Glencore should report around the 5th of August, give or take.
Lundin goes tonight. Their small anyway.
First Quantum tomorrow. (This one will be interesting)
KGHM in first week of August, give or take.
Codelco, probably in Sept. (when they feel like it)
The Mexicans (SCCO) released their usual 'one-pager' early this morning. They are growing, but are making some WILD claims on how fast they'll be able to bring up Buenavista concentrator up.
"The new Copper-Molybdenum Concentrator:"
"The project has a 98% progress with an investment of $1,060.1 million out of the approved capital budget of $1,384 million."
"The project is expected to be completed in the 3Q15."
"As part of the ramp-up process, we expect to initiate concentrate production during the third quarter 2015 and reach full capacity by the fourth quarter of 2015."
A complete ramp-up of big new mill that will churn out 180k MT copper in conc. annually........in 3 months ?!?!?!?! This is Mexican bluster. Try 2016 guys.
Somebody needs to take the dope & tequila away from CEO German Larrea, and give the him a lollypop, instead.
This is even worse than the pollock's (KGHM) bluster about Sierra Gorda last year, how they were going to ramp Sierra Gorda up to full capacity by YE 2014 (five months). Didn't happen. Now they barely talk about Sierra Gorda output, expect when they have to defend their investment in the former Quadra FNX to the Polish Gov't, and shareholders since JPM's been harping about the "malinvestment".
JX Holdings (Pan Pacific's parent) wrote off substantially all of their Caserones project costs last year, so that says something how well that 12,000 ft. above sea-level boondoggle is going. Of course, they did forget to build a permitted tailing dump there, which drove the write-off (after Chile enviro regulators nailed them with big fines for that stunt).
The former CEO of the Caserones, Nelson Pizarro (who forgot to build it), now runs Codelco.
Sentiment: Strong Buy
Some of Do's best friend drive fork lift truck. It not matter to Do, but when a person fraudulently portrays himself as a financial professional (talking with industry executives, calling CEO's etc) it matters to him. Because then the rest of the board will know they are listening to a fraud.
Papa, Do doesn't know if you noticed it or not, but TC investors are not the brightest guy you can find. They need all the help they can get. lol
She doesn't need to know. We already know they can just adjust the margin of error tighter or more loose to get the figure she needs to justify whatever she wants to do at the moment. After all, does anyone really believe that inflation for the last 5 years has been only about 1-2%, or that the unemployment rate is 5.3% ? We all just nod , say yup, and ask when the next Emmy, ESPys, Grammy, MTVMusic awards are. (Waves off Jannet Yellen) Do whatever you want ... Sign me up for the red carpet pics because Jessica Alba is coming out of her limo!
Each time she is losing field position. GDP number will be interesting tomorrow. In order for her to get the Fed's own internal numbers of 2.31% GDP in 2015 and 1 hike, she needs 3% for Q2 through Q4 for that to happen. (Q1=-.2%) She will not know these numbers for quite a while yet. IMO, she needs quite a beat on 3% GDP tomorrow to even consider a hike at this point.
"Unfortunately I'd guess Aluminum is being used in a lot of applications instead of CroMoly Steel"
Honestly, doubt that very much. Aluminum would be a very poor substitute for the applications that use high-moly steel. Very bad. Stuff would be blowing up, breaking, simply not working, or collapsing everywhere.... creating a big mess.
China's consumption of aluminum is strong YTD, because the Chinese economy is NOT IN COLLAPSE, unlike what the western financial media has been pumping for months now.
But since Goldman Sachs insists (insists !) China is in full meltdown mode, we must assume the Chinese are instead going absolutely crazy over the concept of canned beer, a new revolutionary concept in beverage packaging....
Also, Goldman Sachs says copper is obsolete, and that all copper will be replaced w. aluminum by next week, Tuesday. So that explains it !
So the impending obsolescence of copper (next week) and surging canned beer sales must explain all the surging aluminum demand in China, because it absolutely cannot be because the Chinese economy is actually growing. Can't be that. Goldman says so.
Sentiment: Strong Buy
Ultra, this is just amazing. One company after another lowering numbers. Now I would really like to see Glencore's projection update. There are things here that did not appear there at all. One or two increases over what they said, but far more misses.
China doesn't want to be the world reserve currency. They want to convert US debt to SDRs before the hyperinflation of the US dollar after it loses world reserve currency status. Additionally, China does not want to be the world reserve currency because they know of the Triffin Paradox.
Antofagasta Plc. disclosed numbers for Q2 today.
Copper output down -12.9%. This is not growth.
Lowered 2015 output guidance to 665k MT, vs. 2014 actual output of approx. 705k MT.
Delays with completing Centinela and Antucoya projects, which won't start-up until late 2015, and won't achieve design through-put until mid-late 2016, at the earliest.
Meanwhile, copper grades slipping across the board at Antofagasta, inexorably gnawing away at successive YOY output totals......esp. at flagship Los Pelambres mine.
Antofagasta has stopped talking of additional longer-term projects at Centinela and Encuentro Oxides, because they are delaying advancement of these projecs.
No tidal wave of copper coming anytime soon from these guys.
Sentiment: Strong Buy
Private, the author of that article is under one assumption that is totally incorrect. He assumes that China wants to become the next world reserve currency. They do not want to be the world reserve currency because of the Triffin Paradox. Instead, China wants to be included into the SDR where they can then convert their US Treasuries into SDRs which of course would be then backed by all world currencies, not just the US dollar. In fact, China would convert the US Treasuries into SDRs before the US undergoes hyperinflation because of the loss of world reserve currency status and the plague of inflation that always follows after the fall from that position. If you would like to learn more, go to the philosophyofmetrics (all one word).
That may be true but it's in poor taste to use another's mental instability as a source of entertainment. And the whole parading of his personal foibles is similarly in poor taste. Of course Arnold should not be taken seriously most of the time, but what does it matter if he drove a fork lift or "carried another's" luggage?
Unfortunately I'd guess Aluminum is being used in a lot of applications instead of CroMoly Steel, just one other headwind Mb has faced I suppose. I remember several years ago Al was up and coming for use as a replacement in the energy sector. I'm amazed that it is a practicable option for as many purposes as it apparently is, but that's life, Alcoa has definitely held up much better over the past 5 years than other materials stocks.
Hey, the Chinese gov't is buying the stock of domestic companies they lord over........
You should be happy w. China, right..........?!? :)
Isn't that like insiders buying their own stock..........?!?!
Sentiment: Strong Buy
Here a December post on the AAL board from Marcellusgashound (Bernie Ellis) to Arnoldboils (Bernie Ellis)
"nice call Arnold,
I followed your lead and bought a couple thousand AAL @ $46.20 for a trade...."
Do believe we only see tip of the iceberg with Bernie, lol
Before you get all worked up, you should google and read this article. Its interesting.
"4 Trillion Reasons China’s Currency Isn’t Ready for Prime Time
China isn’t ready to supply the rest of the world with RMB. So why does it matter if the currency gets the IMF's stamp of approval?"