JPM-JPM Mining Daily Iron ore 百分之1.8, HRC China 百分之2.1-20250730

Previewing upcoming NST/BGL/RMS site visits; sector preferences remain NEM/RRL/CMM

Key takeaways: (1) NST’s update will encompass both KCGM and Hemi (~1.4Mozpacombined production), with the ramp-up profile of both critical to the medium-term capexand cost outlook. (2) For BGL, with production volumes provided at the April raise, we aremost interested in the cost outlook and any indication of if/when the expansion to 1.6Mtpamay come back into play. (3) RMS’s site visit will be its first to Dalgaranga following the SPRdeal closure, with haulage rates, ore blending options and the grade profile informing theoptimum processing option. Across our gold coverage, in large-caps we favour NEM andEVN as our Overweights and NST remains Neutral. In mid-caps, we think CMM screens withslightly better value support than GMD, and we remain positive on RRL with sector-leadingFCF yields (13% in FY26).