|Bid||953.40 x 38000|
|Ask||953.80 x 120000|
|Day's Range||949.20 - 981.40|
|52 Week Range||744.41 - 1,071.50|
|PE Ratio (TTM)||12.53|
|Earnings Date||Mar 12, 2018 - Mar 16, 2018|
|Forward Dividend & Yield||0.37 (3.93%)|
|1y Target Est||13.06|
Copper prices have been weak this year after rising for two consecutive years. Over the last few years, Chinese demand has been the key driver for copper prices. Several labor contracts at leading copper mines like BHP Billiton’s (BHP) Escondida are coming up for negotiation this year.
Freeport-McMoRan (FCX), the leading US-based copper miner, has seen a sharp rally over the last two years. In 1Q16 there were concerns about the company’s ability to survive amid falling commodity prices. Copper miners including Southern Copper (SCCO), Antofagasta (ANTO), and Glencore (GLEN-L) have followed copper higher.
Workers at Antofagasta PLC's Los Pelambres copper mine in Chile have opted to extend a period of government mediation in an effort to reach agreement on a new labor contract, an industry group said on Tuesday. Workers in the mine's largest union last week rejected an offer for a new labor contract, triggering a period of government mediation and paving the way for an eventual strike.
British shares gave up early gains and finished in negative territory on Wednesday as points gained by Prudential and mining stocks were overturned by simmering fears of a global trade war that pushed Wall Street into the red. The blue chip FTSE 100 (.FTSE) index closed down 0.09 percent at 7,132.69 points, slightly above the pan-European STOXX 600 (.STOXX), down 0.15 percent while the Dow Jones Industrial Average (.DJI) was losing about 1 percent at the same time. "The positive mood in Europe has waned after U.S. markets turned lower," David Madden from CMC Markets said.
There are a number of reasons that attract investors towards large-cap companies such as Antofagasta plc (LSE:ANTO), with a market cap of UK£8.75B. Market participants who are conscious of riskRead More...
LONDON/MILAN (Reuters) - Britain's top share index succumbed to gains in the pound on Tuesday after U.S. President Donald Trump fired Secretary of State Rex Tillerson, while disappointing earnings updates weighed on mid caps. The FTSE (.FTSE) ended down 1.1 percent at 7,138.78 points, while the mid cap index (.FTMC) fell 1.3 percent. Trump replaced Tillerson with loyalist CIA Director Mike Pompeo which, together with U.S. inflation data, weighed on the dollar.
Since China, the world’s largest copper consumer, isn’t self-sufficient regarding copper assets, it needs to import copper. Copper mining is situated in Latin America. Chile is the largest mined copper producer.
How far is Chile from Kazakhstan? In share price terms, about 70 percentage points. London-listed Antofagasta , the Chilean copper miner, has trailed its peer KAZ Minerals badly over the past year. “Anto” ...
Workers in the largest union at Antofagasta PLC's Los Pelambres copper mine in Chile rejected an offer for a new labor contract, paving the way for a strike, a union source told Reuters on Friday. Workers and the company would still have to go through a mediation process with the government to try to reach a deal. Another union representing workers at the mine's mill has already reached a deal with Antofagasta.
MILAN (Reuters) - The UK's top share index ended the session in positive territory on Thursday but lagged European peers as falling metal prices hit commodity stocks and a number of British blue chips ...
The main union of Chile's Los Pelambres copper mine will vote next week on a new contract its members have not yet received and which could lead to a strike if they refuse, a union leader told Reuters on Thursday. The president of the union for Los Pelambres, a unit of the local group Antofagasta, said the company's proposal would be finalized no later than Friday. "We are waiting for the last offer, I do not know if it will meet the expectations, in the early negotiation we did not reach an agreement," Sergio Munoz said.
British shares fell on Wednesday, dragged down by mining companies after weak factory data from China, while comments from U.S. Federal Reserve Chairman Jerome Powell reignited expectations of more interest rate hikes in the United States. The FTSE 100 (.FTSE) was down 0.7 percent at 7,231.91 points at its close, tracking further weakness on Wall Street after Powell gave an upbeat view on the U.S. economy and said data had strengthened his confidence on inflation. A drop in the pound provided some shortlived relief for the FTSE after the European Union's chief negotiator Michel Barnier said a transition deal was not guaranteed and the prime minister said the EU's draft legal text would undermine Britain.
Glencore’s (GLEN-L) financial position has improved greatly since 2015, when concerns over near-term debt maturities—coupled with falling commodity prices—triggered a massive sell-off in the stock. Now, not only has the company restored its dividend program, but it’s also looking at inorganic growth. Along with the 2017 annual results, Glencore said the company would like to keep its net debt between $10 billion and $16 billion and would cap its net debt to EBITDA (earnings before interest, tax, depreciation, and amortization) to 2x.
In the previous part of this series, we looked at Freeport-McMoRan’s (FCX) capital allocation strategy. Southern Copper is in the middle of a multi-year growth plan, and it expects its copper production to rise to 1.5 million tons by 2025. To put that figure in perspective, consider that the company produced 877,000 metric tons of copper last year and expects its copper production to rise 6% year-over-year to 931,000 metric tons this year.
As copper market conditions have improved, companies have also taken another look at their capital allocation strategies. Only a couple of years back, debt reduction was the sole priority for miners, as commodity prices were hovering near multiyear lows.
Among other factors, expectations of supply-side disruptions at leading copper mines boosted copper market sentiment. To be sure, several labor contracts at leading copper mines—including BHP Billiton’s (BHP) Escondida—are coming up for negotiation this year. Last year, we saw labor action at several mines, including Escondida and Freeport-McMoRan’s (FCX) Grasberg, which are the world’s largest copper mines (ANTO).
Chilean mining company Antofagasta received environmental approval for a major, $1.1 billion revamp of its Los Pelambres copper mine, the regional government of Coquimbo said on Wednesday. The infrastructure ...