Big Global Miners Learnings from earnings: Copper "new" centre of gravity. Costs "less bad". Industry Overview Learnings from earnings, H1 2026 edition Key takeaways: 1) Copper: Dominates earnings & investments. 2) Costs: Broadly "less bad" than feared. 3) Guidance: (Mostly) unchanged. 4) Capital returns: Solid. Sustainable? 5) Capex: Creeping up. Project approvals. On Big Miners: Maintain Buy on GLEN, FCX, ANTO, S32. Neutral: BHP, RIO, AAL, Underperform: SCCO, FMG. . Accessible version >> Employed by a non ...