Deutsche Bank-Global Copper A make or break year; previews outlooks-106078145

DeutscheBankIndustryDateResearch22January2024GlobalCopperEuropeMarketUpdateGlobalNorthAmericaMetals&MiningMetals&MiningAmakeorbreakyear;previews&LiamFitzpatrickoutlooksResearchAnalyst+44-20-754-13233Amakeorbreakyearforanumberofglobalcopperequities2024isshapinguptobeapivotalyearforseveralcompaniesinourglobalcoverage.EdwardGoldsmithTeckrecentlyresetitsguidance(again),andtheramp-upofQB2thisyearwillbeaResearchAssociatekeytestofthecompany'soperationalcapabilities.FCXfacesanumberofstrategic+44-20-754-77449challengesandopportunitiesinIndonesia,asitaimstorampupitsgreenfieldManyarcoppersmelter,negotiateaconcentrateexportextensionandextenditsBastianSynagowitzminingrightsbeyond2041.FollowingthepotentiallypermanentclosureoftheResearchAnalystCobrePanamamine,FMispursuingseveralinitiativestobolsteritsbalancesheet,+41-44-227-3377potentiallyincludingassetsales,raisingequityandM&A.LUNislookingtoprogressitsnextkeygrowthproject,Josemaria,inArgentina;thecompanyisconsideringsyndicationofa40-50%stakeandwillprovideupdatedcapexestimateslaterthisyear.Fromthemajors:weexpectGLENtolowermulti-yearcopperguidancenextmonthandprovideastrategicupdateontheseparationofMetalsCoandCoalCobytheendoftheyear,andfollowingrecentdeepguidancecuts,Angloshouldoutlinealonger-termrecoverypathwayforcoppervolumes.Within,weprovideourQ4previews,valuationsandcompa...