Grasberg, Morenci, and Cerro Verde; the current price already pays up for a restart-plus-long-term-copper-tightness narrative, with the margin of safety unclear.