|Bid||50.59 x 1300|
|Ask||50.60 x 1000|
|Day's Range||49.60 - 50.75|
|52 Week Range||45.62 - 60.72|
|Beta (3Y Monthly)||0.85|
|PE Ratio (TTM)||9.13|
|Forward Dividend & Yield||2.54 (5.01%)|
|1y Target Est||61.90|
As we saw in the previous part of this series, iron ore prices have stood their ground despite growing headwinds for China (FXI). As we discussed in the previous part, one of the factors driving iron ore’s resilience is the stocking up by mills ahead of winter production curbs. As restocking completes and winter cuts kick in, the demand for iron ore from China could take a hit.
Chinese authorities imposed curbs on steel production last year ahead of winter months to reduce pollution. Steel mills are therefore in restocking mode to advance steel production before the curbs kick in. China’s iron ore import data for September also underscored this fact.
Oil stocks were among the top performers on Monday, driven by a spike in crude. Mining stocks also enjoyed investor attention, helping to boost the FTSE 100. British American Tobacco sold off on news that the US regulator could ban menthol cigarettes.
Asia-Pacific stocks struggled for direction on Monday while the pound dipped on the latest Brexit concerns. Japan’s Topix was flat as the technology sector mirrored falls on Wall Street on Friday. Technology ...
Industrialist Sanjeev Gupta said on Friday that he was on course to complete the acquisition of Europe’s largest aluminium smelter by the end of the November after securing finance for the $500m deal. “This agreement underlines the support of the banking community for GFG’s vision for economic and environmental sustainability,” Mr Gupta said in a statement.
Industralist Sanjeev Gupta's Liberty steel company has secured the financing for its acquisition of a Dunkirk aluminum smelter from Rio Tinto. The Liberty company said on Friday that it had entered into a committed financing agreement with a syndicate of major international banks. Liberty added that the financing allowed it complete the takeover of the site, which employs 560 staff, by end-November.
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Electric vehicles use a lot of copper. But supplies are already tight and it takes years to bring more on line. That should help a handful of European mining companies.
Moody's Investors Service ("Moody's") placed all ratings (A3 senior unsecured and P-2 short-term) of the Rio Tinto group rated entities (Rio Tinto) on review for upgrade. The review results from the strengthening Rio Tinto's metrics attributable to its debt reduction in recent years under its liability management program, the reduction in costs from the group's focus on productivity and logistics, which helps to mitigate cost creep being seen in input costs.
Can Iron Ore Maintain Its Price Momentum amid China's Slowdown? China’s manufacturing growth in October was at its weakest level in over two years. The PMI reading for China was the lowest since July 2016.
The plan, announced on Thursday, fulfils a pledge by the Anglo-Australian company to hand back of all the proceeds — after tax and expenses — from the sale of its US shale assets to shareholders. The rest of the cash will be returned to investors via special dividend of $5.2bn, which will be paid in January. “We made a commitment that all the net proceeds from the disposal of our onshore US assets would be returned to shareholders and we are honouring that commitment now that the sale transactions have been completed,” said BHP’s chief executive Andrew Mackenzie.
Despite making a lot of noise about its electric vehicle-focused mines such as nickel, copper and cobalt, Glencore has continued to buy more coal assets, adding rival Rio Tinto’s Australian operations to its portfolio this year. Coal-mining profit will eclipse copper earnings -- which are forecast by analysts to be about $5.5 billion -- for the first time since the trading house sold shares in London in 2011.
Global miner Rio Tinto's (RIO.AX)(RIO.L) outline deal to sell its stake in the Simandou iron ore project in Guinea has lapsed after years of negotiations failed to produce an agreement with Aluminum Corp of China (Chinalco) . Simandou is one of the world's biggest iron deposits, containing billions of tonnes of high-grade ore under the remote forested hills of Simandou, but development has been complicated by its location far from the West African nation's coast. Rio announced a non-binding deal to sell its stake in October 2016.
Mining companies must forge new ties with partners from customers to governments as they pursue innovation and compete for talent with technology giants, Rio Tinto's chief executive said in a speech to be delivered on Tuesday. The mining industry has recovered from the deep commodity crash of 2015-16, but faces headwinds from U.S.-China trade tensions, which have dented the copper price, and is struggling to win investor trust. In a copy of a speech to be delivered at a conference in Melbourne on Tuesday, CEO Jean-Sebastien Jacques said pushing the industry forward calls for "a brand new spirit of partnership".
Attractive stocks have exceptional fundamentals. In the case of Rio Tinto plc (LON:RIO), there’s is a financially-healthy , dividend-paying company with a a strong history of performance. Below, I’ve touched Read More...
(Adds futures, company news item) Oct 29 - Britain's FTSE 100 index is seen opening 10 points higher at 6,949 on Monday, according to financial bookmakers, with FTSE 100 futures up 0.87 percent ahead of ...
Rio and its partner, known as Chinalco, will work with Guinea’s government “to explore other options to realize value” from the asset, Rio said Monday in a statement. Development of Simandou, which holds an estimated 2 billion metric tons of iron ore, has been hampered by issues including infrastructure requirements. Rio holds about 45 percent of the project, while Chinalco has about 40 percent and Guinea’s government owns a 15 percent stake, the company said.
Aluminum prices topped the $2,500 per metric ton level in April amid Rusal sanctions. Alumina prices have been more volatile than aluminum prices (XME). The global alumina markets have been rocked by a series of supply disruptions this year, especially at Norsk Hydro’s (NHYDY) Alunorte refinery.
This is the first time that Moody's has assigned ratings to Inalum. Proceeds from the notes issuance will be used to fund a portion of Inalum's proposed $3.85 billion payment to increase its share ownership of PT Freeport Indonesia (PTFI) to 51.23%, inclusive of the government of Papua's 10% stake, from 9.36%.
Shares of the producer have gained more than 9 percent in Hong Kong after an endorsement from Goldman Sachs Group Inc., which highlighted gains in coal prices, especially for the premium coal produced in Australia. The bank revised up its profit estimates for Yanzhou and boosted its rating to buy from neutral on Monday and assigned a target price of HK$12, implying potential for a 33 percent jump from current levels. Yanzhou’s prospects are aided by the widening price gap of Australian coal over lower-grade material after its $2.7 billion purchase of Rio Tinto Group’s coal assets in Hunter Valley last year.
Copper, an industrial metal known as a leading indicator of economic activity, has been pointing investors toward slowing global growth, setting prices on track for their first yearly decline since 2015.