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Stock Market & Financial Investment News

News Breaks
January 30, 2013
06:13 EDTXSRAY, VALE, GLNCY, AAUKY, BHP, RIOMining, steel firms face $50B in write downs for takeovers, Bloomberg reports
Major mining and steel companies worldwide have wiped about $50B off project valuations in the past year and that's expected to continue this earnings season as managers review expensive takeovers, reports Bloomberg Anglo American (AAUKY), Vale (VALE) and Rio Tinto (RIO) led the write downs. Glencore International (GLNCY) may write down some nickel and copper assets acquired through its takeover of Xstrata (XSRAY), Liberum Capital has said. BHP Billiton (BHP) may reduce aluminum operation valuations, according to Goldman Sachs Group and Sanford C. Bernstein. Reference Link
News For AAUKY;VALE;RIO;GLNCY;XSRAY;BHP From The Last 14 Days
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May 5, 2015
05:29 EDTAAUKYAnglo American downgraded to Underperform from Sector Perform at RBC Capital
RBC Capital downgraded Anglo American to Underperform citing near-term pressure to bulk commodity prices and weakening contribution from De Beers.
May 4, 2015
06:11 EDTBHPBHP Billiton investors to vote on leaner company model, WSJ reports
BHP Billiton shareholders are set to vote Wednesday on a plan that would make the mining company smaller, The Wall Street Journal reports. The company is setting up South32, a company to house undesirable operations including coal mines and alumina refineries, halving the number of assets BHP runs and allowing it to focus on iron ore, oil and copper. Reference Link
May 1, 2015
13:49 EDTBHPWestmoreland agrees in principle to buy San Juan Mine, enter coal supply deal
Westmoreland Coal (WLB) announced that it has agreed in principle to purchase the San Juan Mine in Farmington, New Mexico from BHP Billiton (BHP) and enter into a new long-term coal supply agreement with the owners of the San Juan Generating Station. The contemplated new coal supply agreement states that Westmoreland will take over operations at the beginning of 2016. The new coal supply agreement expires in 2022, but SJGS owners can extend the agreement beyond 2022, to coincide with the SJGS owners’ plans for operation of the plant after 2022. The new coal supply agreement and the agreement in principal for Westmoreland to purchase San Juan Mine will not be final or binding until all parties have secured internal approvals.
11:00 EDTBHPSan Juan would be ideal dropdown candidate for Westmoreland, says Brean Capital
After PNM Resources (PNM) announced Westmoreland Coal (WLB) will take over coal operations servicing the San Juan Generating Station in New Mexico from BHP Billiton (BHP) in early 2016, Brean Capital said it thinks these assets would be an "ideal" candidate for further dropdown to Westmoreland LP (WMLP), which the firm would expect to be an accretive transaction for Westmoreland. Brean, which views Westmoreland's track record of executing attractive acquisitions as "solid" in recent year, reiterates its Buy rating and $46 price target on the shares.
09:02 EDTBHPPNM Resources to file two agreements with New Mexico regulators
PNM Resources' (PNM) New Mexico electric utility, Public Service Co. of New Mexico, will file with the New Mexico Public Regulation Commission substantially final coal supply and participant restructuring agreements for San Juan Generating Station. The agreements will be filed as part of PNM’s ongoing regulatory proceedings seeking NMPRC approval of the SJGS Plan settlement agreement filed in October 2014. Approval of the settlement agreement is an important step in implementing a revised state plan that benefits customers and complies with federal visibility regulations under the Clean Air Act. The new coal supply agreement states that the intended new coal mine owner, Westmoreland Coal Company (WLB), will take over operations at the beginning of 2016. The current agreement with the existing coal mine owner, BHP Billiton (BHP), would have terminated at the end of 2017. The earlier transaction date allows PNM customers to more quickly benefit from fuel savings of approximately 15-20 percent in 2016 and 2017. The savings will be passed along to customers through the company’s fuel clause. The new coal supply agreement expires in 2022, but SJGS owners can extend the agreement beyond 2022, to coincide with the SJGS owners’ plans for operation of the plant after 2022. The new coal supply agreement and the agreement in principle for Westmoreland to purchase San Juan Mine will not be final or binding until all parties have secured internal approvals. PNM and the other owners of the plant will now work to secure all final approvals from their respective governing bodies. A SJGS participant restructuring agreement will also be filed today with the NMPRC, identifying the ongoing ownership of the plant effective January 1, 2018. The agreement identifies PNMR Development and Management Company, an unregulated subsidiary of PNM Resources, as the owner of 65 MWs of SJGS Unit 4. SJGS is currently jointly owned by PNM and eight other entities. This agreement allows for the exit of certain participants while, combined with the shutdown of SJGS Units 2 and 3 under the revised state plan, defines the terms of ownership of the remaining capacity among the remaining participants.
05:58 EDTBHPBHP Billiton, Barbadoes sign exploration licenses
The Government of Barbados and BHP Billiton yesterday signed exploration licenses for two offshore blocks, Carlisle Bay and Bimshire. These blocks are approximately 40 kilometers southeast of the island nation, total about 5,000 square kilometers and are located in waters ranging from approximately 1,200 to 2,000 meters in depth. Upon approval by the Government of an environmental impact assessment and environmental plan, BHP Billiton will commence the first three-year phase, which includes conducting a 2D seismic survey on the two exploration blocks. With favorable results, BHP Billiton may enter an optional second phase of three years to perform a 3D seismic survey, followed by an optional third phase of two years to drill exploration wells.
April 30, 2015
05:49 EDTVALEVale says ferrous minerals business EBITDA impacted by lower commodity prices
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05:48 EDTVALEVale reports Q1 underlying EPS (13c) vs. 40c last year
Reports Q1 gross revenue $6.36B vs. $9.68B. Seasonally lower sales volumes caused revenues to decrease by $1.31B and lower commodities prices caused revenues to decrease by $1.56B. Revenues were negatively impacted by an adjustment of $160N related to the Q4 provisional iron ore prices and by the provisional pricing of 45% of the Q1 iron ore sales at $51.4/t, against an average IODEX of US$ 62.4/t for the period. Reports Q1 adjusted EBITDA 1.60B, mainly as a result of lower prices and seasonally lower volumes.
05:44 EDTVALEVale reports Q1 iron ore production 74.5 Mt
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April 29, 2015
06:48 EDTVALEVale in talks with Chinese shipbuilders to build 50 bulk carriers, WSJ reports
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06:12 EDTVALEVale implied volatility of 63 at upper end of index
April 28, 2015
06:23 EDTVALEVale implied volatility of 64 at upper end of index
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April 27, 2015
05:56 EDTVALEStocks with implied volatility movement; VALE TWC
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April 26, 2015
18:47 EDTVALEVale hires Barclays to sell Queensland mines, The Australian says
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12:57 EDTAAUKYAnglo American could rise 20% over the next year, Barron's says
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April 21, 2015
10:01 EDTRIO, AAUKYOn The Fly: Analyst Downgrade Summary
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05:38 EDTAAUKYAnglo American downgraded to Underweight from Equal Weight at Barclays
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05:37 EDTRIORio Tinto downgraded to Equal Weight from Overweight at Barclays
Barclays downgraded Rio Tinto to Equal Weight following the company's Q1 results.
05:37 EDTRIORio Tinto backs FY15 production of 43M tonnes of bauxite, 8M tonnes of alumina
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05:35 EDTRIORio Tinto reports Q1 global iron ore shipments up 9% to 72.5M tonnes
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