RBC Capital: "The JuneQ production results are expected to show improved QoQ production/unit costs as operations recover from seasonal maintenance/wet weather, and as most miners run hard into financial year-end. "More importantly, most of our coverage will announce maiden FY25 guidance. We see risk to the downside with FY25 guidance, given that most of our coverage is expected to grow production over the next year. "Furthermore, changes to workplace relations may impact FY25 guidance with miners taking the conservative approach and allowing for higher labour costs. "Nevertheless, the good news is, miners appear to be near an inflexion point for cost inflation, which coupled with declining/plateauing capex and an uplift in production, should result in improved FCF, particularly for base metal exposed miners. "We have Outperform ratings on SFR, MIN, PLS, IGO, ALTM and S32, Sector Perform ratings on BHP and RIO, but have a relative preference for BHP in Aus, and maintain our Underperform rating on FMG."#mining#stocksinfocus#XJO#equities#investing
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