10:57 AM EDT, 10/02/2024 (MT Newswires) -- RBC Capital Markets on Tuesday provided a third-quarter earnings preview for base metal equities.

On Canada related companies, RBC noted shipments at Teck Resources' (TECK-B.TO, TECK-A.TO) QB port were down during the quarter, which could reflect the maintenance shutdown in July, while Lundin Mining ( LUNMF ) had stronger shipments from Candelaria, in line with a guided increase in production.

RBC said it continues to see re-rating potential for Teck as they ramp up QB and added the C$3 billion buyback provides support.

According to RBC, Ivanhoe Mines ( IVPAF ) is putting the pieces in place for another production step-change with lower costs in 2025.

RBC said that Capstone Copper ( CSCCF ) continues to execute its near-term growth, while Hudbay Minerals ( HBM ) stands to benefit from strong interim free cash flow while obtaining permits in Arizona could be a catalyst for later this year. Meanwhile, signs of progress towards a restart of the Cobre Panama mine would be positive for First Quantum (FM.TO).

For Champion Iron ( CIAFF ) , forest fires and a weaker iron ore price could impact results, RBC said.

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