JPM-JPM Mining Daily Iron ore -百分之1.2, Li Carbonate -百分之2.5...-20251105

<p style="text-indent:28px"><span style="font-size: 14px;">Signed agreements with Nimex Terminals to establish LNG &amp; LPG hubs at Khalifa Port - Positive</span></p><p style="text-indent:28px"><span style="font-size: 14px;">Our Take: After market close today, AD Ports announcedthe signing of two long-term agreements with NimexTerminals, which envisage the development of UAE’s first private sector LNG and LPG terminal hubs at Khalifa Port in Abu Dhabi that can accommodate large long-haul gas carriers. The deal is expected to generate &gt;AED 30bn/$8bn in total revenue for AD Ports over a 50-year period. According to the company, investments into the required infrastructure total ~$1.0bn, incl. AD Ports’ commitment to invest up to AED 1.3bn/$354m (primarily for dredging and development of jetties) and up to AED 2.6bn/$700m of capex from Nimex Terminals (for advanced LNG &amp; LPG storage tanks and other superstructure construction). The facilities will be developed in phases over a 5-year period and initial operations are expected to commence by mid-2028, with steady state operations projected to be achieved by 2031/33 for LNG/LPG terminals. We expect to see a positive market reaction to the announcement, as it contributes to the strategic diversification of operations at AD Ports’ flagship infrastructure asset, without putting a material strain on the balance sheet strength and with a potential steady-state annual EBITDA addition (on our numbers) of up to ~AED 400m-500m, eq-t to ~7% of group EBITDA 2028E.</span></p><p><br/></p>