Markets

A mud rush at Freeport-McMoRan’s Grasberg Block Cave mine in Indonesia on September 8 resulted in the tragic loss of seven team members, confirmed on October 5. Mining operations are suspended pending an investigation involving external experts, expected by year-end 2025. The incident, involving approximately 800,000 metric tons of material, impacted multiple levels of the mine. Production disruption at the major copper mine raises market concerns. The company faces scrutiny and potential financial impact.

Predictive Discovery (PDI) and Robex Resources announced a merger on October 5, 2025, aiming to create a West Africa-focused gold producer. Robex shareholders will receive 8.667 PDI shares per Robex share. The combined company targets >400kozpa Au production by 2029, with Mineral Resources ≈9.5Moz Au and Ore Reserves ≈4.5Moz Au, implying a market cap of ~A$2,350m. The deal, expected to close in December 2025 or early 2026, requires approvals from the court, TSX-V, and Robex shareholders.

Firefly Aerospace will acquire SciTec for $855M, comprising $300M cash and $555M in shares. SciTec’s revenue for the trailing twelve months ending June 30, 2025, was $164M, and the company was awarded a $259M Space Force contract in 2025. The acquisition expands Firefly’s capabilities in software, data analytics, and national security solutions, with an expected closing by year-end 2025, pending regulatory approvals. SciTec will operate as a subsidiary of Firefly.

Arvinas presented promising Phase 1 data for ARV-102, a brain-penetrant PROTAC LRRK2 degrader, at MDS 2025. ARV-102 was well-tolerated and demonstrated dose-dependent CSF exposure, indicating brain penetration. It achieved >90% PBMC LRRK2 reductions at ≥20mg. In healthy volunteers, 80mg for 14 days reduced CSF lysosomal and microglial markers linked to Parkinson’s disease. Multiple-dose patient data is expected in 2026, with a Phase 1b trial in progressive supranuclear palsy planned for H1 2026, pending IND clearance. The data supports further clinical development of ARV-102.

Abivax (ABVX) reported positive Phase 3 ABTECT trial results for obefazimod in ulcerative colitis. A pooled analysis showed a 16.4% placebo-adjusted clinical remission rate at Week 8 with the 50mg dose, meeting the FDA primary endpoint. Trials enrolled a refractory population, including patients who failed advanced therapies or JAK inhibitors. No new safety signals for serious infections or malignancies were reported. Headache and nausea were common adverse events. Analysts believe efficacy in the difficult-to-treat patient group could position obefazimod favorably in the market.

Spyre Therapeutics presented promising data at UEGW 2025 on SPY002, a potential IBD treatment. Phase 1 results showed SPY002 was well-tolerated, suppressed TL1A, and has a PK profile consistent with less frequent dosing. Preclinical data showed combination therapies (α4β7 + TL1A, α4β7 + IL-23, TL1A + IL-23) outperformed monotherapies in mouse models, supporting the ongoing SKYLINE-UC Phase 2 study. Analysts urge caution, emphasizing the need for clinical validation in later-stage trials.

ATRenew Inc., a leading Chinese pre-owned electronics platform, is an Earthshot Prize finalist for “Building a Waste Free World.” Addressing the growing e-waste crisis, ATRenew uses its AI-powered “Matrix” system to collect, inspect, and resell used devices, diverting them from landfills. The company’s circular economy model, which extends device lifecycles and informs more sustainable manufacturing, is expanding beyond China into Southeast Asia and the Middle East. ATRenew’s CEO emphasizes the global potential of their approach to reducing e-waste.

Princess Cruises’ Star Princess, the second Sphere-Class ship, has embarked on its inaugural 11-day Western Mediterranean voyage from Barcelona. The 177,800-ton ship accommodates 4,300 guests and features 30 dining and bar venues, enhanced entertainment including original shows and immersive illusions in Spellbound by Magic Castle, luxurious accommodations, and a premium liquor collection. Following the Mediterranean voyages, the Star Princess will sail to Fort Lauderdale for its Caribbean season and official naming ceremony in November 2025 before a summer season in Alaska.

Kroger has voluntarily recalled its Basil Pesto Bowtie Salad and Smoked Mozzarella Penne Salad in multiple states due to potential *Listeria monocytogenes* contamination of pasta from a supplier. The recall affects products sold under various Kroger banners from deli and self-service cases. *Listeria* can cause severe infections, especially in vulnerable populations. Customers are advised to return affected products for a full refund. Kroger has removed the recalled products and notified customers.

Celanese Corporation will showcase new materials, digital services, and expanded capabilities at the K Show (October 8-15). Key highlights include the enhanced Chemille® Digital Assistant, an AI-powered tool for material selection, and new specialty materials for automotive, connectivity, and consumer applications. Sustainable solutions like low carbon POM ECO-C and recycled content Fortron® PPS ECO-R will also be featured. Celanese emphasizes collaboration and customer-centric innovation to address design challenges and promote sustainability across diverse industries. Visitors can explore these innovations at Hall 6/D02.