United States Steel Corporation X swung to a profit of $1,012 million or $3.53 per share in second-quarter 2021 from a loss of $589 million or $3.36 per share in the year-ago quarter.
Barring one-time items, adjusted earnings per share were $3.37 compared with a loss of $2.67 in the prior-year quarter. The figure trounced the Zacks Consensus Estimate of $3.16.
Revenues climbed around 140% year over year to $5,025 million in the reported quarter. It surpassed the Zacks Consensus Estimate of $4,702.9 million. The company benefited from strong steel shipments and higher prices in the quarter.
United States Steel Corporation Price, Consensus and EPS Surprise
United States Steel Corporation price-consensus-eps-surprise-chart | United States Steel Corporation Quote
Segment Highlights
Flat-Rolled: The segment recorded a profit of $579 million in the second quarter compared with a loss of $329 million in the year-ago quarter.
Steel shipments in the segment climbed roughly 30% year over year to 2,326,000 tons and average realized price per ton in the unit was $1,078, up around 50% year over year.
Mini Mill: The company added the segment after Jan 15, 2021 with the purchase of the remaining stake in Big River Steel. The segment recorded a profit of $284 million in the quarter. Shipments were 616,000 tons while average realized price per ton was $1,207.
U.S. Steel Europe: The segment posted profits of $207 million against a loss of $26 million in the year-ago quarter. Shipments in the segment rose around 91% year over year to 1,167,000 tons. Average realized price per ton for the unit was $905, up around 43% year over year.
Tubular: The segment posted breakeven results against a loss of $47 million in the year-ago quarter. Shipments declined roughly 20% year over year to 105,000 tons. Average realized price per ton for the unit was $1,633, up roughly 27% year over year.
Financials
At the end of the quarter, the company had cash and cash equivalents of $1,329 million, down around 42% year over year. Long-term debt fell roughly 13% year over year to $4,803 million.
Outlook
The company expects the prevailing strong market environment to continue moving ahead. It expects to set new records in the third quarter and achieve all-time best adjusted EBITDA.
Price Performance
The company’s shares rallied 282.4% in the past a year, outperforming the industry’s 146.5% rise.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
U.S. Steel currently carries a Zacks Rank #1 (Strong Buy).
Other top-ranked stocks worth considering in the basic materials space include Nucor Corporation NUE, ArcelorMittal MT and Cabot Corporation CBT, each sporting a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Nucor has a projected earnings growth rate of 444.9% for the current year. The company’s shares have surged around 147% in a year.
ArcelorMittal has an expected earnings growth rate of 1,484.4% for the current year. The company’s shares have shot up around 220% in the past year.
Cabot has an expected earnings growth rate of around 137.5% for the current fiscal. The company’s shares have gained roughly 51% in the past year.
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X earnings call for the period ending June 30, 2021.
According to Quiver Quantitative, Cleveland-Cliffs (NYSE:CLF) is the ninth-most commented equity on the Reddit r/WallStreetBets board for the past seven days. However, before you head down the Cleveland-Cliffs path and buy CLF stock, you might want to consider why it might not be a slam-dunk.
Source: IgorGolovniov / Shutterstock.com
Cleveland-Cliffs’ business might be rolling right now, but that doesn’t mean you should get on the bandwagon.
Here’s why.
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CLF Stock and Zero Debt
InvestorPlace contributor David Moadel’s July 26 article about the company says it all: “Zero-Debt Goal Puts Cleveland-Cliffs on a Positive Path.”
It’s been so long since I’ve written about the iron ore producer; it is now the largest flat-rolled steel producer in North America in addition to its historical business producing iron ore pellets for steel producers. So, I guess if you can’t beat ’em [steel companies], you buy ’em.
In March 2020 and December 2020, it completed the acquisitions of AK steel and ArcelorMittal USA, respectively. It paid $1.54 billion for AK Steel and $2.60 billion for ArcelorMittal USA. For the AK Steel acquisition, it issued 317 million CLF shares and assumed its debt of $914 million. In the case of ArcelorMittal USA, It paid $631 million in cash, issued 78.2 million shares of its common stock, and issued 583,273 of its Series B participating redeemable preferred stock.
At the end of 2019, it had $1.76 billion in net debt. One year later, the company’s net debt was $5.28 billion or 3x higher. While Cleveland-Cliffs reported record Q2 2021 results on July 22, it still finished the quarter with net debt of $5.30 billion.
And that doesn’t take into consideration the company’s $3.84 billion in pension and other postretirement benefits (OPEB).
According to my colleague, the company will undertake what its CEO describes as a “monumental” reduction of its debt in the second half of 2021, ultimately leading to zero net debt by the end of 2022.
Turn On the Free Cash Flow
To achieve this, it plans to turn on the free cash flow (FCF) generation valve over the next six quarters.
In the first six months of 2021, its free cash flow was -$166 million, considerably lower than the $581 million it used in the first six months of 2020. Nevertheless, that’s a 71% improvement over last year. In the third quarter, it expects FCF of $1.4 billion, which puts it in the positive column heading into Q4 2021.
As its CFO, Keith Koci, said in its Q2 2021 conference call; it expects to have $5.5 billion in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for all of 2021. It expects its past net operating losses to cover most of its federal tax owing for the year. That should help with free cash flow generation.
In Q3 2021, it expects free cash flow to be approximately 78% of its adjusted EBITDA of $1.8 billion. Assuming the same is true for the entire year, it ought to generate full-year free cash flow of $4.3 billion and $3.07 billion in Q4 2021 [$4.3 billion less $1.4 billion in Q3 2021 and -$166 million for Q1 2021 and Q2 2021].
If it does generate $4.5 billion in free cash flow in the second half of the year, it could very well make a big dent in its net debt in 2021, making its zero net debt goal for the end of 2022 very doable.
The Fly in the Ointment
Credit Suisse analyst Curt Woodworth has a $28 target price on CLF stock and an outperform rating. He believes that Cleveland-Cliffs will stay on a roll through the remainder of 2021.
“Looking ahead, we remain bullish on Cleveland-Cliffs as the company continues to optimize its large domestic steelmaking footprint and HBI asset and has brought a new commercial discipline to the integrated model,” Mining.com reported Woodworth saying in a note to clients. “It’s important to note that Cleveland-Cliffs has significant upside potential across its contract portfolio, entering 2022 with ~30% of annual contracts set to reprice in 4Q-21, which were settled lower in the prior year period.”
The analysts’ comments suggest Cleveland-Cliffs’ record revenue will continue unabated.
However, its earnings in the second quarter missed the consensus estimate by 8 cents. The company has now missed the consensus estimate in three consecutive quarters. The same thing may happen in the third quarter.
Should that happen, you’ll likely be able to buy CLF stock in the teens, well below where it’s currently trading.
My suggestion: If you like the company’s transformation, buy half a position now, and wait for it to report Q3 2021 results sometime in October. I would tread carefully. Its debt remains significant.
On the date of publication, Will Ashworth did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Will Ashworth has written about investments full-time since 2008. Publications where he’s appeared include InvestorPlace, The Motley Fool Canada, Investopedia, Kiplinger, and several others in both the U.S. and Canada. He particularly enjoys creating model portfolios that stand the test of time. He lives in Halifax, Nova Scotia. At the time of this writing Will Ashworth did not hold a position in any of the aforementioned securities.
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In this article, we discuss the 15 best high volume stocks to buy now. If you want to skip our detailed analysis of these stocks, go directly to the 5 Best High Volume Stocks to Buy Now.
In May this year, the chief of the United States Securities and Exchange Commission Chair Gary Gensler appeared before the House Committee on Financial Services and unleashed a strongly-worded tirade against what he termed was the gamification of the stock market by internet applications that market user-friendly equity trading. Gensler underlined conflicts of interests for traders that profited on high-volume trades through these platforms. The SEC chief called for regulations on these apps, joining a call made by Senator Elizabeth Warren earlier.
Robinhood Markets, Inc. Class A Common Stock (NASDAQ: HOOD), one of the apps that Gensler took to the cleaners in his testimony, recently debuted on the stock market, raising $2 billion on the first day of trading at a market valuation of close to $30 billion. Robinhood Markets, Inc. Class A Common Stock (NASDAQ: HOOD) is a platform that boasts a user base of around 22 million and reported a second quarter revenue of close to $550 million. It is mostly frequented by retail investors who trade in high volume stocks.
According to a report by investment bank Goldman Sachs, even as meme stocks register their worst crash in months, the retail investor boom in the market is just beginning and will bring in close to $400 billion into the market this year. Some of the high volume stocks popular with these investors presently include Advanced Micro Devices, Inc. (NASDAQ: AMD) and Ford Motor Company (NYSE: F), among others that are discussed below. The influx of these retail investors has transformed market dynamics in the past few months.
The entire hedge fund industry is feeling the reverberations of the changing financial landscape. Its reputation has been tarnished in the last decade, during which its hedged returns couldn’t keep up with the unhedged returns of the market indices. On the other hand, Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 115 percentage points since March 2017. Between March 2017 and May 29th 2021 our monthly newsletter’s stock picks returned 206.8%, vs. 91.0% for the SPY. Our stock picks outperformed the market by more than 115 percentage points (see the details here). That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.
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With this context in mind, here is our list of the 15 best high volume stocks to buy now. These were ranked keeping in mind the stock volume, analyst ratings, hedge fund sentiment, and basic business fundamentals.
Best High Volume Stocks to Buy Now
15. Tilray, Inc. (NASDAQ: TLRY)
Number of Hedge Fund Holders: 21 Volume: 46 million
Tilray, Inc. (NASDAQ: TLRY) is ranked fifteenth on our list of 15 best high volume stocks to buy now. The stock has returned 108% to investors over the course of the past twelve months. The company markets cannabis-related products. It is based in Canada. The company stands to benefit from a recent proposal that would legalize marijuana. The CEO of the firm, Irwin Simon, has already said he expects the US to legalize cannabis at a federal level within the next two years.
On July 28, investment advisory Roth Capital reiterated a Neutral rating on Tilray, Inc. (NASDAQ: TLRY) with a price target of $25, noting that the firm looked set for consolidation after a merger with Aphria.
At the end of the first quarter of 2021, 21 hedge funds in the database of Insider Monkey held stakes worth $257 million in Tilray, Inc. (NASDAQ: TLRY), up from 17 in the previous quarter worth $47 million.
Just like Robinhood Markets, Inc. Class A Common Stock (NASDAQ: HOOD), Advanced Micro Devices, Inc. (NASDAQ: AMD) and Ford Motor Company (NYSE: F), Tilray, Inc. (NASDAQ: TLRY) is one of the best high volume stocks to buy now.
14. NIO Inc. (NYSE: NIO)
Number of Hedge Fund Holders: 28 Volume: 46 million
NIO Inc. (NYSE: NIO) is a China-based electric carmaker. It is ranked fourteenth on our list of 15 best high volume stocks to buy now. The company’s shares have returned 256% to investors in the past year. The firm is one of the largest EV makers in the world and looks set to benefit from a recent European proposal that will ban the internal combustion engine in the region by 2035. Even though the firm has so far avoided a Chinese government crackdown on dual-listed firms, concerns around dual-listed EV stocks are beginning to grow in Beijing.
On July 9, investment advisory HSBC upgraded NIO Inc. (NYSE: NIO) stock to Buy from Hold and raised the price target to $69 from $54. The company recently posted record vehicle delivery numbers for the month of June.
At the end of the first quarter of 2021, 28 hedge funds in the database of Insider Monkey held stakes worth $1.3 billion in NIO Inc. (NYSE: NIO), down from 34 in the preceding quarter worth $2.6 billion.
In its Q2 2020 investor letter, McLain Capital, an asset management firm, highlighted a few stocks and NIO Inc. (NYSE: NIO) was one of them. Here is what the fund said:
“Nio, Inc. (NIO): It’s stock up 360% since the beginning of June on no news, and one of our more troublesome short positions, the Chinese electric vehicle manufacturer is valued at a whopping $17bln on trailing revenue of only $1.1bln. In 2019, the business ran a -17% gross margin, a -140% EBITDA margin & burned ~$1.5bln in cash in 2019. The stock has become one of the most popular stocks among retail traders with approximately 250,000 accounts holding the name just on the popular Robinhood trading platform.”
13. Uber Technologies, Inc. (NYSE: UBER)
Number of Hedge Fund Holders: 130 Volume: 50 million
Uber Technologies, Inc. (NYSE: UBER) is a technology company headquartered in California and founded in 2009. It owns and runs a ride hailing and food delivery business. It is ranked thirteenth on our list of 15 best high volume stocks to buy now. The stock has returned more than 47% to investors over the past twelve months. In earnings results for the first quarter, posted on May 5, the firm reported earnings per share of -$0.06 for the first three months of 2021, beating market expectations by $0.49. The revenue over the period was $2.9 billion, down 10.8% year-on-year.
Out of the hedge funds being tracked by Insider Monkey, California-based investment firm Altimeter Capital Management is a leading shareholder in the firm with 28 million shares worth more than $1.5 billion.
Alongside Robinhood Markets, Inc. Class A Common Stock (NASDAQ: HOOD), Advanced Micro Devices, Inc. (NASDAQ: AMD) and Ford Motor Company (NYSE: F), Uber Technologies, Inc. (NYSE: UBER) is one of the best high volume stocks to buy now.
RiverPark Advisors, LLC, in its Q4 2020 investor letter, mentioned Uber Technologies, Inc. (NYSE: UBER). Here is what the fund has to say in its letter:
“UBER was also a strong contributor, as shares rallied following the approval of California’s Proposition 22 by voters, allowing the company’s California-based drivers to remain independent contractors (rather than become more expensive employees). We believe this news is not just about the 10%-15% of Uber’s revenue tied to California, but the influence this will have on other states reassessing driver pay. UBER also reported strong third quarter results with Delivery Gross Bookings growing 135% year-over-year which nearly fully offset a reduction in Mobility Gross Bookings, which were down 50% year over year. Total Gross Bookings for the quarter were down only 10% year over year as compared with down 35% last quarter.
Despite the COVID disruption, UBER remains the undisputed global leader in ride sharing (44% of the Company’s third quarter revenue), with greater than 50% share in every major region in which it operates. The company is also a leader in food delivery (46% of revenue), where it is number one or two in the more than 25 countries in which it operates. We view UBER as more than just ride sharing and food delivery, but also as a global mobility platform with the ability to sell to its more than 100 million users (by comparison, Amazon Prime has 130+ million members) and penetrate new markets of on-demand services, such as grocery delivery, truck brokerage and worker staffing for shift work. At its current $96 billion market capitalization, UBER trades at only 6x next year’s revenue from its two core businesses. Additionally, the company has substantial, seemingly unrecognized, value in its several nascent development businesses and another $12 billion in equity stakes in synergistic businesses around the world.”
12. Cleveland-Cliffs Inc. (NYSE: CLF)
Number of Hedge Fund Holders: 36 Volume: 51 million
Cleveland-Cliffs Inc. (NYSE: CLF) is placed twelfth on our list of 15 best high volume stocks to buy now. The company’s shares have returned 379% to investors over the past twelve months. The firm makes and sells steel products and is based in Ohio. On July 22, the firm posted earnings results for the second quarter, reporting earnings per share of $1.46 and a revenue of $5 billion. The revenue for the second quarter was up a whopping 358% compared to the revenue over the same period last year and beat market estimates by $50 million.
On July 29, investment advisory B Riley maintained a Buy rating on Cleveland-Cliffs Inc. (NYSE: CLF) stock and raised the price target to $36 from $35, noting that the firm had redeemed $1.2 billion worth of shares at an attractive valuation.
Out of the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in Cleveland-Cliffs Inc. (NYSE: CLF) with 13 million shares worth more than $262 million.
11. General Electric Company (NYSE: GE)
Number of Hedge Fund Holders: 68 Volume: 53 million
General Electric Company (NYSE: GE) stock has returned 118% to investors over the past year. It is ranked eleventh on our list of 15 best high volume stocks to buy now. The firm markets high-tech industrial products and is headquartered in Boston. In earnings results for the second quarter, posted on July 27, the firm reported earnings per share of $0.05, beating market predictions by $0.02. The revenue over the period was $18 billion, up close to 9% year-on-year and beating estimates by $340 million.
On May 19, investment advisory Barclays reiterated an Overweight rating on General Electric Company (NYSE: GE) stock and raised the price target to $16 from $15, highlighting the growth prospects for the firm on improving aviation data.
At the end of the first quarter of 2021, 68 hedge funds in the database of Insider Monkey held stakes worth $6.1 billion in General Electric Company (NYSE: GE), down from 69 in the previous quarter worth $5.6 billion.
In addition to Robinhood Markets, Inc. Class A Common Stock (NASDAQ: HOOD), Advanced Micro Devices, Inc. (NASDAQ: AMD) and Ford Motor Company (NYSE: F), General Electric Company (NYSE: GE) is one of the best high volume stocks to buy now.
In its Q1 2021 investor letter, Vulcan Value Partners, an asset management firm, highlighted a few stocks and General Electric Company (NYSE: GE) was one of them. Here is what the fund said:
“General Electric is outperforming our expectations for 2021 as the economic recovery is occurring faster than expected. We are particularly pleased with its free cash flow generation. We are happy to own it in our portfolio.”
10. PG&E Corporation (NYSE: PCG)
Number of Hedge Fund Holders: 65 Volume: 54 million
PG&E Corporation (NYSE: PCG) is a California-based company that sells electricity and natural gas. It is placed tenth on our list of 15 best high volume stocks to buy now. The firm was founded in 1905 and has a market cap of over $18 billion. It posted more than $18 billion in revenue last year. On July 1, the firm announced that it had asked regulators in the state for an electricity rate hike that would fund $3.6 billion in wildfire safety over three years beginning 2023. The proceeds are part of a $10 billion plan on prevention work around electric grids.
On May 14, investment advisory Mizuho maintained a Buy rating on PG&E Corporation (NYSE: PCG) stock and raised the price target to $16 from $15, underlining a potential delay in anticipated issuance of securitization bonds.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Third Point is a leading shareholder in PG&E Corporation (NYSE: PCG) with 82.9 million shares worth more than $971 million.
In its Q4 2020 investor letter, GoodHaven Capital Management, an asset management firm, highlighted a few stocks and PG&E Corporation (NYSE: PCG) was one of them. Here is what the fund said:
“During the period we purchased a new holding – PG&E Corporation – the California based utility (PCG). We expect that contrarian special situations will continue to (opportunistically) be an important part of the portfolio. After all, we bought PCG – which has filed Ch. 11 twice related to prior exposure to wildfire liabilities and staggering mismanagement – right in the middle of California’s recent heavy wildfire season. Our thinking here is that the reorganized utility has new regulatory protections that significantly reduces wildfire liability exposure, an above average rate growth profile and potentially much better management – they were searching for a new CEO when we made our investment. We purchased the stock at a high single digit forward earnings multiple, a discount to its peers that trade in the mid to high teens. Shortly after our purchases PG&E hired the well regarded Patti Poppe as their new CEO – we like this decision.”
9. Apple Inc. (NASDAQ: AAPL)
Number of Hedge Fund Holders: 127 Volume: 56 million
Apple Inc. (NASDAQ: AAPL) is ranked ninth on our list of 15 best high volume stocks to buy now. The stock has offered investors returns exceeding 37% over the course of the past year. The company makes and sells electronic products and is headquartered in California. On July 27, the firm posted earnings for the third quarter, reporting earnings per share of $1.30, beating market predictions by $0.29. The revenue over the period was more than $81 billion, up 36% year-on-year and beating estimates by a whopping $7.9 billion.
On July 28, investment advisory Loop Capital reiterated a Buy rating on Apple Inc. (NASDAQ: AAPL) stock and raised the price target to $165 from $150, noting that the firm was positioned for a stronger than expected second half of the year.
At the end of the first quarter of 2021, 127 hedge funds in the database of Insider Monkey held stakes worth $130 billion in Apple Inc. (NASDAQ: AAPL), down from 146 in the preceding quarter worth $142 billion.
Just like Robinhood Markets, Inc. Class A Common Stock (NASDAQ: HOOD), Advanced Micro Devices, Inc. (NASDAQ: AMD) and Ford Motor Company (NYSE: F), Apple Inc. (NASDAQ: AAPL) is one of the best high volume stocks to buy now.
In its Q1 2021 investor letter, Distillate Capital, an asset management firm, highlighted a few stocks and Apple Inc. (NASDAQ: AAPL) was one of them. Here is what the fund said:
“Apple is an even more notable situation and one that highlights our free cash valuation methodology and bears further discussion given its Q3 ‘20 sale from our strategy. For an extended period, Apple was extraordinarily inexpensive on a free cash flow basis and was the largest position in our strategy, exceeding 5% of the portfolio.”
8. AMC Entertainment Holdings, Inc. (NYSE: AMC)
Number of Hedge Fund Holders: 19 Volume: 58 million
AMC Entertainment Holdings, Inc. (NYSE: AMC) is a Kansas-based movie theatre chain. It is placed eighth on our list of 15 best high volume stocks to buy now. The company’s shares have offered investors returns exceeding 843% over the course of the past twelve months. On July 20, the share price of the company jumped close to 25% after social media chatter around the company on forums such as WallStreetBets on Reddit and StockTwits. The spike came after reports indicated the firm was planning two new cinemas in Los Angeles in the coming months.
On June 10, S&P Global Ratings raised the rating on AMC Entertainment Holdings, Inc. (NYSE: AMC) stock to CCC+ from CCC- and noted that the firm had a positive outlook based on the capital raises so far this year, with the latest one bringing in $818 million.
At the end of the first quarter of 2021, 19 hedge funds in the database of Insider Monkey held stakes worth $34 million in AMC Entertainment Holdings, Inc. (NYSE: AMC), up from 16 in the preceding quarter worth $24 million.
In its Q4 2020 investor letter, Mittleman Investment Management LLC, an asset management firm, highlighted a few stocks and AMC Entertainment Holdings, Inc. (NYSE: AMC) was one of them. Here is what the fund said:
“AMC Entertainment (AMC) was our only material loser in Q4, dropping from $4.71 to $2.12 (-55%). I planned on discussing here why it was worth at least the $10 per share that my recently reduced estimate of fair value claimed, but since then AMC raised more cash against their UK holdings and then the stock took off due to speculative players from reddit.com getting involved, so we sold it all around $14 during the last week of Jan. 2021. This was a modest profit for most clients, but a loss for some others, depending on when the account began, so check your statements to see where you came out. And yes, I recognize it as being a dose of good luck, which I heartily accept from the universe as it seemed somewhat lacking in the portfolio of late. After the sale of AMC in late January 2021, our exposure to the movie theater business is now exclusively in Canada via Cineplex, which has a 75% market share and much less leverage on its balance sheet.”
7. Xenetic Biosciences, Inc. (NASDAQ: XBIO)
Number of Hedge Fund Holders: 2 Volume: 59 million
Xenetic Biosciences, Inc. (NASDAQ: XBIO) stock has returned 352% to investors over the past twelve months. It is ranked seventh on our list of 15 best high volume stocks to buy now. The company is based in Framingham and focuses on the development of products related to a personalized antigen receptor technology named XCART that targets patient-specific tumor neoantigens. On July 26, the share price of the firm jumped 45% after it announced that it had entered into a private placement worth $12.5 million.
Earlier this year, investment advisory HC Wainwright maintained a Buy rating on Xenetic Biosciences, Inc. (NASDAQ: XBIO) stock and raised the price target to $5 from $2, noting that the firm could expect a boost from the new XCART program.
At the end of the first quarter of 2021, 2 hedge funds in the database of Insider Monkey held stakes worth $749,000 in Xenetic Biosciences, Inc. (NASDAQ: XBIO), down from 1 in the previous quarter worth $347,000.
Alongside Robinhood Markets, Inc. Class A Common Stock (NASDAQ: HOOD), Advanced Micro Devices, Inc. (NASDAQ: AMD) and Ford Motor Company (NYSE: F), Xenetic Biosciences, Inc. (NASDAQ: XBIO) is one of the best high volume stocks to buy now.
6. Nokia Corporation (NYSE: NOK)
Number of Hedge Fund Holders: 21 Volume: 71 million
Nokia Corporation (NYSE: NOK) is placed sixth on our list of 15 best high volume stocks to buy now. The company’s shares have returned 26% to investors over the past twelve months. The firm is based in Finland and makes and sells mobile and fixed network solutions. On July 29, the firm posted earnings results for the second quarter, reporting earnings per share of €0.09, in line with market estimates. The revenue over the period was €5.3 billion, up 4% year-on-year and beating estimates by €150 million.
On July 30, investment advisory Cowen upgraded Nokia Corporation (NYSE: NOK) stock to Outperform from Market Perform. The price target on the shares was also raised to $8 from $5. Paul Silverstein, an analyst at the firm, issued the ratings update.
At the end of the first quarter of 2021, 21 hedge funds in the database of Insider Monkey held stakes worth $352 million in Nokia Corporation (NYSE: NOK), up from 19 in the previous quarter worth $186 million.
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Disclose. None. 15 Best High Volume Stocks to Buy Now is originally published on Insider Monkey.
While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.
Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.
Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.
Rio Tinto (RIO) is a stock many investors are watching right now. RIO is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock is trading with a P/E ratio of 5.38, which compares to its industry's average of 7.22. Over the past year, RIO's Forward P/E has been as high as 11.49 and as low as 5.02, with a median of 7.89.
Another valuation metric that we should highlight is RIO's P/B ratio of 1.99. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 3.46. Over the past year, RIO's P/B has been as high as 2.28 and as low as 1.58, with a median of 1.94.
Value investors will likely look at more than just these metrics, but the above data helps show that Rio Tinto is likely undervalued currently. And when considering the strength of its earnings outlook, RIO sticks out at as one of the market's strongest value stocks.
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Fig. 1: Canasil Nora Project, Candy Vein Long Section – 2020 and 2021 Drill Intercepts
Fig. 1: Canasil Nora Project, Candy Vein Long Section – 2020 and 2021 Drill Intercepts
VANCOUVER, British Columbia, July 29, 2021 (GLOBE NEWSWIRE) — Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, “Canasil” or the “Company”) reports completion of three drill holes, NRC-21-09, NRC-21-10, and NRC-21-11, with a fourth drill hole, NRC-21-12, in progress and nearing completion at the Nora silver-gold project in north-central Durango State, Mexico. The targets of these four drill holes are below and between high-grade gold and silver intercepts from the 2020 drill holes NRC-20-04 and NRC-20-06 on the Candy vein structure, as previously reported in the news release dated July 06, 2021, announcing the start of the drill program. A total of 790 metres of core drilling has been completed since the start of the program in early July 2021.
All three holes completed to date have cut the Candy vein structure as projected. A total of 110 core samples from intercepts in the first two drill holes, NRC-21-09 and NRC-21-10, are currently being processed at ALS Chemex Labs in Zacatecas and North Vancouver; core samples from the third drill hole, NRC-21-11, are being prepared for assay. The fourth hole NRC-21-12 is expected to be completed shortly.
Canasil President and CEO, Bahman Yamini commented; ”The positive progress with the 2021 drill program at the Nora project and quick completion of successive drill holes is encouraging and a credit to the drill contractors and our operating team. The Candy vein structure is being intersected as projected in every drill hole and we look forward to the results from these drill holes.”
The 2020 and 2021 drilling to date has intersected the Candy vein over a strike distance of 500 metres and to a depth of 200 metres. The four 2021 drill holes to date are targeted to test below and between the 2020 drill intercepts as shown on the Candy vein long section below.
About Nora Silver-Gold-Copper-Zinc-Lead Project, Durango State, Mexico:
The Nora project is located approximately 200 km north-west of the City of Durango, with good access and infrastructure. The geological setting is a Tertiary-aged volcanic flow-dome complex. Gold-silver mineralization is hosted within two structurally-controlled epithermal veins, Candy and Nora. Mineralization is typical of that found at many mines in the region, with gold and silver associated with galena, sulfosalt minerals and lesser pyrite, sphalerite and chalcopyrite. There is evidence of some historical mining activity on the Candy vein, which is exposed in discontinuous outcrops for over 900 metres. The fault structure hosting the Candy vein has been traced for a distance of over 3 km. Samples of vein outcrop and mineral dumps from the Candy vein returned significant gold, silver, copper, zinc and lead values. The second vein, Nora, is found 600 metres northeast of the Candy vein and can be traced for 230 metres with widths of over 9.0 metres. Surface samples from this vein returned anomalous silver values associated with trace sulphides, with a geochemical signature typical of the higher levels of epithermal vein systems in the region. The 2020 drill program was the first drilling at the Nora project and returned encouraging intercepts with high gold, silver and copper values from the Candy vein.
Systematic grid soil sampling over an area of 3 km by 2 km covering the Candy and Nora veins and projected extensions, showed elevated silver, base metal (copper, lead and zinc) and pathfinder (antimony and arsenic) values. The combination of the vein outcrops with large areas of anomalous silver and base metal values in soil samples may indicate additional concealed mineral systems. Other major deposits in the region include SSR Mining’s La Pitarrilla deposit located 50 km east of the Nora project.
The technical information herein has been reviewed and approved by Robert Brown (P. Eng.), a Qualified Person as defined by National Instrument 43-101. Mr. Brown is a technical advisor to Canasil.
About Canasil:
Canasil is a Canadian mineral exploration company with a strong portfolio of 100% owned silver-gold-copper-lead-zinc projects in Durango and Zacatecas States, Mexico, and in British Columbia, Canada. The Company’s directors and management include industry professionals with a track record of identifying and advancing successful mineral exploration projects through to discovery and further development. The Company is actively engaged in the exploration of its mineral properties, and maintains an operating subsidiary in Durango, Mexico, with full time geological and support staff for its operations in Mexico.
For further information please contact:
Bahman Yamini
President and C.E.O.
Canasil Resources Inc.
Tel: (604) 709-0109
www.canasil.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts are forward looking statements, including statements that address future mineral production, reserve potential, exploration drilling, exploitation activities and events or developments. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, changes in commodities prices, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. The reader is referred to the Company’s filings with the Canadian securities regulators for disclosure regarding these and other risk factors. There is no certainty that any forward looking statement will come to pass and investors should not place undue reliance upon forward-looking statements.
Fig. 1: Canasil Nora Project, Candy Vein Long Section – 2020 and 2021 Drill Intercepts is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c7923915-7c3b-4bca-9fdf-9939e4b5df11
(Bloomberg) — Sanjeev Gupta has paid $25 million to Rio Tinto Group to settle a long-running dispute over the final payment for an aluminum smelter he bought from the mining giant in 2018.
The deal was disclosed in the financial accounts of one of Gupta’s holding companies for the smelter, which stated that a settlement agreement had been signed to close all claims and counterclaims between the two sides on payment of $25 million by the unit that operates the plant. The payment took place on April 30, according to the accounts.
The settlement shows how buoyant steel and aluminum markets are helping Gupta, even as he battles to keep hold of his business empire after the collapse of his largest lender, Greensill Capital. His GFG Alliance is also being investigated by the U.K.’s Serious Fraud Office over alleged fraud and money laundering.
The dispute with Rio dates back to the miner’s sale of the Dunkirk smelter in France — Europe’s largest aluminum plant — to Gupta for $500 million in 2018. Rio initiated an arbitration process after Gupta’s group failed to make a final payment after the deal was completed. Rio had been seeking about $50 million, the Financial Times reported in 2019.
The Dunkirk smelter is now the focus of an acrimonious battle between Gupta and one of his creditors, U.S. private equity group American Industrial Partners. A holding company for the smelter has been put into administration as AIP seeks to take control of the asset.
However, a blistering rally in aluminum prices is lifting the GFG’s profits, giving Gupta more options as he seeks new backers. He has already agreed a deal with Glencore Plc to refinance the aluminum business.
Stronger Year
The French group of companies that owns the Dunkirk smelter had earnings before interest, taxes, depreciation and amortization of $79 million in 2020, compared with $88 million in 2019, according to the accounts. However, this year’s earnings and operational cash flows were predicted to be “much stronger” thanks to higher aluminum prices, according to the filing.
Spokespeople for Gupta’s GFG Alliance and Rio declined to comment.
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(Compares estimates, adds all-in sustaining costs, background)
July 29 (Reuters) – Canadian miner Turquoise Hill Resources Ltd on Thursday beat estimates for second-quarter profit, bolstered by a strong output from the Oyu Tolgoi mine in Mongolia and higher prices of copper and gold.
Prices of the red metal hit a record high in May, boosted by demand from electric-vehicle makers and other clean-energy investments. Bullion prices also rose in the second quarter as a weak dollar and pandemic-related uncertainties lifted its safe-haven appeal.
Turquoise Hill's copper production from Oyu Tolgoi stood at 36,735 tonnes in the quarter, compared with 36,495 ounces last year. Its gold output more than tripled to 113,054 ounces.
Oyu Tolgoi, one of the world's largest copper-gold-silver mines, was at the center of a long-running funding spat between Rio Tinto and Turquoise, before the dispute was put to bed in April.
The Mongolian government holds a 34% stake in the Oyu Tolgoi project with Rio's majority-owned Turquoise owning the rest.
Turquoise Hill's all-in sustaining costs fell 32% to $1.48 per pound of copper produced in the quarter.
Its income attributable to the owners of the company was $96.9 million, or 48 cents per share, for the three months ended June 30, compared with $72.6 million, or 36 cents per share, a year earlier.
Analysts on average were expecting a profit of 34 cents per share, according to Refinitiv IBES.
(Reporting by Rithika Krishna in Bengaluru; Editing by Devika Syamnath)
(Bloomberg) — Sacred sites, endangered sawfish and mythical rainbow serpents are the latest challenges confronting commodities powerhouse Australia as the nation’s top mining companies meet for their biggest annual conference.
Since the destruction last year by Rio Tinto Group of a 46,000-year-old Aboriginal rock shelter at Juukan Gorge, the industry has been scrambling to deal with a backlash over heritage protection and environmental issues. A national enquiry into the incident and new laws being drafted by the Western Australia government could have an impact on some A$18 billion ($13 billion) in projects planned by mining giants operating in the Pilbara, the nation’s iron-ore heartland, as well as other resources projects.
The industry, which gathers on Monday for the three-day Diggers and Dealers conference on the edge of a huge gold mine in Kalgoorlie, Western Australia, is already facing the threat of increasing restrictions on emissions, as well as a political spat with China, its biggest buyer. Now, Aboriginal communities are fighting for a stronger role to protect their culture from resources extraction and agriculture.
“The new legislation will put Aboriginal people at the center of decision making,” the Western Australia government said in an emailed statement. “One of the primary objectives of the bill is to ensure that Aboriginal people have custodianship over their heritage.”
The proposed new law will seek to strike a balance between giving indigenous people a stronger voice, without impeding growth in a resources industry estimated to have delivered a record A$310 billion in export revenue in fiscal 2021. Australia ranks among the top producers of metals from gold to lithium and some investors are concerned that if the rules don’t provide traditional landowners with enough safeguards, it could increase the risk of another damaging incident.
“This is a once in a generation opportunity to get a piece of legislation and not just try and fix it at the edges,” said Mary Delahunty, head of impact at pension fund Hesta, which has about A$60 billion in assets. She said the WA government’s draft proposal does not appear to go far enough in giving indigenous groups a stronger voice.
Traditional landowners agree.
“The current draft won’t prevent another Juukan Gorge,” said Wayne Bergmann, interim chief executive officer of the Kimberley Land Council, which represents Aboriginal landowners in the far north of the state. Bergmann is concerned that, under the proposed legislation, the final decision on whether work can be carried out in an area of cultural significance will still be the responsibility of whichever minister is in power at the time, rather than an independent expert body.
“Fundamentally, the investment community needs to be worried because this places risk on projects,” Bergmann said. The government says it was still drafting the bill, and had already made several revisions based on feedback from stakeholders.
Rio, the world’s biggest iron-ore miner, said it is giving cultural heritage and environmental issues a higher priority in the wake of Juukan Gorge and has set up an indigenous advisory committee to improve its engagement with local communities. The London-based company said in April it had reviewed over 1,300 sites in the Pilbara for their potential impact on cultural heritage, with subsequent additional safeguards resulting in 54 million tons of dry ore being removed from its reserves.
Read: A Miner Blew Up Ancient Human History. An Industry May Pay
The fallout from Juukan Gorge is affecting more than the mining industry. The new legislation will also affect agriculture.
One example is the plight of sawfish, which are under threat from the demands of cattle stations that extract water from the Fitzroy River, one of the last remaining nursery habitats of the critically endangered freshwater sawfish, which can grow up to 7 meters long.
The distinctive rays, with their chainsaw-like snouts, are seen in Aboriginal culture as protectors of the river. The global range of the species has declined by more than 60% since the turn of the century, according to a 2019 study by Murdoch University’s Harry Butler Institute.
The WA government has extended a consultation process on water management plans for the Fitzroy River to the end of August.
The task of lawmakers is complicated by the fact that the new rules need to protect not only historical sites and the environment, but also cultural beliefs.
When iron-ore billionaire Andrew Forrest proposed building weirs on one of his cattle stations to hold water from the Ashburton River, the plan was rejected by the state government because of its potential impact on the rainbow serpent, which Aboriginal culture says resides in the river. Forrest’s legal team is appealing the decision, arguing that the weirs will have minimal impact on the river flow, and the serpent will still be able to move freely.
Night Parrot
Forrest, who has a doctorate in marine ecology, has been a vocal supporter of the Aboriginal community — indigenous people make up around 12% of the Australian-based workforce at his Fortescue Metals Group Ltd. The company vowed to protect the endangered night parrot, which had been feared extinct prior to a 2005 sighting near the group’s Cloudbreak mine in the Pilbara.
Hesta’s Delahunty says landowner groups should have the right to veto projects, which would reassure investors that local community concerns were being taken seriously. “It’s important not just from a reconciliation point of view, but also to the financial outcomes of the company.”
The WA government said it won’t include a right of veto, which would be “a disincentive to agreement making.”
Meanwhile, resources companies are aware that their social license to operate is under closer scrutiny than ever. Rio’s former Chief Executive Officer Jean-Sebastien Jacques and other senior executives stepped down in the wake of the Juukan Gorge incident. Since Jacques’ departure, Rio’s shares have gained around 28% in London as iron-ore prices soared, but the FTSE All-Share Industrial Metals and Mining Index has more than doubled in the same time.
“Australia is watching,” Delahunty said. “The investment community is watching this process, because on our watch we will not have another of these incidents.”
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(Adds details, updates prices throughout)
July 29 (Reuters) – Canada's main stock index rose on Thursday, as miners tracked gold prices higher after the U.S. Federal Reserve doused prospects of an increase in lending rates.
* Bullion prices rose more than 1% to a near two-week high after the U.S. central bank's statement.
* Fed Chair Powell said the U.S. job market still had "some ground to cover" before it would be time to pull back from the economic support the central bank put in place in 2020 to combat the COVID-19 pandemic.
* At 9:51 a.m. ET (1351 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 89.86 points, or 0.44%, at 20,320.26.
* Seven of the index's 11 major sectors were higher, led by the materials sector — which includes precious and base metals miners. It added 2.1%.
* Endeavour Silver and Kirkland Lake Gold were the top percentage gainers on the subindex, rising 5.5% each.
* The energy sector climbed 1.2% as U.S. crude prices were up 0.6% a barrel, while Brent crude added 0.6%.
* Bank of Canada Governor Tiff Macklem, writing in a column for the Financial Post newspaper, said Canadians can be confident that the cost of living will not rise out of control as the economy reopens from the COVID-19 pandemic.
* Among earnings reports, oil and gas producer Cenovus Energy Inc added 2.5% as it raised its full-year production forecast and posted a near 2% rise in second quarter profit.
* Canadian Pacific Railway Ltd gained 1.8% after the railroad operator topped quarterly profit estimates on Wednesday.
* On the TSX, 158 issues were higher, while 70 issues declined for a 2.26-to-1 ratio favouring gainers, with 21.93 million shares traded.
* Lundin Mining fell 7.0%, the most on the TSX, followed by shares in Real Matters Inc, down 5.3%.
* The most heavily traded shares by volume were Lundin Mining, down 7%; Suncor Energy, down 0.3% and Cenovus Energy, up 2.4%.
* The TSX posted no new 52-week high and no new low.
* Across all Canadian issues, there were 32 new 52-week highs and three new lows, with total volume of 36.37 million shares. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Aditya Soni and Uttaresh.V)
VANCOUVER, BC, July 29, 2021 /CNW/ – Finlay Minerals Ltd. (TSXV: FYL) ("Finlay" or the "Company") is pleased to announce the completion and results of Phase I of its 2021 exploration program.
Highlights:.
-
The June 2021 soil / rock sampling program has doubled the size of the multi-element geochemistry anomaly at the Equity East target to an area of 3.5 by 3.5 kilometers ("km").
-
The soil sample anomaly is coincident with airborne magnetic and ZTEM results.
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A ground induced polarization ("IP") geophysical program of 15-30km will commence in mid-August over the Equity East target.
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A 2,000 meter ("m") oriented-core drill program has been designed to test the 2020 re-interpretated nature of the Silver ("Ag"), Gold ("Au") and Copper ("Cu") mineralization found along the MAIN Trend; this program is scheduled for late September, 2021.
-
The drill program will test for open pittable Ag-Au-Cu mineralized zones above 100m depth.
The overall goal for the Company's 2021 exploration program is to leverage the data compilation of the past 50 years of exploration work in the search for further Equity Silver-type (open-pittable Au, Cu, Ag) and intrusive-hosted porphyry Cu – Molybdenum ("Mo") – Au deposits.
Robert F. Brown, President & CEO of Finlay states:
"I am particularly excited that the Equity East Zone has been doubled in area. The upcoming August IP geophysical survey will cover the extent of the geochemically anomalous area, as well as the east-west oriented magnetic feature, and NNE trending ZTEM airborne geophysical feature. The September core drilling program will test the re-interpretation of the MAIN Trend mineralized zones as being NE oriented with moderate NW dips. Drilling will target thicker and well-mineralized zones from previous drilling along the plunge of the Skeena Group tuff bedding and fracture-controlled mineralization. The focus will be to develop open-pittable mineralization at less than 100m depth."
2021 Silver Hope Soil / Rock Sampling Program:
In June, 2021, a soil (834 samples) and rock (37 samples) sampling program was carried out with the aim to both expand the Equity East anomaly and as well as to test various other magnetic targets. With the 2021 sampling, the Equity East target has expanded to twice the previous size – an area of 3.5 by 3.5km.
The multi-element signature at Equity East includes Ag, As, Cu, Mo, Pb, and Zn in addition to several pathfinder elements (Hg, Bi, Te, Se, +/- Sb and +/- Tl). Silver values in the soil assays ranged from 0.1ppm to 28.5ppm, copper values in the soil assays ranged from 6ppm to 230ppm, lead values in the soil assays ranged from 4.1ppm to 1,220ppm and zinc soil assay values ranged from 21ppm to 2,550ppm. Rock samples were collected from snow-free south facing slopes and include gabbro, tuffs, and previously unmapped tuffs which were found to be strongly oxidized with moderate to strong quartz, sericite and pyrite alteration. Minor quartz veining was present in some rock sampled with pyrite, galena and chalcopyrite. The best assays for the rock samples were 2.97 g/t Ag, 50ppb Au, 1,095ppm Cu, 2,980 ppm Pb and 3,360 ppm Zn. Fault measurements in this area were trending to the east and steeply dipping which correlates with the overall regional magnetic high anomaly. The large multi-element anomaly coincides with a large magnetic high feature directly east of the former Equity Silver Mine, as well as a prominent 5km long, NNE trending airborne ZTEM geophysical anomaly, similar to the one reflecting the MAIN Trend (Finlay) and former Equity Silver Mine. (CLICK HERE to view the map showing the multi-element anomaly overlaying the airborne magnetics and CLICK HERE to view the map showing the multi-element anomaly overlaying the geology.)
Up-Coming 2021 Silver Hope IP and Core Drilling:
A survey of 15-30 line kilometers will commence in mid-August to cover the Equity East geochemical anomaly. The IP lines will be oriented both east-west to cross the Equity East and Allin Zones, along with the five (5) kilometer long NNE trending ZTEM anomaly. As well several north-south lines will be completed to cover the east-west oriented magnetic high anomaly. Depending on field results, in-fill lines will also be completed. Along with the IP survey, Finlay geologists will focus on detailed mapping and sampling, and Terraspec alteration studies in the Equity East and Allin Zone area to build a comprehensive geological foundation for target definition and future drill testing.
In late September, a 2,000m oriented-core drilling program will commence over the Gaul, Superstition and Hope Zones (the MAIN Trend). The drilling will be re-oriented taking into consideration findings of the initial oriented-core drilling program at the Gaul Zone in late 2020. Namely, mineralization and dikes strike northeasterly and dip moderately northwest; there is continuity of mineralized zones between sections; mineralization is hosted by volcanic felsic tuffs associated with fractures, veining, and brecciation with footwall intrusive dikes – a common theme throughout the drill program. The plunge of the mineralization and the stratigraphy (bedding) is 250/20. Drilling will target mineralization in the more susceptible tuff beds, respecting the plunge and focussing on mineralization at less than 100m depth. Finlay is initially targeting five (5) zones of open pittable Ag-Cu-Au mineralization.
QA and QC:
All rock and soil sample assay results have been monitored through a quality assurance / quality control (QA/QC) program.
Rock samples were sampled and shipped in sealed and secure bags to the ALS Global laboratory in North Vancouver, BC. Rock samples were crushed to 70% less than 2mm, rotary split off 250g, pulverised split to better than 85% passing 75 microns. Rock samples were analyzed for multi-element ultra-trace method combining a four-acid digestion with ICP-MS instrumentation. A four-acid digest is performed on 0.25g of sample to quantitatively dissolve most geological materials (method ME-MS61). Gold was analyzed by fire assay on a 30 gram sample with an AAS finish (method Au-AA23).
Soil samples were shipped in sealed and secure bags to the ALS Global laboratory in North Vancouver, BC. Soil samples were dried and sieved to -180 microns. Soil samples were assayed by aqua regia digestion with ICP finish on a 25 gram sample (method AuME-TL43).
In addition to the ALS Global laboratory QA/QC protocols, Finlay Minerals implements an internal QA/QC program that includes the insertion of duplicates, standards and blanks into the rock sample stream. Finlay Minerals inserted duplicates, standards and blanks at 2% of the total soil samples.
Qualified Person:
Wade Barnes, P. Geo. and Vice President, Exploration for Finlay Minerals and a qualified person as defined by National Instrument 43-101, has approved the technical content of this news release.
About Finlay Minerals Ltd.
Finlay is a TSX Venture Exchange company focused on exploration for base and precious metal deposits in northern British Columbia. Finlay recently completed a financing of $1 million flow-through, and $1.64 million in non-flow-through funds.
Finlay Minerals Ltd. trades under the symbol "FYL" on the TSX Venture Exchange. For further information and details please visit the Company's website at: www.finlayminerals.com.
On behalf of the Board of Directors,
Robert F. Brown, P. Eng.,
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information: This news release includes certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include statements regarding, among others, the exploration plans for the Company's Silver Hope Property. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay's proposed transactions and programs on reasonable terms, and the ability of third party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law.
SOURCE Finlay Minerals Ltd.
View original content: http://www.newswire.ca/en/releases/archive/July2021/29/c6006.html
Teck Resources Ltd TECK reported second-quarter 2021 adjusted earnings per share of 51 cents, which beat the Zacks Consensus Estimate of 50 cents. The bottom line also improved from 12 cents earned in the prior-year quarter, driven by higher prices of its principal products, most significantly copper and steelmaking coal.
Including one-time items, the company reported earnings per share of 39 cents against a loss of 20 cents in the prior-year quarter.
Net sales were $2,082 million, which increased 68.3% year over year. However, the top line missed the Zacks Consensus Estimate of $2,124 million.
Steelmaking coal sales volumes improved 24% year over year to 6.2 million tons and was within the company’s guided range. Of this, sales to China accounted for approximately 2 million tons. Copper sales volume increased 21% year over year. This was partly offset by 36% reduction in sales volumes of zinc in concentrate.
Gross profit, before depreciation and amortization came in at $861 million compared with the year-ago quarter’s $326 million. Gross margin came in at 41.4% compared with the year-ago quarter’s 26.3%. Adjusted EBITDA was $804 million, up 130.4% from the prior-year quarter. EBITDA margin came in at 39% in the second quarter compared with the year-earlier quarter’s 28%.
Teck Resources Ltd Price, Consensus and EPS Surprise
Teck Resources Ltd price-consensus-eps-surprise-chart | Teck Resources Ltd Quote
Segment Performance
The Steelmaking Coal segment reported sales of $904 million, reflecting year-over-year growth of 58%. The segment reported an operating profit of $155 million against the operating loss of $8.6 in the prior-year quarter.
Copper segment’s net sales surged 129% year over year to $667 million in the June quarter. The segment’s operating profit was $339.8 million in the reported quarter, reflecting a turnaround from the operating loss of $8 million in the prior-year quarter.
The Zinc segment’s net sales were up 9% year over year to $375 million during the reported quarter. The segment’s operating profit climbed 21% to $26 million during this period.
The Energy segment’s net sales surged 321% year over year to $133 million in the second quarter. The segment reported an operating loss of $41 million against the prior-year quarter’s profit of $19.4 million.
Financials
Teck Resources generated cash flow of $467 million from operating activities in the second quarter of 2021 compared with $216 million in the prior-year quarter. The company had cash and cash equivalents of $254 million as of Jun 30, 2021, compared with $324 million as of Dec 31, 2020. Total debt was $5,622 million at the end of the second quarter compared with $4,417 million as of Dec 31, 2020.
Project Updates
The construction of its flagship QB2 copper growth project continues to advance well with best quarterly progress so far, despite the COVID-19 impact in Chile. The company expects this project to progress 60% in early August. First production is expected in the second half of 2022. The Neptune port upgrade is now in the site wide ramp-up phase, which continues as planned.
Guidance
Teck Resources expects steelmaking coal production between 25 million tons and 26 million tons for 2021. Copper production is anticipated within 275,000-290,000 tons. Zinc production is projected between 605,000 tons and 630,000 tons. The company estimates Bitumen production for 2021 between 6.6 million barrels and 8.1 million barrels.
For the third quarter, at Red Dog, the company expects sales of zinc in concentrate to be 180,000-200,000 tons. Steelmaking coal sales are projected to be 5.7-6.1 million tons for the third quarter. The company will continue to prioritize available spot sales to China. The sales to Chinese customers are priced at the CFR China price assessments, which are higher than FOB Australia price assessments, thereby boosting its overall realized price.
Price Performance
The company’s shares have soared 120.2% over the past year, outperforming the industry’s rally of 35.6%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Teck Resources currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Nucor Corporation NUE, Cabot Corporation CBT and Dow Inc. DOW.
Nucor has a projected earnings growth rate of around 455.4% for the current year. The company’s shares have soared 130.6% in a year. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Cabot has an expected earnings growth rate of around 137.5% for the current fiscal. The company’s shares have surged 42.4% in the past year. It currently flaunts a Zacks Rank #1.
Dow has an expected earnings growth rate of around 403.01% for the current year. The company’s shares have gained 45.4% in the past year. It currently carries a Zacks Rank #2.
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(Bloomberg) — Anglo American Plc still wants full control of some of its most profitable units, but said it will wait for the right time.
While joint ventures in mining are common, Anglo’s position is more unique in that it’s the majority shareholder in two public South African companies that are also among its best earners.
Anglo owns 79% of Anglo American Platinum Ltd., which reported record first-half profits this week. It also controls Kumba Iron Ore Ltd.. Both companies are listed in Johannesburg.
There has long been speculation that Anglo could look look to take complete control of the businesses. The company’s Chief Executive Officer, Mark Cutifani, said Wednesday the company should remain patient.
“We always look at those sort of minorities,” he said on call with investors and analysts. “If I said those sorts of things remained important opportunities for us, then the answer is yes. It has to be done in the right way, it has to be done at the right time.”
Anglo earlier reported its highest ever interim profit and said it will spend $4.1 billion on dividends and share buybacks as the century-old miner joined its peers in cashing in on surging commodity prices.
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(Bloomberg) — The world’s second-largest iron ore producer assured the market Thursday that it can still reach its annual production guidance. But it won’t be all plain sailing.
Vale SA continues to recover from a 2019 dam disaster that cost it the title of world No. 1 supplier. On a call with analysts Thursday, Chief Executive Officer Eduardo Bartolomeo said he remains confident of churning out somewhere between 315 million and 335 million metric tons this year as a return to full capacity at key mines and the restart of a tailings dam point to second-half growth.
Beneath that belief are a few areas of risk. While reiterating the output target, Vale cut its end-2021 production capacity forecast to 343 million tons from 350 million tons due to potential tailings and permitting issues at other mines.
Such risks have helped send iron ore prices to near record highs this year after demand bounced back in the pandemic recovery. Vale’s battle to recover from its Brazilian dam woes makes it a major swing factor on the supply side.
Still, the company continues to target a return to 400 million ton-capacity next year as well as building buffers of more than 50 million tons in the future. That doesn’t mean it’s going to flood the market, given the CEO’s value-over-volume mantra: “Were not going to put value on the market if we’re not rewarded for that.”
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(Adds copper, gold production, industry background)
July 29 (Reuters) – Canadian miner Turquoise Hill Resources Ltd reported a 33.5% jump in second-quarter profit on Thursday, buoyed by a higher copper and gold output from the Oyu Tolgoi mine in Mongolia.
Prices of the red metal hit a record high in May, boosted by demand from electric-vehicle makers and other clean-energy investments. Bullion prices also rose in the second quarter as a weak dollar lifted its safe-haven appeal amid pandemic-related uncertainty.
Turquoise's second-quarter copper production from Oyu Tolgoi stood at 36,735 tonnes, compared with 36,495 ounces last year. Its gold output more than tripled to 113,054 ounces.
Rio Tinto-controlled Turquoise Hill said income attributable to the owners of the company was $96.9 million, or 48 cents per share, for the three months ended June 30, compared with $72.6 million, or 36 cents per share, a year earlier.
Oyu Tolgoi is one of the world's largest copper-gold-silver mines. Rio owns 51% of Turquoise Hill, which in turn owns 66% of the mine. The rest of the mine is owned by the government of Mongolia.
(Reporting by Rithika Krishna in Bengaluru; Editing by Devika Syamnath)
IBD Stock Of The Day Steel Dynamics blasted past a buy point as steelmakers and miners run higher amid strong earnings and durable demand.
In this article, we discuss the 15 stocks that will double in 2021. If you want to skip our detailed analysis of these stocks, go directly to the 5 Stocks that Will Double In 2021.
The economy of 2020 was closely linked to the COVID-19 pandemic. However, the vaccine rollout at the turn of the year buoyed hopes of a return to normalcy and an accelerated recovery from the virus. Resort companies, construction firms, and even mining stocks registered a dramatic increase in price over the first few months of the year as it appeared that vaccines were effective and the virus spread slowed. In the past few days, the spread of the Delta variant of the virus, resistant to vaccines, has once again raised fears of prolonged lockdowns.
In the midst of this delicately poised situation, investors who learned their lessons from the March 2020 lockdown, have already started looking for new and exciting opportunities in the market that will offer them handsome returns even in the bear market, dumping cyclical stocks in the process. Some of the firms that these investors should take note of as they navigate the changing market dynamics include ViacomCBS Inc. (NASDAQ: VIAC), Zynga Inc. (NASDAQ: ZNGA), and MongoDB, Inc. (NASDAQ: MDB), among others.
Companies working in the technology, biopharma, and ecommerce industries are all expected to weather the impact of the coronavirus lockdown and perform better than expected if the economy does fully reopen. Some of these companies, most of which beat market expectations on revenue and earnings per share in the first quarter, are discussed below. It has become very hard for even the market experts to keep up with the ever-evolving world of stocks. Tech-led disruption has been a key factor in this regard.
The entire hedge fund industry is feeling the reverberations of the changing financial landscape. Its reputation has been tarnished in the last decade, during which its hedged returns couldn’t keep up with the unhedged returns of the market indices. On the other hand, Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 124 percentage points since March 2017. Between March 2017 and May 29th 2021 our monthly newsletter’s stock picks returned 206.8%, vs. 91.0% for the SPY. Our stock picks outperformed the market by more than 115 percentage points (see the details here). That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.
With this context in mind, here is our list of the 15 stocks that will double in 2021. These rankings are based on the list of firms that finance websites such as Investor Place, The Motley Fool, and Nasdaq think will double this fiscal year. After the initial selection, these companies were then further classified according to analyst ratings and basic business fundamentals. Only firms that have positive ratings or have had their price targets raised by investment advisories in the past few weeks were considered. Special importance was assigned to the recent earnings results of each firm, with those that beat market estimates on earnings per share and revenue featuring heavily. In addition, hedge fund sentiment was also included as a classifier in a bid to improve the reliability of the list. Even after all this exhaustive research, it is pertinent to mention that it is very difficult to predict which stocks will double in a fiscal year. Even market experts with years of academic and field experience find it hard to predict market direction at any given time. However, by filtering out the best of the best based on the metrics available, investors can better focus their energies.
Stocks that Will Double In 2021
15. Allakos Inc. (NASDAQ: ALLK)
Number of Hedge Fund Holders: 13
Allakos Inc. (NASDAQ: ALLK) is a clinical stage biopharmaceutical firm. It is placed fifteenth on our list of 15 stocks that will double in 2021. The stock has returned 1.4% to investors over the past year. The firm is based in California. On May 23, investment advisory Jefferies identified the stock as one on its radar as biotech prices picked up and mergers and acquisitions increased following a slow start to the year. The advisory said biotech firms would start to finalize deals in the next three to five months.
On May 15, investment advisory Cowen initiated coverage of Allakos Inc. (NASDAQ: ALLK) stock with an Outperform rating. Joseph Thome, an analyst at the advisory, issued the ratings update.
Out of the hedge funds being tracked by Insider Monkey, San Francisco-based investment firm Redmile Group is a leading shareholder in Allakos Inc. (NASDAQ: ALLK) with 2.4 million shares worth more than $277 million.
Just like ViacomCBS Inc. (NASDAQ: VIAC), Zynga Inc. (NASDAQ: ZNGA), and MongoDB, Inc. (NASDAQ: MDB), Allakos Inc. (NASDAQ: ALLK) is one of the stocks that could double in 2021.
14. Funko, Inc. (NASDAQ: FNKO)
Number of Hedge Fund Holders: 14
Funko, Inc. (NASDAQ: FNKO) is ranked fourteenth on our list of 15 stocks that will double in 2021. The company’s shares have returned 230% to investors over the past year. The firm markets pop culture consumer products. It is headquartered in Washington. In earnings results for the first quarter, posted on May 6, the firm reported earnings per share of $0.24, beating estimates by $0.13. The revenue over the period was more than $189 million, up 38% year-on-year.
On May 13, investment advisory Bank of America upgraded Funko, Inc. (NASDAQ: FNKO) stock to Buy from Underperform, raising the price target to $30 from $12, noting the firm represented a significant long-term opportunity for investors.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Woodson Capital Management is a leading shareholder in Funko, Inc. (NASDAQ: FNKO) with 3 million shares worth more than $59 million.
13. Paramount Group, Inc. (NYSE: PGRE)
Number of Hedge Fund Holders: 17
Paramount Group, Inc. (NYSE: PGRE) stock has returned 34% to investors over the past year. It is placed thirteenth on our list of 15 stocks that will double in 2021. The firm operates a real estate investment trust that deals exclusively in high-class properties in premier business districts. On July 27, the firm posted earnings for the second quarter, reporting FFO of $0.22, beating market estimates by $0.02. The revenue over the period was over $182 million, up more than 6% year-on-year.
On June 25, investment advisory Deutsche Bank kept a Hold rating on Paramount Group, Inc. (NYSE: PGRE) stock but raised the price target to $12 from $11, noting the firm offered potential in the post-pandemic economy.
At the end of the first quarter of 2021, 17 hedge funds in the database of Insider Monkey held stakes worth $135 million in Paramount Group, Inc. (NYSE: PGRE), down from 18 in the preceding quarter worth $68 million.
Alongside ViacomCBS Inc. (NASDAQ: VIAC), Zynga Inc. (NASDAQ: ZNGA), and MongoDB, Inc. (NASDAQ: MDB), Paramount Group, Inc. (NYSE: PGRE) is one of the stocks that could double in 2021.
12. BHP Group (NYSE: BHP)
Number of Hedge Fund Holders: 18
BHP Group (NYSE: BHP) is ranked twelfth on our list of 15 stocks that will double in 2021. The stock has offered investors returns exceeding 43% over the course of the past year. The firm is based in Australia and has interests in the natural resources business. On July 21, the firm announced that it had signed a deal with electric carmaker Tesla to provide the latter with the metal nickel that is used in numerous EV products, including batteries. The financial terms of the deal were not disclosed.
On July 8, investment advisory Berenberg upgraded BHP Group (NYSE: BHP) stock to Buy from Hold, raising the price target to 2,700 GBp from 2,200 GBp, noting that the firm had potential upside with regards to final dividend this year.
Out of the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in BHP Group (NYSE: BHP) with 7.9 million shares worth more than $553 million.
11. Genpact Limited (NYSE: G)
Number of Hedge Fund Holders: 23
Genpact Limited (NYSE: G) is a Bermuda-based business process outsourcing firm. It is placed eleventh on our list of 15 stocks that will double in 2021. The company’s shares have offered investors returns exceeding 22% over the course of the past twelve months. On May 10, the firm posted earnings for the first quarter, reporting earnings per share of $0.59, beating market predictions by $0.11. The revenue over the period was $946 million, up more than 2.5% compared to the revenue over the same period last year.
In earnings results for the first quarter, posted on May 10, Genpact Limited (NYSE: G) reported earnings per share of $0.59, beating market predictions by $0.11. The revenue over the period was more than $946 million, up 2.5% year-on-year.
At the end of the first quarter of 2021, 23 hedge funds in the database of Insider Monkey held stakes worth $271 million in Genpact Limited (NYSE: G), down from 31 in the preceding quarter worth $340 million.
In addition to ViacomCBS Inc. (NASDAQ: VIAC), Zynga Inc. (NASDAQ: ZNGA), and MongoDB, Inc. (NASDAQ: MDB), Genpact Limited (NYSE: G) is one of the stocks that could double in 2021.
In its Q3 2020 investor letter, Third Avenue Management, an asset management firm, highlighted a few stocks and Genpact Limited (NYSE: G) was one of them. Here is what the fund said:
“Long-time holding Genpact was sold after the NAV discount narrowed, and due to strong performance, it was no longer a small-cap company. The investment provided handsome returns to Fund shareholders over the years, but given its market cap, valuation, and other opportunities available, selling the position and recycling the capital seemed prudent.”
10. Deciphera Pharmaceuticals, Inc. (NASDAQ: DCPH)
Number of Hedge Fund Holders: 23
Deciphera Pharmaceuticals, Inc. (NASDAQ: DCPH) is ranked tenth on our list of 15 stocks that will double in 2021. The firm makes and sells biopharma products and is headquartered in Waltham. On June 30, the firm announced that it had administered the first dose of a new cancer drug to a patient in the early-stage trial of DCC-3116. Earlier in May, the company had posted earnings for the first quarter, comfortably beating market predictions on revenue and earnings per share for the first quarter.
On March 30, investment advisory Credit Suisse initiated coverage of Deciphera Pharmaceuticals, Inc. (NASDAQ: DCPH) stock with an Outperform rating and a price target of $78, appreciating the pipeline assets of the firm that offered great potential.
At the end of the first quarter of 2021, 23 hedge funds in the database of Insider Monkey held stakes worth $511 million in Deciphera Pharmaceuticals, Inc. (NASDAQ: DCPH), down from 36 in the previous quarter worth $673 million.
9. Affimed N.V. (NASDAQ: AFMD)
Number of Hedge Fund Holders: 23
Affimed N.V. (NASDAQ: AFMD) is placed ninth on our list of 15 stocks that will double in 2021. The company’s shares have returned 92% to investors in the past twelve months. The firm is a German biopharma company focusing on cancer immunotherapies. On July 1, the firm posted earnings for the first quarter, reporting earnings per share of -€0.01, beating market estimates by €0.09. The revenue over the period was €11.6 million, up more than 120% compared to the revenue over the same period last year and beating estimates by €2.4 million.
On April 12, investment advisory BMO Capital maintained an Outperform rating on Affimed N.V. (NASDAQ: AFMD) stock and raised the price target to $15 from $12, highlighting recent positive results from studies of drugs being developed by the company.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Consonance Capital Management is a leading shareholder in Affimed N.V. (NASDAQ: AFMD) with 6 million shares worth more than $47 million.
Just like ViacomCBS Inc. (NASDAQ: VIAC), Zynga Inc. (NASDAQ: ZNGA), and MongoDB, Inc. (NASDAQ: MDB), Affimed N.V. (NASDAQ: AFMD) is one of the stocks that could double in 2021.
8. Nomad Foods Limited (NYSE: NOMD)
Number of Hedge Fund Holders: 25
Nomad Foods Limited (NYSE: NOMD) stock has returned 16% to investors in the past year. It is ranked eighth on our list of 15 stocks that will double in 2021. The company makes and sells frozen foods and is based in the United Kingdom. On May 6, the firm posted earnings for the first quarter, reporting earnings per share of €0.47, beating market estimates by €0.08. The revenue over the period was €707 million, up 2% compared to the revenue over the same period last year and beating estimates by over €5 million.
On March 30, investment advisory Deutsche Bank maintained a Buy rating on Nomad Foods Limited (NYSE: NOMD) stock and raised the price target to $35 from $32, appreciating a decision of the firm to purchase a frozen foods business.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Renaissance Technologies is a leading shareholder in Nomad Foods Limited (NYSE: NOMD) with 4.6 million shares worth more than $128 million.
In its Q4 2020 investor letter, FAM Funds, an asset management firm, highlighted a few stocks and Nomad Foods Limited (NYSE: NOMD) was one of them. Here is what the fund said:
“The proceeds(from a sold equity) were primarily invested into a new idea — Nomad Foods (NOMD), a producer of branded frozen food products in Europe. Product categories include fish, vegetables, and meat substitutes. Management’s plan is to continually improve the brands they control while seeking opportunities to buy and upgrade similar companies. In the past, key members of senior management pursued this strategy at other businesses and created significant returns for shareholders. As COVID-19 rolled across Europe, Nomad became one of the few beneficiaries of the pandemic as consumers stopped visiting restaurants and increasingly ate at home.”
7. TechnipFMC plc (NYSE: FTI)
Number of Hedge Fund Holders: 25
TechnipFMC plc (NYSE: FTI) is a United Kingdom-based oil and gas firm. It is placed seventh on our list of 15 stocks that will double in 2021. The company’s shares have offered investors returns exceeding 32% over the course of the past year. On July 21, the firm posted earnings for the second quarter, reporting earnings per share of -$0.06, just missing estimates by $0.05. The revenue over the period was more than $1.6 billion, up over 3% compared to the revenue over the same period last year.
On June 17, investment advisory Cowen reiterated an Outperform rating on TechnipFMC plc (NYSE: FTI) stock and raised the price target to $12 from $11, seeing an upside to orders and estimates for the company in the coming months.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Pzena Investment Management is a leading shareholder in TechnipFMC plc (NYSE: FTI) with 22.9 million shares worth more than $177 million.
Alongside ViacomCBS Inc. (NASDAQ: VIAC), Zynga Inc. (NASDAQ: ZNGA), and MongoDB, Inc. (NASDAQ: MDB), TechnipFMC plc (NYSE: FTI) is one of the stocks that could double in 2021.
In its Q1 2020 investor letter, Antipodes Partners, an asset management firm, highlighted a few stocks and TechnipFMC plc (NYSE: FTI) was one of them. Here is what the fund said:
“We also added to TechnipFMC as its valuation became increasingly attractive. While the near-term outlook for service companies is challenged, Technip will be somewhat protected by its superior backlog and strong balance sheet.”
6. Revolve Group, Inc. (NYSE: RVLV)
Number of Hedge Fund Holders: 29
Revolve Group, Inc. (NYSE: RVLV) is ranked sixth on our list of 15 stocks that will double in 2021. The stock has offered investors returns exceeding 324% over the course of the past twelve months. The firm markets fashion apparel online and is based in California. The company posted earnings for the first quarter on May 6, reporting earnings per share of $0.30, beating estimates by $0.17. The revenue over the period was more than $178 million, up 22% year-on-year and beating estimates by $21 million.
On June 29, investment advisory B Riley maintained a Buy rating on Revolve Group, Inc. (NYSE: RVLV) stock and raised the price target to $80 from $58, appreciating the growth of online footwear retailers that was expected to continue in the near future.
At the end of the first quarter of 2021, 29 hedge funds in the database of Insider Monkey held stakes worth $256 million in Revolve Group, Inc. (NYSE: RVLV), up from 24 in the preceding quarter worth $182 million.
In its Q1 2021 investor letter, Polen Capital, an asset management firm, highlighted a few stocks and Revolve Group, Inc. (NYSE: RVLV) was one of them. Here is what the fund said:
“Revolve is a leading, next-generation online retailer of apparel, accessories, and beauty for fashion-forward people. During the pandemic, Revolve pivoted its offerings and strategy to adapt to the new normal. The company expanded into adjacent categories like beauty, activewear, and intimates, enabling it to serve its customers’ more immediate needs, increase wallet share, and touch more aspects of their lives. This strategy shift was a success. The company delivered record profitability and free cash flow during Q4 2020.
The leadership team intends to use this strong position to prioritize several key strategic investments as the world recovers from COVID-19, including strengthening their Owned Brands portfolio, expanding marketing, and accelerating brand building around the globe. The company reported a record high Net Promoter Score (NPS) for 2020. In geographies where COVID-19 is considered generally under control, the company has seen a return of customer demand for their traditional product categories as well.”
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PITTSBURGH, July 29, 2021–(BUSINESS WIRE)–United States Steel Corporation (NYSE: X) ("U. S. Steel") today announced that its Board of Directors declared a dividend of $0.01 per share of U. S. Steel Common Stock. The dividend is payable on Thursday, September 9, 2021 to stockholders of record at the close of business on Monday, August 9, 2021.
Founded in 1901, United States Steel Corporation is a leading steel producer. With an unwavering focus on safety, the company’s customer-centric Best for All℠ strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as U. S. Steel’s proprietary XG3™ advanced high-strength steel. The company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 26.2 million net tons. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210729006133/en/
Contacts
John O. Ambler
Vice President
Corporate Communications
T – (412) 433-2407
E – joambler@uss.com
Kevin Lewis
Vice President
Investor Relations
T – (412) 433-6935
E – klewis@uss.com
Stocks rallied Thursday with the Dow Jones Industrial Average up nearly 200 points despite disappointing GDP and jobless claims data.
Vancouver, Canada, July 29, 2021 (GLOBE NEWSWIRE) — Oroco Resource Corp. (TSX-V: OCO; OTCQB: ORRCF) (“Oroco” or “the Company”) is pleased to announce that it has commenced diamond core drilling at its Santo Tomas copper project, with the first drill hole collared and in progress. A second drill rig is scheduled to begin operating next week, and a third rig, constructed for the Company by Hydracore Drills Ltd. of Canada, is in transit to the project. The drill hole currently in progress is located in the North Zone and represents the first drill hole collared anywhere on the property since 1993. The initial drilling is intended to confirm the presence of historically defined polymetallic copper mineralization and to begin the development of new mineral resource models at Santo Tomas.
Commenting on the start of drilling, Oroco’s CEO, Craig Dalziel, stated "We are extremely pleased to be able to initiate a new generation of drilling at Santo Tomas at a time when the acceleration of large copper projects is essential for global economic growth and stability. We are anxious to confirm and extend the historical resources at the North and South Zones, and to commence exploration at the Brasiles Zone, where our 3D DCIP program indicated extensive and compelling chargeability features.”
The initial holes in the drill program will be collared in the North Zone and will be drilled at steep angles to the East-Southeast. While heavy rains have impacted roads and mobilization, causing the initial drill setups to be supported by helicopter, the rapidly rising reservoir has enabled the project team to revert to waterborne support of the drilling program from the Company’s existing Buena Vista base camp. The light and highly (man-) portable drills being deployed by the Company allow for drilling at favourable locations with no environmental impact. Targeting for drilling is being informed by the recently completed 3D DCIP survey which has defined significant chargeability features that correlate well with mineralisation known from historical drilling and which features continue beyond the mineralization defined by that drilling.
ABOUT OROCO:
The Company holds a net 73.2% interest in the collective 1,172.9 ha Core Concessions of the Santo Tomas Project in NW Mexico. The Company also holds a 77.5% interest in 7,807.9 ha of mineral concessions surrounding and adjacent to the Core Concessions (for a total project area of 22,192 acres). The Project is situated within the Santo Tomas District, which extends from Santo Tomas up to the Jinchuan Group’s Bahuerachi project, approximately 14 km to the north-east. Santo Tomas hosts a significant copper porphyry deposit defined by prior exploration spanning the period from 1968 to 1994. During that time, the property was tested by over 100 diamond and reverse circulation drill holes, totaling approximately 30,000 meters. Based on data generated by these drill programs, a historical Prefeasibility Study was completed by Bateman Engineering Inc. in 1994.
The Santo Tomas Project is located within 160km of the Pacific deep-water port at Topolobampo and is serviced via highway and proximal rail (and parallel corridors of trunk grid power lines and natural gas) through the city of Los Mochis to the northern city of Choix. The property is reached by a 32 km access road originally built to service Goldcorp’s El Sauzal Mine in Chihuahua State.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward Looking Information
This news release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact included herein, including without limitation, statements relating to future events or achievements of the Company, are forward-looking statements. There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated or implied in such statements. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these matters. Oroco does not assume any obligation to update the forward-looking statements should they change, except as required by law.
CONTACT: Craig Dalziel Oroco Resource Corp 6046886200 cdalziel@orocoresourcecorp.com
Vancouver, British Columbia–(Newsfile Corp. – July 29, 2021) – EMX Royalty Corporation (NYSE American: EMX) (TSXV: EMX) (FSE: 6E9) (the "Company", or "EMX") is pleased to announce that it has entered into an agreement (the "Royalty Purchase Agreement") dated July 29, 2021 with SSR Mining Inc. and certain of its subsidiaries ("SSR Mining") to purchase a portfolio of royalty interests and deferred payments (the "Royalty Portfolio"). The Royalty Portfolio consists of 18 geographically diverse royalties, with four royalty assets at advanced stages of project development, and also includes U.S. $18 million in future cash payments to be made to the owner of the Royalty Portfolio (see Figure 1 and Table 1). Upon closing of the transaction EMX will pay to SSR Mining U.S. $33 million in cash and U.S. $33 million in common shares of EMX. EMX will also make deferred and contingent payments to SSR Mining of up to U.S. $34 million if certain project advancement milestones are achieved. Further details of the commercial terms are provided below. Completion of the transaction is subject to customary closing conditions, including acceptance by the TSX Venture Exchange (the "TSX-V").
The portfolio is highlighted by the Gediktepe royalties, which cover assets currently being developed by Lidya Madencilik ("Lidya"), a private Turkish company that expects initial production from Gediktepe in late 2021. These include a 10% NSR royalty on production from an oxide gold-silver deposit and a 2% NSR royalty on underlying polymetallic volcanogenic massive sulfide ("VMS") mineralization. Yenipazar (Turkey) and Diablillos (Argentina) are additional royalties on advanced stage projects (see summaries below) and the other 14 royalty interests cover both precious metal and base metal assets in South America, Mexico, the United States (Nevada) and Canada.
This transaction will leverage EMX's experience base in Turkey, is expected to provide significant near-term cash flow to the Company, and establishes a pipeline of quality royalty assets in numerous well-recognized mineral belts around the world. EMX has been working in Turkey for nearly 20 years and looks forward to building its relationship with both SSR Mining and Lidya. In Lidya, EMX sees a well funded and highly capable operator that is developing both the Gediktepe and Hod Maden mines in Turkey. The Gediktepe and Yenipazar royalty interests will bolster EMX's existing royalty portfolio in Turkey, which includes an uncapped 4% NSR royalty on the Balya North polymetallic deposit and other royalty interests in Turkey. Balya North is being developed by Esan Eczacibaşi Endüstriyel Hammaddeler San. ve Tic. A.Ş. ("Esan") and remains on schedule to commence commercial production in 2021.
This Royalty Portfolio acquisition is well aligned with EMX's corporate growth strategy, whereby the Company leverages its in-region expertise in identifying opportunities in jurisdictions where EMX already has a strategic presence. Through the years this approach has led to continuous value creation for the Company and synergies with existing EMX initiatives around the world. Further, securing near term positive cash flow will represent an important step in the Company's evolution.
Rodney Antal, President and Chief Executive Officer of SSR Mining, commented, "We are very excited to become a shareholder of EMX where our investors will have the opportunity to participate in the value creation associated with an established, growth-oriented company with an attractive portfolio of precious, base and battery metals royalties."
Commercial Terms Overview. As stated above, upon closing of the transaction EMX will pay to SSR Mining U.S. $33 million in cash and U.S. $33 million in common shares of EMX. The number of common shares to be issued by EMX to SSR Mining will be based on the volume-weighted average price ("VWAP") of the shares on the NYSE American stock exchange for the 20 days prior to the date of completion of the transaction (the "Closing Date"). All such shares will be subject to a hold period of 4 months and a day from the Closing Date. Upon closing, SSR Mining will own an approximate 12% undiluted equity interest in EMX, subject to final calculation at closing.
Additional deferred payments of up to U.S. $34 million will be made by EMX to SSR Mining in consideration for the Net Profits Interest ("NPI") royalty on the Yenipazar property in Turkey. These will be payable as follows: (i) U.S. $2,000,000 in EMX common shares based on the 20-day VWAP prior to the date of commencement of construction of a mill on the Yenipazar property; (ii) U.S. $2,000,000 in EMX common shares based on the 20-day VWAP prior to the date of commencement of commercial production; (iii) U.S. $15,000,000 in cash, payable when EMX has received U.S. $10,000,000 in net profits interest payments under the Yenipazar NPI; and (iv) U.S. $15,000,000 in cash, payable when EMX has received a second U.S. $10,000,000 in net profits interest payments. All such shares will be subject to a hold period of 4 months and a day from the date of issue.
EMX intends to pay up to U.S. $10,000,000 of the cash payable at closing with the proceeds of a U.S. $10,000,000 senior secured credit facility (the "Credit Facility") provided for in a non-binding term sheet EMX has entered into with Sprott Private Resource Lending II (Collector), LP ("Sprott"). The Credit Facility is to mature one year from the Closing Date, bear interest at a rate of 7% per annum, and be secured by general security agreements over the assets of EMX and certain of its subsidiaries, and pledges of the shares of certain of EMX's subsidiaries, who will, at Sprott's election, also be guarantors of the loan. In addition to interest payable, the U.S. $10,000,000 to be advanced under the Credit Facility will also be subject to an original issue discount equal to 5% of the amount of the advance. Under the term sheet, Sprott will subscribe for U.S. $300,000 of EMX common shares at closing, at a deemed price equal to U.S. $2.74 per share. All such shares will be subject to a hold period of 4 months and a day from the Closing Date.
If the Credit Facility is not ultimately entered into, the Royalty Purchase Agreement provides for vendor takeback financing by SSR Mining of up to U.S. $5,000,000 (the "VTB Note"), and EMX will pay the balance of the cash payable at closing from available working capital. The VTB Note will bear interest at 14% per annum and will mature 60 days from the Closing Date. If unpaid within such 60 day period, the VTB Note will bear additional interest at a rate of 2% per annum for each 60 day period past due.
Royalty Portfolio Overview. As summarized in Figure 1 and Table 1, the Royalty Portfolio spans over 69,000 hectares across seven countries on three continents. Summaries for Gediktepe, Yenipazar and Diablillos are provided here, and further information on the Royalty Portfolio and other EMX assets can be found at www.emxroyalty.com. Upon completion of the transaction, of the royalties purchased, only the royalty over the Gediktepe property in Turkey will be material to EMX at the present time. EMX is currently preparing a technical report on the Gediktepe property to be filed on SEDAR.
Gediktepe VMS Deposit, Western Turkey: The Gediktepe VMS deposit was discovered by a Joint Venture ("JV") initiative between Alacer Gold Corp. ("Alacer") and Lidya in 2012-2013 and was quickly advanced to PEA (2014) and Prefeasibility stages (2016). The deposit is comprised of a polymetallic VMS system with precious metal, copper, and zinc rich domains. The upper portion of the deposit is oxidized, forming a precious metal-enriched gossanous cap that will be mined first, followed by production from the underlying polymetallic sulfide deposit. Operator Lidya has commenced development and construction of the project and is anticipating initial production in late 2021.
Alacer, the previous owner of the Gediktepe royalties, completed a merger with SSR Mining in September of 2020. The Gediktepe Royalties consist of: (i) a perpetual 10% NSR royalty over metals produced from the oxide zone (predominantly gold and silver) after cumulative production of 10,000 gold-equivalent oxide ounces; and (ii) a perpetual 2% NSR royalty over metals produced from the sulfide zone (predominantly copper, zinc, lead, silver and gold), payable after cumulative production of 25,000 gold-equivalent sulfide ounces.
The Gediktepe property is the subject of an NI 43-101 Prefeasibility study entitled "Gediktepe 2019 Prefeasibility Study" prepared by OreWin Pty Ltd. on behalf of Alacer with an effective date of Mar. 26, 2019 (the "Gediktepe Report"). The 2019 Gediktepe Report is filed on SEDAR and contains historical mining reserve and resource estimates (summarized in Tables 2.1 and 2.2).
Yenipazar VMS Deposit, Central Turkey: The Yenipazar polymetallic VMS deposit was discovered in the late 1990's by YAMAS, a predecessor of Alacer and SSR Mining. Aldridge Minerals Inc. ("Aldridge"), a public Canadian corporation formerly listed on the TSX-V, formed a JV with Alacer in 2004 with the right to earn a majority interest in the project. Later modifications to the JV agreement in 2006 led to Aldridge acquiring a 100% project equity interest, with Alacer retaining an NPI royalty that is set at 6% until U.S. $165 million in revenues are received by the royalty holder, after which the NPI converts to a 10% interest.
Aldridge delivered a feasibility study in 2013 that was updated in 2014 before Aldridge encountered financial difficulties. Ultimately, Aldridge (and Yenipazar) were sold to a new private company (Virtus Madencilik) headed by Aldridge's major shareholder, Ahmet Taçyildiz. Trafigura Ventures V B.V. also owns a 30% interest in Virtus. Virtus recently updated the feasibility study for Yenipazar and is currently seeking project financing for development of the project.
Diablillos Gold-Silver Epithermal deposit, Argentina. Diablillos is an extensive 7,900 hectare property located in the mining friendly Province of Salta in the Argentine Puna region. There are currently seven known mineralized zones on the Diablillos property, with the Oculto zone being the most important and the most explored. Oculto is a deeply oxidized, high-sulfidation epithermal silver-gold deposit.
Operator AbraSilver Resource Corp. ("AbraSilver") has an option to acquire 100% of the Diablillos property, with one outstanding payment due on the earlier of the date on which commercial production occurs at Diablillos or July 31, 2025. A 2018 PEA reported historical Indicated Resources at Oculto of 26.85 million tonnes grading 93g/t silver and 0.85g/t gold, for 80.3 million ounces of contained silver and 732 thousand ounces of contained gold1. Preliminary metallurgical tests indicate high recoveries from a crushing, grinding and agitated leach plant with a Merrill-Crowe circuit. High-grade copper intercepts have been discovered at depth and may suggest deeper porphyry-style potential.
AbraSilver continues to drill Oculto as well as advancing other targets on the property. An updated PEA is expected in Q3 2021, with a feasibility study slated for 2022.
Note: A qualified person has not performed sufficient work to classify the historical resource estimate for Diablillos as current, and EMX is not treating the historical estimate as current mineral resources. Significant data compilation, confirmation drilling, re-sampling and data verification by a qualified person may be required before the historical estimates can be classified as current mineral resources. The historical estimate is considered by EMX to be reliable and relevant, and is presented for the purpose of describing the extent and nature of mineralization as presently understood. The historical estimate should not be relied upon until verified.
Summary: By agreeing to acquire the Royalty Portfolio, EMX seeks to secure near term and sustained cash flow from a diverse collection of royalty interests and deferred consideration payments. Further, EMX welcomes SSR Mining as a strategic shareholder in EMX. EMX views this transaction as wholly accretive to its overall business, where royalties over multiple advanced and resource stage assets add significant value and diversity to EMX's global portfolio.
Eric P. Jensen, CPG, a Qualified Person as defined by National Instrument 43-101 and an employee of the Company, has reviewed, verified, and approved the disclosure of the technical information contained in this news release.
About EMX. EMX is a precious, base and battery metals royalty company. EMX's investors are provided with discovery, development, and commodity price optionality, while limiting exposure to risks inherent to operating companies. The Company's common shares are listed on the NYSE American Exchange and TSX Venture Exchange under the symbol EMX. Please see www.EMXroyalty.com for more information.
About SSR Mining. SSR Mining Inc. is a leading, free cash flow focused intermediate gold company with four producing assets located in the USA, Turkey, Canada, and Argentina, combined with a global pipeline of high-quality development and exploration assets in the USA, Turkey, Mexico, Peru, and Canada. SSR Mining is listed under the ticker symbol SSRM on the NASDAQ and the TSX, and SSR on the ASX.
For further information contact:
David M. Cole
President and Chief Executive Officer
Phone: (303) 979-6666
Dave@EMXroyalty.com
Scott Close
Director of Investor Relations
Phone: (303) 973-8585
SClose@EMXroyalty.com
Isabel Belger
Investor Relations (Europe)
Phone: +49 178 4909039
Ibelger@EMXroyalty.com
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release may contain "forward-looking statements" that reflect the Company's current expectations and projections about its future results. These forward-looking statements may include statements regarding completion of the transaction, perceived merits of properties, exploration results and budgets, mineral reserves and resource estimates, work programs, capital expenditures, timelines, strategic plans, market prices for precious and base metal, or other statements that are not statements of fact. When used in this news release, words such as "estimate," "intend," "expect," "anticipate," "will", "believe", "potential", "upside" and similar expressions are intended to identify forward-looking statements, which, by their very nature, are not guarantees of the Company's future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause the Company's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and factors may include, but are not limited to: unavailability of financing, failure to identify commercially viable mineral reserves, fluctuations in the market valuation for commodities, difficulties in obtaining required approvals for the development of a mineral project, increased regulatory compliance costs, expectations of project funding by joint venture partners and other factors. It is possible EMX may not complete the transaction, as a result of failure to fulfill conditions of closing, unavailability of financing or for other reasons EMX cannot anticipate at this time.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, including the risks and uncertainties identified in this news release, and other risk factors and forward-looking statements listed in the Company's MD&A for the quarter ended March 31, 2021 and the year ended December 31, 2020 (the "MD&A"), and the most recently filed Revised Annual Information Form (the "AIF") for the year ended December 31, 2020, actual events may differ materially from current expectations. More information about the Company, including the MD&A, the AIF and financial statements of the Company, is available on SEDAR at www.sedar.com and on the SEC's EDGAR website at www.sec.gov.
Figure 1: Locations of assets in the Royalty Portfolio
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1508/91618_0c72eca494026a72_002full.jpg
|
Table 1: Assets included in the Royalty Portfolio |
||||||
|
Asset |
Location |
Royalty |
Operator |
Trading Symbol |
Metals |
|
|
Advanced and Development Stage Assets |
||||||
|
Gediktepe Oxide |
Turkey |
10% NSR |
Lidya Madencilik |
Private |
Au-Ag |
|
|
Gediktepe Sulfide |
Turkey |
2% NSR |
Lidya Madencilik |
Private |
Cu-Zn-Au-Ag |
|
|
Yenipazar |
Turkey |
6% – 10% NPI |
Virtus Mining |
Private |
Au-Ag-Zn-Cu-Pb |
|
|
Diablillos |
Argentina |
1% NSR |
AbraSilver Resource |
TSX-V:ABRA |
Ag-Au |
|
|
Resource Stage Assets |
||||||
|
Berenguela |
Peru |
1.00% – 1.25% NSR |
Aftermath Silver |
TSX-V:AAG |
Mn-Ag-Cu-Zn |
|
|
Challacollo |
Chile |
2% NSR |
Aftermath Silver |
TSX-V:AAG |
Ag-Au |
|
|
La Palmilla |
Mexico |
1% NSR |
Endeavour Silver |
NYSE:EXK-TSX:EDR |
Ag-Au |
|
|
San Marcial |
Mexico |
0.75% NSR |
GR Silver |
TSX-V:GRSL |
Ag-Zn-Pb |
|
|
San Patricio |
Mexico |
1% NSR |
Endeavour Silver |
NYSE:EXK-TSX:EDR |
Ag-Au |
|
|
Tartan Lake |
Canada |
2% NSR |
Satori Resources |
TSX.V:BUD |
Au |
|
|
Exploration Stage Assets |
||||||
|
Brooks Property |
U.S. |
4% NSR |
Nevada Gold Mines |
Barrick Gold Corp and Newmont Corp J.V. |
Au |
|
|
E&L Nickel Mountain |
Canada |
1% NSR |
Garibaldi Resources |
TSX-V:GGI |
Ni-Cu |
|
|
El Mogote |
Mexico |
2% NSR |
Industrias Peñoles |
BMV(Mexico):PE&OLES |
Au-Ag |
|
|
Hunter 1-12 |
Canada |
2.5% NSR |
Cassiar Gold Corp |
TSX-V:GLDC |
Au |
|
|
Juncal and La Flora |
Chile |
1% NSR |
Austral Gold |
TSX-V:AGLD-ASX:AGD |
Au |
|
|
M18/Aguas Perdidas |
Argentina |
1% NSR |
AbraSilver Resource |
TSX-V:ABRA |
Ag |
|
|
San Agustin Sulfides |
Mexico |
2% NSR |
Argonaut Gold |
TSX:AR |
Au |
|
|
Silver Peak |
U.S. |
1.5% NSR |
International Millennium |
TSX-V:MSC |
Ag-Au |
|
|
Future Cash Payments (payable by operator to royalty holder) |
||||||
|
Asset |
Location |
Payment |
Operator |
Timing/Trigger of Payment |
||
|
Diablillos |
Argentina |
U.S. $7.00 million |
AbraSilver Resource |
Payable upon earlier of (i) commencement of commercial production or (ii) July 31, 2025 |
||
|
Berenguela |
Peru |
U.S. $2.25 million |
Aftermath Silver |
Payable upon First Anniversary of Initial Closing Date of Berenguela royalty agreement |
||
|
Berenguela |
Peru |
U.S. $2.50 million |
Aftermath Silver |
Payable upon Second Anniversary of Initial Closing Date of Berenguela royalty agreement |
||
|
Berenguela |
Peru |
U.S. $3.00 million |
Aftermath Silver |
Payable upon Fourth Anniversary of Initial Closing Date of Berenguela royalty agreement |
||
|
Berenguela |
Peru |
U.S. $3.25 million |
Aftermath Silver |
Payable upon Final Closing Date of Berenguela royalty agreement (November 30, 2026) |
||
|
Table 2.1 Historical mineral resources reported in the 2019 Gediktepe Prefeasibility Study |
||||||||||
|
MEASURED |
Tonnes |
Grade |
Metal |
|||||||
|
Au |
Ag |
Cu |
Zn |
Pb |
Au |
Ag |
Cu |
Zn |
||
|
Total Oxide |
– |
– |
– |
– |
– |
– |
– |
– |
– |
– |
|
Total Sulphide |
3,999 |
0.67 |
25.1 |
1.01 |
1.83 |
0.34 |
86 |
3,221 |
40 |
73 |
|
Total Measured |
3,999 |
0.67 |
25.1 |
1.01 |
1.83 |
0.34 |
86 |
3,221 |
40 |
73 |
|
INDICATED |
||||||||||
|
Total Oxide |
2,674 |
2.71 |
66.3 |
0.10 |
0.10 |
0.47 |
233 |
5,703 |
3 |
3 |
|
Total Sulphide |
23,544 |
0.74 |
27.6 |
0.85 |
1.69 |
0.33 |
560 |
20,865 |
200 |
399 |
|
Total Indicated |
26,217 |
0.94 |
31.5 |
0.78 |
1.53 |
0.34 |
792 |
26,568 |
203 |
402 |
|
MEASURED + INDICATED |
||||||||||
|
Total Oxide |
2,674 |
2.71 |
66.3 |
0.10 |
0.10 |
0.47 |
233 |
5,703 |
3 |
3 |
|
Total Sulphide |
27,542 |
0.73 |
27.2 |
0.87 |
1.71 |
0.33 |
645 |
24,086 |
241 |
472 |
|
Total Measured + Indicated |
30,216 |
0.90 |
30.7 |
0.81 |
1.57 |
0.34 |
878 |
29,790 |
243 |
475 |
|
INFERRED |
||||||||||
|
Total Oxide |
23 |
0.95 |
21.8 |
0.23 |
0.14 |
0.12 |
1 |
16 |
0 |
0 |
|
Total Sulphide |
2,958 |
0.53 |
20.2 |
0.76 |
1.16 |
0.27 |
51 |
1,926 |
22 |
34 |
|
Total Inferred |
2,981 |
0.54 |
20.3 |
0.76 |
1.16 |
0.27 |
51 |
1,941 |
23 |
34 |
Notes:
-
Mineral Resources were reported according to CIM guidelines and definitions.
-
The Effective Date for the Mineral Resource estimates is March 5, 2019.
-
Mineral Resources were estimated within geologic domains by either ordinary kriging or inverse distance.
-
Mineral Resources were reported at NSR cut-offs of U.S. $20.72/t for oxide and U.S. $17.79/t for sulphide using the mineral reserve metal prices (see Table 2.2) x 1.14 (+14%) and variable metal recoveries according to material and mineralization type (refer to Gediktepe 2019 Prefeasibility Study for details).
-
The Mineral Resources have been constrained using an optimised pit shell to reflect reasonable prospects of economic extraction.
-
Mineral Resources that are not classified as Mineral Reserves do not have demonstrated economic viability.
-
Mineral Resources are inclusive of Mineral Reserves, except for mining losses and grade dilution, which were determined through re-blocking of the resource model after calculation of the Mineral Resources.
-
The Mineral Resources are quoted on a 100% project basis
The foregoing are "Historical Estimates" within the meaning of NI 43-101. Source: Section 14 of the NI 43-101 pre-feasibility study technical report titled "Gediktepe 2019 Prefeasibility Study" prepared by OreWin Pty Ltd. and filed on SEDAR by Alacer with an effective date of March 26, 2019.
A qualified person has not performed sufficient work to classify the historical resource estimates as current mineral resources, and EMX is not treating the historical estimates as current. Significant data compilation, confirmation drilling, re-sampling and data verification may be required by a qualified person before the historical estimates can be classified as current mineral resources. The historical resource estimates are considered to be reliable and relevant and are presented for the purpose of describing the extent and nature of mineralization as presently understood. The historical resource estimates should not be relied upon until verified.
|
Table 2.2 Historical mineral reserves reported in the 2019 Gediktepe Prefeasibility Study |
|||||||||
|
Category |
Tonnage (kt) |
Grade |
Contained Metal |
||||||
|
Au |
Ag |
Cu |
Zn |
Au |
Ag |
Cu |
Zn |
||
|
Oxide |
|||||||||
|
Proven |
– |
– |
– |
– |
– |
– |
– |
– |
– |
|
Probable |
2,755 |
2.34 |
56.7 |
– |
– |
207 |
5,020 |
– |
– |
|
Proven + Probable |
2,755 |
2.34 |
56.7 |
– |
– |
207 |
5,020 |
– |
– |
|
Sulfide |
|||||||||
|
Proven |
3,620 |
0.68 |
26.7 |
1.03 |
1.93 |
79 |
3,105 |
37 |
70 |
|
Probable |
14,960 |
0.89 |
33.1 |
0.89 |
1.99 |
429 |
15,903 |
133 |
298 |
|
Proven + Probable |
18,580 |
0.85 |
31.8 |
0.92 |
1.98 |
509 |
19,008 |
170 |
368 |
Notes:
-
Mineral Reserves were reported according to CIM guidelines and definitions.
-
The Effective Date for the Mineral Reserve estimates is March 5, 2019.
-
Mineral Reserves were reported using a NSR cut-off based on metal prices of $1,300/oz Au, $18.5/oz Ag, $3.30/lb Cu, and $1.28/lb Zn, smelter terms for treatment and refining charges and transport including ocean freight for sulphide ore concentrates.
-
The recovery factors used to calculate the Mineral Reserves vary according to material and mineralization type (refer to section 15 of the Gediktepe 2019 Prefeasibility Study for further details).
-
Cut-offs applied: oxide ore $20.67/t and sulphide ore $17.74/t. Additionally, enriched mineralisation with a Cu/Zn grade ratio < 0.75 is considered to be waste.
-
Metal prices used for economic analysis to demonstrate the Mineral Reserve are Au $1,315/oz, Ag $18.0/oz, Cu $3.20/lb and Zn $1.10/lb.
-
Reported Mineral Reserves incorporate and include designed open pit mining losses and grade dilution that are not reported in the Mineral Resource.
-
Only Measured Mineral Resources (and dilution) were used to report Proven Mineral Reserves and only Indicated Mineral Resources (and dilution) were used to report Probable Mineral Reserves.
-
Mineral Reserves are a subset of, not additive to, the Mineral Resources and are quoted on a 100% project basis.
-
All monetary figures are in USD.
The foregoing are "Historical Estimates" within the meaning of NI 43-101. Source: Section 15 of the NI 43-101 pre-feasibility study technical report titled "Gediktepe 2019 Prefeasibility Study" prepared by OreWin Pty Ltd. and filed on SEDAR by Alacer with an effective date of Mar. 26, 2019. For further details on other parameters utilized in the estimates, the reader is referred to Section 15 of the Gediktepe Report.
A qualified person has not performed sufficient work to classify the historical reserve estimates as current mineral reserves, and EMX is not treating the historical estimates as current mineral reserves. Significant data compilation, confirmation drilling, re-sampling, data verification and updating of metal prices, engineering assumptions, and economic parameters may be required by a qualified person before the historical estimates can be classified as current. The historical reserve estimates are considered to be reliable and relevant, and are presented for informational purposes to describe the extent and nature of mineralization on the project as presently understood. The historical reserve estimates should not be relied upon until verified.
____________________
1 As reported in Technical Report on the Diablillos Project, Salta Province, Argentina, prepared by Roscoe Postle Associates (RPA) and filed on SEDAR by AbraPlata Resource Corporation with an effective date of April 16, 2018. Mineral Resources were reported to CIM guidelines and definitions. The resources were estimated using Ordinary Kriging within grade shell domains and reported within an optimized pit based upon metal prices of $1500/oz gold and $23/oz silver and variably calculated recoveries (refer to the technical report for details).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/91618
(Reuters) – Australia's Fortescue Metals Group said on Thursday its unit has teamed up with a subsidiary of Indian power producer JSW Energy for projects including production of hydrogen and its use in making steel in India.
Fortescue Future Industries (FFI) has signed the agreement with JSW Future Energy for collaborating on hydrogen mobility, green ammonia and their industrial applications in India.
FFI has been criss-crossing the globe signing framework agreements for renewable energy projects but has come under fire from analysts for providing little detail on how its projects would be funded.
FFI's fiscal 2022 expenditure is expected to be between $400 million and $600 million, Fortescue said in its fourth-quarter production report on Thursday.
Key areas of activity for FFI include green fleet development and decarbonisation technologies, as well as scoping studies and asset identification across Australia, Asia, Africa, Latin America, Europe and North America.
(Reporting by Arundhati Dutta in Bengaluru; editing by Vinay Dwivedi)
It is not uncommon to see companies perform well in the years after insiders buy shares. The flip side of that is that there are more than a few examples of insiders dumping stock prior to a period of weak performance. So shareholders might well want to know whether insiders have been buying or selling shares in Canstar Resources Inc. (CVE:ROX).
Do Insider Transactions Matter?
Most investors know that it is quite permissible for company leaders, such as directors of the board, to buy and sell stock in the company. However, such insiders must disclose their trading activities, and not trade on inside information.
We don't think shareholders should simply follow insider transactions. But equally, we would consider it foolish to ignore insider transactions altogether. For example, a Harvard University study found that 'insider purchases earn abnormal returns of more than 6% per year'.
View our latest analysis for Canstar Resources
Canstar Resources Insider Transactions Over The Last Year
In the last twelve months, the biggest single purchase by an insider was when insider Eric Sprott bought CA$3.9m worth of shares at a price of CA$0.38 per share. Although we like to see insider buying, we note that this large purchase was at significantly below the recent price of CA$0.47. Because the shares were purchased at a lower price, this particular buy doesn't tell us much about how insiders feel about the current share price.
In the last twelve months insiders purchased 23.91m shares for CA$6.3m. But they sold 125.00k shares for CA$31k. Overall, Canstar Resources insiders were net buyers during the last year. They paid about CA$0.26 on average. We don't deny that it is nice to see insiders buying stock in the company. However, you should keep in mind that they bought when the share price was meaningfully below today's levels. You can see the insider transactions (by companies and individuals) over the last year depicted in the chart below. By clicking on the graph below, you can see the precise details of each insider transaction!
Canstar Resources is not the only stock insiders are buying. So take a peek at this free list of growing companies with insider buying.
Insiders at Canstar Resources Have Bought Stock Recently
It's good to see that Canstar Resources insiders have made notable investments in the company's shares. Overall, nine insiders shelled out CA$6.1m for shares in the company — and none sold. This makes one think the business has some good points.
Does Canstar Resources Boast High Insider Ownership?
Many investors like to check how much of a company is owned by insiders. Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. It appears that Canstar Resources insiders own 33% of the company, worth about CA$14m. This level of insider ownership is good but just short of being particularly stand-out. It certainly does suggest a reasonable degree of alignment.
So What Does This Data Suggest About Canstar Resources Insiders?
It's certainly positive to see the recent insider purchases. And an analysis of the transactions over the last year also gives us confidence. However, we note that the company didn't make a profit over the last twelve months, which makes us cautious. Insiders likely see value in Canstar Resources shares, given these transactions (along with notable insider ownership of the company). So these insider transactions can help us build a thesis about the stock, but it's also worthwhile knowing the risks facing this company. When we did our research, we found 4 warning signs for Canstar Resources (2 don't sit too well with us!) that we believe deserve your full attention.
If you would prefer to check out another company — one with potentially superior financials — then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions, but not derivative transactions.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
We think that it's fair to say that the possibility of finding fantastic multi-year winners is what motivates many investors. Not every pick can be a winner, but when you pick the right stock, you can win big. One such superstar is BCI Minerals Limited (ASX:BCI), which saw its share price soar 318% in three years. It's also good to see the share price up 80% over the last quarter.
See our latest analysis for BCI Minerals
While the efficient markets hypothesis continues to be taught by some, it has been proven that markets are over-reactive dynamic systems, and investors are not always rational. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.
BCI Minerals became profitable within the last three years. That kind of transition can be an inflection point that justifies a strong share price gain, just as we have seen here.
You can see below how EPS has changed over time (discover the exact values by clicking on the image).
We know that BCI Minerals has improved its bottom line over the last three years, but what does the future have in store? Take a more thorough look at BCI Minerals' financial health with this free report on its balance sheet.
What about the Total Shareholder Return (TSR)?
We've already covered BCI Minerals' share price action, but we should also mention its total shareholder return (TSR). The TSR attempts to capture the value of dividends (as if they were reinvested) as well as any spin-offs or discounted capital raisings offered to shareholders. Dividends have been really beneficial for BCI Minerals shareholders, and that cash payout contributed to why its TSR of 326%, over the last 3 years, is better than the share price return.
A Different Perspective
It's good to see that BCI Minerals has rewarded shareholders with a total shareholder return of 214% in the last twelve months. That gain is better than the annual TSR over five years, which is 35%. Therefore it seems like sentiment around the company has been positive lately. Someone with an optimistic perspective could view the recent improvement in TSR as indicating that the business itself is getting better with time. It's always interesting to track share price performance over the longer term. But to understand BCI Minerals better, we need to consider many other factors. Like risks, for instance. Every company has them, and we've spotted 4 warning signs for BCI Minerals (of which 3 are significant!) you should know about.
If you are like me, then you will not want to miss this free list of growing companies that insiders are buying.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on AU exchanges.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
United States Steel (X) came out with quarterly earnings of $3.37 per share, beating the Zacks Consensus Estimate of $3.16 per share. This compares to loss of $2.67 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 6.65%. A quarter ago, it was expected that this steel maker would post earnings of $0.91 per share when it actually produced earnings of $1.08, delivering a surprise of 18.68%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
U.S. Steel, which belongs to the Zacks Steel – Producers industry, posted revenues of $5.03 billion for the quarter ended June 2021, surpassing the Zacks Consensus Estimate by 6.85%. This compares to year-ago revenues of $2.09 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
U.S. Steel shares have added about 46.4% since the beginning of the year versus the S&P 500's gain of 17.2%.
What's Next for U.S. Steel?
While U.S. Steel has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for U.S. Steel was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $3.86 on $5.24 billion in revenues for the coming quarter and $12.18 on $18.38 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Steel – Producers is currently in the top 6% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
United States Steel Corporation (X) : Free Stock Analysis Report
To read this article on Zacks.com click here.
(Bloomberg) — Drought is making one of Brazil’s most important river systems unnavigable, making it more challenging and costly for the commodities powerhouse to get grains and iron ore out to global markets.
The Parana River Basin in central Brazil is experiencing its worst water crisis in 91 years, according to the national grid operator, with June flows at 55% of the historical average for the month to sink to the lowest on record. South America’s second-largest river system provides electricity and water to Brazil’s industrialized south and supports river levels in neighboring countries, where drought has also made navigation difficult.
The consequences of Brazil’s water woes stretch well beyond the borders of this Latin American nation, with receding waterways causing supply-chain disruptions and bottlenecks in Argentina, the world’s largest soy-meal shipper, and Paraguay. Brazil is the top exporter of soybeans, coffee and sugar and the second biggest supplier of corn and iron ore.
The Tiete-Parana sub basin, which transports grains and oilseeds from Brazil’s top crop belt to export terminals, is close to halting operations for the first time since the last severe drought in 2014, Luizio Rizzo Rocha, vice president of the National Federation of Waterway Navigation Companies, said in an interview. Water levels in a key stretch of the waterway known as Avanhandava have slipped just below the minimum required for navigation, he said in an interview.
Below-average rainfall has created bottlenecks for the second year in a row at the Paraguay-Parana waterway, which is used by iron-ore giant Vale SA as a cheaper transport alternative to roads and rail. Shipments are at the lowest since Brazil’s waterway transportation agency, known as Antaq, began collecting data in 2010.
“The Paraguay-Parana waterway is also at risk of a navigation halt,” said Jose Renato Ribas Fialho, Antaq’s superintendent of performance, development and sustainability. “Barges are already carrying at lower capacity than a year ago, increasing transport time and costs.”
Road Routes
Mining trucks are overloading the main highway in the region and accidents are frequent, according to Jesse do Carmo, president of a local miner workers union.
Vale said it is using low draft vessels on the river, and is also transporting ore by road and rail in a safe and legal way to reach clients in Brazil and abroad.
The Madeira River in the southern part of the Amazon region is also drying out earlier than usual. The waterway is used to transport grains and oilseeds. Transportes Bertolini, a top logistics company operating on the Madeira, plans to reduce cargoes a month earlier than last year’s dry season, company chairman Irani Bertolini said in phone interview.
“The situation will be very critical in the peak of dry season, when we expect out barges to only be at half capacity,” he said.
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(Adds details on results)
By Gram Slattery and Marta Nogueira
RIO DE JANEIRO, July 28 (Reuters) – Brazilian iron ore miner Vale SA presented mixed quarterly figures on Wednesday, helped by higher metal prices and strong sales but held back by rising freight costs and provisions related to the company's coal business.
In a securities filing, Vale reported second-quarter net income of $7.586 billion, up over 600% from the same period a year ago, but slightly below the Refinitiv consensus estimate of $7.67 billion.
Earnings before interest, taxes, depreciation and amortization, adjusted for some one-off factors, came in at $11 billion. That was up roughly 32% from the same period last year, which was heavily affected by the COVID-19 pandemic, but below the Refinitiv estimate of $11.8 billion.
The company benefited from significant demand and increasing prices for iron ore, its main product. Vale said it realized $182.80 per tonne of iron ore fines in the second quarter, up from $88.90 in the same period last year. The strengthening of the Brazilian real currency also had a positive impact.
But Vales reported a writedown – the exact value of which was not disclosed – on its coal assets, resulting from a "lower long-term price assumption for metallurgical and thermal coal." It also recorded $560 million in provisions related to increased resettlement costs from a deadly 2015 dam burst.
Freight expenses also hit the bottom line. Maritime freight costs came in at $17.70 per tonne in the second quarter, a $1.90 increase from the first quarter, Vale said.
(Reporting by Gram Slattery and Roberto Samora; Editing by Jacqueline Wong and Leslie Adler)
Great Western Bancorp (GWB) came out with quarterly earnings of $1.06 per share, beating the Zacks Consensus Estimate of $0.76 per share. This compares to earnings of $0.10 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 39.47%. A quarter ago, it was expected that this holding company for Great Western Bank would post earnings of $0.61 per share when it actually produced earnings of $0.93, delivering a surprise of 52.46%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Great Western Bancorp, which belongs to the Zacks Banks – Northeast industry, posted revenues of $116.83 million for the quarter ended June 2021, missing the Zacks Consensus Estimate by 1.37%. This compares to year-ago revenues of $94.57 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Great Western Bancorp shares have added about 45.5% since the beginning of the year versus the S&P 500's gain of 17.2%.
What's Next for Great Western Bancorp?
While Great Western Bancorp has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Great Western Bancorp was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.74 on $118.7 million in revenues for the coming quarter and $3.14 on $484.04 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks – Northeast is currently in the top 30% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Great Western Bancorp, Inc. (GWB) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
(Adds management comments on H2 outlook, background, share price reaction)
By Gram Slattery and Marta Nogueira
RIO DE JANEIRO, July 29 (Reuters) – Vale SA flagged potential production setbacks on Thursday amid temporary issues at multiple iron ore mines, but executives said the Brazilian miner was still on track to ramp up output in the second half of the year.
In a presentation released on Thursday morning, the world's second largest iron ore producer revised down its guidance for year-end production capacity to 343 million tonnes per annum from 350 million tonnes previously.
Among the issues holding back production, Vale said, are licensing issues at its Sistema Norte and Mutuca assets in Brazil, as well as temporary restrictions on the disposal of mining waste at its Itabira mine.
In a call with analysts later in the morning, which followed Vale's second quarter results release on Wednesday evening, executives also warned that an ongoing strike at its operations in Sudbury, Canada, would hit third-quarter production there. The company and union representatives have been back at the table for 10 days in a bid to hash out a deal, they said.
Still, the company is on track to hit its annualized 2021 guidance of between 315 and 335 million tonnes, executives said.
Australian rival Rio Tinto, which took Vale's crown as the world's biggest producer, expects to ship near the lower end of its range of 325-340 million tonnes this year.
In July, Vale received authorizations for key mills at its Fabrica mine in southeastern Brazil and began operations at its Maravilhas III tailings dam at the firm's Vargem Grande mine, according to the presentation.
"All these contributions make us believe that it's possible to deliver more than last year in the second half (of 2021)," said Marcello Spinelli, head of the company's ferrous metals division.
On Wednesday night, Vale reported a quarterly net income of $7.586 billion, a significant increase in annual terms, but slightly below the Refinitiv consensus estimate.
Brazil-listed common shares in the company were off 2% in afternoon trade, underperforming Brazil's benchmark Bovespa equities index, which had fallen 0.6%. (Reporting by Gram Slattery and Marta Nogueira Editing by Marguerita Choy)
TORONTO, July 28, 2021 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today announced that its Board of Directors has declared dividends totaling CAD$0.18 per share, comprised of a regular quarterly dividend of CAD$0.09 per share and a performance dividend of CAD$0.09 per share. This represents an increase of 300% compared to the most recent CAD$0.06 per share dividend paid on June 23, 2021.
The regular dividend has increased 50% compared to the most recent dividend paid on June 23, 2021 and increased 125% compared to the dividend paid at the end of last year on December 16, 2020.
The total dividend is supported by the Company's dividend framework aimed at returning to shareholders, through a combination of a regular base dividend and semi-annual variable performance dividend, a minimum target of 40% of operating cash flow after capital investments, contingent payments and distributions to partners. The inaugural performance dividend of CAD$0.09 per share was based on an approximate 40% payout for the first half of 2021.
The dividends are payable on September 15, 2021, to shareholders of record at the close of business on September 3, 2021. These dividends qualify as an 'eligible dividend' for Canadian income tax purposes. The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors.
Dividends on shares traded on the Toronto Stock Exchange ("TSX") will be paid in Canadian Dollars ("CAD") on September 15, 2021. Dividends on shares traded on Nasdaq Stockholm will be paid in Swedish kronor ("SEK") in accordance with Euroclear principles on September 16, 2021. To execute the payment of the dividend, a temporary administrative cross-border transfer closure will be applied by Euroclear from September 2, 2021 up to and including September 3, 2021 during which period shares of the Company cannot be transferred between TSX and Nasdaq Stockholm.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations in Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel.
The information was submitted for publication, through the agency of the contact persons set out below on July 28, 2021 at 19:50 Eastern Time.
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein, other than statements of historical fact and historical information, is "forward-looking information" within the meaning of applicable Canadian securities laws. Such statements include, but are not limited to, payment of the dividend and declaration of future dividends, and timing and amount thereof. Words such as "if", "will be", "may" and "schedule", or variations of these terms or similar terminology or statements that certain actions, events or results "could" occur or be achieved are intended to identify such forward-looking information. Although the Company believes that the expectations reflected in the forward-looking information contained herein are reasonable, these statements by their nature involve risks and uncertainties, and are not guarantees of future performance. Forward-looking information is based on a number of assumptions, and subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
SOURCE Lundin Mining Corporation
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2021/28/c2812.html
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