Aaron Spychalla

Julio Romero

Brent Thielman

Jason Ursaner

Laura Maher

Liam Burke

Min Chung Cho

- **Glencore** is in discussions about potentially selling a **controlling stake** in its **Kamoto Copper Company (KCC)** mine in the Democratic Republic of Congo.  **[1402829_9f4b14b8c4944749a077d112eb335f87]** 
- KCC is a significant producer, having yielded **191,000 tons of copper and 27,000 tons of cobalt in 2024**.  **[1402829_9f4b14b8c4944749a077d112eb335f87]** 
- Companies engaged in talks include **Orion Resource Partners** and Rio Tinto, with the U.S. International Development Finance Corp. (DFC) potentially participating in a related mining investment fund.  **[1402829_9f4b14b8c4944749a077d112eb335f87]** 
- This potential sale aligns with Glencore's aim to optimize its asset base and broader U.S. efforts to secure critical mineral supplies.  **[1402829_9f4b14b8c4944749a077d112eb335f87]**

Glencore Discusses Sale of KCC Stake

- Orion Group Holdings (ORN) operates in **concrete** (buildings, data centers) and **marine** (infrastructure, ports, Navy) construction.  **[1402829_2147543_0]**  Management has driven a turnaround, achieving **trailing twelve-month (LTM) revenue growth and margin expansion** every quarter since 2023.  **[1402829_2147543_0]** 
- The company targets **8-12% annual organic growth** for both segments.  **[1402829_2147543_7]**  Marine is expected to maintain **11-14% contribution margins**, while concrete aims for **upper single-digit contribution margins** (from current mid-single digits) within 2-4 years.  **[1402829_2147543_7]** 
- Key growth drivers include **over $100 billion in Navy infrastructure projects in the Pacific** (over the next 3-10 years), port modernizations, and private sector LNG/industrial developments.  **[1402829_2147543_2]** **[1402829_2147543_3]** 
- Orion emphasizes disciplined project selection with a **minimum bid margin threshold** and is open to tuck-in acquisitions, comfortable with **up to 2x net leverage**.  **[1402829_2147543_6]** **[1402829_2147543_8]**

Orion Group Holdings Discusses Turnaround, Growth Strategy, and Market Opportunities

- Orion Group Holdings, Inc. (ORN) reported **strong first-half 2025 results**, with **revenue increasing 12%** to **$394 million** and **Adjusted EBITDA growing 90%** to **$19 million** compared to the first half of 2024.  **[1402829_0001104659-25-091016_orn-20250918xex99d1.htm:6]** 
- The company **reiterated its full-year 2025 guidance**, projecting **revenue between $800 million and $850 million** and **Adjusted EBITDA between $42 million and $46 million**.  **[1402829_0001104659-25-091016_orn-20250918xex99d1.htm:6]** 
- Orion's business is primarily composed of **Marine (65%)** and **Concrete (35%)** segments based on 2024 revenue and Adjusted EBITDA mix, with a total backlog of **$746 million**.  **[1402829_0001104659-25-091016_orn-20250918xex99d1.htm:2]** **[1402829_0001104659-25-091016_orn-20250918xex99d1.htm:3]** 
- The company is executing a multi-phase strategic plan, having delivered Phase I and now focusing on Phase II initiatives such as geographic expansion and specialized Marine construction, supported by a **record pipeline of opportunities**.  **[1402829_0001104659-25-091016_orn-20250918xex99d1.htm:4]** **[1402829_0001104659-25-091016_orn-20250918xex99d1.htm:5]**

Orion Group Holdings, Inc. Provides Q2 2025 Update and Reiterates FY 2025 Guidance

- Orion Group Holdings, Inc. announced **new contract awards with a total value of over $120 million** on September 15, 2025.  **[1402829_6ba14e3311fc4c3688391ccac015c8c9_0]** 
- These new contract awards were **evenly balanced between Orion’s Marine and Concrete segments**.  **[1402829_6ba14e3311fc4c3688391ccac015c8c9_0]** 
- The company will participate in D.A. Davidson’s 24th Annual Diversified Industrials & Services Conference on **September 18-19, 2025**, with a fireside chat on September 18.  **[1402829_6ba14e3311fc4c3688391ccac015c8c9_0]**