Risks a valuation treats as a footnote until they become the valuation: sovereign, counterparty, schedule and control.

Maike Metals handled a quarter of China's copper imports on a trading margin of about one per cent. Its founder has been sentenced to life, according to Bloomberg, and has appealed. The filings show who was paid, and who was handed trust units carried at zero.

Guinea's Simandou 2040 programme is costed at US$200 billion. The official fiscal model puts the state's revenue from Simandou at about US$20 billion over the same fifteen years, most of it after 2030.

Eni and Petronas have set first gas at Kutei North 33 months after sanction. Of eleven large floating developments, two were faster, and Hormuz has made the date worth more.

An iron ore invoice paid by Glencore was re-dated and sold to a bank within days. It sits at the centre of a three-country fight between Glencore, its former partner and their lenders.

Saipem and Subsea7 published a €300m annual synergy built on fleet optimisation and reduced bidding overlap. Twelve months later Brussels opened Phase II on the same industrial facts, then stopped the clock.

Washington announced control of 65 billion barrels of Venezuelan crude. The deal's own revenue arithmetic sells eleven billion, and producing 65 billion inside the term would need 7.12m bpd sustained.

Eramet's strategy document could not survive its own results: €672m of losses in six quarters against €441m of equity.

Vale's disclosures certified 100% of its dams stable. One, rated 1.09 against a 1.5 benchmark, liquefied without warning: the confusion of documentation with control, priced in lives and market cap.