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Stock Market & Financial Investment News

News Breaks
August 20, 2014
09:17 EDTCLD, RIOCloud 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.
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September 16, 2014
07:43 EDTRIOAnglo American, Rio Tinto seen as potential targets for Glencore, FT says
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06:51 EDTRIOChina ban could hurt Australia coal exports, China Daily says
China's decision to ban imports of dirty coal starting in 2015 could significantly reduce the amount of coal that Australia exports to the Asian country, according to China Daily. BHP Billiton (BHP) and Rio Tinto (RIO) mine coal in Australia. Reference Link China ban could hurt Australia coal exports, China Daily says
September 15, 2014
14:04 EDTCLDChina coal rules won't materially suppress demand, says Brean Capital
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13:58 EDTCLDChina to ban imports of dirtier coal, Reuters reports
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09:11 EDTCLDAmbre Energy completes purchase of Decker mine interest from Cloud Peak
Cloud Peak Energy and Ambre Energy Limited announced that on September 12, their companies completed the previously announced transaction for Ambre Energy to purchase Cloud Peak Energy’s 50% interest in the Decker mine in Montana and related assets and assume all reclamation and other liabilities. Ambre Energy is now the 100% owner of the Decker mine and has fully replaced Cloud Peak Energy’s approximately $66.7M in previously outstanding reclamation and lease bonds for the Decker mine. Ambre Energy has also granted Cloud Peak Energy an option for up to 7 million metric tonnes per year of its throughput capacity at the proposed Millennium Bulk Terminals coal export facility, as previously disclosed in the companies’ September 4 joint press release.
September 7, 2014
12:59 EDTRIOIron ore giants keep up production amid falling prices, WSJ says
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September 5, 2014
13:22 EDTCLDCloud Peak announces amendment to revolving credit facility
Cloud Peak Energy announced that it has amended its $500M revolving credit facility to relax certain financial covenants, including the net secured debt leverage ratio and interest coverage ratio.
September 4, 2014
11:32 EDTCLDCloud Peak sees annual cash flow to improve $3M-$5M after Ambre deal
Cloud Peak Energy and Ambre Energy, as previously announced, entered an agreement for Ambre to purchase CPE’s 50% interest in the Decker mine in Montana and related assets and assume all reclamation and other Decker liabilities. In a filing, Cloud Peak stated, "Assuming the consummation of this signed transaction and termination of CPE’s 50% ownership and related investments in Decker, CPE expects to reduce its asset retirement obligation by approximately $70M, and it expects to improve its annual cash flow by approximately $3.0M-$5.0M and to avoid associated losses of a similar annual amount."
09:12 EDTCLDCloud Peak to sell 50% interest in Decker mine to Ambre Energy
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