Rio Tinto sees continued demand for raw materials in China, Bloomberg reports
Yes, the onus is now on the government to do everything in its power to facilitate the project. A win-win situation for all. Cliffs should stabilize from here...
Trivia: An analyst reports a lack of organic growth at SunPower...Name the analyst...
O my people, the writing is on the Tablet. You'll notice a steady decline in your gains, if any, from here. Take a good look at the current PPS of SunPower. A 50-75 percent downside is highly probable. Be sure to print and frame your present brokerage statement. In the near future, you'll talk about how much money you could have, should have, and would have made if you have liquidated your position in SunPower in time. O my people, savor the memory. Pay due regard to 'prophets' and obey the messenger of truth, Solarmanmike, the great. Shalom! Salam! Have a Bad Morning!
Analyst: Cliffs made the right call in suspending Ring of Fire project •
Cliffs Natural Resources (CLF) made the right move in pulling out of the chromite project in Ontario’s Ring of Fire, RBC analyst Fraser Phillips says, since the project would have taken years to develop and the decision removes an uncertainty lurking over its shares.
The project required ferrochrome prices of $1.40/lb. to produce an internal rate of return in the 14%-17% range, but with prices closer to $1, Phillips believes the project economics were “questionable at best."
CLF can now focus on allocating its capital and resources to its core iron ore assets such as the Bloom Lake mine in Quebec, the analyst says.
Ms. Persico said the company will hold on to its rights to mine in the region, and that it still sees potential in the area – once the problems are taken care of.
On top of the infrastructure deficit, the province must also reach a deal with First Nations who live in the area. Queen’s Park appointed former Supreme Court justice Frank Iacobucci to lead its negotiating team; aboriginal groups are represented by former premier Bob Rae.
The opposition parties charged that the government has dragged its feet in the area and failed to get the project going. “Their bungling has snuffed out an amazing opportunity,” said New Democrat Leader Andrea Horwath.
The move by Cliffs comes as mining companies are slashing project budgets amid a financing drought and volatile prices for many commodities including metals. Cliffs, which mines iron ore and metallurgical coal in North American and Australia, has seen its share price drop 31.5 per cent in the face of cooling demand from China.
Another player in the Ring of Fire, Noront Resources Ltd., said it will move ahead with plans to mine the deposit of nickel, copper and platinum it calls Eagle’s Nest, and will file a draft environmental impact assessment by the end of the year.
In an interview, Noront chief executive officer Alan Coutts pointed to one positive outcome of Cliffs’ decision: That it could finally light a fire under Queen’s Park and force it to act.
“We’re hopefully going to see a bit of a silver lining come out of this decision by Cliffs in that it does underline the fact that the processes like environmental approval and decisions around infrastructure have to be taken on a timely basis,” he said.
A U.S. mining company’s decision to halt operations in Ontario’s Ring of Fire has brought a sense of urgency to the province’s long-delayed efforts to build transportation links to the region.
The remote area, 500 kilometres north of Thunder Bay, is believed to contain $60-billion worth of minerals but lacks a road or rail line to ship ore out. Cliffs Natural Resources Inc., which had planned a $3.3-billion chromite mine, suspended the project late Wednesday, citing “risks associated with the development of necessary infrastructure.”
The province said it had got the wake-up call. “We recognize that government is going to have to partner with the enterprises that are interested in developing the Ring of Fire, and we understand there will have to be collaboration on infrastructure development. We’re absolutely clear on that,” Premier Kathleen Wynne said Thursday. “It’s about a huge opportunity.”
Cliffs had been sending warning signs for months, putting environmental assessments on hold last summer and indicating publicly this fall that it might have to suspend operations.
Ms. Wynne’s government tried to show progress, announcing two weeks ago that a new development corporation would build $2.25-billion worth of infrastructure in the region. But the plan appeared rushed.
The government announced it before working out many key details on how it will operate, and stopped short of actually committing the money to fully fund it. In the end, it was not enough to convince Cliffs.
“Without land surface rights, without infrastructure certainty, without the [environmental assessment] process terms of reference being approved … we can’t continue to spend at the levels we’re been spending,” Pat Persico, a spokeswoman for the Cleveland-based company, said in an interview.
Cliffs has already spent about $500-million (U.S.) for the project, including $350-million for the mineral rights to three chromite deposits. This year, the company is on track to spend $50-million more.
Abstinence is what your Mama should have practiced - you would not have been here to spout garbage about a Fad industry.
Yes, SunPower is MUM about the destruction of Fab 2 in the Philippines. Now, go to your MAMA for comfort and attention!
Brother, God loves those who pay due regard to 'prophets.' 'Prophets' should not be ignored. Subhan Allah!
O bowling4worthlessstocks, Yahoo does not allow the posting of links and images. The satellite images can be had from NASA and NSA.
I am nothing but a messenger of truth to thee. Ask the people of PEIX, DCTH, PIP and SIGA about the prophecy of Solarmanmike, the great. They ridiculed and harassed the messenger with reckless abandon. Have you seen the end of those who ignored the admonitions of the wise one? By God, I take no comfort in their misfortune. I gave them ample warnings, but they ignored my warnings and admonitions. God has endowed Solarmanmike, the great, with immense knowledge and wisdom. O my people, I seek no reward from Thee. God intends for you to be guided unto the right path - the path to 'prophets,' not misfortune!
Indeed, Moses, Abraham, Lot, Muhammad, Noah, etc., were mocked and ridiculed. While my God has not charged me with delivery of the scriptures, he has endowed me with the capacity to guide you to real 'prophets.'
God guides whom he please to the right path! Allah Akbar!
5000 x 12.60 = (please do the math for me...I do fuzzy math...Thank you!)
Notwithstanding your miscalculated and vitriol responses, relentless insider selling does not bode well for confidence in SunPower. The 25 percent loss of production capacity in the Philippines is a serious near-term setback for SunPower. Salam! Shalom! Namaste! Have a Bad Day!
08:38 a.m. AK Steel's raw material strategy a game changer, says Goldman