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February 24, 2014
04:55 EDTTC, TC, TC, AA, AA, AA, GG, GG, GG, SLW, SLW, SLW, RIO, RIO, RIO, IAG, IAG, IAG, KGC, KGC, KGC, GFI, GFI, GFI, FCX, FCX, FCX, CDE, CDE, CDE, PPP, PPP, PPP, AEM, AEM, AEMBMO Capital to hold a conference
23rd Annual Global Metals & Mining Conference is being held in Hollywood, Florida on February 23-26.
News For AEM;PPP;CDE;FCX;GFI;KGC;IAG;RIO;SLW;GG;AA;TC From The Last 14 Days
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October 7, 2014
15:13 EDTAAEarnings Preview: Alcoa sees Q3 EPS to 'continue to build on strong Q2'
Alcoa (AA) is scheduled to report third quarter earnings after the close on Wednesday, October 8, with a conference call scheduled for 5:00 pm ET. Alcoa is a global manufacturer of aluminum products. EXPECTATIONS: Analysts are looking for earnings per share of 23c on revenue of $5.85B, according to First Call. The consensus range for EPS is 15c-28c on revenue of $5.62B-$6.07B. LAST QUARTER: Alcoa reported second quarter adjusted EPS of 18c against estimates for 12c on revenue of $5.8B against estimates for $5.66B. The company reiterated its 2014 global aluminum demand growth view of 7%, and backed its 2014 global aerospace growth outlook of 8%-9%. It raised its 2014 estimate for the North America commercial transportation market to 10%-14%, from a previous range of 5%-9%. The higher estimate was based in part on rising truck orders and backlogs. CEO Klaus Kleinfeld said the company's transformation was in "high gear." He noted that aerospace business is a tailwind due to strong demand for commercial aircraft, and said the company is well-positioned to capture upside from recent investments. On Alcoa's Q2 earnings conference call, management said during the quarter the company witnessed revenue growth across all major end markets and the businesses continued to deliver productivity gains. They expect Q3 earnings per share to "continue to build on the strong second quarter." ATOI is expected to grow by 5%-10% over last year's third quarter due to continued share gains, stronger market conditions and productivity. Productivity gains are expected to offset cost increases in Q3. For 2014, productivity is ahead of schedule with $556M of productivity gains achieved in first half 2014 against the annual target of $850M. On September 11, Alcoa signed a multi-year supply contract with Boeing (BA) valued at over $1B. STREET RESEARCH: Street research has been overwhelmingly positive in the weeks leading up to Alcoa's Q3 earnings report. On July 9, three firms, Stifel, JP Morgan, and Argus raised their respective price targets on Alcoa. On September 30, BofA/Merrill upgraded Alcoa to Buy from Neutral with a price target of $18. The firm was more positive on the outlook for aluminum and raised Alcoa's 2015 EPS estimate to $1.05 and EBITDA to $4.1B vs. consensus of 85c and $3.8B. BofA said plant closures, better demand, and falling pension costs were catalysts. PRICE ACTION: Alcoa shares have rallied approximately 8% over the past three months, touching a 52-week high of $17.36 in September. Over the past twelve months, the stock is up about 100%. In early afternoon trading ahead of tomorrow's Q3 report, Alcoa shares are down fractionally.
10:08 EDTRIORio Tinto down over 4% after Glencore confirms will not pursue merger
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10:05 EDTRIOGlencore confirms no longer considering merger with Rio Tinto
Glencore notes the recent press speculation regarding a possible merger between Glencore and Rio Tinto. Glencore announces that in July it made an informal enquiry by telephone call to Rio Tinto, seeking to gauge whether there might be any interest at Rio Tinto in investigating some form of merger between the two companies. Rio Tinto responded that it was not interested in pursuing these discussions. Glencore confirms that it is no longer actively considering any possible merger transaction with, or offer for the shares of, Rio Tinto. As a consequence of this announcement, the Panel Executive has determined that Glencore is for a period of 6 months from the date of this announcement subject to Rule 2.8 of the City Code on Takeovers and Mergers in relation to Rio Tinto. Glencore however reserves its rights to make an offer in the future with the consent of the Takeover Panel, either with the recommendation of the Board of Rio Tinto, in the event of a third party offer for Rio Tinto, or in the event of a material change in circumstances.
10:04 EDTRIOGlencore confirms no longer considering any merger with Rio Tinto
06:09 EDTRIORio Tinto confirms no discussions taking place with Glencore
The board of Rio Tinto notes the recent press speculation regarding a possible combination of Rio Tinto and Glencore. The Rio Tinto board confirms that no discussions are taking place with Glencore. In July 2014, Glencore contacted Rio Tinto regarding a potential merger of Rio Tinto and Glencore. The Rio Tinto board, after consultation with its financial and legal advisers, concluded unanimously that a combination was not in the best interests of Rio Tinto's shareholders. The board's rejection was communicated to Glencore in early August and there has been no further contact between the companies on this matter. Rio Tinto remains focused on the successful execution of its strategy, which the board of Rio Tinto is confident will continue to deliver significant and sustainable value for shareholders.
October 6, 2014
18:32 EDTRIORio Tinto confirms no talks occuring with Glencore, Bloomberg says
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16:15 EDTFCXFranco-Nevada to acquire gold, silver stream from Lundin Mining for $648M
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16:08 EDTFCXFreeport McMoRan to sell interests in Candelaria/Ojos for up to $2B
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15:58 EDTFCXFreeport McMoRan set to sell Chilean mine to Lundin, Globe and Mail says
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12:54 EDTRIO, FCXMining stocks rise after report of potential Rio Tinto, Glencore merger planning
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12:15 EDTRIOGlencore laying groundwork for potential merger with Rio Tinto, Bloomberg says
Glencore is "laying the groundwork" for a potential merger with Rio Tinto Group next year, according to Bloomberg, citing people familiar with the situation. The potential deal would create the world's largest mining company, worth around $160B. Reference Link
12:08 EDTRIORio Tinto calls active after report on Glencore steps toward possible deal
Rio Tinto October October 50 and 51 calls are active on total call volume of 4K contracts (1K puts) on Glencore laying groundwork for a potential merger with Rio Tinto, Bloomberg says. October call option implied volatility is at 67, November is at 50, January is at 37; compared to its 26-week average of 27 according to Track Data, suggesting large near term price movement.
12:08 EDTRIO, FCXCliffs Natural, Freeport mover higher after Bloomberg report on Rio Tinto
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12:01 EDTRIORio Tinto jumps 9% after report on Glencore steps toward possible deal
11:59 EDTRIOGlencore laying groundwork for potential merger with Rio Tinto, Bloomberg says
10:07 EDTAAAlcoa October volatility increases into Q3 and outlook
Alcoa October weekly call option implied volatility is at 63, October is at 43, November is at 32, December is at 31, January and April is at 30; compared to its 26-week average of 28 according to Track Data, suggesting large near term price movement into the expected release of Q3 results in early October 8.
08:42 EDTRIORio Tinto volatility increases as shares trend lower
Rio Tinto October call option implied volatility is at 33, November is at 33, January is at 31; compared to its 26-week average of 27 according to Track Data, suggesting large near term price movement.
07:07 EDTCDECoeur Mining sees FY14 production 30.74M-32.64M silver equivalent oz
07:04 EDTCDECoeur Mining reports preliminary Q3 production 4.3M silver oz, 65K gold oz
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06:34 EDTCDECoeur Mining discovers high-grade mineralization at Kensington
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