In a nutshell: . ANGLO AMERICAN (+) : 2H24 first take - Incremental EBITDA reported a beat, interesting long-term MOU with Codelco . VALE (=) : 4Q24 first take - PandL and FCF miss, new buyback launched . RIO TINTO (+) : 2H24 first take - divi better but disappointing unit cash cost guides . ERAMET (=) : FY24 results in line, 2025 capex and volume guidance lighter . GLENCORE (+) : Serious work being done on a potential relisting . US MandA: Activist moves forward with proxy battle with X . TIANQI LITHIUM (+) / TIANQI LITHIUM - H (+) : Kwinana Refinery Train 1 impairment finalized; in-line with expectation Daily Prices as of February 19th / PRICE MOVERS . MACRO/COMMODITY WRAP: Meeting minutes yesterday shows that Fed officials expressed their readiness to hold interest rates steady amid stubborn inflation and economic policy uncertainty. Trumps says it is possible to reach a fresh trade deal with China, signaling he is open to heading off a brewing trade fight. Base metals traded higher on the SHFE this morning amid a softer USD; copper +0.3%, zinc +0.1%, aluminium +0.5%, nickel +0.6%. Iron ore futures rose again today on the DCE (+2.2%) and SGX (+1.6%). Gold (2,950/oz) climbed to a new record on Thursday as geopolitical tensions boosted demand for safe-haven assets. . Macro data this week: US Initial jobless claims (prev 213k) and Eurozone consumer confidence (consensus -13.9) today, Eurozone Manufacturing PMI (consensus 47.0) and US Manufacturing PMI (prev 51.2) due tomorrow. . US MandA - Activist moves forward with proxy battle with X: Yesterday the activist investor Ancora Holdings (USD 10b AUM, based in Cleveland) hosted a conference call to address their position in proxy fight with US Steel (+). The call was joined by Ancora''s CEO James Chadwick and Selco''s former CEO Alan Kestenbaum. On the call, Ancora reiterated that US Steel should focus on a standalone turnaround rather than a sale. They called for US Steel to abandon the merger with...