Editor’s Note: Southern Copper Corp (NYSE:SCCO), Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), Rio Tinto plc (ADR) (NYSE:RIO)
Southern Copper Putting Final Touches on Tia Maria Study – Report (4-traders)
LIMA, Peru–Base metals mining company Southern Copper Corp (NYSE:SCCO) is putting the final touches on a new environmental impact study for its stalled Tia Maria copper mine and could start construction there in the first part of next year, company president Oscar Gonzalez Rocha said. In an interview published in newspaper El Comercio on Monday, Mr. Gonzalez Rocha also said the company could start construction on its project to increase production at the Toquepala copper mine next year. He said that those two projects aim to increase the company’s output of copper in Peru to 540,000 tons annually from the current 320,000 tons.
Deutsche Bank Wins Metals and Mining Analyst Scorecard (24/7 Wall St.)
These were the contrarian stocks we covered back on July 1, 2013. We would note that consensus price targets have changed since then as well. Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) was shown by Deutsche Bank with a $40 price target and the Thomson/First call estimate was at $38. that 4.5% dividend stood out at the time. At the time its stock was at $27.30 and shares are up 13% now that the stock is up at $30.85. The stock’s 52-week range is $26.37 to $43.65 and the current consensus price target is $36.06 rather than $38 when Deutsche bank nailed it.
Mining Roundup: Rio Tinto and Australian Pacific Coal Start Drilling at JV Project (iNVEZZ)
UK-based mining major Rio Tinto plc (ADR) (NYSE:RIO) and Australian Pacific Coal have commenced the exploration programme on their Mount Hillalong joint venture project located in Australia’s Bowen Basin. Australian Pacific Coal yesterday said in a press release that the project, which it described as “a milestone event” for the company followed a JV deal signed by the parties earlier this month. The UK-based miner has advised Australian Pacific Coal of a detailed drilling and seismic programme which will be implemented on targets that have already been identified in preparation for this programme. Under the terms of the deal, Rio Tinto plc (ADR) (NYSE:RIO) 24 months to conduct the exploration of the Mount Hillalong site.
NYSE Decliners Watch List: Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) and Petr (NYSE:PBR) Added to Equity Profile Report’s NYSE Decliners Watch List. (SBWire)
Equity Profile Report expands its NYSE Decliners Weekly Watch List adding Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) and Petroleo Brasileiro Petrobras SA (ADR) (NYSE:PBR). Freeport-McMoRan Copper & Gold Inc. a company that engages in the exploration of mineral resource properties is currently down (-2.73%) on 9,504,255 shares traded. Freeport-McMoRan Copper & Gold Inc. is currently down (-29.76%) from its recent 52-week high which has prompted Equity Profile Report to add the stock to their NYSE Decliners Watch List.
The Big Australian should strike a deal with Rio Tinto (Herald Sun)
Although the aluminium, manganese and nickel division generated more than $9 billion of revenue, it contributed just $164 million of EBIT (earnings before interest and tax). Compare and contrast that with the jewel in the BHPB crown – iron ore, which on a little more than double that revenue, at $20 billion, contributed more than 67 times as much EBIT, or $11.1 billion. Incidentally, I never – and I’m equally certain, neither would most other commentators – have ever thought, in the good old days pre-China, that we’d end up describing lumpy, plentiful, iron ore as the ‘jewel” in anyone’s crown. That it is, certainly in the corporate crowns of BHPB and Rio Tinto plc (ADR) (NYSE:RIO). It’s also made multi-billionaires of Gina Rinehart and Andrew Forrest.
