Antofagasta Expects Copper Production at Lower End of Range, Cuts Cost Expectations — Commodity Comment

Malaysian palm oil futures were below MYR 4,450 per tonne, extending losses for the fourth straight session amid a stronger ringgit and weaker vegetable oil prices on the Dalian exchange.

Sentiment was further weighed down by concerns over uncertain demand and unpredictable weather, which could affect production in the first quarter of 2026.

Meanwhile, speculation grew that Indonesia, the world’s largest producer, may postpone its planned B50 biodiesel mandate from 2026 to 2027 due to funding constraints.

Losses were partly cushioned by a rally in crude oil prices due to supply concerns.

Globally, market sentiment received support after U.S. President Trump said he expects to reach several agreements with China’s Xi Jinping during their meeting in South Korea next week, raising hopes of easing trade tensions between the two nations.

Gold prices rose to around $4,120 per ounce on Thursday, halting a two-day decline as investors weighed trade developments and geopolitical tensions that lifted the metal’s safe-haven appeal.

Reports indicated that the US is considering export restrictions on China involving American-made software, though President Donald Trump later confirmed plans to meet with Chinese President Xi Jinping.

At the same time, Washington announced fresh sanctions on Russia, following reports that the planned Trump-Putin summit was postponed after Moscow rejected a Ukraine ceasefire.

Expectations that the Federal Reserve will deliver two more rate cuts by year-end also supported bullion.

Still, gold remained about 6% below its recent peak amid profit-taking after repeated record highs, marking its steepest weekly loss in over five years earlier this week.

The dollar rises as oil prices rally and the Japanese yen weakens. Oil prices rise on supply disruption risks after the U.S. announced sanctions targeting Russia's two largest oil companies Rosneft and Lukoil. The Trump administration cited Russia's lack of serious commitment to a peace process to end the Ukraine war. It comes after a meeting between President Trump and Russian President Vladimir Putin was shelved. Higher oil prices benefit the U.S. as a major oil producer. The yen falls as the market bets on looser fiscal and monetary policy under Japan's new Prime Minister Sanae Takaichi. The DXY dollar index rises 0.1% to 99.013 while the dollar rises 0.3% to a 9-day high of 152.57 yen, LSEG data show. (renae.dyer@wsj.com)

By Rhiannon Hoyle

MELBOURNE, Australia--The chief executive of BHP Group said the world's most valuable miner is open to discussing ways it could extract in-demand critical minerals from its giant operations. But it isn't currently in talks with government officials on any such deals.

Earlier this week, the U.S. and Australia signed a new agreement aimed at shoring up critical-mineral supply chains that included funding for a project to pull gallium, needed for semiconductors, from Pittsburgh-based aluminum giant Alcoa's alumina operations in Western Australia.

Speaking to reporters after BHP's annual shareholder meeting, Mike Henry said BHP isn't discussing any similar arrangements, despite intensifying efforts by the U.S. and allied nations to find new sources of critical minerals in a market dominated by China.

"Our starting position is we'd always like to be able to do these things on our own," Henry said, adding that BHP always looks at how it can get more value out of its mining operations.

"Now, if there's requests from others to look at a particular arrangement that they may be interested in, we're also open and collaborative in that regard," he said. "But at this point in time we don't have such negotiations under way."

Obscure minerals needed for defense and modern technologies are often found mixed in deposits for other commodities, such as copper and aluminum-rich bauxite, but have historically been ignored by major miners due to little demand and low prices.

BHP's Olympic Dam copper mine in South Australia is rich in rare earths, but the miner doesn't extract them because the low grades make it unprofitable. Rare-earth processing is also technically complex and creates dangerous waste.

In a 2023 submission to the Australian government, BHP said there was the potential for more rare-earth concentrate to be produced locally if the country was willing to invest in improving processes for low-grade resources. Olympic Dam has the second-largest concentration of rare-earth elements globally, it said.

"If you get the framework right and the settings right, the investment will come," BHP Chair Ross McEwan told reporters Thursday.

McEwan said he expects some government intervention in the mining industry because "the world has woken up" to the importance of critical minerals to manufacturing. "And there's a little bit of a scramble to make sure they're going to get their share of them and not have them cut off," he said.

The agreement between the U.S. and Australia to collaborate more closely on critical-minerals development follows China's introduction of export controls on a number of minerals key to defense and other industries. China dominates the processing of rare earths and many other critical minerals.

"You've got two very, very powerful nations just flexing their muscles a bit," McEwan said of a recent escalation in U.S.-China tensions. "It's not the first time this has happened."

Melbourne-based BHP and Australia more broadly need to find a way to work with both the U.S., the country's close ally, and China, its biggest trading partner, McEwan said. "I think a business like ours and a country like ours actually just needs to work with all parties."

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

LONDON--(BUSINESS WIRE)--October 23, 2025--

Hunting PLC , the global precision engineering group, today announces its Q3 2025 Trading Update.

Q3 Summary

• Group EBITDA of c.$100.5 million in the year to 30 September 2025 -- up 15% year-on-year.
• Group EBITDA margin of c.13% recorded.
• c.$416.4 million sales order book at 30 September 2025.
• Hunting Titan is trading in line with expectations and well ahead of the same period in 2024 as improvements to financial performance are delivered.
• North America operating segment performing marginally ahead of expectations, driven by robust demand for TEC-LOCK(TM) semi-premium connections.
• Subsea reports trading in line with expectations in the year-to-date, with a robust market outlook to 2028. Integration of Flexible Engineered Solutions ("FES") progressing well, with cross selling opportunities being captured.
• EMEA restructuring continuing, with management on track to deliver annualised cost savings of c.$11 million by June 2026. The restructuring has disrupted trading to certain businesses within the region, leading to the Group's anticipated full year outturn noted below.
• Asia Pacific also trading in line with expectations.
• Organic Oil Recovery ("OOR") business scaling up following technology acquisition, with two treatments in the North Sea underway in the quarter for a major operator.
• Balance Sheet remains strong with net assets of c.$907 million.

Cash and Liquidity

• Total cash and bank / (borrowings) of c.$47.1 million at quarter-end, reflecting investment in inventory, and the impact of the share buyback.
• Total liquidity1 of c.$336.5 million as of 30 September 2025 available to the Group to pursue acquisition focused growth.
• The Directors continue to examine a range of bolt-on acquisition opportunities across all the Group's key product groups.
• During the period, the Group exercised its option to extend the maturity of the $200m RCF by 12 months to October 2029.

Outlook and 2025 Outturn

• 2025 EBITDA outturn is expected to be at the lower end of the Company's published guidance range of $135-$145 million, representing strong year-on-year growth compared to 2024.
• c.$30 million / 75% of share buyback to be completed by year-end.
• Year-end cash and bank / (borrowings) anticipated to be c.$40-$45 million, which includes projected cash to be absorbed from the share buyback, in addition to the impact of working capital instruments utilised by the Group.

Jim Johnson, Chief Executive of Hunting, commented:

"The encouraging performance at the half year has continued into the third quarter with Hunting delivering a 15% year-on-year increase in its year-to-date EBITDA thanks to trading within the OCTG product group.

"The integration of FES has continued in the quarter with strong cross selling opportunities being identified, above those anticipated at the time of acquisition.

"Our balance sheet remains strong, coupled with a robust year-end cash projection and Hunting retains c.$336.5 million of liquidity available to pursue growth opportunities, while also balancing these with increased shareholder returns. Management is also continuing to review high quality acquisition opportunities, with a focus on subsea and well completions."

Q3 Trading Update

Hunting's trading performance during Q3 2025 was, overall, in-line with management's expectations across most operating segments and product groups.

The Hunting Titan operating segment reports stronger profitability compared to the prior year, as management focus on improved production efficiencies, while also capitalising on market activity in South America and the Middle East. Trading within the North America operating segment has been marginally ahead of expectations, due to strong OCTG sales in the period, offsetting some softness within the Advanced Manufacturing product group. The Subsea Technologies operating segment delivered better results throughout the quarter as orders for ExxonMobil Guyana and TPAO in the Black Sea were progressed. Management now expects FES to contribute c.$3 million to the Group's EBITDA result for 2025. Multiple cross selling opportunities have been identified since acquisition, which are being developed by management, as the integration continues. The restructuring within the EMEA operating segment continues, with the facilities being closed in the Netherlands and Norway in the period, coupled with the opening of the Group's larger facility in Dubai, UAE. This led to some disruption to trading during the quarter. The Group's Asia Pacific operating segment has continued to trade in line with expectations.

Year-to-date EBITDA of c.$100.5 million reflects an in-line trading result across all the Group's product groups and operating segments. Group EBITDA margin of c.13% has been achieved in the year-to-date.

On 30 September 2025, total cash and bank / (borrowings) was c.$47.1 million.

Under the Company's share buyback programme, which began on 28 August 2025, 3,510,198 Ordinary shares have been purchased for cancellation, absorbing c.$15.6 million to 21 October 2025 before costs.

The Group's balance sheet remains strong, with net assets on 30 September 2025 of c.$907 million. Working capital is marginally higher since the Half Year at c.$366.5 million, reflecting raw materials purchases made in the quarter for committed orders. Management anticipates that working capital will reduce by c.$25 million by the year-end.

The 2025 interim dividend of 6.2 cents per share will be paid on Friday 31 October 2025, which will absorb c.$9.6 million.

Capital expenditure for the full year is now anticipated to be c.$35-$40 million, comprising tangible and intangible expenditure.

The Group continues to report a strong tender pipeline across most product groups. New, large tenders are being assessed by management for the Group's OCTG product group. Management has a positive outlook for Subsea orders, as new tenders are anticipated to be issued during 2026.

Management continues to evaluate several acquisition opportunities, with the focus remaining on subsea and well completion targets.

Outlook and 2025 Outturn

The Directors remain vigilant and continue to monitor the macro-environment closely for increased signs of volatility. Trading remains steady across most product groups, with the expected outturn for the year at the lower end of the Company's guidance range of $135-$145 million. Year-end cash and bank / (borrowings) is likely to be in the range of $40-$45 million, assuming that the share buyback continues at the current rate of market purchases.

Date of Next Trading Update

The Group's next Trading Update is scheduled for Tuesday 13 January 2026.

Notes:

   1.  Total liquidity is comprised of Hunting's $200 million revolving credit 
      facility which remains undrawn; uncommitted facilities of $89.4 million 
      and total cash and bank / borrowings of $47.1 million. 

About Hunting PLC

Hunting is a global, precision engineering group that provides precision-manufactured equipment and premium services, which add value for our customers. Established in 1874, it is a listed public company, quoted on the London Stock Exchange in the Equity Shares in Commercial Companies ("ESCC") category. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has operations in China, India, Indonesia, Mexico, Saudi Arabia, Singapore, United Arab Emirates and the United States of America.

The Group reports in US dollars across five operating segments: Hunting Titan; North America; Subsea Technologies; Europe, Middle East and Africa ("EMEA") and Asia Pacific.

The Group also reports revenue and EBITDA financial metrics based on five product groups: OCTG, Perforating Systems, Subsea, Advanced Manufacturing and Other Manufacturing.

Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66

View source version on businesswire.com: https://www.businesswire.com/news/home/20251022302036/en/

CONTACT: For further information please contact:

Hunting PLC

Jim Johnson, Chief Executive

Bruce Ferguson, Finance Director

Tel: +44 (0) 20 7321 0123

Sodali & Co

James White

Pete Lambie

Tilly Abraham

Tel: +44 (0) 77 4840 4399

or

lon.IR@hunting-intl.com

Third quarter 2025

• Sales volume increased by 25 percent to 153.4 ktonnes (122.7).
• Adjusted operating profit was SEK 398 million (420) and adjusted operating profit per tonne was 2.6 kSEK (3.4).
• Profit for the period amounted to SEK 253 million (285) and diluted earnings per share was SEK 2.27 (2.67).
• Operating cash flow increased to SEK 317 million (275).
• Return on capital employed was 10.8 percent (11.9 on December 31, 2024).
• Financial net debt was 1.6x adjusted EBITDA (1.8x on December 31, 2024).
• Excluding Shandong, total carbon emissions intensity (scope 1+2+3) was 7.4 tonnes CO2e/tonne (7.8), and the share of sourced recycled aluminium was 43.4 percent (47.4).

January – September 2025

• Sales volume increased by 24 percent to 464.2 ktonnes (375.5).
• Adjusted operating profit was SEK 1,242 million (1,247) and adjusted operating profit per tonne was 2.7 kSEK (3.3).
• Profit for the period amounted to SEK 807 million (835) and diluted earnings per share amounted to SEK 7.22 (7.84).
• Operating cash flow increased to SEK 783 million (564).
• Excluding Shandong, total carbon emissions intensity (scope 1+2+3) was 7.3 tonnes CO2e/tonne (7.4), and the share of sourced recycled aluminium was 44.3 percent (46.5).
• New operating segments from first quarter – Gränges Americas, Gränges Asia, and Gränges Europe.

Comments by Gränges’ CEO Jörgen Rosengren: Continued strong sales growth and good cash flow

In the third quarter, Gränges delivered strong growth thanks to market share gains in all regions and all customer segments. These gains more than compensated for softer demand in Automotive and a sharp slow-down in HVAC. In total, sales volume grew 25 percent.

In Gränges Americas, sales volume was in line with last year as significant market share gains offset softer demand and destocking in HVAC. In Gränges Asia, sales volume increased by an impressive 88 percent driven by new business, mainly related to electric vehicles. The growth was enabled by the successful integration and ramp-up of our new plant in Shandong. Gränges Europe managed to grow sales volume by 17 percent in a weak market, which was also due to market share gains related to electric vehicles and other segments.

The Group’s earnings benefited from volume growth, price increases, and improved productivity. However, higher costs for aluminium scrap – mainly due to new US import tariffs – had a negative impact. We also saw currency headwinds of SEK 43 million, primarily from translation effects. As a result, adjusted operating profit decreased by 5 percent to SEK 398 million compared to the record-high third quarter last year. In constant currency, operating profit increased by 5 percent.

Operating cash flow in the quarter remained strong despite the increased aluminium price, supported by good control of net working capital and modest capital expenditure, which helped reduce net debt. We see the good cash flow as further proof that we’re entering a phase of stronger cash generation following the completion of our multi-year capacity expansion program.

We also made good progress towards our sustainability goals, continuing to reduce our carbon footprint by focusing on innovation, strategic partnerships, lower-carbon primary aluminium, as well as operational improvements.

Continued strong volume growth expected

The fourth quarter is always the most difficult quarter to predict, and this year is certainly no exception. Despite a weak demand forecast for HVAC and automotive, we expect continued market share gains to generate strong year-on-year sales volume growth. Gränges Asia is expected to continue at or above the current run-rate of approximately 50 ktonnes per quarter. For the rest of the Group, we expect high single-digit volume growth. Our ambition is to offset unfavorable currency effects and other negative external factors with continued growth, price increases and productivity improvements. Capacity expansion capex will remain low, which will strengthen operational cash flow and our balance sheet.

All in all, the third quarter of 2025 once again demonstrated the strength of our Navigate plan and ability to deliver stable results in an uncertain environment. I would like to express my gratitude to colleagues, customers, strategic partners, and shareholders who continue to support our strong performance and long-term industry leadership ambition.

Jörgen Rosengren, President and CEO

Webcasted presentation

CEO Jörgen Rosengren and CFO Oskar Hellström will present Gränges’ Q3 report 2025 at a webcasted conference call Thursday October 23, 2025, at 10.00 CEST.

Join the live webcast here. To participate in the Q&A following the presentation, please register here. Upon registration, phone numbers and a conference ID to access the call will be provided. Please dial in a few minutes before the start of the webcast. The presentation will be in English.