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Stock Market & Financial Investment News

News Breaks
February 14, 2013
05:53 EDTRIORio Tinto CEO Sam Walsh takes swipe at predecessor, The Age reports
Rio Tinto (RIO) CEO Sam Walsh said the company had instances of poor judgment and made a veiled swipe at his predecessor Tom Albanese, reports The Age. Walsh said he backed the board's decision that former CEO Albanese and the head of the Mozambique acquisition Doug Ritchie should depart. Reference Link
News For RIO From The Last 14 Days
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September 3, 2015
19:09 EDTRIORio Tinto executive sees modest growth in China steel, FT says
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06:18 EDTRIORio Tinto sees worldwide demand for iron ore to keep growing
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September 2, 2015
10:46 EDTRIOCIBC sees Rio buy out of Turquoise Hill in 12-18 months, Financial Post reports
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August 27, 2015
10:33 EDTRIOFreeport McMoRan surges after further cut to capital spending plans
Shares of Freeport-McMoRan (FCX) are surging in morning trading after the company announced plans to cut spending and production in response to current market conditions. It also plans to cut about 10% of employees and contractors at U.S. mining operations. WHAT'S NEW: Freeport-McMoRan this morning reduced its 2016 capital expenditure budget to $4B, approximately 29% lower than the $5.6B estimate on July 23, which it said reflects "aggressive" actions in response to current market conditions. The 2016 CapEx outlook includes $1.4B in mining projects, $600M in mining sustaining capital and $2B in oil and gas expenditures. The company said it will reduce copper sales by about 150M pounds per year in 2016 and 2017 and cut 2016 unit site production by 20%. Additionally, the company plans to reduce 2016 minerals exploration costs to $50M from $100M. Freeport also said it expects a 10% reduction in employees and contractors at U.S. mining operations. The company cited recent declines in copper prices for the reductions and said the actions announced today are the results of the previously announced review of operating plans for its mining business. Freeport said it views the long-term outlook for its business "positively," helped by limitations on copper supply. In the near-term, however, Freeport said it will continue to monitor market conditions and capital spending, but is currently "adjusting operations to maximize current cash flow under weak market conditions while preserving its large mineral resources and growth options for the longer term." WHAT'S NOTABLE: Since late 2014, Freeport has cut its 2015 capital expenditure budget to $6.3B from $7.5B, including reductions of $700M in oil and gas expenditures and $500M in mining expenditures. Earlier this month, Freeport cuts its oil and gas capital budgets for 2016 and 2017 by $900M each in response to market conditions and maintained its expectations for $2.8B in O&G CapEx for this year. In July, after reporting its second straight quarterly loss, Freeport said its cost reduction plans would include potential adjustments to mine plans and future copper and molybdenum production volumes to reduce costs and preserve valuable resources for anticipated improved market conditions in the future. Freeport previously commented that it would pursue additional capital cost reductions, potential additional divestitures or monetizations and other actions as required to maintain a strong balance sheet while preserving a strong resource position. PRICE ACTION: Freeport-McMoRan is up 16.5% to $9.22 in morning trading. Shares are down over 60% year to date. OTHERS TO WATCH: Other major integrated mining companies include Rio Tinto (RIO), BHP Billiton (BHP) and Vale S.A. (VALE).
August 21, 2015
10:02 EDTRIOOn The Fly: Analyst Initiation Summary
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08:19 EDTRIORio Tinto initiated with a Neutral at Axiom

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