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Stock Market & Financial Investment News

News Breaks
August 20, 2014
09:17 EDTRIO, CLDCloud Peak announces termination of TRA with Rio Tinto
Cloud Peak (CLD) announced it has agreed to pay $45M to Rio Tinto (RIO) to terminate the Tax Receivable Agreement that was established at the time of Cloud Peak Energy’s Initial Public Offering in 2009. Under the acceleration and release agreement with Rio Tinto, this payment settles all future liabilities that would have been owed under the TRA. At June 30, Cloud Peak Energy carried an undiscounted liability of $103M in respect of its estimated future obligations under the TRA and anticipated making cash payments of approximately $14M each year in 2014 and 2015 and additional payments in some subsequent years. The settlement will result in a non-cash gain during the third quarter of approximately $58M before tax and approximately $37M after adjustments to the associated deferred tax assets. Cloud Peak Energy retains the deferred tax assets related to the step up in tax basis as a result of Rio Tinto’s disposal of the business. As such, Cloud Peak Energy will continue to benefit from increased tax depreciation and does not expect any increase in cash income taxes payable as a result of this transaction.
News For CLD;RIO From The Last 14 Days
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December 21, 2014
19:22 EDTRIOFalling commodity prices, valuations may spur rebound in mining deals, FT says
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December 18, 2014
06:52 EDTRIOVale attempt to dismiss Rio Tinto suit rejected, WSJ says
Vale's (VALE) attempt to have a lawsuit filed against it by Rio Tinto (RIO) was rejected by U.S. Southern District of New York Judge Richard M. Berman, reports the Wall Street Journal. Judge Berman also rejected Vale's argument that the case should be tried in an English court, the Journal adds. Reference Link
December 17, 2014
11:29 EDTCLDJoy Global sees U.S coal market to be challenged in 2015
Joy Global says U.S. coal exports are likely to decline this year. Falling gas prices attributable to warmer weather will result in a switch to gas for electricity production. Publicly traded companies in the coal space include Alliance Resource Partners (ARLP), Alpha Natural (ANR), Arch Coal (ACI), CONSOL (CNX), Cloud Peak (CLD), Peabody (BTU) and Walter Energy (WLT).
December 15, 2014
09:31 EDTRIORio, BHP looking to raise copper output, Reuters says
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07:36 EDTRIORio Tinto shares look undervalued, says Bernstein
After iron ore prices sank 48% this year, Bernstein thinks that Rio Tinto would be resilient even if iron ore prices dropped much further. The firm believes that the market is applying a significant discount to the stock, making the shares undervalued. It has a $63.20 price target and Outperform rating on the shares.
December 11, 2014
10:06 EDTCLDCloud Peak says CFO resignation effective March 16, 2015
As previously disclosed by Cloud Peak Energy on September 2, CPE’s current EVP and CFO, Michael Barrett, provided CPE with notice that he is planning to relocate his family back to Australia and expected to resign from Cloud Peak Energy by the end of the first quarter of 2015. CPE also announced on September 2 that it expects to promote Heath Hill, currently Cloud Peak Energy’s Vice President and Chief Accounting Officer, to serve as EVP and CFO following Barrett’s departure. On December 11, Cloud Peak said in a filing that Barrett provided notice that his resignation will be effective at the close of business on Monday, March 16, 2015.

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