Data: SHFE, DCE market movement (Feb 25)

Rio Tinto has released its full-year 2025 results. Despite pressure from weaker iron ore prices, the company's underlying earnings remained stable at $10.87 billion, flat compared to 2024, benefiting from strong copper growth and strict cost control. Net profit fell 14% year-on-year to $9.97 billion. Copper production increased by 11%, primarily driven by a 61% surge in output from the Oyu Tolgoi underground mine in Mongolia. The aluminium business also performed strongly, achieving a record 62.4 million tonnes of bauxite production. The Simandou iron ore project achieved its first shipment in December, while replacement mine projects in the Pilbara region progressed steadily.

According to Xinhua News Agency, energy construction in south China remained active during the Chinese New Year. Major energy projects, including the Tibet-Guangdong DC project, the Huizhou Zhongdong Pumped Storage Power Station, and the Guilin Guanyang Pumped Storage Power Station under China Southern Power Grid, continued construction during the holiday. In Q1, China Southern Power Grid is expected to invest over 3 billion yuan to expand effective investment and strengthen development momentum through concrete actions.

Ero Copper (TSX, NYSE: ERO) recently released a preliminary economic assessment report for the Furnas copper-gold project in Pará, Brazil. The project is being developed in partnership with Vale Base Metals, with a mine life of 24 years and an estimated total production of 1.2 million mt of copper, 2 million ounces of gold, and 9 million ounces of silver. Over the first 15 years, the average annual copper equivalent production is expected to reach 108,000 mt.