Home Archives - Page 61 of 166

Had rejected a previous $39 billion all-share proposal in April

Offer again required Anglo to unbundle South Africa iron ore, platinum assets

Anglo to update investors on its standalone strategy on Tuesday

Anglo shares closed down 2.3%

(Adds investors, analyst comments, share price close)

By Clara Denina

LONDON, May 13 (Reuters) – Anglo American rejected a raised takeover offer of 34 billion pounds ($42.67 billion) from BHP Group on Monday, saying the world's largest listed miner "continues to significantly undervalue" the company.

The London-listed miner had earlier rebuffed BHP's initial $39 billion all-share proposal made on April 25, dismissing it as opportunistic and saying it would dilute the upside value for its shareholders relative to BHP's.

"The latest proposal from BHP again fails to recognise the value inherent in Anglo American," Chairman Stuart Chambers said on Monday.

The new offer, made on May 7, was 10% higher than the first, or a 15% increase in the merger exchange ratio to lift Anglo American shareholders' aggregate ownership in the combined group to 16.6% from 14.8%.

"We are disappointed that this second proposal has been rejected," BHP CEO Mike Henry said in a statement.

"BHP continues to believe that a combination of the two businesses would deliver significant value for all shareholders."

The revised bid again required Anglo to sell its shares in iron ore and platinum assets in South Africa, a structure Anglo says is unattractive.

"The BHP proposal … leaves Anglo American, its shareholders and stakeholders, disproportionately at risk from the substantial uncertainty and execution risk created by the proposed inter-conditional execution of two demergers and a takeover," Chambers said.

Anglo shares closed down 2.3% at 27.07 pounds, while BHP shares closed up 0.8% at A$43.25 before the announcement.

Anglo is attractive to its competitors for its prized copper assets in Chile and Peru with demand expected to rise as the world moves to cleaner energy and wider use of artificial intelligence.

Its portfolio also includes platinum, iron ore, steelmaking coal, diamonds and a fertiliser project.

"We estimate that if Anglo divested its iron ore, diamonds, manganese and PGM portfolio, the remaining entity would have a c.70% exposure to copper," RBC Capital Markets analysts said in a note.

"Adding our forecasts for the potential divestments, we calculate 31 pounds per share could be realised, 13% higher than today's revised offer."

BHP had offered Anglo American shareholders 27.53 pounds per share, up from 25.08 previously. It has until May 22 to log a binding offer.

Both Anglo and BHP have been meeting investors since April's initial approach, which followed a review of all of Anglo's assets initiated in February in response to a 94% plunge in annual profit and writedowns at its diamond and nickel operations.

"Anglo has been trying to restructure for a long time and hasn't really achieved many of its own goals…There's no natural bigger party to come over and pay more for Anglo…they would struggle to find anyone better to do the deal with," said Daniel Sullivan, portfolio manager at Janus Henderson Investors.

Anglo's investors are concerned that they stand to lose heavily by holding shares in the South African subsidiaries if they are spun out. BHP said their new proposal would bear the costs of the unbundling.

"I'm intrigued why BHP are so obsessed with maintaining the original structure when it was flagged by many as an obstacle to the deal," said Nicholas Stein, a portfolio manager at Coronation Fund Managers, a top-20 investor in Anglo.

Anglo in March picked investment bank RBC Capital Markets to begin a syndication process for its costly Woodsmith fertiliser project in northeast England, two sources previously said.

Another source said Anglo was looking for partners for its De Beers diamonds business, which is among the assets BHP has said it would review after completion of any deal.

The company said on Monday it had accelerated plans to deliver its standalone strategy and would update investors on them on Tuesday.

The mining sector has seen a jump in M&A activity recently, with a total deal value of $26.4 billion in 2023, S&P Global Market Intelligence data shows.

"The big miners all benchmark themselves to each other. They will be taking a keen interest," said SP Angel analyst John Meyer.

($1 = 0.7968 pounds) (Reporting by Clara Denina, Felix Njini, Pratima Desai, Eva Mathews; editing by Veronica Brown, Bernadette Baum, Catherine Evans and Jason Neely)

Anglo American has rejected a second takeover approach by its Australian rival BHP that values the London-listed mining company at £34bn.

BHP said Anglo’s board had not engaged with its offer, which came after an initial £31bn offer was also rejected last month. Anglo rejected the second offer on Monday, BHP said.

A takeover of Anglo, a member of the FTSE 100, would create a global player in markets for commodities including copper, potash, iron ore and metallurgical coal used for steelmaking. It would be the biggest takeover ever in the mining sector, and a large deal at a time when mergers and acquisitions have slowed.

Copper in particular is in high demand as a crucial raw material in the low-carbon energy transition because it is essential in manufacturing components for renewable energy projects and electric vehicles. Anglo American’s key assets are copper mines in Peru and Chile.

Anglo American responded to BHP’s statement on Monday by saying that the latest offer “continues to significantly undervalue Anglo American and its future prospects” and that the board “unanimously rejected” the second proposal.

The offer will increase pressure on Anglo American’s boss, Duncan Wanblad, to reveal plans to improve Anglo American’s performance and persuade shareholders that the company would be better off staying independent. Anglo said it would provide a detailed investor update of its “standalone strategy” on Tuesday.

The new all-share offer is worth £27.53 for each Anglo American ordinary share, with BHP still proposing that Anglo sells its stakes in Anglo American Platinum and Kumba Iron Ore, returning cash to shareholders.

Anglo said the requirement from BHP to demerge the two businesses as part of a deal was “highly unattractive for Anglo American’s shareholders, given the uncertainty and complexity inherent, and significant execution risks”.

BHP said it was a 50% premium to the value of the Anglo American assets it wants before the approach became public. BHP’s original proposal was worth £25.08 a share. But since the deal came to light last month, Anglo’s shares had surged to about £28 on Monday morning. Shares in Anglo were down 0.5% at £27.58 after BHP announced that a second bid had been rejected.

In a statement to the London Stock Exchange, BHP said: “BHP is disappointed that the Anglo American board has chosen not to engage with BHP with respect to the revised proposal and the improved terms. BHP continues to believe that a combination of the two businesses would deliver significant value for all shareholders.”

BHP has until 22 May to make a firm offer or walk away under UK takeover rules.

Mike Henry, the BHP chief executive, said: “BHP put forward a revised proposal to the Anglo American board that we strongly believe would be a win-win for BHP and Anglo American shareholders. We are disappointed that this second proposal has been rejected.

“BHP and Anglo American are a strategic fit and the combination is a unique and compelling opportunity to unlock significant synergies by bringing together two highly complementary, world-class businesses.”

(Bloomberg) — Anglo American Plc rebuffed a sweetened takeover offer from BHP Group Ltd. that valued it at about £34 billion ($43 billion), leaving it up to the Australian miner to make a better bid or lose out on what could be the industry’s biggest deal in a decade.

Most Read from Bloomberg

BHP, the world’s largest miner, is seeking to buy Anglo for its South American copper assets. That would make it the No. 1 copper producer, alongside its sprawling portfolio of iron ore and coal. BHP’s initial approach was rejected by Anglo.

BHP said Anglo rejected its latest offer, which was 15% higher than its first approach, on Monday. The new proposal — tabled on May 7 — still included the stipulation that Anglo must spin off its South African units before the acquisition. Anglo has dismissed that structure.

The pressure is now on Anglo to show shareholders how it can deliver more value on its own, while BHP will need to improve its offer again for a deal to happen. Top executives of both companies are at a conference in Miami this week.

Read More: Anglo Investors Tell Company to Move Faster to Survive BHP Bid

If successful, a takeover would mark a return to large-scale dealmaking for BHP, which has revived its appetite for transformational acquisitions in the past couple of years under Chief Executive Officer Mike Henry.

“BHP put forward a revised proposal to the Anglo American Board that we strongly believe would be a win-win for BHP and Anglo American shareholders,” Henry said in a statement on Monday. “We are disappointed that this second proposal has been rejected.”

BHP presented its own vision for Anglo: separate two South African businesses and buy the rest, including the company’s copper mines, its crown jewels.

Read More: What’s Anglo Worth? For Now It’s Less than the Sum of Its Parts

BHP, which has a market value of about $145 billion, has made copper a central part of its strategy, betting that supply will struggle to keep pace with demand for metal to build electric vehicles, solar panels and high-voltage cables. But the company’s expansion options at its own assets are not enough to offset its retreat from fossil fuels, creating pressure to add new mines from outside.

A successful takeover would make BHP the biggest copper producer with about 10% of the market. The offer is also sparking predictions that it will set off a wider wave of mining M&A, with many of BHP and Anglo’s rivals scouting for their own copper deals.

Anglo shares fell 0.5% as 2:15 p.m. in London, while BHP’s London traded shares dropped 0.4%.

(Updates with details throughout.)

Most Read from Bloomberg Businessweek

(Bloomberg) — Anglo American Plc rejected a second approach from BHP Group that valued the miner at $43 billion, as pressure builds on the 107-year old company to lay out a compelling vision to survive on its own.

Most Read from Bloomberg

Anglo shareholders were already demanding the company accelerate a turnaround plan that it’s been working on since the middle of last year. Rejecting BHP’s latest overture will add more pressure on Anglo to explain how it would create more value than by just selling to the rival. It now plans on doing that on Tuesday.

While BHP has raised its all-share offer, crucially it has maintained a structure that Anglo had already branded as unworkable, making it hard for the company to agree to talks under those terms. BHP will have to return with an improved offer, and possibly a new structure, if it wants to get a deal done.

“BHP obviously want the prize, but are not willing to take on the execution risk,” said Ben Davis, an analyst at Liberum. “They’re hoping that Anglo shareholders are frustrated enough with management that they pressure them to go for this.”

Anglo’s shares closed 2.4% lower at £27.07 — below the £27.53 that BHP is offering, in an indication investors don’t currently see the deal going ahead and aren’t banking on a better bid coming along. BHP’s London traded shares closed 0.7% lower

The world’s largest miner is seeking to buy Anglo for its South American copper assets. That would make it the No. 1 copper producer, alongside its sprawling portfolio of iron ore and coal.

BHP sweetened its proposal by almost 15%: offering 0.8132 of its shares for each one of Anglo’s, up from 0.7097 shares in its initial approach. But it still said that Anglo must spin off its two listed South African businesses first.

Anglo said Monday that it’s confident in its own plans for the business and will update investors on Tuesday, after accelerating a review.

The company also reiterated its rejection of BHP’s proposed deal structure, saying it leaves its holders with a disproportionate level of risk. It also still undervalues the company, Anglo said.

The pressure is now on Anglo to show shareholders how it can deliver more value on its own. Those investors include Elliott Investment Management, the activist hedge fund that’s built a roughly $1 billion stake in Anglo. So far, it’s not made its view public.

Read More: Anglo Investors Tell Company to Move Faster to Survive BHP Bid

Anglo American has long been viewed as a potential target among the largest miners, particularly because it owns attractive South American copper operations at a time when most of the industry is eager to add reserves and production. However, suitors have been put off by its complicated structure and mix of other commodities from platinum to diamonds, and especially its deep exposure to South Africa.

Anglo has faced a series of major setbacks over the past year as prices for some of its key products plunged, while operational difficulties have forced the company to slash its production targets — driving down its valuation and leaving the company vulnerable to potential bidders.

Investors have since pushed for details of a business review that Chief Executive Officer Duncan Wanblad has been running since mid-2023, looking at every mine in its portfolio. Central to investor concerns are the future of diamond miner De Beers, the Woodsmith fertilizer mine that Anglo is building in the UK and its South African businesses.

Read More: What’s Anglo Worth? For Now It’s Less than the Sum of Its Parts

If successful, a takeover would mark a return to large-scale dealmaking for BHP, which has revived its appetite for transformational acquisitions in the past couple of years under CEO Mike Henry.

A successful takeover would give BHP about 10% of global copper output. The offer is also sparking predictions that it will set off a wider wave of mining M&A, with many of BHP and Anglo’s rivals scouting for their own copper deals.

(Updates with shares in fifth paragraph.)

Most Read from Bloomberg Businessweek

Wheaton Precious Metals Corp. WPM reported adjusted earnings per share of 36 cents in first-quarter 2024, which topped the Zacks Consensus Estimate of 29 cents. The bottom line improved 56% year over year.The company generated revenues of $297 million in the reported quarter, up 38.4% on a year-over-year basis. The upside was driven by a 31% increase in Gold Equivalent Ounces (GEOs) sold. The top line surpassed the Zacks Consensus Estimate of $285 million.Wheaton’s gold production was 93,370 ounces, up from the prior-year quarter’s 73,019 ounces. Attributable silver production increased 6.7% year over year to 5,476 ounces and palladium production increased 20.5% to 4,463 ounces. The company produced 160,133 GEOs in the March-end quarter, up 18.9% from the prior-year quarter’s 134,730 GEOs.

Wheaton Precious Metals Corp. Price, Consensus and EPS Surprise

Wheaton Precious Metals Corp. price-consensus-eps-surprise-chart | Wheaton Precious Metals Corp. Quote

Prices

In first-quarter 2024, the average realized gold price was $2,073 per ounce. The figure was 8.9% higher than the year-ago quarter. Silver prices were $23.74 per ounce in the reported quarter, up 3.9% year over year. Palladium prices were $980 per ounce compared with $1,607 per ounce in the prior-year quarter.

Financial Position

Wheaton had $306 million of cash in hand at the end of the first quarter of 2024 compared with $547 million at the end of 2023. It reported an operating cash flow of $219 million in the first quarter of 2024 compared with $135 million in the first quarter of 2023. WPM has a $2-billion undrawn revolving credit facility.In the quarter, the company announced a quarterly dividend of 15 cents per share.

2024 Guidance

Wheaton projects attributable production between 550,000 GEOs and 620,000 GEOs for 2024. Notably, it produced 584,389 GEOs in 2023. Gold production is expected to be 325,000-370,000 ounces, suggesting a slight decline from the 374,585 produced in 2023. Silver production is projected between 18.5 and 20.5 million ounces, indicating growth from the 17.2 million ounces reported in the prior year. The production of other metals is anticipated to be 12,000-15,000 GEOs in 2024. WPM produced 12,275 GEOs of other metals in 2023.

Price Performance

WPM shares have gained 9.5% in the past year compared with the industry’s 14.3% growth.

Zacks Investment Research

Image Source: Zacks Investment Research

Zacks Rank

Wheaton currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Peer Stocks

Reliance, Inc. RS posted adjusted earnings of $5.23 per share in first-quarter 2024, down from $6.43 per share in the year-ago quarter.RS recorded net sales of $3.64 billion, down 8.1% year over year. The top line lagged the Zacks Consensus Estimate of $3.73 billion.Teck Resources TECK reported first-quarter 2023 adjusted earnings per share of 56 cents, missing the Zacks Consensus Estimate of 87 cents. The bottom line marked a 58% plunge from earnings of $1.32 per share in the year-ago quarter.TECK reported net sales of $2.96 billion compared with $2.8 billion reported in the year-ago quarter. The top line, however, missed the Zacks Consensus Estimate of $2.99 billion.Piedmont Lithium Inc. PLL came out with a quarterly loss of 61 cents per share, wider than the Zacks Consensus Estimate of a loss of 54 cents. The company posted a loss of 47 cents in the year-ago quarter.PLL posted revenues of $13.4 million for the quarter ended March 2024, missing the Zacks Consensus Estimate of $14 million.

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

Reliance, Inc. (RS) : Free Stock Analysis Report

Piedmont Lithium Inc. (PLL) : Free Stock Analysis Report

Teck Resources Ltd (TECK) : Free Stock Analysis Report

Wheaton Precious Metals Corp. (WPM) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

(Bloomberg) — Anglo American Plc’s shareholders are pushing the company to speed up the release of its turnaround plan as the 107-year-old miner seeks to present an alternative to BHP Group Ltd.’s takeover bid.

Most Read from Bloomberg

Anglo has been reviewing its business since mid-2023, looking at every mine in its portfolio to help reshape a company that’s fallen behind competitors in recent years. Yet that process was broadsided by a takeover approach last month from the world’s biggest miner.

Now, Anglo shareholders have been urging the company to expedite that analysis and explain to investors how it would create more value than by just selling to the rival, according to conversations with five of Anglo’s biggest holders, who asked not to be identified as the discussions are private.

Anglo may unveil the strategy as soon as the coming week, when the world’s top mining bosses attend Bank of America Corp.’s annual conference in Miami, according to people familiar with the matter.

Still, the situation remains fluid and Anglo is weighing the best time to show its hand, with BHP expected to return with a fresh bid and activist investor Elliott Investment Management, which has emerged as one of Anglo’s biggest shareholders, potentially planning to make its views public too.

An Anglo spokesman declined to comment.

Read more: South African Unions Urge Anglo Holders To Reject BHP Bid

Anglo Chief Executive Officer Duncan Wanblad told investors in February that while there was urgency about the company’s review, there was a danger of making decisions at a wrong point in the cycle.

The mining industry has been captivated by BHP’s move, watching to see what comes next. BHP likely will return with a fresh offer, but sitting on the sidelines is Elliott.

BHP presented its own vision for Anglo: separate two giant South African businesses and buy the rest, including the company’s copper mines, its crown jewels.

Read more: BHP CEO Flies to South Africa to Push $39 Billion Takeover

Anglo quickly dismissed BHP’s proposal, saying the value was too low and the spinoff plan was unworkable. Still, investors want to know what Anglo plans to do with the diamond business De Beers, the $9 billion Woodsmith fertilizer project underway in northern England, and those South African units.

Investors have pushed the company to slow spending on Woodsmith, bring in a partner, or even halt development altogether, some of the people said. The company is currently spending about $1 billion a year on the project.

In addition, some see De Beers as a strange fit for Anglo — diamonds are a discretionary product and require significant marketing in a way other commodities don’t — and its growth options are limited.

Still, De Beers is seen as a trophy asset, so while diamonds are at a low point, Anglo won’t accept a lowball offer.

–With assistance from Loukia Gyftopoulou and Jack Farchy.

Most Read from Bloomberg Businessweek

TSMC (TSM)

Taiwan Semiconductor Manufacturing Company’s April revenue jumped nearly 60% percent on-year, as the firm rides a wave of sustained demand for the advanced semiconductors used in artificial intelligence (AI) hardware.

The world’s largest contract chipmaker said consolidated revenues for April were approximately TWD236.02bn (£5.7bn/$7.2bn), an increase of 59.6% from April 2023. This compares with a 34.3% on-year jump in March 2024.

The company is Nvidia’s (NVDA) sole manufacturer for the most advanced training chips. TSMC also fabricates semiconductors for Apple (AAPL).

Last month, TSMC announced its newest semiconductor process, advanced packaging, and other technologies for powering the next generation of AI innovations.

"We are entering an AI-empowered world, where artificial intelligence not only runs in data centres, but PCs, mobile devices, automobiles and even the internet of things," said CEO C.C. Wei.

Novavax (NVAX)

Shares in Novavax were higher in pre-market trading as the pharmaceutical said it has signed a $1.2bn (£957m) deal with French drugmaker Sanofi (SAN.PA) to co-commercialise the company’s COVID vaccine starting next year.

Novavax will receive $500m in upfront payments as well as $700m in development, regulatory and launch milestones, according to a statement.

That total is roughly double Novavax’s current market cap of $627m.

Sanofi is also taking a minority equity stake of about 5% in Novavax. Novavax will benefit from a double-digit percentage of royalties from the sales of its Covid jab as well as any combined shot using its technology.

Novavax has had some turbulent times. Its market value boomed to more than $40bn at the height of the pandemic, propelled by investor excitement over its COVID shot. But it has since fallen by almost 99%.

Anglo American (AAL.L)

Shares in the miner were higher amid reports that rival Rio Tinto (RIO.L) had considered an offer for British miner Anglo American, which is now BHP’s (BHP.L) £31bn takeover target.

Rio “management had not ruled out making a play for part or all of the mining group and continued to study the day-to-day situation", the Australian Financial Review reported.

Anglo has turned down BHP’s proposal, saying it was opportunistic and significantly undervalued the British company. Under the UK’s takeover rules, BHP has until May 22 to make a formal offer.

“Shares in Anglo American are up on a report that Rio Tinto also considered a bid following BHP’s rejected offer. M&A speculation is helping to keep Anglo shares supported at the moment,” Victoria Scholar, head of investment at Interactive Investor, said.

BHP and Rio have a close working relationship at Escondida and Resolution Copper. One option for Rio is to informally assist BHP’s bid for Anglo by acquiring the assets that BHP does not want, such as Anglo’s diamond business, AFR wrote.

Glencore is also studying options for a possible approach for Anglo, Reuters reported earlier in the month, a move that could spark a bidding war.

IAG (IAG.L)

The owner of airlines British Airways and Aer Lingus has said its earnings have soared in recent months thanks to higher sales and lower fuel costs.

International Airlines Group (IAG) reported an operating profit for the first three months of the year of €68m (£58.5m), up from the €9m (£7.7m) reported this time last year.

Total revenues also jumped to €6.4bn (£5.5bn), up from €5.9bn (£5.1bn) last year, while fuel costs were about 5% lower than the previous year, due to lower average prices and more efficient aircraft deliveries.

IAG said the improved profits and sales had been driven by stronger demand across its airlines, which also include Iberia and Vueling.

It also highlighted that it was continuing to see a rebound in leisure travel.

Watch: Market strategist sees dollar dip lifting non-US stocks

Download the Yahoo Finance app, available for Apple and Android.

South African shareholders of the mining company Anglo American have signalled they are open to a revised takeover offer from BHP, despite warnings from South African politicians and unions that a deal could be bad for the country.

Investors, which collectively own more than 15% of the London-listed mining company, told the Financial Times that they were not opposed in principle to an acquisition by its Australian rival but said an improved and less complex offer would be needed.

It comes after the ruling African National Congress has been publicly critical of BHP’s move, with its mining minister, Gwede Mantashe, saying South Africa’s experience with BHP “was not positive”.

Last month, Anglo rejected a £31bn takeover offer from the Australian company, in what would have been the biggest deal in the mining sector for a decade.

At the time, the board unanimously rejected the offer, saying it “significantly undervalued” the company and its future prospects.

As part of the BHP proposal, Anglo’s South African platinum and iron ore businesses – Amplats and Kumba – would be excluded from the deal, which the board deemed “highly unattractive”.

However, several local investors have now told the FT that they would be open to a revised offer, but stressed this would need to be at a higher price because of BHP’s desire to spin off the South African parts of the business.

Dawid Heyl, a fund manager at Ninety One, which owns 2.1% of Anglo, said a deal along the lines proposed could be struck but the price would have to be substantially higher.

He said: “It would be easier, though, if BHP were to come back with a higher and simpler offer, which removes the conditionality of getting rid of Amplats and Kumba, which would make it trickier.”

Karl Leinberger, the chief investment officer at Coronation Fund Managers, which owns 1.2% of Anglo, said that it would “definitely” consider a deal but BHP would have to pay more if it wanted to exclude the South African businesses.

This is at odds with the mining minister Mantashe, who has publicly stated that he is against the takeover.

Speaking after the rejection of the first offer last month, Mantashe said BHP’s merger with the South African miner Billiton in 2001, “never did much for South Africa”.

South Africa’s government-owned Public Investment Company is Anglo’s largest stakeholder and owns a 7% stake in the company.

The Congress of South African Trade Unions, which includes the National Union of Mineworkers, has also urged local shareholders to reject a BHP bid, saying a deal would not be in the national interest.

BHP now has until 22 May to make a formal offer for Anglo American under UK merger and acquisition rules. There is speculation that other global mining companies could also enter the race, with Rio Tinto and Glencore also reported to be eyeing up bids.

(Reuters) -Mining giant Rio Tinto had considered an offer for British miner Anglo American, which is now BHP Group's $39 billion takeover target, the Australian Financial Review reported on Friday.

Rio "management had not ruled out making a play for part or all of the mining group and continued to study the day-to-day situation", the AFR reported, citing sources close to Rio.

The report did not mention why Rio did not make a proposal but said there is no suggestion that Rio is about to make an alternative bid. Rio declined to comment on the report.

BHP shares were down 0.4%, while Rio Tinto was trading flat. The Australian mining index was also flat as of 0438 GMT.

Anglo has turned down BHP's proposal, saying it was opportunistic and significantly undervalues the British company. BHP has until May 22 to make a formal offer under the UK's takeover rules.

Glencore is also studying options for a possible approach for Anglo, Reuters reported earlier in the month, a move that could spark a bidding war.

"Our policy is we don't speculate or comment on M&A activity," Rio's chair, Dominic Barton, said in reply to a question at a shareholder meeting last week on whether the company was considering a rival bid.

BHP and Rio work closely together on the Escondida and Resolution Copper mines, in which they both own stakes.

Rio should not stand against BHP but instead should look at smaller copper and lithium miners, said Daniel Sullivan, portfolio manager of Janus Henderson Investors' global natural resources fund that owns shares in Rio, the AFR report said.

(Reporting by Rishav Chatterjee in Bengaluru and Melanie Burton in Melbourne; Editing by Savio D'Souza and Rashmi Aich)

VANCOUVER, BC, May 9, 2024 /CNW/ – Eastern Platinum Limited (TSX: ELR) (JSE: EPS)("Eastplats" or the "Company") is pleased to report that the temporary management cease trade order announced on April 4, 2024, has been revoked by the British Columbia Securities Commission and is no longer in effect. As reported on May 3, 2024, Eastplats has completed and filed all late filings.

The Company has adopted polices and procedures to ensure timely filing in the future.

Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking statements" or "forward-looking information" (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. Such forward-looking statements in this press release include that proper procedures and processes are in place to avoid future filing delays. These forward-looking statements are based on assumptions made by and information currently available to the Company. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties and readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the expectations and intentions expressed in such forward-looking statements. These factors include, but are not limited to, regulatory requirements, third-party assessments, and proper implementation of policies and procedures. All forward-looking statements in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements in this press release are made as of the date they are given and, except as required by applicable securities laws, the Company disclaims any intention or obligation, and does not undertake, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

SOURCE Eastern Platinum Ltd.

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2024/09/c7006.html

By Melanie Burton and Yuka Obayashi

MELBOURNE/TOKYO (Reuters) -Japanese steelmakers have raised concerns with Australian authorities that BHP Group could become too dominant in the global supply of coking coal if it goes ahead with a takeover of Anglo American.

Australia is the world's biggest exporter of coking coal and top supplier to Japan, making up around 60% of its imports, with most of the steel-making ingredient coming from the state of Queensland, where BHP and Anglo American are the two largest producers.

Steelmakers' concerns about BHP's coking coal market power could derail a deal if the Australian giant comes back with a revised bid for Anglo American, after being rebuffed with a $39 billion offer last month.

"BHP already has a large share of the supply of high-quality hard coking coal in the seaborne trade, and we will take measures to ensure that further oligopolisation will not impede sound price formation and stable supply," a JFE Steel spokesperson said, declining to elaborate on what measures they could take.

Representatives of Japanese steelmakers met with Queensland government officials raising alarm bells that if a deal went ahead it would concentrate the world's top quality coking coal mines in the state's Bowen Basin in the hands of BHP, two people familiar with the talks said.

The combined group would control 44 million tons, or about 13%, of the seaborne coking coal market, data from consultants Wood Mackenzie shows. That comes even as BHP's production has fallen after sales of some mines in recent years.

"In general, we are against the (BHP-Anglo) union as it would create a supplier with a huge market share, especially in the hard-coking coal market," said a source at a Japanese steel maker, adding that it was closely monitoring the situation.

"We, for our part, would not want BHP to buy Anglo and gain a stronger price competition power."

Queensland Deputy Premier and Treasurer Cameron Dick said BHP would need to ensure its coal remains competitive or risk losing state government support. "We work closely with our Japanese customers and are aware of their concerns," Dick told Reuters.

"BHP needs to explain to Japanese steelmakers and the market more broadly how it will ensure the ongoing supply of steelmaking coal remains competitive," he said.

BHP declined to comment for this story but has said expanding in high quality coking coal was a main driver of its tilt for Anglo.

Anglo American declined to comment.

COKING COAL SQUEEZE

Japan's Fair Trade Commission has the authority to investigate a BHP-Anglo American transaction and could block a deal if it found it would harm Japanese companies, two anti-trust lawyers in Tokyo said.

However, if a deal was deemed anti-competitive, the commission would likely ask BHP to offer a remedy, which could include a coal divestment, one of the two lawyers said. They both declined to be named due to the sensitivity of the issue.

The Fair Trade Commission declined to comment whether it has received any request to examine the BHP-Anglo deal.

Like JFE, Kobe Steel said it is keeping a close eye on the proposed deal and a potential increase in BHP's market power.

Japan's biggest steelmaker Nippon Steel declined to comment on the deal, but said it had expressed concern to the Queensland government that its royalty rate hike could result in lower investment in mines and disrupt coking coal supply in the future.

Key among steelmakers' concerns is that BHP has stressed it will not invest to expand production in Queensland after the state hiked coal royalties without industry consultation, a source familiar with the matter told Reuters.

BHP CEO Mike Henry said last year the company "will not be investing any further growth dollars in Queensland under the current conditions".

Anglo's Moranbah North and Grosvenor mines are effectively an extension of BHP's Goonyella mine, which produces a type of coal favoured by Japan and India.

The Japanese are facing growing competition from India for that coal. BHP already sends 40% of its coking coal to India and expects the country's demand for the steel-making ingredient to double by the end of the decade, CFO Vandita Pant said in March.

Japan could lobby anti-trust authorities in other jurisdictions to block a deal if it believes there will be an impact to the competitiveness of the global coking market, as it did when BHP made a bid for its iron ore rival Rio Tinto in 2007, one of the lawyers said.

Queensland could also complicate a deal.

"The transfer of mineral assets in Queensland are subject to a number of state government approvals. No resources company should take those approvals for granted," Treasurer Dick said.

(Reporting by Melanie Burton in Melbourne and Yuka Obayashi in Tokyo; Additional reporting by Katya Golubkova in Tokyo; Editing by Sonali Paul)

REE Automotive Ltd.

REE to showcase new variants of its software-driven electric trucks

For the first time, the company will showcase its software-driven, clean sheet approach to modular electric vehicles (EVs) including the revolutionary REEcorner®, the P7-S stripped chassis, and a full vehicle built on the P7-C chassis cab with a bespoke upfit.

– REE to showcase new variants of its software-driven electric trucks

– Company to announce new partnerships

– First ever open opportunity to ride and drive the world’s first full by-wire P7-C truck

– Explore the three ways to upgrade your vehicles to the full by wire technology at booth 3723

LAS VEGAS, May 08, 2024 (GLOBE NEWSWIRE) — REE Automotive Ltd. (Nasdaq: REE), an automotive technology company and provider of full by-wire electric trucks and platforms, today announced it will attend ACT Expo 2024 in Las Vegas May 20-23, 2024. For the first time, the company will showcase its software-driven, clean sheet approach to modular electric vehicles (EVs) including the revolutionary REEcorner®, the P7-S stripped chassis, and a full vehicle built on the P7-C chassis cab with a bespoke upfit. ACT Expo attendees will see firsthand the wide range of application potential through three different variations of REE’s groundbreaking technology and will be able to get behind the wheel of the P7-C electric truck for a ride and drive experiencing firsthand the advantages of the REEcorner® full by wire technology.

“At our core, we are an automotive technology company shaking up the industry with our disruptive x-by-wire technology,” said Daniel Barel, CEO and co-founder of REE Automotive. “By showcasing our REEcorner, stripped chassis and full vehicle solution, we are able to properly demonstrate our mantra of ‘complete not compete’. Pure software driven vehicles are the future of automotive and at ACT 2024 we will be showcasing all of the different paths to upgrade to powered by REE EVs based on our REEcorners, stripped chassis and FMVSS certified full vehicles to fleets and other OEMs.”

Intended benefits of REE’s full x-by-wire technology:

Steer, brake and drive-by-wire technology
Enables purpose-built vehicles to drive down total cost of ownership (TCO)
Excellent serviceability + residuals
Future-proofed, autonomous-ready and over the air (OTA) upgrade capable
Improved maneuverability and tight turn radius
Low energy cost per mile
Deep data analytics and application services

Three ways to work with REE to upgrade your vehicles to be software-driven:

Enhance your platforms with REEcorners®

Build your truck on a REE chassis

Fast time to market with a ready electric chassis
Battery agnostic
Fully flat and low chassis, designed for high modularity
Simple and fast top-hat compatibility

Purchase a full P7-C Chassis Cab

FMVSS, EPA and CARB certified medium-duty electric truck
Driver centric cabin
Fully flat with low step in height
Eligible for the U.S. federal Internal Revenue Service (IRS) Commercial Clean Vehicle Tax Credit which allows customers to receive a tax credit of up to $40,000 per vehicle which can be combined with state incentives equaling up to $100,000 per vehicle

To schedule a meeting with REE’s sales team while at the show, visit https://ree.auto/event/act-expo-2/.

Media interested in more information or scheduling a meeting with company management may contact ree@skyya.com.

To learn more about REE Automotive’s patented technology and unique value proposition that position the company to break new ground in e-mobility, visit www.ree.auto.

About REE AutomotiveREE Automotive (Nasdaq: REE) is an automotive technology company that allows companies to build electric vehicles of various shapes and sizes on their modular platforms. With complete design freedom, vehicles Powered by REE® are equipped with the revolutionary REEcorner®, which packs critical vehicle components (steering, braking, suspension, powertrain and control) into a single compact module positioned between the chassis and the wheel. As the first company to FMVSS certify a fully by-wire vehicle in the U.S., REE’s proprietary by-wire technology for drive, steer and brake control eliminates the need for mechanical connection. Using four identical REEcorners® enables REE to make the industry’s flattest EV platforms with more room for passengers, cargo and batteries. REE platforms are future proofed, autonomous capable, offer a low TCO, and drastically reduce the time to market for fleets looking to electrify. To learn more visit www.ree.auto.

Media ContactMalory Van GuilderSkyya PR for REE Automotive+1 651-335-0585ree@skyya.com

Investor ContactKamal HamidVP Investor Relations | REE Automotive+1 303-670-7756investors@ree.auto

Caution About Forward-Looking StatementsThis communication includes certain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding REE or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. For example, REE is using forward-looking statements when it discusses its intent to showcase its EVS, REEcorner®, chassis and a full vehicle built on the p7-C chassis cab at ACT Expo 2024, its belief that software driven vehicles are the future of the automotive industry and the expected time to market of its ready electric chassis . In addition, any statements that refer to plans, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “aim” “anticipate,” “appear,” “approximate,” “believe,” “continue,” “could,” “estimate,” “expect,” “foresee,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “would”, “designed,” “target” and similar expressions (or the negative version of such words or expressions) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements in this communication may include, among other things, statements about REE’s strategic and business plans, technology, relationships and objectives, including its ability to meet certification requirements, the impact of trends on and interest in our business, or product, intellectual property, REE’s expectation for growth, and its future results, operations and financial performance and condition.

These forward-looking statements are based on REE’s current expectations and assumptions about future events and are based on currently available information as of the date of this communication and current expectations, forecasts, and assumptions. Although REE believes that the expectations reflected in forward-looking statements are reasonable, such statements involve an unknown number of risks, uncertainties, judgments, and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. These factors are difficult to predict accurately and may be beyond REE’s control. Forward-looking statements in this communication speak only as of the date made and REE undertakes no obligation to update its forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur.

Uncertainties and risk factors that could affect REE’s future performance and could cause actual results to differ include, but are not limited to: REE’s ability to commercialize its strategic plan, including its plan to successfully evaluate, obtain regulatory approval, produce and market its P7 lineup; REE’s ability to maintain and advance relationships with current Tier 1 suppliers and strategic partners; development of REE’s advanced prototypes into marketable products; REE’s ability to grow and scale manufacturing capacity through relationships with Tier 1 suppliers; REE’s estimates of unit sales, expenses and profitability and underlying assumptions; REE’s reliance on its UK Engineering Center of Excellence for the design, validation, verification, testing and homologation of its products; REE’s limited operating history; risks associated with building out of REE’s supply chain; risks associated with plans for REE’s initial commercial production; REE’s dependence on potential suppliers, some of which will be single or limited source; development of the market for commercial EVs; risks associated with data security breach, failure of information security systems and privacy concerns; risks related to lack of compliance with Nasdaq’s minimum bid price requirement; future sales of our securities by existing material shareholders or by us could cause the market price for the Class A Ordinary Shares to decline; potential disruption of shipping routes due to accidents, political events, international hostilities and instability, piracy or acts by terrorists; intense competition in the e-mobility space, including with competitors who have significantly more resources; risks related to the fact that REE is incorporated in Israel and governed by Israeli law; REE’s ability to make continued investments in its platform; the impact of the COVID-19 pandemic, interest rate changes, the ongoing conflict between Ukraine and Russia and any other worldwide health epidemics or outbreaks that may arise and adverse global conditions, including macroeconomic and geopolitical uncertainty; the global economic environment, the general market, political and economic conditions in the countries in which we operate; the ongoing military conflict in Israel; fluctuations in interest rates and foreign exchange rates; the need to attract, train and retain highly-skilled technical workforce; changes in laws and regulations that impact REE; REE’s ability to enforce, protect and maintain intellectual property rights; REE’s ability to retain engineers and other highly qualified employees to further its goals; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in REE’s annual report filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 28, 2023 and in subsequent filings with the SEC.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/099dca30-4748-4c79-b757-c6b980f25bce

Just because a business does not make any money, does not mean that the stock will go down. For example, biotech and mining exploration companies often lose money for years before finding success with a new treatment or mineral discovery. But while the successes are well known, investors should not ignore the very many unprofitable companies that simply burn through all their cash and collapse.

Given this risk, we thought we'd take a look at whether SRG Mining (CVE:SRG) shareholders should be worried about its cash burn. For the purpose of this article, we'll define cash burn as the amount of cash the company is spending each year to fund its growth (also called its negative free cash flow). Let's start with an examination of the business' cash, relative to its cash burn.

Check out our latest analysis for SRG Mining

How Long Is SRG Mining's Cash Runway?

A cash runway is defined as the length of time it would take a company to run out of money if it kept spending at its current rate of cash burn. As at December 2023, SRG Mining had cash of CA$8.9m and no debt. Looking at the last year, the company burnt through CA$4.8m. That means it had a cash runway of around 22 months as of December 2023. While that cash runway isn't too concerning, sensible holders would be peering into the distance, and considering what happens if the company runs out of cash. The image below shows how its cash balance has been changing over the last few years.

debt-equity-history-analysisHow Is SRG Mining's Cash Burn Changing Over Time?

SRG Mining didn't record any revenue over the last year, indicating that it's an early stage company still developing its business. Nonetheless, we can still examine its cash burn trajectory as part of our assessment of its cash burn situation. As it happens, the company's cash burn reduced by 5.0% over the last year, which suggests that management are maintaining a fairly steady rate of business development, albeit with a slight decrease in spending. SRG Mining makes us a little nervous due to its lack of substantial operating revenue. So we'd generally prefer stocks from this list of stocks that have analysts forecasting growth.

How Easily Can SRG Mining Raise Cash?

While SRG Mining is showing a solid reduction in its cash burn, it's still worth considering how easily it could raise more cash, even just to fuel faster growth. Companies can raise capital through either debt or equity. Many companies end up issuing new shares to fund future growth. We can compare a company's cash burn to its market capitalisation to get a sense for how many new shares a company would have to issue to fund one year's operations.

Since it has a market capitalisation of CA$55m, SRG Mining's CA$4.8m in cash burn equates to about 8.7% of its market value. That's a low proportion, so we figure the company would be able to raise more cash to fund growth, with a little dilution, or even to simply borrow some money.

So, Should We Worry About SRG Mining's Cash Burn?

The good news is that in our view SRG Mining's cash burn situation gives shareholders real reason for optimism. One the one hand we have its solid cash runway, while on the other it can also boast very strong cash burn relative to its market cap. Based on the factors mentioned in this article, we think its cash burn situation warrants some attention from shareholders, but we don't think they should be worried. On another note, we conducted an in-depth investigation of the company, and identified 3 warning signs for SRG Mining (1 is concerning!) that you should be aware of before investing here.

Of course SRG Mining may not be the best stock to buy. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. 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.

(Bloomberg) — South Africa’s biggest labor union federation urged local shareholders, including the powerful Public Investment Corp., to oppose BHP Group Ltd.’s bid to buy Anglo American Plc.

Most Read from Bloomberg

The Congress of South African Trade Unions, which includes the National Union of Mineworkers among its members, said a deal wouldn’t be in the national interest. South African shareholders hold about 26% of Anglo, with the PIC owning 8.4%, according to data compiled by Bloomberg.

BHP’s proposal to acquire Anglo on April 25 raised the ire of some members of South Africa’s government, including Mines Minister Gwede Mantashe. The Australian company responded by deploying a senior team including its chief executive officer to South Africa to win over government officials, regulators and local Anglo shareholders.

BHP’s proposal includes a plan for Anglo to spin off its Johannesburg-listed platinum and iron ore units before an eventual takeover of the remaining assets. Anglo, founded in Johannesburg in 1917, also owns manganese and diamond mines in South Africa. While the miner was the bedrock of the South African economy for decades, it shifted its headquarters to London in the late-1990s.

Anglo rejected the initial bid, but BHP is expected to make an improved offer, Bloomberg has reported. The PIC, which manages the pensions of government workers, has said it will assess any BHP offer.

“Cosatu is deeply concerned about the possible sale of Anglo assets in South Africa to BHP,” the union federation said in comments sent to Bloomberg on Tuesday. “It is critical that South African shareholders, including the PIC, ensure these assets remain South African-owned.”

A BHP spokesman referred to comments it made last week, when the company said Anglo American Platinum Ltd. and Kumba Iron Ore Ltd. would continue to be listed on the Johannesburg Stock Exchange and would continue to be run by established South African-based management teams.

“South Africa will continue under BHP’s proposal to benefit from Anglo Platinum and Kumba operating as independently listed South African companies investing in local operations, communities and jobs,” BHP said last week.

Cosatu is a key ally of South Africa’s ruling African National Congress and President Cyril Ramaphosa was a co-founder of the National Union of Mineworkers. The bid from BHP comes before a national election later this month, which could see the ANC lose its majority for the first time since winning power in 1994.

The presidency has rejected the premise that BHP’s approach is vote of no-confidence in South Africa, after the opposition presented the bid as a stinging rebuke of the government’s handling of the economy in a country with one of the world’s highest unemployment rates and deteriorating infrastructure.

Read More: BHP CEO Flies to South Africa to Push $39 Billion Takeover

“These companies were built on the back of South African mine workers and pension funds,” Cosatu said. “The profit they generate is needed to grow the economy and create decent jobs.”

BHP is targeting Anglo for its South American copper mines, which would make it the world’s biggest producer of the key metal.

Anglo’s South African operations have been hamstrung by fractious labor relations, power outages and the deterioration of the national freight rail company. Its Kumba unit has had to stockpile the steelmaking raw material because there aren’t enough trains to take it to a port.

–With assistance from Thomas Biesheuvel and William Clowes.

(Updates with BHP comments from seventh paragraph.)

Most Read from Bloomberg Businessweek

Highlights include 59.9m at 4.80g/t PGM+Au including 42.9m at 5.50g/t PGM+Au, 0.21% Ni, and 140.7m at 1.25g/t PGM+Au and 45.7m at 1.71g/t PGM+Au, 0.22% Ni

VANCOUVER, BC, May 6, 2024 /CNW/ – Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF), ("Bravo" or the "Company") has received assay results from nine diamond drill holes ("DDH"), four from the North Sector and five from the Central Sector at its 100% owned Luanga palladium + platinum + rhodium + gold + nickel project ("Luanga" or "Luanga PGM+Au+Ni Project"), located in the Carajás Mineral Province, state of Pará, Brazil.

"Drilling results at Luanga continue to demonstrate upside, notably with DDH24LU240 returning the highest grade/thickness to date. Additionally, DDH24LU038 stands out as the thickest mineralized drill intersection, extending over 140m from surface," said Luis Azevedo, Chairman and CEO. "Drilling continues to show increasing nickel sulphide grades at depth in the Central Sector, while the North Sector shows widening of multiple zones of mineralization, which has the potential to significantly improve ratios of near surface mineralized to unmineralized material. These positive factors strengthen confidence for on-going drilling."

Highlights Include:

Drilling in the North Sector continues to show improvements in both mineralized grade and thickness compared to previously reported drilling in this sector. Grades in and around the transitional weathering zone are higher, influenced by supergene enrichment, as shown on Section 1:
- 59.9m at 4.80g/t PGM+Au, including 42.9m at 5.50g/t PGM+Au, 0.21% Ni
- 140.7m at 1.25g/t PGM+Au
Mineralization intersected on all three drill sections are at shallow depths (<150m), which augurs well for the future. Furthermore, the substantial volumes of mineralization, indicated by these wide intersections near surface, could support lower strip ratios in these areas.
Mineralization remains open at depth, while evidence of increasing PGM and nickel grades at depth remains a common theme in the Central Sector.

HOLE-ID	From	To	Thickness(m)	Pd	Pt	Rh	Au	PGM + Au	Ni* (%) Sulphide	TYPE
HOLE-ID	(m)	(m)	Thickness(m)	(g/t)	(g/t)	(g/t)	(g/t)	(g/t)	Ni* (%) Sulphide	TYPE
DDH24LU236	25.30	28.30	3.00	2.16	5.53	1.15	0.07	8.91	NA	LS
And	178.25	187.25	9.00	1.11	0.93	0.22	0.02	2.28	0.02	FR
DDH24LU237	79.70	104.90	25.20	1.52	0.65	0.08	0.05	2.29	0.24	FR
DDH24LU238	5.00	145.70	140.70	0.57	0.66	0.01	0.01	1.25	NA	Ox/FR
DDH24LU240	0.00	59.85	59.85	3.02	1.46	0.26	0.06	4.80	NA	Ox/FR
Including	0.00	17.00	17.00	1.98	0.85	0.16	0.04	3.04	NA	Ox
Also Including	17.00	59.85	42.85	3.43	1.71	0.30	0.06	5.50	0.21	FR
And	64.85	84.85	20.00	0.88	0.85	0.15	0.01	1.89	0.01	FR
DDH24LU241	75.80	86.80	11.00	1.93	0.65	0.10	0.07	2.76	0.32	FR
DDH24LU244	34.56	80.30	45.74	1.14	0.43	0.08	0.06	1.71	0.22	FR

Notes:	All 'From', 'To' depths, and 'Thicknesses' are downhole. 'NA' Not applicable for Oxide material.
	Given orientation of drilling and mineralization, intercepts are estimated at 110% to 120% of true thickness in the Central Sector and 125% to 140% of true thickness in the North Sector.
	Type: Ox = Oxide. FR = Fresh Rock. LS = Low Sulphide. Recovery methods and results will differ based on the type of mineralization.
	* Bravo's nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historical total nickel assays

Luanga Drilling Update

Results from nine diamond drill holes have been received from the North and Central Sectors. All the drill holes herein reported are angled holes (-60 degrees), towards a 090° azimuth in the North and 330° azimuth in the Central Sector. Together, this set of drill holes comprise a total of 1,581 metres of diamond drilling.

Section 1 (Figure 1) in the North Sector shows a new infill drill section with DDH24LU238 being the deepest drill hole on the section, exhibiting an exceptionally wide (140m) mineralized intersection. Nearer to surface, this wide zone of mineralization is replicated by two zones of mineralization in DDH24LU240, totalling ~80m of mineralization with the remainder daylighting above surface. The grades in DDH24LU240 are significantly higher, mostly due to the influence of high-grade supergene enrichment in and around the transitional zone above the base of oxidation. There are a further two zones of mineralization stratigraphically below, and all three zones are almost entirely within 150m of the surface, which augurs well for potential future MRE updates at these shallow depths.

Figure 1: North Sector (Section 1 on Figure 4). High-grade and wide PGM+Au mineralization close to surface. (CNW Group/Bravo Mining Corp.)

Section 2 (Figure 2) in the North Sector shows evidence of increasing thickness (~50m) and increased presence of nickel sulphides (0.23% Ni) at depth in DDH24LU241, with mineralization still open at depth. Section 2 is also an infill section and, again, all the mineralization intersected is within <150m below surface. Coupled with the high volume of mineralization near or at surface, both Section 1 (above) and Section 2 (below) demonstrate the potential for improving strip ratios (mineralized to unmineralized material) in these areas, which bodes well for the future.

Figure 2: Central Sector (Section 2 on Figure 4). Wide zones of mineralization with improving nickel sulphides at depth in fresh rock. (CNW Group/Bravo Mining Corp.)

Section 3 (Figure 3) in the Central Sector also shows evidence of increasing grade in both PGM and nickel sulphide mineralization and remains open at depth. The grade of PGM and nickel mineralization intersected in DDH24LU230 (35.2m at 1.59g/t PGM+Au, 0.14% Ni) improves significantly at depth in DDH24LU237 (25.2m at 2.29g/t PGM+Au, 0.24% Ni), while all mineralization on the section is again less than 150m below surface and remains open at depth.

Figure 3: Central Sector (Section 3 on Figure 4). Improving grades in PGM and nickel sulphide mineralization at depth in fresh rock. (CNW Group/Bravo Mining Corp.)

Drill Results Status Update

A total of 285 drill holes have been completed by Bravo to date, for 61,190 metres, including 8 metallurgical holes (not subject to routine assaying). Results have been reported for 244 Bravo drill holes to date. Assay results for 33 Bravo drill holes that have been completed are currently outstanding (excluding the metallurgical holes).

Complete Table of Recent Intercepts.

HOLE-ID	From	To	Thickness (m)	Pd	Pt	Rh	Au	PGM + Au	Ni* (%) Sulphide	TYPE
HOLE-ID	(m)	(m)	Thickness (m)	(g/t)	(g/t)	(g/t)	(g/t)	(g/t)	Ni* (%) Sulphide	TYPE
DDH24LU236	25.30	28.30	3.00	2.16	5.53	1.15	0.07	8.91	NA	LS
And	178.25	187.25	9.00	1.11	0.93	0.22	0.02	2.28	0.02	FR
DDH24LU237	62.07	67.10	5.03	0.20	0.08	0.15	0.07	0.49	0.13	FR
And	79.70	104.90	25.20	1.52	0.65	0.08	0.05	2.29	0.24	FR
DDH24LU238	5.00	145.70	140.70	0.57	0.66	0.01	0.01	1.25	NA	Ox/FR
And	160.70	169.60	8.90	0.53	0.61	0.01	0.01	1.16	0.01	FR
DDH24LU239	0.00	18.90	18.90	0.37	0.15	0.01	0.04	0.58	NA	Ox
And	27.90	39.59	11.69	1.10	0.41	0.06	0.01	1.58	0.10	FR
And	58.60	97.60	39.00	0.28	0.27	<0.01	0.03	0.58	0.01	FR
DDH24LU240	0.00	59.85	59.85	3.02	1.46	0.26	0.06	4.80	NA	Ox/FR
Including	0.00	17.00	17.00	1.98	0.85	0.16	0.04	3.04	NA	Ox
Also Including	17.00	59.85	42.85	3.43	1.71	0.30	0.06	5.50	0.21	FR
And	64.85	84.85	20.00	0.88	0.85	0.15	0.01	1.89	0.01	FR
And	124.85	152.00	27.15	0.48	0.58	0.01	0.01	1.08	0.01	FR
DDH24LU241	0.00	7.25	7.25	0.33	0.14	0.04	0.08	0.59	NA	Ox
And	39.60	89.80	50.20	0.86	0.30	0.05	0.07	1.28	0.23	FR
Including	75.80	86.80	11.00	1.93	0.65	0.10	0.07	2.76	0.32	FR
And	104.45	129.20	24.75	0.29	0.19	<0.01	<0.01	0.49	0.01	FR
DDH24LU242	0.00	29.70	29.70	0.30	0.35	0.01	0.01	0.67	NA	FR
DDH24LU244	34.56	80.30	45.74	1.14	0.43	0.08	0.06	1.71	0.22	FR
DDH24LU246	39.00	65.10	26.10	0.43	0.33	<0.01	0.01	0.77	0.02	FR
And	83.10	86.10	3.00	0.43	1.52	0.59	0.01	2.55	0.03	LS

Notes:	All 'From', 'To' depths, and 'Thicknesses' are downhole. 'NA' Not applicable for Oxide material.
	Given orientation of drilling and mineralization, intercepts are estimated at 110% to 120% of true thickness in the Central Sector and 125% to 140% of true thickness in the North Sector.
	Type: Ox = Oxide. FR = Fresh Rock. LS = Low Sulphide. Recovery methods and results will differ based on the type of mineralization.
	* Bravo's nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historical total nickel assays

Figure 4: Location of Bravo Drilling and Sections Reported in this News Release (CNW Group/Bravo Mining Corp.)

About Bravo Mining Corp.

Bravo is a Canadian and Brazil-based mineral exploration and development company focused on advancing its Luanga PGM+Au+Ni Project in the world-class Carajás Mineral Province of Brazil.

The Luanga Project is situated on mature freehold farming land and benefits from being in a location close to operating mines and a mining-experienced workforce, with excellent access and proximity to existing infrastructure, including road, rail, and clean renewable hydro grid power. A fully funded 63,000m infill, step out and exploration drilling and trenching program is well advanced for 2024. Bravo's current Environmental, Social and Governance activities includes planting more than 18,000 high-value trees in the project area, hiring and contracting locally, and ensuring protection of the environment during its exploration activities.

Technical Disclosure

Technical information in this news release has been reviewed and approved by Simon Mottram, F.AusIMM (Fellow Australia Institute of Mining and Metallurgy), President of Bravo Mining Corp. who serves as the Company's "qualified person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Mottram has verified the technical data and opinions contained in this news release.

Forward Looking Statements

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "wider", "Increasingly", "upside", "notably", "highest", "thickest", "potential", "improve", "confidence", "augurs well", "substantial", "exceptionally", "significantly", " variants of these words and other similar words, phrases, or statements that certain events or conditions "may" or "will" occur. This news release contains forward-looking information pertaining to the Company's ongoing drill program and the results thereof; comparisons to historical and/or prior Bravo drilling; the potential for extensions to mineralization at depth; the potential for greater thicknesses and/or higher grades at depth and the implications of copper in some areas; and the Company's plans in respect thereof. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, unexpected results from exploration programs, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the assay results confirm that the interpreted mineralization contains significant values of nickel, PGMs and Au; that the mineralization remains open to depth, that PGM and/or Ni grades and mineralized thicknesses are improving to depth; that final drill and assay results will be in line with management's expectations; that activities will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the Luanga Project will not be materially affected by potential supply chain disruptions; and general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Schedule 1: Drill Hole Collar Details

HOLE-ID	Company	East (m)	North (m)	RL (m)	Datum	Depth (m)	Azimuth	Dip	Sector
DDH24LU236	Bravo	659346.947	9343322.999	245.843	SIRGAS2000_UTM_22S	230.60	90.00	-60.00	North
DDH24LU237	Bravo	658354.030	9340579.220	271.150	SIRGAS2000_UTM_22S	225.45	330.00	-60.00	North
DDH24LU238	Bravo	659366.799	9343423.024	242.042	SIRGAS2000_UTM_22S	180.55	90.00	-60.00	North
DDH24LU239	Bravo	658377.573	9340736.808	262.460	SIRGAS2000_UTM_22S	135.80	330.00	-60.00	Central
DDH24LU240	Bravo	659413.665	9343423.070	245.487	SIRGAS2000_UTM_22S	180.35	90.00	-60.00	North
DDH24LU241	Bravo	658398.402	9340700.667	264.551	SIRGAS2000_UTM_22S	190.70	330.00	-60.00	Central
DDH24LU242	Bravo	658353.424	9340778.597	265.336	SIRGAS2000_UTM_22S	90.75	330.00	-60.00	Central
DDH24LU244	Bravo	658561.196	9340813.883	246.697	SIRGAS2000_UTM_22S	195.70	330.00	-60.00	Central
DDH24LU246	Bravo	658653.731	9340856.241	248.457	SIRGAS2000_UTM_22S	150.65	330.00	-60.00	Central

Schedule 2: Assay Methodologies and QAQC

Samples follow a chain of custody between collection, processing, and delivery to the SGS Geosol laboratory in Parauapebas, state of Pará, Brazil. The drill core is delivered to the core shack at Bravo's Luanga site facilities and processed by geologists who insert certified reference materials, blanks, and duplicates into the sampling sequence. Drill core is half cut and placed in secured polyurethane bags, then in security-sealed sacks before being delivered directly from the Luanga site facilities to the Parauapebas SGS Geosol laboratory by Bravo staff. Additional information about the methodology can be found on the SGS Geosol website (SGS) in their analytical guides. Information regarding preparation and analysis of historic drill core is also presented in the table below, where the information is known.

Quality Assurance and Quality Control ("QAQC") is maintained internally at the lab through rigorous use of internal certified reference materials, blanks, and duplicates. An additional QAQC program is administered by Bravo using certified reference materials, duplicate samples and blank samples that are blindly inserted into the sample batch. If a QAQC sample returns an unacceptable value an investigation into the results is triggered and when deemed necessary, the samples that were tested in the batch with the failed QAQC sample are re-tested.

Bravo SGS Geosol
Preparation	Method	Method	Method	Method
For All Elements	Pt, Pd, Au	Rh	Sulphide Ni, Cu	Trace Elements
PRPCLI (85% at 200#)	FAI515	FAI30V	AA04B	ICP40B

Bravo Mining Corp. Logo (CNW Group/Bravo Mining Corp.)

SOURCE Bravo Mining Corp.

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2024/06/c9174.html

Many investors define successful investing as beating the market average over the long term. But if you try your hand at stock picking, your risk returning less than the market. We regret to report that long term BHP Group Limited (ASX:BHP) shareholders have had that experience, with the share price dropping 17% in three years, versus a market return of about 21%.

It's worthwhile assessing if the company's economics have been moving in lockstep with these underwhelming shareholder returns, or if there is some disparity between the two. So let's do just that.

Check out our latest analysis for BHP Group

To quote Buffett, 'Ships will sail around the world but the Flat Earth Society will flourish. There will continue to be wide discrepancies between price and value in the marketplace…' One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).

During the unfortunate three years of share price decline, BHP Group actually saw its earnings per share (EPS) improve by 1.0% per year. This is quite a puzzle, and suggests there might be something temporarily buoying the share price. Or else the company was over-hyped in the past, and so its growth has disappointed.

After considering the numbers, we'd posit that the the market had higher expectations of EPS growth, three years back. Looking to other metrics might better explain the share price change.

Given the healthiness of the dividend payments, we doubt that they've concerned the market. BHP Group has maintained its top line over three years, so we doubt that has shareholders worried. A closer look at revenue and profit trends might yield insights.

The company's revenue and earnings (over time) are depicted in the image below (click to see the exact numbers).

earnings-and-revenue-growth

BHP Group is well known by investors, and plenty of clever analysts have tried to predict the future profit levels. You can see what analysts are predicting for BHP Group in this interactive graph of future profit estimates.

What About Dividends?

As well as measuring the share price return, investors should also consider the total shareholder return (TSR). The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. It's fair to say that the TSR gives a more complete picture for stocks that pay a dividend. We note that for BHP Group the TSR over the last 3 years was 20%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!

A Different Perspective

BHP Group shareholders gained a total return of 0.8% during the year. But that was short of the market average. It's probably a good sign that the company has an even better long term track record, having provided shareholders with an annual TSR of 13% over five years. It's quite possible the business continues to execute with prowess, even as the share price gains are slowing. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Consider for instance, the ever-present spectre of investment risk. We've identified 3 warning signs with BHP Group , and understanding them should be part of your investment process.

Of course BHP Group may not be the best stock to buy. So you may wish to see this free collection of growth stocks.

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Australian exchanges.

Eastern Platinum (TSE:ELR) Full Year 2023 ResultsKey Financial Results

Revenue: US$106.9m (up 115% from FY 2022).
Net income: US$13.8m (up from US$2.65m loss in FY 2022).
Profit margin: 13% (up from net loss in FY 2022). The move to profitability was driven by higher revenue.
EPS: US$0.077 (up from US$0.019 loss in FY 2022).

earnings-and-revenue-history

All figures shown in the chart above are for the trailing 12 month (TTM) period

Eastern Platinum's share price is broadly unchanged from a week ago.

Risk Analysis

You still need to take note of risks, for example – Eastern Platinum has 3 warning signs (and 1 which is a bit concerning) we think you should know about.

VANCOUVER, BC, May 3, 2024 /CNW/ – Eastern Platinum Limited (TSX: ELR) (JSE: EPS) ("Eastplats" or the "Company") is pleased to report that it has filed its Audited Consolidated Financial Statements for the fiscal year ended December 31, 2023 and the corresponding Management's Discussion and Analysis and Annual Information Form. Below is a summary of the Company's financial results for the fourth quarter of 2023 ("Q4 2023") and for the fiscal year ended December 31, 2023 ("FY2023") (all amounts in USD unless specified) in comparison to the restated periods in 2022 ("Restated Q4 2022" and "Restated FY2022", respectively):

Revenue for Q4 2023 increased to $30.5 million (Restated Q4 2022 – $12.4 million), representing a 146.0% increase. Revenue for FY2023 increased to $106.9 million, a record full year high (Restated FY2022 – $53.9 million), representing a 98.3% increase.
Mine operating income increased by $9.6 million to $7.8 million in Q4 2023 (Restated Q4 2022 mine operating loss – –$1.8 million), resulting in a gross margin of 25.5% in Q4 2023 as compared to -14.5% in Restated Q4 2022. Mine operating income in FY2023 increased by $24.0 million to $31.6 million (Restated FY2022 – $7.6 million), resulting in a gross margin of 29.5% in FY2023 as compared to 14.2% in Restated FY2022.
Operating income was $2.8 million in Q4 2023 compared to an operating loss of –$4.8 million in Restated Q4 2022. Operating income increased by $23.2 million to $18.5 million in FY2023 from an operating loss of –$4.7 million in Restated FY2022, a 493.6% increase in operating income.
Net income attributable to shareholders was $3.3 million ($0.02 earnings per share) in Q4 2023 versus $1.4 million ($0.01 earnings per share) in Restated Q4 2022. The increase in net income was largely attributable to the significant increase in third-party chrome concentrate sales in the period offset by pre-production costs of $2.1 million as the Company initiated the restart of the Zandfontein underground section at the Crocodile River Mine ("CRM"). The Restated Q4 2022 net income was attributable to a restated operating loss offset by other income of $6.6 million, which was mainly related to the change in value of the Company's loans payable.
Net income attributable to shareholders increased to $13.8 million ($0.08 earnings per share) in FY2023 compared to a net loss attributable to shareholders of –$0.9 million ($0.01 loss per share) in Restated FY2022. The increase in income during FY2023 is mainly attributable to the increased revenue and gross margins generated by remining and processing the Company's tailings resources at the CRM to produce chrome concentrate and platinum group metals ("PGM") concentrate, respectively, offset by pre-production costs incurred in Q4 2023 as described in the previous point. The Restated FY2022 net loss was attributable to an operating loss offset by other income of $7.9 million, which mainly related to the change in value of the Company's loans payable.
The Company had a working capital deficit (current assets less current liabilities) of $15.5 million as at December 31, 2023 (Restated December 31, 2022 – working capital deficit of $37.8 million) and short-term cash resources of $21.3 million (consisting of cash, cash equivalents, and short-term investments)(Restated December 31, 2022 – $2.4 million).

Wanjin Yang, Chief Executive Officer and President of Eastplats commented, "We are proud of the results that our chrome and PGM businesses have achieved. The team continues to work hard as the Retreatment Project comes to an end, turning its focus to ramping up underground tonnages in the Zandfontein underground section at the Crocodile River Mine. Eastplats remains committed to continuing its operational and cost efficiency initiatives while being mindful of PGM market price movements."

Prior Year Error – Restatement of Comparatives

Certain 2022 comparative numbers in the FY2023 Audited Consolidated Financial Statements and corresponding Management's Discussion and Analysis have been restated to correct an error in the Fiscal 2022 consolidated financial statements that was identified subsequent to the 2022 year-end and is discussed below.

In connection with the preparation of the Company's consolidated financial statements for the year ended December 31, 2023, an error was identified in the recognition of revenue related to a chrome concentrate sales transaction in the fourth quarter of 2022, which impacts the Company's previously filed audited consolidated financial statements for the year ended December 31, 2022 and its unaudited interim consolidated financial statements for the three months ended March 31, 2023 ("Restated Q1 2023"). Chrome concentrate revenue is recognized when control is transferred to the buyer and payment is considered probable. A sales transaction that was included in deferred revenue at the end of 2022 and recognized as revenue in the first quarter of 2023 should have been recognized in the fourth quarter of 2022 based on the fact that the Company had met all of its required performance obligations at the time, as supported by the underlying contract and bill of lading. Previously reported revenue from 2022 was thus understated by $4.0 million, with associated errors in production costs, inventories and deferred revenue.

The following table presents the effects of the restatement on the individual line items within the Company's Consolidated Statement of Income (Loss), Statement of Comprehensive Income (Loss) and Statement of Financial Position, expressed in thousands of U.S. dollars, except for per share amounts. The corrected prior period error had no impact on cash flows.

	Year Ended December 31, 2022
	As previously reported	Adjustment	As restated
	$	$	$
Revenue	49,834	4,049	53,883
Production costs	(39,739)	(2,339)	(42,078)
Mine operating income	5,930	1,710	7,640
Operating income (loss)	(6,453)	1,710	(4,743)
Net income (loss) for the year	(2,504)	1,710	(794)
Net (loss) attributable to equity shareholders of the Company	(2,648)	1,710	(938)
Earnings (loss) per share, basic and diluted	(0.02)	0.01	(0.01)
Comprehensive income (loss) forthe year	(8,947)	1,766	(7,181)

	As at December 31, 2022
	As previously reported	Adjustment	As restated
	$	$	$
Inventories (current)	11,320	(2,418)	8,902
Deferred revenue (current)	17,300	(4,184)	13,116

The Restated Q1 2023 comparatives will be presented in the interim consolidated financial statements for the three months ended March 31, 2024, which are due to be filed by May 15, 2024.

The consolidated financial statements and related financial information for the affected period contained in the Company's filings filed prior to May 3, 2024 should no longer be relied upon.

Operations

The Company generated revenue from processing PGM and chrome concentrates during Q4 2023 and FY2023. Eastplats' majority of revenue (approximately 96% and 95% for Q4 2023 and FY2023, respectively) is from chrome concentrate sales. Until July of 2022, this revenue was based on the Union Goal offtake agreement (the "Union Goal Offtake Agreement") entered into between the Company's subsidiary Barplats Mines (Pty) Limited ("Barplats") and Union Goal Offshore Solution Limited ("Union Goal") in relation to chrome concentrate production from the Retreatment Project. Previously, and until the end of the second quarter of 2022, the Retreatment Project produced revenue based on tons of material made available for processing by remining and processing the tailings, recovery of certain operational costs and allocation of the upfront cash payment for the offtake of chrome concentrate to Union Goal.

Additional non-cash deferred revenue was recognized based on tons made available for processing from the discounting of the chrome equipment debt and the construction loan based on an effective discount rate. Although the Union Goal Offtake Agreement remains in place, Union Goal stopped taking shipments of chrome concentrate in June 2022. Since July 1, 2022, chrome revenue has been recognized only through third-party sales of chrome concentrate. The Company also derives PGM revenue under a PGM offtake agreement with Impala Platinum Limited ("Impala") from further processing of tailings materials following the production of chrome concentrates. The Retreatment Project is expected to continue operating into late 2024 when the original CRM tailings from the tailings storage facility ("TSF") are expected to be fully processed. The Company has initiated the restart of the Zandfontein underground section and is expected to process underground Run-of-Mine ("ROM") ore in May or June of 2024.

Summary of chrome production for the three months and year ended December 31, 2023 and 2022:

	Q4 2023	Q4 2022	FY2023	FY2022
Total Tailings Feed (Tons)	480,777	655,011	2,247,705	2,548,785
Average grade Cr concentrate	38.7 %	38.6 %	38.7 %	38.7 %
Tons of Cr concentrate	109,056	156,738	486,166	602,111

Summary of PGM production for the three months and year ended December 31, 2023 and 2022:

	Q4 2023	Q4 2022	FY2023	FY2022
Tons of PGM concentrate(dry)	900	1,337	3,869	5,616
PGM ounces produced (6E)*	1,366	2,232	6,660	8,742

*PGM 6E ounces are estimates until final exchanges and umpire results have been concluded, which can take up to three months.

Outlook

The Company's targets for 2024 are as follows:

Resolve the outstanding receivables and related matters with Union Goal (ongoing);
Ramp-up the Zandfontein underground operations (ongoing);
Confirm capital plans to support the full re-opening of Zandfontein underground operations at the CRM from external or internal sources (ongoing);
Complete the second phase of the TSF capital works program and confirm the TSF dam space for new ROM tailings (ongoing);
Optimize Main Plant Circuit B for underground operations (initiated);
Renovate Circuit D to high energy flotation cells for better ROM processing recovery rate to 82% or higher (initiated);
Advance the Mareesburg and Spitzkop project environmental work to complete the Environmental Impact Assessment ("EIA") and other environmental studies and amendments (ongoing); and
Continue prospecting and assessment work in relation to Zandfontein, Crocette and Kareespruit sections of the CRM and Kennedy's Vale and Spitzkop mines at the eastern limb of the Bushveld Complex (ongoing).

Eastplats completed a life-of-mine study and underground mine design for Zandfontein in 2022 and the Board of Directors supported carrying out the Zandfontein underground restart business plan, subject to final evaluation and funding arrangements. During 2024, the Company is focusing on ramping up operations at the Zandfontein underground, subject to capital availability and profitability of its chrome operations. If successful, PGM production is expected to increase in 2024. There are no other expected changes to the business in 2024.

Care and maintenance will continue for the Company's previously developed eastern limb projects for 2024. The Company is actively looking at opportunities for its other assets including continuing to explore options to utilize or monetize these assets.

The Company has a primary listing on the Toronto Stock Exchange and a secondary listing on the JSE Limited.

The Company has filed the following documents, under the Company's profile on SEDAR+ at www.sedarplus.ca:

Audited Consolidated Financial Statements for the fiscal year ended December 31, 2023;
Management's Discussion and Analysis for the fiscal year ended December 31, 2023; and
Annual Information Form at December 31, 2023.

The audited consolidated financial statements for the fiscal year ended December 31, 2023 is available for download at https://www.eastplats.com/investors/quarterly-reports/F2023/ and is also available on the JSE's website at:

https://senspdf.jse.co.za/documents/2023/JSE/ISSE/EPS/FY23.pdf.

About Eastern Platinum Limited

Eastplats owns directly and indirectly a number of PGM and chrome assets in the Republic of South Africa. All of the Company's properties are situated on the western limb (Crocodile River Mine) and eastern limb (Kennedy's Vale, Spitzkop, Mareesburg) of the Bushveld Complex, the geological environment that hosts approximately 80% of the world's PGM-bearing ore.

Operations at the Crocodile River Mine currently include re-mining and processing its tailings resource from the Barplats Zandfontein tailings dam and mining and processing ore from the Zandfontein underground section to both produce PGM and chrome concentrates.

Cautionary Statement Regarding Forward-Looking Information

In particular, this press release contains, without limitation, forward-looking statements pertaining to: the length of operations of the Retreatment Project into late 2024; processing of the CRM tailings from the TSF; timing for the processing of underground ROM in may or June 2024; the Company's targets for 2024 including resolving the outstanding receivables and related matters with Union Goal; ramping-up the Zandfontein underground operations; confirming capital plans to support the full re-opening of Zandfontein underground operations at the CRM; completing the second phase of the TSF capital works program and confirming the TSF dam space for new ROM tailings; optimizing Main Plant Circuit B for underground operations; renovating Circuit D to high energy flotation cells for better ROM processing recovery rate to 82% or higher; advancing the Mareesburg project environmental work to complete the EIA and other environmental studies and amendments; continuing prospecting and assessment work in relation to Zandfontein, Crocette and Spitzkop ore bodies of the CRM and Kennedy's Vale and Spitzkop mines at the eastern limb of the Bushveld Complex; PGM production for 2024; care and maintenance will continue for the Company's eastern limb projects for 2024; and other potential changes during 2024. These forward-looking statements are based on assumptions made by and information currently available to the Company. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties and readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, unanticipated problems that may arise in the Company's production processes, commodity prices, lower than expected grades and quantities of resources, need for additional funding and availability of such additional funding on acceptable terms, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.

All forward-looking statements in this press release are expressly qualified in their entirety by this cautionary statement, the "Cautionary Statement on Forward-Looking Information" section contained in the Company's most recent Management's Discussion and Analysis available under the Company's profile on www.sedarplus.ca. The forward-looking statements in this press release are made as of the date they are given and, except as required by applicable securities laws, the Company disclaims any intention or obligation, and does not undertake, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

SOURCE Eastern Platinum Ltd.

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2024/03/c3236.html

Apple (AAPL)

Apple shares climbed in pre-market trading after the iPhone maker reported fiscal second-quarter earnings that topped estimates and announced an expanded stock buyback programme.

The tech company reported revenue of $90.75bn ($72.22bn) in the first three months of 2024, down 4% from the year before but slightly ahead of consensus estimates for $90.3bn.

Sales of its flagship iPhone were down 10% from the year before to $46bn, compared with $51.3bn the previous year, and sales in China fell to $16.3bn for the quarter, against $17.8bn a year ago.

Apple reported net income of $23.64bn, or $1.53 per share, down 2% from $24.16bn, or $1.52 per share, in the year-earlier period.

CEO Tim Cook attempted to reassure investors about the state of the business in the world's second largest economy, noting that iPhone sales were actually up in mainland China.

"I maintain a great view of China in the long term," he said.

The company also announced another $110bn in share buybacks and raised its quarterly dividend by 4%.

Coinbase (COIN)

Coinbase reported better-than-expected revenue in its first-quarter earnings report, helped by an uptick in cryptocurrency trading following the launch of the first US-listed exchange traded funds (ETFs) tracking bitcoin in January.

Coinbase, the primary marketplace in the US for buying and selling digital tokens, reported net income of $1.18bn or $4.40 per share, compared to a year-ago loss of $78.9m, or 34 cents a share.

Yet the stock of the largest US cryptocurrency exchange fell by as much as 4% in pre-market trading.

Net income rose to $1.17bn, the highest mark in nine quarters, while net revenue rose by 115% when compared to the year-ago period.

Consumer transaction revenue doubled from the previous quarter, reaching $935.2m, and volume was up over 93%, to $56bn.

Anglo American (AAL.L)

Anglo American has jumped 3% after Reuters reported that Glencore (GLEN.L) was considering an approach for the 107-year old miner, a move that could spark a bidding war.

Glencore has had internal preliminary discussions and those may not lead to the company making an approach to Anglo, Reuters said Thursday. A Glencore spokesperson told Reuters the company doesn’t comment on rumour or speculation.

Anglo American is already the subject of bid interest from larger peer BHP Group Ltd.

Last Friday, Anglo American ‘unanimously’ rejected an ‘opportunistic’ offer from BHP on grounds that it ‘significantly undervalues’ the London-based miner.

Diageo (DGE.L)

Guinness owner Diageo has poached the finance boss of the world’s largest Coca-Cola bottler as it seeks to recover from a drop in sales and profits.

Lavanya Chandrashekar, who joined the Guinness and Johnnie Walker maker as finance chief of its North America business in 2018, will be replaced by Nik Jhangiani, CFO at Coca-Cola’s largest bottler, Coca-Cola Europacific Partners (CCEP).

Shares have fallen by around 15% over the past six months after Diageo issued a profit warning due to a substantial slowdown in sales in the Latin America and the Caribbean.

“Diageo’s weak share price performance has, in part, reflected questions around financial communication and some perceived mis-steps from senior management, so we think this will be moderately well received,” said RBC Capital analyst James Edwardes Jones.

Watch: Market strategist debunks 'sell in May' strategy

Download the Yahoo Finance app, available for Apple and Android.

The FTSE 100 (^FTSE) and European stocks closed higher on Friday amid hopes that the cooldown in the US labour market will embolden the US Federal Reserve to begin cutting interest rates.

London’s blue-chip share index was propelled to a new all-time peak of 8,248.73 amid hopes that the cooldown in the US labour market will embolden the US Federal Reserve to begin cutting interest rates. It closed 0.4% higher at 8,206 points.
Germany's DAX (^GDAXI) rose 0.5% and the CAC (^FCHI) in Paris also finished 0.5% higher.
The pan-European STOXX 600 (^STOXX) gained 0.4%.
Apple (AAPL) reported better-than-anticipated earnings and revenue, though iPhone sales fell about 10% year over year.
Across the pond, the Dow Jones Industrial Average (^DJI) jumped 1%, while the S&P 500 (^GSPC) rose 1.1%. The tech-heavy Nasdaq Composite (^IXIC) increased roughly 1.8%.
The pound (GBPUSD=X) was higher against the dollar at 1.2558.

Follow along for live updates throughout the day:

LIVE COVERAGE IS OVER15 updates

FeaturedFri, May 3, 2024 at 4:45 AM EDTPedro GoncalvesUK pulling out of recession as services sector growth hits 11-month high
Activity in the UK’s services sector rose at the fastest rate nearly a year in April, as spending was boosted by improved consumer and business confidence, according to new data.

The S&P Global UK services PMI survey scored 55.0 in April, up from 53.1 in March, and above estimates from economists.

It was also the fastest rate of business activity growth since May last year.

Any reading above 50 indicates that the services sector is growing, while anything below that implies it is shrinking.

Tim Moore, economics director at S&P Global, said:

The latest survey results are consistent with the UK economy growing at a quarterly rate of 0.4% and therefore pulling further out of last year’s shallow recession. Relief at a turnaround in the economic outlook was commonly cited as a factor supporting sales pipelines in April. However, there were also reports that clients remained somewhat risk averse and under pressure from elevated inflation.

Fri, May 3, 2024 at 11:29 AM EDTPedro Goncalves
That is all we have time for today but do follow our US blog for the latest moving markets across the pond.

Hope you’ll join us again Tuesday as we bring you the latest stock news.

Thanks,

PHG
Fri, May 3, 2024 at 10:31 AM EDTPedro Goncalves Traders bet on faster interest rate cuts as US job growth slows
Richard Flynn, managing director at Charles Schwab UK, said: “In recent months, it has become clear that the Fed is happy to move slowly in the cutting part of the rate cycle, but unwanted and unexpected weakness in the economy, as we are seeing today, may cause a shift in this approach.

“A dive in the labour market may be what it takes to push the Fed from a stroll to a sprint.”
Fri, May 3, 2024 at 9:57 AM EDTPedro GoncalvesUS stock markets surge at the open
US stocks surged on Friday, as upbeat earnings from Apple (AAPL) lifted spirits and a weaker-than-expected jobs report revived bets that the Federal Reserve could cut interest rates sooner than thought.

The April jobs report painted a picture of a cooling US labor market, as employers added 175,000 jobs and the unemployment rate unexpectedly jumped to 3.9%. Economists had expected an addition of 240,000 jobs.

The report pushed up bets on a sooner-than-expected rate cut from the Fed.

The Dow Jones Industrial Average (^DJI) jumped 1.5%, or more than 500 points, while the S&P 500 (^GSPC) rose 1.2%. The tech-heavy Nasdaq Composite (^IXIC) increased roughly 1.9%. All three gauges are poised to build on sharp closing gains from Thursday.

Read the full story here
Fri, May 3, 2024 at 9:54 AM EDTPedro GoncalvesMortgage mistake costing homeowners £3,000 Almost a third of homeowners (31%) have let their mortgage rates revert to a higher rate before (Mark Waugh)
Almost a third (31%) of homeowners have let their mortgage slip into a higher rate for at least 1 month after their fixed-rate deal has ended, a mistake that can add £3,000 in unnecessary mortgage repayments

The total amount of time during which people had let their mortgage revert to a higher rate was an average of 10 months over the course of their mortgage, according to a survey by personal finance comparison site finder.com

Someone paying off the cost of the UK’s average house, worth £281,913, on a competitive fixed 3-year rate* of 5.5% would pay £1,361 per month during those 3 years.

But if they didn’t remortgage immediately at the end of the initial fixed term, the interest rate would revert to the lender’s standard variable rate, which is typically around 7.5% at the moment. This would cost them £1,661 per month, which is an extra £300. The average person paying 10 months of this would therefore part with an extra £3,000 to pay the extra interest.

While the average time that homeowners in the survey had left their revert rate going was 10 months, over 1 in 10 (11%) had paid a higher revert rate for more than 1 year. Worryingly, 3% said they’d paid a revert rate for over 5 years. This would cost over £30,000 in extra interest.
Fri, May 3, 2024 at 6:56 AM EDTPedro GoncalvesHSBC expects interest rate cut in June
HSBC is in a strong position to continue paying robust dividends to shareholders chairman Mark Tucker said at the bank’s annual shareholder meeting.

He predicts that the BoE will lower interest rates by 1.5 percentage points by the end of next year. That would lower Bank Rate to 3.75%, from 5.25% today.

“We expect the ECB and Bank of England to cut rates in June, cutting by 150bps by year-end 2025. We expect the Fed to cut in September, cutting by 100bps by year-end 2025,” Tucker said.

The bank returned $19bn to shareholders in 2023 through dividends and share buybacks, has announced a further $8.8bn so far for 2024.
Fri, May 3, 2024 at 6:26 AM EDTPedro GoncalvesTGI Fridays operator Hostmore narrows losses after cost-cutting
TGI Fridays operator Hostmore has narrowed its losses for the past year as it pushed forward with its turnaround strategy.

The UK hospitality company reported lower revenues in the face of the challenging backdrop for hospitality firms.

The update comes weeks after Hostmore, which runs 89 sites across the UK, agreed a deal to merge with US-based TGI Fridays Inc, to create a larger firm which will remain listed in London.

Hostmore said that 2023 was a “transitional year” as it sought to put its finances back on a strong footing.

It revealed revenues for the year to December 31 of £190.7m, dropping from £195.7m in 2022.

Nevertheless, it heavily reduced its pre-tax losses to £25.5m from £108.3m a year earlier.

The reduction came after significant cost-cutting, which it said provided a £6.2m boost last year.
Fri, May 3, 2024 at 5:50 AM EDTPedro GoncalvesTrending tickers: Apple, Coinbase, Anglo American and DiageoApple beat expectations (Reuters / Reuters)
Apple (AAPL) – Apple shares climbed in pre-market trading after the iPhone maker reported fiscal second-quarter earnings that topped estimates and announced an expanded stock buyback programme.

Coinbase (COIN) – Coinbase reported better-than-expected revenue in its first-quarter earnings report, helped by an uptick in cryptocurrency trading following the launch of the first US-listed exchange traded funds (ETFs) tracking bitcoin in January.

Anglo American (AAL.L) – Anglo American has jumped 3% after Reuters reported that Glencore (GLEN.L) was considering an approach for the 107-year old miner, a move that could spark a bidding war.

Diageo (DGE.L) – Guinness owner Diageo has poached the finance boss of the world’s largest Coca-Cola bottler as it seeks to recover from a drop in sales and profits.

Read the full story here
Fri, May 3, 2024 at 4:15 AM EDTPedro GoncalvesOil prices set for steepest weekly drop in 3 months
The oil price is on track for its biggest weekly losses in three months, bringing relief to consumers.

Brent crude futures (BZ=F) rose to $83.98 per barrel. Meanwhile, US West Texas Intermediate (MCL=F) crude futures climbed to $79.22 per barrel.

Still, both benchmarks were on track for weekly losses as investors worried about the prospect of higher-for-longer interest rates curbing growth in the US, the top global oil consumer, and in other parts of the world.

“With the US driving season almost upon us, high inflation may see consumers opt for shorter drives over the holiday period,” analysts at ANZ Research said in a note.
Fri, May 3, 2024 at 4:05 AM EDTPedro GoncalvesFTSE nears all time high but has further to climb, says Interactive Investor
In the City, the blue-chip share index has nearly hit a new all time high at the start of trading.

Richard Hunter, head of markets at Interactive Investor, suggests the London stock market has further to climb:

US markets may have lost some of their mojo but the same cannot be said for a flourishing FTSE100, where opening strength lifted gains in the year so far to 6%. The mixture of technical factors, such as rising commodity prices and higher interest rates underpinning the likes of the mining, oil and banking sectors has been combined with improving sentiment towards the premier index. Even at these elevated levels at or around record highs, the valuation of the index remains undemanding in comparison to many of its peers which could suggest that the recent rally still has some way to go.
Fri, May 3, 2024 at 4:01 AM EDTPedro GoncalvesWall Street ends higher as Fed signals dovish biasWall Street closed higher (Reuters / Reuters)
US stocks strode higher Thursday in a calm after the Fed day storm, as investors set aside rate worries for now to focus on Apple (AAPL) earnings and the coming monthly jobs report.

The S&P 500 (^GSPC) rose roughly 0.9%, while the Dow Jones Industrial Average (^DJI) gained about 0.8%. The tech-heavy Nasdaq Composite (^IXIC) led the gains, up 1.5%.

Stocks are recovering from Wednesday’s volatile session dominated by the wait for the Federal Reserve’s policy decision. Chair Jerome Powell played down the likelihood of an interest-rate hike, bringing relief to investors worried that recent signs of “sticky” inflation might prompt that move.

Read the full article here
Fri, May 3, 2024 at 3:56 AM EDTPedro GoncalvesTrainline leads FTSE 230 as it surpasses £5bn ticket sales
Rail ticket platform Trainline (TRN.L) are the top riser on the FTSE 250 (^FTMC) after doubling its operating profits in the last year.

Trainline surpassed £5bn in ticket sales for the first time, as the aggregator enjoyed a recovery in rail travel in Britain and sharp growth across Europe.

The London-listed company’s pre-tax profit more than doubled to £48m in the year ending February 29, buoyed by an easing in rail strikes, which fell to 25 days from 30 in the previous 12 months.

Trainline’s ticket sales grew 22% year-on-year, mainly driven by £3.5bn in UK tickets. The overall British rail market recovered to an estimated £10.6bn in passenger revenues during the reporting period, up from £8.9bn in the prior year.

The bumper year was further boosted by sales across Spain and Italy, which grew a combined 43%, as Trainline further penetrated both international markets.

On the back of its European growth, Trainline also surpassed £1bn in international ticket sales for the first time.
Fri, May 3, 2024 at 3:50 AM EDTPedro GoncalvesAsda refinances £3.2bn of debt
Supermarket Asda has refinanced around £3.2bn of its debt amid “strong demand” from investors.

It said the new bond agreements will now mature in 2030 and 2031.

As part of the refinancing, the UK’s third largest grocery chain said it also used £300m of cash from its balance sheet to reduce its gross debt.

Asda had net debt of £3.8bn at the end of 2023, having built up the debt pile through its takeover by the billionaire Issa brother and private equity firm TDR Capital.

Michael Gleeson, Asda’s chief financial officer, said: “We saw strong demand from investors after taking a thoughtful and prudent approach to refinancing our near-term debt well ahead of maturities – to further strengthen our balance sheet.

“The refinancing also reflects the wider strength of Asda as a diversified retail group with a strong grocery business at its core supported by a fantastic non-food offering in George and following recent investments, a major presence in the high-growth convenience and food-service markets.”
Fri, May 3, 2024 at 3:46 AM EDTPedro GoncalvesAsia stocks hit 15-month high
Asian stocks surged to their highest in 15 months led by tech and Hong Kong stocks.

Hong Kong’s Hang Seng jumped 1% to 18,301.11, tracking gains on Wall Street. News of fresh moves by Chinese leaders to energise the economy helped drive buying of technology shares.

Gains were driven by e-commerce giant Alibaba (9988.HK) climbing 4.4% and rival JD.com (9618.HK) gaining 5%.

Vey-Sern Ling, managing director at Union Bancaire Privée, said: “The strong performance in the past two weeks is probably attracting more fund inflows for fear of missing out.

“Even after the sharp rally, valuations for the China tech stocks are still well below historical average as well as when compared with global peers.”

Several major markets including Tokyo (^N225) and Shanghai (000001.SS) were closed for holidays.
Fri, May 3, 2024 at 3:15 AM EDTPedro GoncalvesHoliday Inn owner boosted by Europe and China
Holiday Inn operator Intercontinental Hotels Group (IHG) has revealed stronger revenues over the first quarter of 2024 driven by growth in Europe and Asia.

It came as the company, which also runs Crowne Plaza hotels, continued to expand by opening more than 6,200 rooms across 46 hotels during the period.

This represented an 11% rise in room openings compared to the same quarter a year earlier.

IHG told shareholders that global revenues per available room grew by 2.6% for the quarter.

Elie Maalouf, chief executive officer of IHG Hotels & Resorts, said: “There was an impressive performance in EMEAA (Europe Middle East Africa and Asia) which was up nearly 9%.

“The Americas, having already recovered very strongly, was broadly flat due to some adverse calendar timing, and Greater China grew by 2.5% and will continue to benefit from returning international inbound travel this year.

“Global occupancy moved up to 62% and average daily rate increased by a further 2% as pricing remained robust, reflecting the complete return of leisure, business, and group travel.”

Watch: Apple Q2 earnings: Key takeaways

Download the Yahoo Finance app, available for Apple and Android.

(Bloomberg) — BHP Group Ltd.’s audacious approach for Anglo American Plc stands to reshape the global mining industry if it succeeds as planned, and antitrust authorities from China to South Africa and Japan are likely to play as important a role as shareholders in determining the final outcome.

Most Read from Bloomberg

The proposed $39 billion combination — which has been rejected by the smaller rival — would create the world’s largest copper producer, with about 10% of supply, and add heft to BHP’s already significant iron ore and coal operations. It would also require Anglo to divest South African subsidiaries. That’s more than enough to trigger intense oversight by regulators concerned about implications for market concentration and access to key minerals.

With BHP, Anglo and rivals pondering their next moves, here’s a run through the global antitrust landscape.

China

While Anglo American produces a varied suite of commodities from more than a dozen jurisdictions that span the globe, the biggest likely antitrust obstacle to its ambition focuses squarely on copper. It’s the heart of the deal’s rationale for BHP, given the metal’s role in the energy transition, but also a major concern for governments everywhere — nowhere more so than in China, the top consumer of the metal.

“I would totally anticipate that China would complain, full stop,” Allan Trench, professor at the University of Western Australia Business School, told Bloomberg, highlighting concerns about copper concentrate. That portion of the market — the semi-processed form of the metal – has been very tight this year, forcing smelters into debilitating competition for supplies.

Beijing has established form when it comes to forcing an acquiring company into select divestments to secure antitrust approval. In 2013, Glencore Plc was able to secure its $30 billion takeover of Xstrata Plc — but after agreeing to sell the Las Bambas copper mine in Peru, following concerns raised by China’s regulator. The asset went to a Chinese producer.

Read more: Chinese Miners See Opportunities as BHP’s Mega Bid Unfolds

Since then, however, much has changed. It’s unclear Beijing would, in 2024, be able to impose a penalty and benefit from the remedy. Trade tensions between China and Western nations are more elevated, including around strategic minerals and Beijing’s dominance of green technology.

The shift toward clean fuel has also turbo-charged expectations for copper demand, while miners are only finding it harder — and more costly — to bring new pits online.

“Glencore’s bid for Xstrata came at a time when the China demand story had already been driving the copper price for more than a decade and there were some questions over how long that had to run further,” said Craig Lang, principal analyst at CRU Group. “It was pre the green-energy transition, which is driving the demand outlook today.”

WilmerHale law firm partner Lester Ross said that Beijing would have concerns, stressing that China would want to ensure supply is unaffected. “The most important thing — more than the price setting — is simply access to, and control of, the resource,” Ross said.

Peter Arkell, chairman of the Global Mining Association of China and managing director of consultants Carrington Day, said both BHP and Anglo were good suppliers to the Chinese market: “They both have very strong relationships with China, so I don’t think, from that point of view, China’s going to be concerned.”

Of course, China could still benefit from the deal, if metals heavyweights like China Minmetals Corp. acquire assets that BHP wants to — or is forced to — divest.

South Africa

Anglo may have its roots in South Africa, but BHP’s putative deal envisages the spinoff of its controlling stakes in local platinum and iron ore companies to its shareholders as a condition. With the country due to head to the polls, that’s already touched a nerve.

A keenly contested race, this month’s election could see the ruling party lose its majority for the first time since the African National Congress came to power in 1994. The opposition has already presented BHP’s bid as a stinging rebuke of the government’s handling of the economy in a country with one of the world’s highest unemployment rates and deteriorating infrastructure.

Read more: BHP CEO Flies to South Africa to Push $39 Billion Takeover

“The South Africans will be pretty worried, given the prominent position of Anglo’s history of significant participation in the South African economy,” said Arkell. “From the South African regulator’s point of view, if a Chinese entity entered the discussion for some or all of Anglo’s assets, the South African regulators might say ‘Actually, we prefer that’.”

Chile

There may be a smoother ride in Chile, where Anglo’s interests include a stake in the giant Collahuasi mine. While the authorities may take a look at the potential deal’s impact, they aren’t expected to impose any significant restrictions given the country ships out almost all of the copper it mines.

“In antitrust terms, in Chile there are no risks from the point of view of copper production, since Chile practically does not consume this metal,” said Juan Ignacio Guzman, head of GEM, a mineral consulting firm in Chile.

Chile’s competition authority, meanwhile, has declined to comment on any antitrust issues given it hasn’t been notified of, or studied, the BHP proposal.

Japan

Japanese authorities are also likely to run the slide rule over any transaction, in part because adding Anglo’s coal and iron ore mines in Australia and Brazil to BHP’s already extensive portfolio could rattle Japanese steel mills, which rely heavily on external supplies. In the steelmaking-coal business, a combined business could account for as much as 19% of all seaborne shipments, although that’s less than BHP’s share in 2022, according to Bloomberg Intelligence.

Rest of World

Given the size and significance of the potential bid, BHP will need to notify competition authorities in countries or blocs such as the European Union beyond the dozen or so in which Anglo produces materials. Back in 2012, the EU authorities gave their seal of approval to Glencore’s takeover of Xstrata after the former resolved concerns that centered on preserving competition in zinc, offering to sell its stake in the then-largest producer of the metal.

“Many countries’ competition laws have extraterritorial reach,” said Wendy Ng, an associate professor at the University of Melbourne’s law school. “I would expect that BHP-Anglo American will need to file for merger competition review in countries beyond the 12” that Anglo operates in, she said.

BHP declined to comment for this story.

–With assistance from Sybilla Gross, Shoko Oda and William Clowes.

Most Read from Bloomberg Businessweek

Virtual Investor Conferences

Company Executives Share Vision and Answer Questions Live at VirtualInvestorConferences.com

NEW YORK, May 03, 2024 (GLOBE NEWSWIRE) — Virtual Investor Conferences, the leading proprietary investor conference series, today announced the presentations from the Uranium, Battery and Precious Metals Virtual Investor Conference held April 30th through May 2nd are now available for online viewing.

The company presentations will be available 24/7 for 90 days. Investors, advisors, and analysts may download investor materials from the company’s resource section.

Select companies are accepting 1×1 management meeting requests through May 7th.

April 30th

Presentation	Ticker(s)
Bannerman Energy Ltd.	OTCQX: BNNLF \| ASX: BMN
Global Atomic Corp.	OTCQX: GLATF \| TSX: GLO
F3 Uranium Corp.	OTCQB: FUUFF \| TSXV: FUU
Western Uranium & Vanadium Corp.	OTCQX: WSTRF \| CSE: WUC
Myriad Uranium Corp.	OTCQB: MYRUF \| CSE: M
C2C Metals Corp.	Pink: CTCGF \| CSE: CTOC

May 1st

Presentation	Ticker(s)
Novo Resources Corp.	OTCQX: NSRPF \| TSX: NVO
CleanTech Lithium Plc	OTCQX: CTLHF \| AIM: CTL
Outcrop Silver	OTCQX: OCGSF \| TSXV: OCG
WallBridge Mining Company Ltd.	OTCQB: WLBMF \| TSX: WM
Minera Alamos, Inc.	OTCQX: MAIFF \| TSXV: MAI
Graphite One Inc.	OTCQX: GPHOF \| TSXV: GPH
Spruce Ridge Resources Ltd	OTCQB: SRCGF \| TSXV: SHL
AbraSilver Resource Corp.	OTCQX: ABBRF \| TSXV: ABRA
White Gold Corp.	OTCQX: WHGOF \| TSXV: WGO
O3 Mining Inc.	OTCQX: OIIIF \| TSXV: OIII

May 2nd

Presentation	Ticker(s)
Serabi Gold Plc	OTCQX: SRBIF \| TSX: SBI
Silver Range Resources Ltd.	Pink: SLRRF \| TSXV: SNG
Newcore Gold Ltd.	OTCQX: NCAUF \| TSXV: NCAU

To facilitate investor relations scheduling and to view a complete calendar of Virtual Investor Conferences, please visit www.virtualinvestorconferences.com.

About Virtual Investor Conferences®

Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

Media Contact: OTC Markets Group Inc. +1 (212) 896-4428, media@otcmarkets.com

Virtual Investor Conferences Contact:John M. ViglottiSVP Corporate Services, Investor AccessOTC Markets Group (212) 220-2221johnv@otcmarkets.com

(Bloomberg) — Brazil’s government rejected mining giants Vale SA and BHP Group Ltd.’s offer to pay about $25.7 billion (127 billion reais) in total compensation for a 2015 tailings dam disaster at the companies’ iron ore joint venture Samarco Mariana.

Most Read from Bloomberg

“I cannot fail to express my outrage at how brazen it is for Vale and BHP to present a settlement proposal for the humanitarian tragedy of Mariana that’s less adequate than the previous one,” the nation’s Mines and Energy Minister, Alexandre Silveira, said in an interview with Bloomberg in Rome. “We’ll reject it.”

Read More: BHP, Vale Offer Brazil $25.7 Billion to Cover Dam Disaster (1)

Silveira said the proposal is technically and economically inappropriate because it reduces the companies’ obligations, transferring them to the federal government and the states. Brazil’s general attorney’s office confirmed in a statement the proposal was officially rejected Friday.

Brazil’s mines and energy chief signaled that President Luiz Inacio Lula da Silva’s government is studying legal ways of putting pressure on Vale, BHP and Samarco to speed up a settlement, without giving details.

“Vale and BHP either make an agreement or they will face the full rigor of the law,” Silveira said.

Minas Gerais state government said in a statement that it sees room for adjustments in the companies’ proposal with a focus on speeding up the reparation, adding that there has been progress compared with the previous $8.2 billion (42 billion reais) offer. State Planning Secretary Luisa Barreto criticized what she called “a unilateral decision by the federal government” to reject it.

A final settlement in the 2015 Mariana dam collapse, which killed 19 people and contaminated waterways in two Brazilian states, would remove a major legal shadow hanging over the companies and cement a reparation schedule for victims in what is Brazil’s biggest environmental disaster.

Silveira said he is concerned that BHP could expand operations in Brazil before giving reparation to the victims of Samarco dam break, if a bid to buy rival miner Anglo American Plc is successful. Anglo holds Minas Rio iron ore mine in Minas Gerais, one of the two states directly affected by Samarco’s dam collapse.

–With assistance from Carlos Caminada.

Most Read from Bloomberg Businessweek

On April 30, 2024, Director PALOMINO BONILLA LUIS MIGUEL of Southern Copper Corp (NYSE:SCCO) sold 3,600 shares of the company, according to the SEC Filing. This transaction was executed in a single batch at a price of $118.36 per share, totaling approximately $426,096.

Southern Copper Corp, primarily engaged in mining, exploring, smelting, and refining copper and other minerals in Peru, Mexico, Argentina, Ecuador, and Chile, is one of the largest integrated copper producers in the world. The company's operations include open-pit and underground mines, mills, smelters, refineries, and other processing facilities.

Over the past year, the insider, PALOMINO BONILLA LUIS MIGUEL, has sold a total of 10,797 shares of Southern Copper Corp and has not made any purchases. This recent sale follows a trend observed over the past year, where there have been 20 insider sells and no insider buys.

Insider Sale at Southern Copper Corp (SCCO): Director PALOMINO BONILLA LUIS MIGUEL Sells Shares

As of the latest transaction, Southern Copper Corp has a market cap of approximately $89.04 billion. The stock's price-earnings ratio stands at 37.88, significantly higher than both the industry median and its historical median.

The GF Value of Southern Copper Corp is estimated at $69.00, indicating that the stock is currently Significantly Overvalued with a price-to-GF-Value ratio of 1.72.

Insider Sale at Southern Copper Corp (SCCO): Director PALOMINO BONILLA LUIS MIGUEL Sells Shares

The GF Value is calculated considering historical trading multiples, an adjustment factor based on past returns and growth, and future business performance estimates provided by Morningstar analysts.

This insider sale might interest investors tracking insider behaviors as an indicator of the company's future performance and valuation alignment.

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.

This article first appeared on GuruFocus.

On April 30, 2024, Director Luis Miguel Palomino Bonilla of Southern Copper Corp (NYSE:SCCO) sold 3,600 shares of the company, according to the SEC Filing. The transaction occurred with the shares priced at $118.3 each.

Southern Copper Corp, a major player in the mining industry, focuses on the production of copper, molybdenum, zinc, lead, coal, and silver. The company operates mining sites primarily in Peru and Mexico.

Over the past year, the insider has sold a total of 10,797 shares of Southern Copper Corp and has not purchased any shares. This recent transaction is part of a broader trend where the company has seen 20 insider sales and no insider buys over the same period.

Insider Sale at Southern Copper Corp (SCCO): Director Luis Miguel Palomino Bonilla Sells Shares

Following this sale, shares of Southern Copper Corp were trading at $118.3, giving the company a market cap of approximately $89.04 billion. The price-earnings ratio of the company stands at 37.88, significantly above both the industry median and the company's historical median.

The stock's valuation, according to GF Value, is considered significantly overvalued with a price-to-GF-Value ratio of 1.71, based on a GF Value of $69.00.

Insider Sale at Southern Copper Corp (SCCO): Director Luis Miguel Palomino Bonilla Sells Shares

The GF Value is calculated considering historical trading multiples, an adjustment factor based on past returns and growth, and future business performance estimates provided by Morningstar analysts.

This insider sale might interest investors tracking insider behaviors as an indicator of the company's future performance and stock valuation.

This article first appeared on GuruFocus.

Buying shares in the best businesses can build meaningful wealth for you and your family. And highest quality companies can see their share prices grow by huge amounts. To wit, the Freeport-McMoRan Inc. (NYSE:FCX) share price has soared 339% over five years. And this is just one example of the epic gains achieved by some long term investors. On top of that, the share price is up 24% in about a quarter. The company reported its financial results recently; you can catch up on the latest numbers by reading our company report.

Since it's been a strong week for Freeport-McMoRan shareholders, let's have a look at trend of the longer term fundamentals.

View our latest analysis for Freeport-McMoRan

While markets are a powerful pricing mechanism, share prices reflect investor sentiment, not just underlying business performance. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.

During five years of share price growth, Freeport-McMoRan actually saw its EPS drop 3.0% per year.

So it's hard to argue that the earnings per share are the best metric to judge the company, as it may not be optimized for profits at this point. Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.

We doubt the modest 1.2% dividend yield is attracting many buyers to the stock. On the other hand, Freeport-McMoRan's revenue is growing nicely, at a compound rate of 12% over the last five years. In that case, the company may be sacrificing current earnings per share to drive growth.

The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).

earnings-and-revenue-growth

We consider it positive that insiders have made significant purchases in the last year. Having said that, most people consider earnings and revenue growth trends to be a more meaningful guide to the business. So we recommend checking out this free report showing consensus forecasts

What About Dividends?

When looking at investment returns, it is important to consider the difference between total shareholder return (TSR) and share price return. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. We note that for Freeport-McMoRan the TSR over the last 5 years was 366%, which is better than the share price return mentioned above. This is largely a result of its dividend payments!

A Different Perspective

We're pleased to report that Freeport-McMoRan shareholders have received a total shareholder return of 39% over one year. And that does include the dividend. That's better than the annualised return of 36% over half a decade, implying that the company is doing better recently. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. Consider risks, for instance. Every company has them, and we've spotted 1 warning sign for Freeport-McMoRan you should know about.

Freeport-McMoRan is not the only stock that insiders are buying. For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket.

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges.

For Immediate Release

Chicago, IL – May 2, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Thermo Fisher Scientific Inc. TMO, The Walt Disney Co. DIS, Southern Copper Corp. SCCO, Tractor Supply Co. TSCO and Omnicom Group Inc. OMC.

Here are highlights from Wednesday’s Analyst Blog:Top Research Reports for Thermo Fisher, Disney and Southern Copper

The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Thermo Fisher Scientific Inc., The Walt Disney Co. and Southern Copper Corp. These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.You can see all of today’s research reports here >>>Thermo Fisher Scientific’s shares have outperformed the Zacks Medical – Instruments industry over the past year (+4.9% vs. +3.0%). The company is braving the ongoing tough economic conditions by utilizing the (Practical Process Improvement) PPI Business System, resulting in strong financial performance.Thermo Fisher Scientific’s growth strategy is further bolstered by the introduction of the Axiom PangenomiX Array, a high-throughput array designed for global genomic studies. The consistent efforts to expand bioproduction purification resin capacity, which is used in the mRNA manufacturing process, look encouraging.The company continues to prioritize its partnership with customers to drive innovation and improve patient care, which bodes well. A strong solvency position is an added advantage. The raised 2024 outlook instills optimism. However, the year-over-year decline in revenues in Life Science Solutions and Laboratory Products and Biopharma Services looks disappointing.(You can read the full research report on Thermo Fisher Scientific here >>>)Shares of Walt Disney have outperformed the Zacks Media Conglomerates industry over the past year (+10.8% vs. -0.1%). The company is benefiting from a solid revival in the domestic and international theme park businesses. Recent attractions like the Frozen theme land at Hong Kong Disneyland and Walt Disney Park in Paris, as well as the Zootopia theme land at Shanghai Disney, are expected to boost the prospects of the theme park business.The company’s declining ad revenues due to fewer impressions have been a headwind for some time now. Disney+’s profitability is expected to be hurt by higher investments in content, which will increase programming and production costs in the Media and Entertainment Distribution segment.Its leveraged balance sheet remains a concern. Disney+ is facing tough competition in the streaming market from the likes of Netflix and Amazon Prime Video.(You can read the full research report on Walt Disney here >>>)Southern Copper’s shares have outperformed the Zacks Mining – Non Ferrous industry over the past year (+59.4% vs. +43.7%). The company expects copper production to be up 4.1% year over year and reach 948,800 tons in 2024 driven by the Pilares project running at full capacity and the Buenavista zinc concentrator ramp-up.Copper prices had been impacted in the earlier part of 2024 due to weak demand in China and the manufacturing sector. However, prices have rebounded recently supported by China's output reduction plans and pickup in industrial activity. Higher output and metal prices will aid the top line and cost-control measures will help offset the impact of inflated labor and operating costs on margins.With substantial copper reserves and strategic growth investments, Southern Copper is positioned for strong performance. The long-term prospects for copper remains positive, buoyed by U.S. infrastructure investment and global clean energy transition.(You can read the full research report on Sothern Copper here >>>)Other noteworthy reports we are featuring today include Tractor Supply Co. and Omnicom Group Inc.

Why Haven’t You Looked at Zacks' Top Stocks?

Since 2000, our top stock-picking strategies have blown away the S&P's +7.0 average gain per year. Amazingly, they soared with average gains of +44.9%, +48.4% and +55.2% per year.

Today you can access their live picks without cost or obligation.

See Stocks Free >>

Media Contact

Zacks Investment Research

800-767-3771 ext. 9339

support@zacks.com

https://www.zacks.com

Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.

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

Omnicom Group Inc. (OMC) : Free Stock Analysis Report

Thermo Fisher Scientific Inc. (TMO) : Free Stock Analysis Report

Tractor Supply Company (TSCO) : Free Stock Analysis Report

The Walt Disney Company (DIS) : Free Stock Analysis Report

Southern Copper Corporation (SCCO) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

(Bloomberg) — Glencore Plc is evaluating a potential bid for Anglo American Plc, a move that could set up a takeover battle with BHP Group Ltd. for the mining company, Reuters reported, citing people it didn’t identify.

Most Read from Bloomberg

Anglo last week rejected a $39 billion all-stock proposal from BHP. The Australian miner is considering making an improved proposal, people familiar with the matter said Saturday. A tie-up with Anglo would give BHP about 10% of global copper mine supply ahead of an expected shortage of the metal that some watchers predict will send prices soaring.

Anglo’s American depositary receipts jumped in New York trading on Thursday, rising as much as 7.5%.

Read More: BHP CEO Flies to South Africa to Push $39 Billion Takeover

(Updates with ADR price in last paragraph.)

Most Read from Bloomberg Businessweek

By Clara Denina, Pratima Desai and Felix Njini

LONDON (Reuters) -Commodities group Glencore is studying an approach for Anglo American, two sources said, a development that could spark a bidding war for the 107-year old mining company.

Glencore has not yet approached Anglo, one of the sources said. The discussions are internal and preliminary at this stage and may not result in an approach, the source added.

"We do not comment on market rumour or speculation," a Glencore spokesperson said.

Anglo on Friday rejected a $39 billion all-stock proposal from the world's No. 1 miner BHP Group.

BHP's proposed premium was 31% above Anglo's closing price on April 23.

A source familiar with the matter previously told Reuters that the Australian mining giant is considering making an improved offer. It has until May 22 to make a formal bid.

U.S. shares of Anglo American rose after the news, closing up 6.5% on the session. Glencore’s U.S. shares fell 1%.

Anglo is attractive to its competitors for its prized copper assets in Chile and Peru, a metal used in everything from electric vehicles and power grids to construction, whose demand is expected to rise as the world moves to cleaner energy and wider use of AI.

Anglo American and Glencore each own 44% of the Collahuasi mine in Chile, estimated to have some of the world's largest reserves of copper.

At the same time, Anglo's sprawling portfolio also includes platinum, iron ore, steelmaking coal, diamonds and a fertiliser project.

Anglo's share price has jumped since the offer was made public.

Before that, the miner had underperformed its peers following production downgrades and writedowns that led to a strategic review of its assets in February.

Glencore is still in the middle of a $6.9 billion acquisition of 77% of Canadian miner Teck's coal unit, which it expects to close by the third quarter this year.

A precondition of BHP's proposal was that Anglo sell its shares in Anglo Platinum (Amplats) and Kumba Iron Ore in South Africa, a country the world's largest listed company exited in 2015.

In a statement on May 2, BHP said that the proposal "reflects the priorities for its portfolio and opportunity for synergies."

Glencore owns coal and chrome assets in South Africa.

"Unlike BHP, Glencore could benefit from keeping Kumba and marketing iron ore, and Glencore may face less political pushback in South Africa, especially if it were to propose a straightforward all-share deal that does not include Kumba and Amplats demergers," Jefferies analyst Christopher LaFemina said in a research note on April 29, where he assessed different takeover scenarios for Anglo American.

(Reporting by Clara Denina, Pratima Desai, Felix Njini and Ira Iosebashvili, Editing by Veronica Brown and Michael Erman)

(Bloomberg) — BHP Group Ltd. has deployed a senior team including its chief executive officer to South Africa as the world’s largest miner ramps up efforts to win over government officials, regulators and local shareholders, all of whom could yet determine the outcome of its proposed tie-up with rival Anglo American Plc.

Most Read from Bloomberg

The executives have already begun conversations with key stakeholders, focusing on explaining the detail of the existing $39 billion proposal — currently back on the drawing board after it was rapidly rejected by its target — and its benefits, according to people familiar with the matter. Melbourne-based CEO Mike Henry has flown to South Africa and was in the country on Thursday, the people said.

Despite its own historic links, BHP is starting on the back foot in South Africa, where the now London-based Anglo was founded and remains a household name, after its approach for the smaller miner last week caught senior officials off-guard. BHP’s complex proposal includes a plan for Anglo to spin off its Johannesburg-listed platinum and iron ore units before an eventual takeover of the remaining assets.

News that BHP wants an Anglo shorn of Kumba Iron Ore Ltd. and Anglo American Platinum Ltd. comes at a difficult time for the government. The country is due to hold a national election later this month, a keenly contested race which could see the ruling party lose its majority for the first time since the African National Congress came to power in 1994. The opposition has already presented BHP’s bid as a stinging rebuke of the government’s handling of the economy in a country with one of the world’s highest unemployment rates and deteriorating infrastructure.

BHP issued a statement on Thursday emphasizing that its proposal was not an indictment of the country.

“The proposed structure does not reflect a view of South Africa as an investment destination and is based on portfolio and commodity considerations,” the company said.

BHP’s team aims to engage with President Cyril Ramaphosa’s administration among other key stakeholders, the people said, laying out the exact detail of the multi-stage deal, plus the benefits of returning control of Amplats and Kumba to South Africa, with more of their cash flow likely to stay close to home and a larger free float on the Johannesburg Stock Exchange. South Africa’s state pension fund controls 8.4% of Anglo’s shares – only BlackRock Inc. owns more.

Even with more clarity, a charm offensive will be tough to pull off. Mining Minister Gwede Mantashe told Bloomberg on Wednesday, a public holiday in South Africa, that BHP had not yet contacted his department to explain its plans. Also the ANC’s national chairperson, he has said that he “wouldn’t support” the deal as currently outlined. The minister has criticized BHP for divesting its South African assets in 2015 through the creation of South32 Ltd., only 14 years after its merger with Billiton Plc.

Read more: BHP’s $39 Billion Bid for Anglo American Was Years in the Making

Founded in 1917 by Ernest Oppenheimer, Anglo American has long ties to South Africa and was built on the back of the country’s gold mines before moving into diamonds. Over recent decades, however, the company has grown rapidly overseas, developing and buying coal mines in Australia, iron ore in Brazil and adding copper in Peru and Chile.

Anglo’s South African platinum and iron ore properties are going through troubled times. Amplats is slashing costs in response to slumping platinum prices and Kumba has cut output guidance due to the poor performance of state-run rail and port infrastructure.

If a sweetened offer is successful in winning over BHP’s quarry, Anglo itself will have a crucial part to play in helping the transaction over regulatory hurdles in South Africa, said Dawid Heyl, a portfolio manager at Ninety One, which has a 2.3% stake in the target company.

“I think they would be able to convince government and all of its bodies to let the deal go through,” Heyl said, adding that catch would make a hostile approach difficult.

If Anglo wants to play a “defense strategy” with shareholders, it can use its “position in South Africa to say it’s going to cost a lot of money in terms of capital gains tax or dividend tax to dividend Kumba and Amplats out to existing shareholders,” Heyl said.

South Africa will have opportunities to step in. The country’s Competition Commission has said the distribution of Anglo’s shareholdings in Kumba and Amplats to the group’s shareholders – a precondition in BHP’s opening proposal – would “very likely” require the agency’s approval. The subsequent takeover could also need sign off from the regulator since BHP would be buying manganese and diamond mines located in the country.

Regulators including the Competition Tribunal evaluate antitrust impacts but also “public interest” factors, including how a proposed acquisition will affect employment levels and historically disadvantaged people. Some concessions and guarantees there could win BHP more favor.

Oil trader Vitol Holding BV was recently allowed to acquire service stations in South Africa as long as it buys products from local refineries, maintains employee headcount and increases employee ownership. Meanwhile, Amplats is currently considering a restructuring that could cut 3,700 jobs.

(Updated with BHP statement from fifth paragraph.)

Most Read from Bloomberg Businessweek

CONNECT WITH US

Tweets

Tweet with hash tag #miningfeeds or @miningfeeds and your tweets will be displayed across this site.

Tweets by MiningFeeds

MOST ACTIVE MINING STOCKS

Daily Gainers


CMC Metals Ltd.	CMB.V	+900.00%
Eden Energy Ltd	EDE.AX	+200.00%
GoviEx Uranium Inc.	GXU.V	+42.86%
Eagle Nickel Ltd.	ENL.AX	+41.67%
Citigold Corp. Limited	CTO.AX	+33.33%
Mount Burgess Mining NL	MTB.AX	+33.33%
Exalt Resources Limited	ERD.AX	+31.94%
Casa Minerals Inc.	CASA.V	+30.00%
Cariboo Rose Resources Ltd	CRB.V	+28.57%
Belmont Resources Inc.	BEA.V	+28.57%

CONNECT WITH US

Tweets

MOST ACTIVE MINING STOCKS

Daily Gainers

Articles

FOUND POSTS

Venezuela’s Lawmakers Advance Mining Reform to Attract Foreign Investment

Solaris Resources (TSX:SLS) Expands Warintza Copper District as Investor Interest Grows

Ontario Accelerates Roads to Unlock Ring of Fire Mining Potential by 2031

Lucas Birdsall on the Impact of Copper and Silver Production on COMEX Futures

Saskatchewan’s Rook I Mine Could Make Canada the World’s Largest Uranium Exporter