President Biden's $1 trillion infrastructure bill did a lot to counter fears of Covid sweeping through China, with oil prices beginning to bounce back.

Chart of the Week

– July fuel demand in India rebounded to its highest since April as New Delhi cleared restrictions and lockdowns, netting a 3% month-on-month increase to a total of 16.83 million tons.

– The rebound might have been even more pronounced, were it not for fuel prices rising to all-time highs, triggered by a chaotic taxation regime.

– In India, petroleum products are not included in the goods and services tax regime, meaning every state can set its own fuel tax levies and they have been on the rise throughout 2021, up 20% year-on-year already.

– Analysts anticipate India surpassing its pre-pandemic consumption readings in Q4-2021, with fuel pricing remaining the primary factor in the extent of demand recovery.

– Crude imports in June-July dropped to average 2014-2015 levels of 3.5 mbpd, but August loadings have surged to a healthy 4.2 mbpd on the back of demand recovery.

Market Movers

– Saudi Aramco (TADAWUL:2222) saw its Q2 results surge as higher oil prices brought its net profit to $25.5 billion, quadrupling year-on-year. Aramco’s capex infrastructure has been increasing q-o-q as the Saudi NOC seeks to ramp up offshore spare production capacity.

– Australian miner BHP (NYSE:BHP) managed to stave off a union strike at the Escondida copper mine in Chile, the world’s largest, though negotiations are still yet to yield results. With copper prices almost 25% up on the year, the strike would see copper skyrocket.

– US electric vehicle producer Tesla (NASDAQ:TSLA) saw its July sales in China plunge by almost 70% month-on-month, despite having dropped the starting price for Model 3 sedans, sapping confidence in future prospects.

Tuesday, August 10, 2021

Oil prices rebounded from last week’s losses as the market seemed to shrug off fears of Chinese lockdowns, with demand strength across the Atlantic overshadowing COVID-related concerns. It is assumed President Biden’s $1 trillion infrastructure bill will boost oil product demand and lift US economic performance in the short-to-mid term, providing much-needed support for prices.

IPCC Report Targets Methane. The landmark report by the UN Intergovernmental Panel on Climate Change calls on the global community to make “strong, rapid and sustained reductions” in methane emissions alongside CO2-related initiatives. Having 80 times the warming power of CO2 per unit of mass, methane nevertheless has a much shorter atmospheric lifetime of some 20 years.

Iran Cuts Electricity Supply to Iraq. Facing unprecedentedly high domestic power demand, Iran has cut electricity exports to Iraq, despite there being a US waiver allowing it. Iran routinely exports some 2GW to its neighbors, but this August its exports dropped more than tenfold, to 150MW.

US Refiner Seeks EV Battery Move. The US’ fourth-largest refiner, Philips 66 (NYSE:PSX), is mulling a larger move towards electric vehicle batteries and EV storage systems as it seeks to leverage its graphite know-how and existing non-fossil retailing solutions.

Cargill Reports Largest-Ever Profit. The largest privately-held US company, the agriculture giant Cargill, recorded the highest-ever net income in its 156-year history with its 2021 fiscal year results, amounting to $4.93 billion. Following a brief one-year pause in COVID-stricken 2020, Cargill resumed making its results public.

China cutting runs as Delta variant hits refining. China’s state-owned oil refiner Sinopec (NYSE:SHI) is cutting run rates by 5-10% across China as strict government-mandated mobility curtailments and restrictive measures slacken its demand nationwide.

Petrobras Wants to Emulate Guyana. The Brazilian state oil company Petrobras (NYSE:PBR) plans to drill two wildcats in the Foz do Amazonas offshore basin, seeking to replicate the drilling success of Guyana and Suriname. Petrobras controls all six blocks in the basin after BP and Total bailed out of the project.

Related: Do Lithium Batteries Pose A Major Fire Hazard?

Rio Tinto Mismanages Supergiant Mongolian Mine. The WSJ reports that an expert group found that the main reason why Rio Tinto’s (NYSE:RIO) largest copper project, the Oyu Tolgoi mine in Mongolia, has seen its initial $5.3 billion budget expand by another $1.5 billion, lies in the mismanagement of the asset. Rio Tinto shares dropped 3% over the week.

ExxonMobil Suspended from US Climate Group. US oil major ExxonMobil (NYSE:XOM) was unseated from the Climate Leadership Council, a group promoting a US federal carbon price, following a leaked recording of a company lobbyist stating the firm is watering down climate measures with the White House.

Billionaire-Backed Startup to Search Greenland for EV Metals. KoBold Metals, a mineral exploration company backed by Bill Gates and Jeff Bezos, signed an agreement with Bluejay Mining (LON:JAY) to join the search for nickel, copper, cobalt and other metals in Greenland’s Disko-Nuussuaq acreage, Reuters reports.

Canada Eyes Asia Pacific Exports. Canada’s Trans Mountain pipeline expansion, with a throughput capacity of 590kbpd, shall be ready by December 2022, allowing Canadian oil producers to export crude to East Asian markets. CNR (TSE:CNR), Suncor (NYSE:SU), Imperial Oil (TSE:IMO), and others have already claimed their stake in the pipeline’s offtake.

Mozambique Retakes Key LNG Port with Rwandan Help. The strategically located Mocimboa da Praia port town was retaken by joint Mozambique-Rwandan forces, presumably taking the first step in restarting the halted 13 mtpa Mozambique LNG project operated by TotalEnergies (NYSE:TTE).

Russia Raises Metals Taxation. Russian President Vladimir Putin announced that his government would increase the mineral extraction tax on metals in 2022, the third time since the start of this year that the Kremlin hikes taxes on metals as it seeks to fill its deficit budget.

Japan Ends 300 Years of Trading Rice Futures. The first commodity exchange in the world, the Japanese Dojima Exchange trading rice futures, will end trading in June 2022 as Japan’s agriculture ministry refused to reissue its license, arguing the traded volumes were too small to maintain trades.

By Tom Kool for Oilprice.com

More Top Reads From Oilprice.com:

• Cheap Natural Gas Is A Thing Of The Past
  

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Read this article on OilPrice.com

London stocks kept a foothold in the green Monday, helped by a positive start for August across global equities and gains for the heavily weighted mining sector, following a bullish ratings upgrade by JPMorgan. The bank’s global equity strategy team lifted miners to overweight from neutral, commenting that after a stretch of weakness — 16% off first-quarter highs — “the valuation gap emerging relative to spot prices/earnings provides an opportunity for outperformance.” From the bank’s European mining, metals and steel team, lead analyst Luke Nelson, said earnings to date have confirmed “diversified miners’ capital returns credentials.”

(Reuters) -Turquoise Hill Resources said an independent review of$1.4 billion in cost overruns at the Oyu Tolgoi mine in Mongolia suggested that the project's troubles were not caused by the geology issues that mine operator Rio Tinto blamed https://www.reuters.com/article/us-rio-tinto-output-idUKKCN1UA2HH in 2019.

The review "raises certain questions in relation to the project management process" around the cost blowout and delay, Turquoise Hill said.

"Rio Tinto will engage with the OT (Oyu Tolgoi) Board as soon as we have had the opportunity to review the report in detail," Australia's Rio Tinto said in an emailed statement.

Rio owns 51% of Turquoise Hill, which owns 66% of the Oyu Tolgoi mine. The rest of the mine is owned by the government of Mongolia.

Costs to expand the Oyu Tolgoi mine, Rio's biggest copper growth project, have ballooned up to $6.75 billion from its original budget of $5.3 billion in 2016, raising friction over funding with Turquoise Hill.

The Wall Street Journal was first to report the news https://www.wsj.com/articles/rio-tinto-mismanagement-caused-mongolia-copper-mines-woes-report-says-11628503201.

(Reporting by Priyanshi Mandhan in Bengaluru; Editing by Devika Syamnath and Subhranshu Sahu)

(Reuters) – An expert group reviewing the cause of a $1.4 billion cost overrun at a Mongolian mine run by Rio Tinto said it was caused by the miner's mismanagement, the Wall Street Journal reported on Monday, citing a report.

Costs to expand the Oyu Tolgoi mine, Rio's biggest copper growth project, have ballooned up to $6.75 billion from Rio's original budget of $5.3 billion in 2016, and this has led to a friction over funding with Turquoise Hill.

Turquoise Hill, in which Rio has a 50.8% stake, owns 66% of Oyu Tolgoi, one of the world's largest-known copper and gold deposits. The rest is held by the Mongolian government.

The report, which was commissioned by the owners of the copper project, said the cost overrun was not due to unfavorable rock conditions as blamed by the one of world's largest miner, the WSJ reported.

"This confidential report will be considered by the OT (Oyu Tolgoi) Board and Rio Tinto will engage with the OT Board as soon as we have had the opportunity to review the report in detail," Rio Tinto said in an emailed statement.

There was no evidence that the quality of the rock and general ground conditions were significantly different to that forecast by the miner's owners in 2016, according to the report.

The WSJ report said the U.S. Securities and Exchange Commission and British regulators were looking into the matter.

Turquoise Hill Resources did not immediately respond to a Reuters request for comment.

(Reporting by Priyanshi Mandhan in Bengaluru; Editing by Subhranshu Sahu)

Figure 1

Site plan of Exploration drilling completed at the Black Butte Project January-March 2021.

WHITE SULPHUR SPRINGS, Mont., Aug. 09, 2021 (GLOBE NEWSWIRE) — Sandfire Resources America Inc. (“Sandfire America” or the “Company”), further to its news release dated May 27, 2021, is pleased to report final comprehensive drill results of the winter 2021 exploration core drilling program (the "Exploration Program"), with four of the nine exploration holes returning intercepts of greater than 1.2% copper. The Company has also entered into a contract with American Drilling commencing in August 2021 to complete 14,000m of diamond drilling over the Lowry deposit which has a reported Inferred Mineral Resource of 8.3 million tonnes of 2.4% copper (See press release dated October 27, 2020).

The Exploration Program drilling, which completed in March 2021, focused on drilling new targets that could be accessed from the currently planned and fully permitted underground mine in the Johnny Lee area. The Exploration Program recovered 5,267m of core in eight drill holes in four different target areas. Any resource development in these areas, including the Inferred Mineral Resource at Lowry, will require a thorough environmental review as part of the permitting process administered by the Montana Department of Environmental Quality (“MT DEQ”), as well as commercial studies, before the Company could make any decision to mine.

Highlights of the Exploration Program include (a full table of results is included at the end of this release):

• Hole SC21-256 – Lowry South extension in Lowry Lower Copper Zone – 12.45m of 3.4% copper and 6.5g/t silver (previously reported in the Company's May 27, 2021 news release)

• Hole SC21-262 – Strawberry West Upper Copper Zone – 6.8m of 1.2% copper and 33.0g/t silver.

• Hole SC21-263 – Lowry North extension in Lowry Middle Copper Zone – 9.8m of 1.7% copper and 12.2g/t silver

• Hole SC21-263 – Lowry North extension in Lowry Lower Copper Zone – 7.1m of 1.4% copper and 6.5g/t silver.

Hole SC21-263 intercepted copper mineralization in both the Lowry Middle Copper Zone and Lowry Lower Copper Zone, and so extended both zones north and east of previous intercepts. Together with the intersection in SC21-256 (reported May 27, 2021) these results show positive potential for expansion of the Lowry Lower Copper Zone in areas of its higher grades.

Hole SC21-262 tested the Upper Sulfide Zone in the Strawberry West area, about 600m west of the Johnny Lee Upper Copper Zone. Results from this hole plus historic holes outline a Strawberry West Upper Copper Zone reachable by underground access from the future Johnny Lee mine area.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/093e7b8e-ae66-4e1d-b727-77679b15cc13

Sandfire America is in the preparation stages for a fall-winter 2021-2022 drill program which will include 14,000m of infill drilling in the Lowry deposit to upgrade and expand the Middle Copper Zone and Lower Copper Zone resources. Approvals for the program have been received from the MT DEQ and a contract has been entered into with American Drilling to commence in August 2021 and work through to March/April 2022. The results of this drilling will support a Lowry Pre-Feasibility Study planned for completion in 2022. Additional work for the prefeasibility study will include hydrologic, metallurgical, mining, and geotechnical studies.

Sandfire America’s CEO Rob Scargill shared, “The successful winter drill program shows the potential of the Black Butte property to host economic copper mineralization within a mineable distance from the Johnny Lee mine infrastructure and processing facilities. The Lowry deposit has the potential to add significant value to the Black Butte project due to its size and grade. Its location could allow us to mine and treat the material with minimal impact on our already approved surface footprint which will protect the water resources and environment while providing benefits to all our stakeholders.”

Table 1. Black Butte Copper 2021 Winter Exploration Drilling Program.

*-Reported previously, See the Company's news release dated May 27, 2021

Intercept calculations included a minimum of 2 samples above a 1% copper cutoff grade.

Drilling conducted by Timberline Drilling Inc. of Hayden Lake, Idaho. HQ3-sized core was collected. Drill holes were oriented with dips varying between -80 to -70 degrees in relatively variably dipping mineral zones. Intercepts may be slightly longer than true thickness.

After being logged and photographed in White Sulphur Springs, Montana, all mineralized zones were sampled by cutting half-core splits which were delivered to Bureau Veritas labs in Reno, Nevada for processing. Bureau Veritas crushed the entire sample to 85% passing 2mm then split off 1kg, which was ground to 85% passing 75 micron and wet-sieved the split to ensure grinding passed specifications and then assayed for gold by fire assay with AA finish. Base metals were analyzed using a 4-acid digestion and ICP-ES analysis. Various other trace and major elements were also analyzed utilizing ICP and XRF procedures. Sandfire America utilized a QA/QC protocol which included inserting Certified Reference Materials (CRM) on a minimum of 1 CRM in 20 samples insertion rate. Assays of duplicates, and blanks were also included as part of the QA/QC program.

Bureau Veritas labs are accredited by ISO/IEC 170205:2017 methods for North America.

Contact Information:
Sandfire Resources America Inc.
Nancy Schlepp, VP of Communications
Mobile: 406-224-8180
Office: 406-547-3466
Email: nschlepp@sandfireamerica.com

Jerry Zieg, Sr. Vice President of Exploration for the Company, is a Qualified Person for the purposes of NI 43-101 and has also reviewed and approved the information of a scientific or technical nature contained in this news release. Mr. Zieg verified the data disclosed in this news release, including sampling, analytical, and test data underlying the information or opinions contained in this news release.

Cautionary Note Regarding Forward-Looking Statements: Certain disclosures in this document constitute “forward looking information” within the meaning of Canadian securities legislation, including statements regarding the completion of the Exploration Program, the permitting process with MT DEQ and the Company’s plans for advancing the Black Butte Copper Project and expected outcomes. In making these forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will receive required regulatory approvals, that the Company will continue to be able to access sufficient funding to execute its plans, and that the results of exploration and development activities are consistent with management’s expectations. However, the forward-looking statements in this document are subject to numerous risks, uncertainties and other factors, including factors relating to the Company’s operation as a mineral exploration and development company, the inherent risks involved in the exploration and development of mineral properties and the Black Butte Copper Project, the uncertainties involved in interpreting drill results and other exploration data and the geology, grade and continuity of mineral deposits, that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including that results of exploration and development activities will not be consistent with management’s expectations, delays in obtaining or inability to obtain required government or other regulatory approvals or financing, currency fluctuations,, the possibility of project cost overruns or unanticipated costs and expenses, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, the possibility of project cost overruns or unanticipated costs and expenses, competition and loss of key employees, failure of plant, equipment or processes to operate as anticipated, the risk of accidents, labor disputes, inclement or hazardous weather conditions, unusual or unexpected geological conditions, ground control problems, earthquakes, flooding and all of the other risks generally associated with the development of mining facilities. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

(Bloomberg) — A months-long wage negotiation at the world’s biggest copper mine is heading into a tense finale over the coming days.

The main union at Chile’s Escondida is calling on workers to be ready to strike amid limited progress in mediated talks. But owner BHP Group said it had made substantial improvements and vowed to continue its practice of not sweetening offers during strikes.

Wage talks at a mine that accounts for about 5% of global production are being closely watched by the copper market as trillions of dollars in government stimulus fuel demand for industrial metals. Traders will have to navigate Chile’s somewhat complex labor rules to figure out the likely next steps.

After workers rejected BHP’s final wage offer in regular talks, the company exercised its option of a five-day mediation period in a bid to avert a strike. That period ends Monday. If the two sides fail to reach a deal by then, they could agree to extend mediation for as many as five more business days or a legal strike could begin.

The two sides don’t seem too far apart in terms of benefits. The union requested a bonus equivalent to 1% of the company’s profit, which would be about 21 million pesos ($26,600) each worker. In regular talks, the company offered 18 million pesos apiece and says it has sweetened terms during mediation. They may be further apart in base wages.

Read More: A Copper Supply Shock Is Brewing as Miners Dig in on Wage Talks

According to consultancy firm Plusmining, any strike would probably be shorter than the 44-day stoppage that roiled the copper market in 2017. The union would have the option, as it took up four years ago, to end the strike by freezing the current contract for 18 months and negotiate again, without receiving any bonus now. But given the company submitted an offer higher than the legal floor, workers could only take up that option after 30 days, which would put pressure on their personal finances.

While the union says BHP hasn’t done enough during mediation and attached conditions to proposed benefits, the company is ratcheting up its own pressure to get a deal done. The cost of a prolonged strike at a time of sky-high copper prices would also be heavy for the Melbourne-based miner.

“We have gone to great lengths to reach an agreement during the process, and especially in mandatory mediation,” the company said in a text message late Friday. “We hope that these efforts will be appreciated by the workers because the offer in mediation will be the best that the company will present.”

More stories like this are available on bloomberg.com

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©2021 Bloomberg L.P.

TORONTO, ON / ACCESSWIRE / August 6, 2021 / Pinetree Capital Ltd. (TSX:PNP) ('Pinetree' or the 'Company') today announced its financial results for the three and six months ended June 30, 2021. All financial information provided in this press release is unaudited and all figures are in $'000 except per share amounts and shares outstanding. The information below does not account for the 100:1 consolidation and 1:50 share split of the common shares which occurred on July 12, 2021.

Unaudited financial results for the period ended June 30, 2021

The following information should be read in conjunction with our annual audited Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards ('IFRS') and our annual Management Discussion and Analysis for the year ended December 31, 2020, which can be found on SEDAR at www.sedar.com.

Selected Financial Information

¹ Refer to "Use of Non-IFRS Financial Measures"
Shares Outstanding and Book Value amounts are as at the Quarter End date
Operating Expenses amounts are for the Three months ending the Quarter End date
² Operating Expenses do not include Foreign Exchange gain (loss) on financial assets other than investments

As at June 30, 2021, Pinetree's BVPS was $2.10 as compared to $2.11 as at December 31, 2020, representing a decrease of $0.01 or 0.5%. This represented a sequential decrease of $0.23 or 10% from $2.33 as of March 31. The decline was primarily due to the dilutive effects of the financing which occurred in the quarter as described below. Excluding the effects of the financing, Pinetree's BVPS would have been approximately $2.34. As a reminder, Pinetree completed a 100:1 consolidation and 1:50 split after the end of the reporting period, on July 12, 2021, which has not been reflected in the above information.

As at June 30, 2021, the Company held investments at fair value totaling $22,821, which represented 58% of book value. This compares to investments at fair value of $16,493 representing 86% of book value as at December 31, 2020

On March 29, 2021 the Company announced a rights offering to holders of its common shares. Each right entitled the holder to subscribe for one common share of Pinetree upon payment of the subscription price of $1.85 per common share. The offering was significantly oversubscribed. At the close on May 17^th, shareholders exercised 9,420,198 rights for 9,420,198 common shares of Pinetree. This resulted in net proceeds of $17,298 after transaction costs of approximately $129. Insiders, as a group, subscribed for and received an aggregate of 4,808,576 common shares. All other rights holders, as a group, subscribed for and received an aggregate of 4,661,622 common shares

During the period ended June 30, 2021, the Company continued to take a disciplined approach to capital allocation and OpEx control. OpEx for the twelve months ended June 30, 2021 were $611 which corresponds to 1.5% of book value as at June 30, 2021. This compares to OpEx of $473 for the twelve months ended June 30, 2020 which corresponds to 3.1% of book value as at June 30, 2020. Since expenses fluctuate from quarter to quarter, management monitors costs on a trailing twelve month basis.

The net investment gains for the three months ended June 30, 2021 were $397 (three months ended June 30, 2020 – losses of $72) as a result of net realized gains on investments and the net change in unrealized gains.

For the three months ended June 30, 2021, other income totalled $97 as compared to other income of $71 for the three months ended June 30, 2020. Other income is comprised of interest and dividend income.

Forward-Looking Statements
Certain statements herein may be "forward-looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Pinetree or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Pinetree assumes no obligation, except as required by law, to update any forward-looking statements to reflect new events or circumstances.

Non-IFRS Measures, Non-GAAP Measures
BVPS (book value per share) is a non-IFRS (international financial reporting standards) measure calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term BVPS does not have any standardized meaning according to IFRS and therefore may not be comparable to similar measures presented by other companies. There is no comparable IFRS measure presented in Pinetree's consolidated financial statements and thus no applicable quantitative reconciliation for such non-IFRS financial measure. The Company has calculated BVPS consistently for many years and believes that BVPS can provide information useful to its shareholders in understanding its performance and may assist in the evaluation of its business relative to that of its peers.

About Pinetree Capital Ltd.
Pinetree is a value-oriented investment and merchant banking company focused on the technology sector. Pinetree's common shares are listed on the TSX under the symbol 'PNP'.

For further information:
John Bouffard
Chief Financial Officer
416-941-9600 x 200
jbouffard@pinetreecapital.com
www.pinetreecapital.com

SOURCE: Pinetree Capital Ltd.

View source version on accesswire.com:
https://www.accesswire.com/658814/Pinetree-Capital-Ltd-Announces-Unaudited-Financial-Results-for-the-Period-Ended-June-30-2021

A dramatic recovery in dividends has gathered pace across the London stock market as profits rebound. Experts have forecast payouts to continue to climb as British stocks shake off the effects of the pandemic.

Dividends surged by 51pc between April and June and the companies that led the rebound have set the stock market on course for the next leg of its recovery.

Miners and banks, the biggest contributors to that forecast-beating jump, have announced a series of increases in their dividends over the past fortnight. These payments will be made in September, so DIY investors who buy now can still benefit.

James Lowen, co-manager of the JOHCM UK Equity Income fund, said British firms were “coming out of Covid very strongly” after a 43pc crash in dividend payments last year.

“The results from UK companies are off the charts. Every day we are hearing very good updates,” he said.

Rio Tinto, the miner, has led the way, unveiling a huge $5.61 per share dividend to be paid in September. That payout, which equates to 404p for British shareholders, is more than double last year’s payment. Analysts have forecast a final dividend of $5.70, to be paid in April. If accurate, it would mean the shares yield about 13pc relative to today’s share price.

Yields, or dividend payments as a percentage of share prices, have surged among mining companies. Anglo American announced a $1.71 per share interim dividend last week, six times higher than last year’s equivalent, plus an additional 80 cent special payout. The shares are expected to yield 9pc over the next year, based on the current share price.

Mr Lowen said miners were offloading a “tsunami” of cash to investors as profits surged thanks to booming commodity prices. “The money has nowhere to go other than to shareholders,” he said.

Yields on bank shares are lower, but dividends are forecast to rise sharply after the Bank of England lifted the last of its restrictions on payouts last month. Banks were barred from returning money to shareholders in 2020 and still faced curbs earlier this year, but have now announced their first unrestricted payouts.

Their shares are expected to yield between 3.3pc for NatWest and 5.6pc for HSBC over the next 12 months and dividends are forecast to rise sharply over the following two years. NatWest’s are tipped to increase by 43pc, Barclays’ by 29pc and Lloyds’ by 10pc. HSBC’s dividend for its 2023 financial year is expected to be 46pc higher than this year’s.

Richard Buxton, manager of the Jupiter UK Alpha fund, said: “All that cash the banks are generating – an awful lot of it is going to come back to the shareholders quite dramatically over the next three years.”

Those rising payouts should lead to a rally in bank shares, said Kevin Murphy, manager of the Schroder Income fund. “The payouts are not just attractive today but over five years. When people recognise this, investors will be rewarded not just with that income but also with share price growth,” he said.

Dividends from miners are expected to dip from this year’s elevated levels but remain high. Analysts at JPMorgan Cazenove, the broker, have forecast Rio Tinto to pay out a third of its market value in dividends over the next three years.

Investors expect a fall in iron ore prices to lead to lower dividends, but Mr Buxton said Rio Tinto was still worth backing. “I fully expect profits to fall and the dividend to fall with them, but it will still be extremely attractive,” he said. “The level of yield on offer remains incredibly high.”

Across the London market, dividends are forecast to rise by 64pc from last year’s low by 2024. A £1,000 investment in a fund that tracks the FTSE All-Share, such as iShares UK Equity Index, is forecast to pay £136 in income over that period.

Sanjeev Gupta’s under-pressure business empire has settled two disputes with major international companies, months after a major lender collapsed.

GFG Alliance said it has reached an agreement with India’s Tata Steel which will end proceedings that Tata launched against three GFG companies, including Liberty Speciality Steels, earlier this year.

According to reports from April, Tata took action against Liberty Steel due to unpaid debts linked to Liberty’s £100 million takeover of the Indian company’s speciality steel business in 2017.

GFG, which is a loose alliance of companies centred around Mr Gupta’s family’s business interests, did not provide further details on the settlement.

It has also settled a dispute with mining giant Rio Tinto linked to the company’s 2018 purchase of Rio’s Dunkirk aluminium smelter.

GFG again provided no further information on the deal.

Much remains to be done, but we believe that we are now making rapid progress in building faith with our creditors and other stakeholders through our restructuring plan

Sanjiv Gupta, GFG Alliance

Mr Gupta’s business empire has been under pressure since March when major lender Greensill Capital collapsed.

Greensill said at the time that it had billions of pounds worth of exposure to GFG Alliance.

Since then bosses at GFG have been scrambling to ensure that their companies can survive the shock of Greensill’s collapse.

On Thursday, GFG revealed that Liberty Steel’s mill in Newport, South Wales, had its best financial performance ever in the first quarter of the financial year, and that the outlook is even brighter for the second quarter.

Mr Gupta said: “The update of the RTC (Restructuring and Transformation Committee) shows that, despite the challenges, our core businesses continue to perform very well, and we are taking advantage of the excellent market conditions we face.

“Much remains to be done, but we believe that we are now making rapid progress in building faith with our creditors and other stakeholders through our restructuring plan.

“We are moving with significant momentum towards a profitable, restructured and focused business.”

ROUYN-NORANDA, Quebec, Aug. 05, 2021 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTM Zone, Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders that Globex has purchased 100% interest in a block of claims in Rouyn and Joannes townships, Quebec (NTS 32D02) approximately 10 km east of Rouyn-Noranda herein called the Rouyn Merger property. The property consists of 49 claims totaling 1,509.4 hectares (3,729.8 acres) covering approximately 6.5 kilometres (4.04 miles) of the prolific, gold localizing Cadillac Break. The vender, IAMGOLD Corporation (IMG–TSX), received 183,000 Globex shares subject to a 4 month hold period and a 1% Net Smelter Royalty.

The Rouyn Merger property includes several areas of known gold mineralization including the Rouyn Merger, O’Neil-Thompson and East O’Neil zones which have seen historical drilling to relatively shallow depth, outlining in some cases significant but erratic gold vein structures at or near the gold localizing Cadillac Break.

The Cadillac Break is one of the most important gold localizing structures in the Abitibi of Quebec and Ontario with numerous gold deposits located along its length. The Rouyn Merger property has been explored intermittently since the 1930’s when the Rouyn Merger gold deposit was found. Various non-compliant resource calculations have been undertaken on the Rouyn Merger gold zone but, due to the structural complexity of the ore lenses and expected high levels of dilution, production has been limited to a brief period in 1948-1949 of 32,198 t grading 3.87 g/t Au. Metallurgical testing between 1943 and 1947 indicated 95% gold recovery by treating ore crushed to 60% minus 200 mesh. Likewise, exploration on the O’Neil-Thompson gold zone outlined a non NI 43-101 compliant resource and limited production in 1936 of 2,449 tonnes. Other occurrences such as the East O’Neil have published but unverifiable resources.

The most recent work on the property was in 2015-16 during which an aeromag survey was flown, mapping and surface sampling undertaken and seven drill holes completed totaling 1,956 metres in three target areas. Several holes intersected significant gold values, such as Hole RM15-05 which returned 16.0 g/t Au over 1 metre from 277.5 to 278.5 m followed by 4.19 g/t Au over 0.5 m from 278.5 m to 279.0 m. The target of this exploration was to locate a large tonnage, low grade, bulk mineable gold deposit not higher grade underground minable, narrower vein deposits historically mined along the Cadillac Break.

Prior to acquiring the property, Globex undertook 3D modeling of all the readily available geological, geophysical and drill data. The modeling has allowed Globex to identify a number of priority areas for drilling many at shallow depth but others at mid-level depths of 500 metres and below. Although the area was flown as recently as 2015 with an aeromagnetic survey, Globex believes that the details provided by closely spaced lines using the Novatem aeromagnetic system may unlock a better understanding of the geological trends and structures and Globex intends to undertake such a survey over the entire property but at a different angle than the previous survey in order to merge such data with our 3D modeling.

This press release was written by Jack Stoch, Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.

Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”). No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com.

Vancouver, British Columbia–(Newsfile Corp. – August 5, 2021) – Pacific Ridge Exploration Ltd. (TSXV: PEX) (OTCQB: PEXZF) ("Pacific Ridge" or the "Company") is pleased to announce that the diamond drill program is now underway at the Kliyul copper-gold porphyry project ("Kliyul" or "Project"), located in the prolific Quesnel Trough in Northwest British Columbia (see Figure 1). The Company plans to drill a minimum of 2,500 metres testing the Kliyul Main Zone ("KMZ") and two newly defined adjacent targets, Kliyul East and Kliyul West.

Limited historical drilling at Kliyul returned significant copper-gold porphyry mineralization, drill hole KLI-15-34 intercepted 245 metres of 0.75% CuEQ¹ (see Pacific Ridge news release dated December 2, 2020). Based on historical drilling (see Table 1), alteration and lithogeochemical indicators from surface exposures, as well as magnetics and IP surveys, Pacific Ridge believes that there is excellent potential to significantly expand the mineralized footprint at Kliyul, laterally and to depth.

"Kliyul represents an excellent opportunity to make a new copper-gold porphyry discovery," said Blaine Monaghan, President and CEO of Pacific Ridge. "Our exploration team and Technical Advisory Committee have done an outstanding job compiling and interpreting all of the data and selecting drill targets. I look forward to reporting the drill results to shareholders."

Figure 1: Location of Kliyul

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5460/92159_e0bc51f3848c88e2_001full.jpg

In addition to drilling, the 2021 exploration program at Kliyul will include geological mapping and sampling, a high resolution airborne magnetic survey and additional IP surveying over the Bap Ridge and M39 Zone targets, south of the Main Zone (see Figure 2).

Figure 2: Kliyul Target Areas

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5460/92159_e0bc51f3848c88e2_002full.jpg

About the Kliyul Project

Over 60 square kilometres in size, Kliyul is located 50 km southeast of Centerra Gold Inc's Kemess mine and 5 km from the Omineca mining road in one of the most geochemically anomalous areas for copper and gold in the Quesnel Terrane. The Project contains four main target areas: KMZ, Bap Ridge, Ginger and M39, each representing an interpreted porphyry centre over a 4 km strike length. KMZ is the most intensely explored of these, with 33 drill holes (5,524 m) drilled since 1974, most of which targeted a near-surface copper-gold magnetite zone (drill holes KL-5 to KL-93-5). Deeper drilling in 2006 and 2015 encountered a porphyry copper-gold system (drill holes KL-06-30 to KL-15-35). See Table 1 (Selected historical drill results) and Figure 3 (Plan view of 2021 drill targets) for further information.

Table 1: Selected historical drill results

*CuEQ = ((Cu(%) x $2.25 x 22.0642) + (Au(gpt) x $1,650 x 0.032151)) / ($2.25 x 22.0642)
*AuEQ = ((Cu(%) x $2.25 x 22.0642) + (Au(gpt) x $1,650 x 0.032151)) / ($1,650 x 0.032515)

Figure 3 : Plan view of 2021 drill targets and selected historical drill results

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/5460/92159_e0bc51f3848c88e2_003full.jpg

The Project displays classic copper-gold porphyry alteration and mineralization patterns. Geological interpretation, supported by a variety of geophysical surveys, including IP, magnetics and magnetotellurics, suggest the potential to significantly expand the size of the Kliyul mineralized system, including the main porphyry mineralizer.

Pacific Ridge has the right to earn a 51% interest in the Kliyul and Redton projects from Aurico Metals Inc., a wholly owned subsidiary of Centerra Gold Inc., by making cash payments totaling $100,000, issuing 2.0 million shares and spending $3.5 million on exploration by December 31, 2023. The Company then has the right to increase its interest in the properties to 75% by making additional payments totaling $60,000, issuing 1.5 million shares and completing an additional $3.5 million in exploration by December 31, 2025.

About Pacific Ridge

Our goal is to become one of the leading copper-gold exploration companies in British Columbia. Pacific Ridge's flagship project is the Kliyul copper-gold project, located in the Quesnel Trough, approximately 50 km southeast of Centerra Gold's Kemess mine. In addition to Kliyul, the Company's project portfolio includes the RDP copper-gold project and the Redton copper-gold project, both located in British Columbia. Pacific Ridge will continue to search for projects that offer discovery opportunity in our regions of expertise.

On behalf of the Board of Directors,

"Blaine Monaghan"

Blaine Monaghan
President & CEO
Pacific Ridge Exploration Ltd.

Corporate Contact:
Blaine Monaghan
President & CEO
Tel: (604) 687-4951
www.pacificridgeexploration.com
https://www.linkedin.com/company/pacific-ridge-exploration-ltd-pex-
https://twitter.com/PacRidge_PEX

Investor Contact:
G2 Consultants Corp.
Telephone: +1 778-678-9050
Email: ir@pacificridgeexploration.com

¹Copper equivalent (CuEQ) is equal to ((Cu (per cent) multiplied by $2.25 multiplied by 22.0642) plus (Au (g/t) multiplied by $1,650 multiplied by 0.032151)) divided by ($2.25 multiplied by 22.0642).

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The technical information contained within this News Release has been reviewed and approved by Gerald G. Carlson, Ph.D., P.Eng., Executive Chairman of Pacific Ridge and Qualified Person as defined by National Instrument 43-101 policy.

Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling and other activities and events or developments that Pacific Ridge Exploration Ltd. ("Pacific Ridge") expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding expanding the mineralized footprint at Kliyul, laterally and to depth, and the opportunity to make a new copper-gold porphyry discovery. Although Pacific Ridge believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, that one of the options will be exercised, the ability of Pacific Ridge and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Pacific Ridge's proposed programs on reasonable terms, and the ability of third party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Pacific Ridge does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/92159

BEDFORD, NS / ACCESSWIRE / August 5, 2021 / Silver Spruce Resources Inc. ("Silver Spruce" or the "Company") (TSXV:SSE)(FRA:S6Q1) is pleased to announce the completion of its Phase 1 exploration drilling at the El Mezquite Au-Ag property ("El Mezquite" or the "Property"). A total of 2,485 metres were drilled in twenty (20) holes covering eight collar locations. The first seven (7) drill holes were completed on June 14^th and the Company is anticipating the final results of gold, silver and multi-element analyses by mid-August. The remaining thirteen (13) holes were drilled with two RC rigs from Layne de Mexico and completed as scheduled on July 28^th.

"We were pleased to expedite exploration with additional geologists and samplers, and equipped with a second drill, Silver Spruce completed over 1,500 metres during July 21^st to 28^th. Logging and splitting of samples are progressing quickly at our option partner Colibri Resource's office facilities in Hermosillo. Samples will be submitted to ALS Global through the first week of August and, during September, we are looking forward to assays which reflect the potential of the outcrop samples," stated Greg Davison, Silver Spruce Vice-President Exploration and Director.

Figure 1. Pad M1 (MEZ-002, 180°, -70°) at El Mezquite showing RC rig from Layne de Mexico

"The Phase 1 RC program (see Figure 1 and Table 1) comprised 20 holes with a combined depth of 2,485 metres and utilized eight drill pad locations focused around a 400m x 600m area with elevated precious metal values to 3.41 g/t Au and 387 g/t Ag. Collars were defined by several northeast-trending veins, structural lineaments and oxide/sulphide transitions interpreted from geological mapping, precious metal assays, multi-element geochemistry, epithermal alteration assemblages and coincident 3D IP chargeability anomalies," said Mr. Davison. "New targets for Phase 2 drilling are developing from our ongoing geological, hyperspectral, LANDSAT and LiDAR compilation, and incoming drill results as available."

Table 1. Final drill hole data for the Phase 1 El Mezquite exploration program

The Company's first-ever drilling program at El Mezquite was completed in July with samples being submitted to ALS Global in Hermosillo in daily batches of 3-4 holes. Laboratory assay results generally are expected from four to eight weeks after submittal. Laboratory workloads have impacted the projected turnaround timelines for the assays. The data will be released once the final precious metal and multi-element results are in receipt and interpreted for the first seven (7) drill holes, and for the remaining thirteen (13) drill holes, and all of which will contribute to the program design for Phase 2 drilling after the summer rainy season.

El Mezquite, a drill-ready precious metal project located 10 km northwest of the town of Tepoca, and 170 km southeast of the capital city of Hermosillo, eastern Sonora, Mexico, is very well situated in terms of logistics for exploration and is located only twelve kilometres northwest of the Nicho deposit currently under mine development by Minera Alamos (see Figure 2).

Figure 2. Location Map for El Mezquite, Jackie and Diamante Concessions. Nicho mine development by Minera Alamos located 10 km SE of El Mezquite.

Exploration Overview

The Company undertook an exploration program including environmental permitting for drilling, geological mapping of geologic structures and lineaments, ortho-mosaic photography, rock geochemical and hyperspectral analysis, data compilation and GIS modeling, and a LiDAR survey. Ground truthing of the Au-Ag system with geological mapping and rock sampling was completed in three campaigns between July 2020 and March 2021. All aspects of the exploration program are conducted with strict adherence to COVID-19 protocols for personal safety.

All current samples from the 2020-2021 field programs were submitted to ALS Global for gold, multi-element and hyperspectral analysis. Historical samples (>400) from the 2010-2019 programs also were submitted to provide complementary multi-element and hyperspectral data over the Property database. The assays, LiDAR survey data, and satellite hyperspectral interpretation results are being updated into the project ArcGIS database.

RC Drill Program

The environmental permit, required to drill the Property, was received from SEMARNAT (see Press Release April 20, 2021) and granted to the concession holder, Yaque Minerals S.A. de C.V. ("Yaque") by the Mexican Secretariat of Environment and Natural Resources (SEMARNAT).

The permit allows for fourteen (14) drill pads over the targets in the northern area of the concession. Individual holes achieved depths of 100-200 metres to intersect the target intervals.

Land surface agreements were signed recently with three ranchers to facilitate full access to the Phase 1 collar locations.

Project Background

The 180-hectare Property is easily accessible from Mexican Highway #16 via a southerly-trending unpaved road which traverses through the centre of the known gold mineralization (see Figure 2). High voltage power lines are positioned along Highway #16.

The El Mezquite Project is located within the west-central portion of the Sierra Madre Occidental Volcanic Complex within the prominent northwest-trending "Sonora Gold Belt" of northern Mexico and parallel to the well-known, precious metals-rich Mojave-Sonora Megashear.

Geochemical Analysis, Quality Assurance and Quality Control

Drill chip sample splits are delivered to the ALS sample preparation facility in Hermosillo, Sonora, Mexico. ALS Global in North Vancouver, British Columbia, Canada, is a facility certified as ISO 9001:2008 and accredited to ISO/IEC 17025:2005 from the Standards Council of Canada.

The samples are crushed to 70% passing 2mm (PREP-31) and a split of up to 250 grams pulverized to 85% passing 75 micrometres (-200 mesh). The sample pulps and crushed splits are transferred internally to ALS Global's North Vancouver, Canada or Lima, Peru analytical facility for gold and multi-element analysis. Pulps (50gram split) are submitted for Au analysis by Fire Assay with Atomic Absorption finish (Au-AA24).

The retained pulps also will be analysed by Four Acid Digestion followed by Inductively Coupled Plasma Atomic Emission Spectrometry (ICP-AES) multi-element analyses (ME-ICP61m) with Hg by Aqua Regia and ICP-MS (Hg-MS42).

Over-limit Au and Ag samples will be analyzed by Fire Assay with Gravimetric Finish Ore Grade (Au-GRA21 or Au-GRA22, Ag-GRA21). Overlimit base metals will be analyzed by Four Acid Digestion followed by Ore Grade Inductively Coupled Plasma Atomic Emission Spectrometry (ICP-AES) for Cu, Pb and Zn (Cu-OG62, Pb-OG62, Zn-OG62).

In-house quality control samples (blanks, standards, duplicates, preparation duplicates) are inserted into the sample set. ALS Global conducts its own internal QA/QC program of blanks, standards and duplicates, and the results will be provided with the Company sample certificates. The results of the ALS control samples are reviewed by the Company's QP and evaluated for acceptable tolerances.

All sample and pulp rejects will be stored at ALS Global pending full review of the analytical data, and future selection of pulps for independent third-party check analyses, as requisite.

Qualified Person

Greg Davison, PGeo, Silver Spruce VP Exploration and Director, is the Company's internal Qualified Person for the El Mezquite Project and is responsible for approval of the technical content of this press release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), under TSX guidelines.

About Silver Spruce Resources Inc.

Silver Spruce Resources Inc. is a Canadian junior exploration company which has signed Definitive Agreements to acquire 100% of the Melchett Lake Zn-Au-Ag project in northern Ontario, and with Colibri Resource Corp. in Sonora, Mexico, to acquire 50% interest in Yaque Minerales S.A de C.V. holding the El Mezquite Au project, a drill-ready precious metal project, and up to 50% interest in each of Colibri's early stage Jackie Au and Diamante Au-Ag projects, with the three properties located from 5 kilometres to 15 kilometres northwest from Minera Alamos's Nicho deposit, respectively. The Company also is pursuing exploration of the drill-ready and fully permitted Pino de Plata Ag project, located 15 kilometres west of Coeur Mining's Palmarejo Mine, in western Chihuahua, Mexico. Silver Spruce Resources Inc. continues to investigate opportunities that Management has identified or that have been presented to the Company for consideration.

Contact:

Silver Spruce Resources Inc.
Greg Davison, PGeo, Vice-President Exploration and Director
(250) 521-0444
gdavison@silverspruceresources.com

Michael Kinley, CEO and Director
(902) 402-0388
mkinley@silverspruceresources.com

info@silverspruceresources.com
www.silverspruceresources.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements," Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, statements regarding the private placement.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.

SOURCE: Silver Spruce Resources Inc.

View source version on accesswire.com:
https://www.accesswire.com/658521/Silver-Spruce-Completes-Phase-1-Drilling-at-El-Mezquite-Au-Ag-Project-Sonora-Mexico

By Steven Ralston, CFA

OTC:DYLLF | ASX:DYL.AX

READ THE FULL DYLLF RESEARCH REPORT

The goal of Deep Yellow’s management is for the company to become a Tier I multi-jurisdictional uranium producer during the current uranium up-cycle. Management is pursuing activities that will support the completion of a DFS (Definitive Feasibility Study), including an objective of achieving a +20-year LOM operation, up from the 11 ½ years in the PFS.

The company has recently announced that the infill drilling at Tumas 3 has converted 117% of the existing Inferred Resource to the Indicated Resource category. In addition, Deep Yellow has submitted an EIA Scoping Report and filed a MLA (Mining License Application) with the Namibian Ministry of Mines and Energy (MME).

Several other highly significant milestones have been achieved over the last six months that support the EIA Scoping Report, MLA and the ongoing preparation of a DFS.

A multi-phase infill drilling program was completed over area of Tumas 3 (West, Central & East) which was comprised of a 17,679-meter campaign that consisted of 911 RC holes. The initial focus was on Tumas 3 East, and then the program moved to Tumas 3 Central & West. The infill drilling program targeted the lateral extensions of the Tumas 3 deposits. Drill holes were surveyed with down-hole radiometric gamma logging providing data to confirm grade continuity across the drilled areas, which is exemplified by the GT interval (grade x thickness) map below.

Estimated Mineral Resources of Tumas 3

The drilling program at Tumas 3 contributed to a significant upgrade of the company’s estimated resources. The Tumas 3 deposit now has estimated Indicated & Inferred Resources of 59.9 million lbs. U₃0₈ grading at 308ppm uranium, of which 54.9 million lbs. is classified as Indicated at 320ppm uranium. The infill drilling program upgraded 117% of prior existing Inferred Resources to the Indicated category.

Estimated Measured and Indicated Mineral Resources of Tumas Project (1, 2 & 3)

Consequently, Total Measured and Indicated Resources for Tumas Project (Tumas 1, Tumas 2 & Tumas 3 deposits) have been upgraded in quality through the recent infill drilling program. The estimated Tumas resource base now estimated to be 79.1 million lbs. U₃0₈ at 271ppm, up 508% from the estimated Measured & Indicated Resources of 13.0 million lbs. U₃0₈ in October 2016 (when the current management took charge).

Total Estimated Mineral Resources of Tumas Project (1, 2 & 3)

The Tumas palaeo-channel system continues to be highly prospective and is management’s major focus within the Reptile Project, along with the channel’s continuation to the Tumas deposit and beyond to the west. Through exploration activities and drilling campaigns, the estimated total resources (Measured, Indicated and Inferred) at the Tumas 1, 2 and 3 deposits have increased 756% from 13.3 million lbs. U₃0₈ in 2016 (when the current management took charge) to 113.9 million lbs. U₃0₈ today.

Total Estimated Mineral Resources of Deep Yellow

Since 2016 (when current management took charge), the company’s exploration campaigns have increased its estimated Total Resources (Measured, Indicated & Inferred) by 109% from 93.8 million lbs. U₃0₈ in 2016 to 195.8 million lbs. U₃0₈ in July 2021. Importantly, infill drilling programs have increased Indicated Resources by 196% through the discovery of additional Indicated Resources and the conversion of Inferred Resources to the Indicated category.

Only 60% of the known palaeochannel system has been drilled. An additional 50 kilometers remains to be tested. The expanded resource base is expected to help support management’s 20-year LOM target.

Definitive Feasibility Study (DFS)

The DFS for the Tumas Project is progressing as work continues on the economic feasibility of mining the calcrete-associated palaeochannel uranium deposits, pit optimization studies and additional metallurgical optimization test work. Results of these trade-off and optimization studies are expected to be announced periodically during the second half of 2021.

Environmental Impact Assessment

Baseline studies on groundwater, radiological, air quality, and flora & fauna conditions were completed for the Environmental Impact Assessment (EIA) during the first half of 2021. Thereafter, the EIA Scoping Report for the Tumas Project was delivered to the relevant agencies of the Namibian Government on July 15, 2021. The submission (and approval) of an EIA is required before the Environmental Commissioner can issue an Environmental Clearance Certificate (ECC), which is a requirement for a Mining License.

Mining License

On July 21, 2021, Deep Yellow filed a Project Mining License Application with the Namibian Ministry of Mines and Energy (MME) for the Tumas Project area. As part of the process, the MME will require submission of the DFS on the Tumas Project, an Environmental Impact Assessment (EIA) and an Environmental Management Plan (EMP). Once an Environmental Clearance Certificate (ECC) is granted by the Ministry of Environment, Forestry and Tourism, Mining License (MLA 237) can be granted by the MME. The process is expected to require 18 months to complete.

Effective May 27, 2021, Deep Yellow Limited was added to the MSCI (Morgan Stanley Capital International) Global Market Cap Index as part of MSCI’s semi-annual rebalancing procedure. Consequently, Deep Yellow was also added to the Australia Micro-Cap Index. Many professional portfolio managers and mutual funds benchmark to these indices. 95 of the world’s 100 largest money managers are clients of MSCI’s indices database and analytics. Consequently, the shareholder base of Deep Yellow should broaden, and the stock should experience greater liquidity. In addition, the inclusion of the company’s stock into these two indices should expand awareness of Deep Yellow among investors, both retail and institutional.

Deep Yellow has achieved a series of highly significant milestones during calendar 2021.

1) In February 2021, a positive Pre-Feasibility Study (PFS) was completed on the Tumas Project, aka the Reptile Project, including a Maiden Reserve for the Project

2) Work on the Definitive Feasibility Study commenced in February 2021 with an expected completion date by the end of calendar 2022

a. A multi-phase drilling program is focused on

i. converting Inferred Resources to Indicated Resource JORC status

ii. defining the boundaries of the Tumas 3 deposit, a generally east-west trending, calcrete-type palaeochannel system

iii. expanding the Life of Mine (LOM) from 11.5 years (defined by the PFS) to at least 20 years in the upcoming DFS with an anticipated annual production rate of approximately 3.0 million pounds

b. 17,679-meter infill drilling program consisting of 911 RC holes at Tumas 3 completed

i. Phase 1: 6,987-meter infill drilling program consisting of 445 RC holes at Tumas 3 East was completed on April 28, 2021

ii. Phase 2a: 7,634-meter infill drilling program at Tumas 3 Central consisting of 359 RC holes was completed on May 27, 2021

iii. Phase 2b: 3.058-meter infill drilling program at Tumas 3 West consisting of 107 RC holes was completed on June 18, 2021

c. An intermediate, updated Mineral Resource Estimate for Tumas 3 was announced on July 29, 2021.

i. 2021 infill drilling program at Tumas 3 converted 117% of the existing Inferred Resource to the Indicated Resource category

ii. an additional 5.7 million pounds of Indicated Mineral Resources were identified from peripheral zones

iii. total Indicated Resource now estimated to be 54.9 million pounds eU3O8 (at 320 ppm) versus prior estimate of 28.4 million pounds (at 299ppm)

d. Currently, a RC drilling program at Tumas 1 East is in process

3) NOVA JV

a. 3,213-meter drilling campaign at the Barking Gecko Project completed on March 30, 2021

i. Two highly prospective zones identified

1. Barking Gecko North: 2 km by 1 km (open to the east, SE and at depth)

2. Barking Gecko South: 4 km by 0.5 km (open to the NW and SE)

b. Deep Yellow, JOGMEC and Toro agreed to a 12-month program with a budget of AUD$1.1 million.

i. Phase 1: 14-hole, 3,500-meter RC drilling program ($580,000) to follow up on the encouraging results above. Drilling commenced on July 12^th and is expected to be completed in August.

4) Successful completion of financings to fund management’s dual-pillar growth strategy, namely advancing the Tumas Project to production and becoming a multi-jurisdictional producer

a. The completion of a AUD$ 40.8 million private placement (62,768,803 ordinary shares at AUD$0.65 per share) in February 2021

b. An oversubscribed Share Purchase Plan was completed in late March 2021. Gross proceeds were approximately AUD$2.00 million

c. In June 2022, options exercisable at $0.50 expired. The exercise of some of these options provided approximately AUD$3.28 million

d. As of June 30, 2021, the company’s cash balance was AUD52.4 million (US$ 38.5 million) compared to AUD$51.3 million as of March 31, 2021.

e. The net proceeds plus cash on hand will be utilized

i. to fund drilling programs

ii. to complete the DFS on the Tumas Project

iii. to pursue acquisitions/ mergers

We expect that management will deliver on its plan to become a tier-one uranium producer with an annual operating capacity of 5-to-10 million lbs. of U308, both through organic growth by means of developing its Namibian projects and through acquiring and developing additional uranium projects located in other jurisdictions.

Valuation

Broadly speaking, the public uranium companies can be grouped into three segments: producers, development companies and exploration companies. Producers are actively mining and generating revenues. Exploration companies are prospecting and/or drilling to establish mineral resources. In between these two segments are the development companies that already have established resources and are advancing through the process to bring a mine in operation, generally from the point of initiating a Pre-Feasibility Study to the actual construction of a mine. The comparable companies to Deep Yellow fall into this category.

Further, the comparable companies have been narrowed through quantitative factors, particularly those with a market capitalization over $100 million and trading above $0.30 per share. This process captures a range of well-funded junior uranium development companies. Currently, the P/B valuation range of these comparable companies is between 0.9 and 8.9. With the expectation that Deep Yellow’s stock will attain a mid-second quartile P/B ratio of 6.09, our comparable analysis valuation price target is US$1.29.

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Wall Street expects a year-over-year increase in earnings on higher revenues when Alexco Resource (AXU) reports results for the quarter ended June 2021. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus Estimate

This mining company is expected to post quarterly earnings of $0.02 per share in its upcoming report, which represents a year-over-year change of +300%.

Revenues are expected to be $19.39 million, up 2977.8% from the year-ago quarter.

Estimate Revisions Trend

The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings Whisper

Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model — the Zacks Earnings ESP (Expected Surprise Prediction) — has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Alexco Resource?

For Alexco Resource, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Alexco Resource will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?

Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Alexco Resource would post earnings of $0.01 per share when it actually produced earnings of $0.01, delivering no surprise.

The company has not been able to beat consensus EPS estimates in any of the last four quarters.

Bottom Line

An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Alexco Resource doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

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Alexco Resource Corp (AXU) : Free Stock Analysis Report

To read this article on Zacks.com click here.

VANCOUVER, BC, Aug. 4, 2021 /PRNewswire/ – Alexco Resource Corp. (NYSE American: AXU) (TSX: AXU) ("Alexco" or the "Company") today announced that it will release its second quarter 2021 financial results on Wednesday, August 11, 2021 after market close. Management will discuss the results during an audio webcast conference call on Thursday, August 12, 2021 at 11:00 am Eastern Time (8:00 am Pacific Time).

To participate in the live call, please use one of the following methods:

Dial toll free from Canada or the US: 1-800-319-4610
Dial from outside Canada or the US: 1-604-638-5340
Confirmation Code#: Ask to join the Alexco conference call
Live audio webcast: http://services.choruscall.ca/links/alexco20210812.html

Participants should connect five to ten minutes before the call. The conference call will be recorded and an archived audio webcast will be available at www.alexcoresource.com shortly after the call.

About Alexco

Alexco is a Canadian primary silver company that owns and operates the majority of the historic Keno Hill Silver District, in Canada's Yukon Territory, one of the highest-grade silver deposits in the world. Alexco is currently advancing Keno Hill to production and started concentrate production and shipments in Q1 2021. Keno Hill is expected to produce an average of approximately 4.4 million ounces of silver per year contained in high quality lead/silver and zinc concentrates. Keno Hill retains significant potential to grow and Alexco has a long history of expanding the operation's mineral resources through successful exploration.

Please visit the Alexco website at www.alexcoresource.com

Some statements ("forward-looking statements") in this news release contain forward-looking information concerning the Company's anticipated results and developments in the Company's operations in future periods, made as of the date of this news release. Forward-looking statements may include, but are not limited to, statements with respect to the timing of activities and reports. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements. Forward-looking statements are based on certain assumptions that management believes are reasonable at the time they are made. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.

View original content:https://www.prnewswire.com/news-releases/alexco-to-release-second-quarter-2021-results-on-august-11-2021-301348786.html

SOURCE Alexco Resource Corp.

For those looking to find strong Basic Materials stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Rio Tinto (RIO) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Basic Materials peers, we might be able to answer that question.

Rio Tinto is one of 251 companies in the Basic Materials group. The Basic Materials group currently sits at #8 within the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.

The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. RIO is currently sporting a Zacks Rank of #1 (Strong Buy).

The Zacks Consensus Estimate for RIO's full-year earnings has moved 18.87% higher within the past quarter. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

Our latest available data shows that RIO has returned about 16.06% since the start of the calendar year. Meanwhile, the Basic Materials sector has returned an average of 14.92% on a year-to-date basis. This means that Rio Tinto is outperforming the sector as a whole this year.

Looking more specifically, RIO belongs to the Mining – Miscellaneous industry, which includes 47 individual stocks and currently sits at #197 in the Zacks Industry Rank. Stocks in this group have gained about 18.49% so far this year, so RIO is slightly underperforming its industry this group in terms of year-to-date returns.

Investors in the Basic Materials sector will want to keep a close eye on RIO as it attempts to continue its solid performance.

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VANCOUVER, British Columbia, Aug. 03, 2021 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX.V: ORE, OTCQX: ORZCF) (the “Company” or “Orezone”) announces that the Special Meeting of Shareholders of the Company (the “Meeting”) is set to be held on Tuesday, August 31, 2021 at 9:00 a.m. (PDT) at the Vancouver, BC offices of the Company to seek approval for the issuance of the Convertible Note Facility to Resource Capital Fund VII L.P. (“RCF VII”) and that it is in the process of mailing the meeting materials.

The Company is finalizing documentation on the Bomboré Project debt package, which includes the Convertible Note Facility, the Senior Debt Facility, and the Silver Stream Agreement. The Company expects to close the Bomboré Project debt package in September 2021 following the Meeting.

The 8.5% Convertible Note Facility has a maturity of five years and will be convertible at the option of the lenders at any time at a conversion price of US$1.08, representing a 30% premium to the offering price of the bought deal equity offering that closed on January 28, 2021. RCF VII and Beedie Investments Ltd. have agreed to subscribe for US$25 million and US$10 million of the Convertible Note Facility, respectively.

About Orezone Gold Corporation

Orezone Gold Corporation (TSX.V: ORE OTCQX: ORZCF) is a Canadian development company which owns a 90% interest in Bomboré, one of the largest undeveloped gold deposits in Burkina Faso.

The 2019 feasibility study highlights Bomboré as an attractive shovel-ready gold project with forecasted annual gold production of 118,000 ounces over a 13+ year mine life at an All-In Sustaining Cost of US$730/ounce with an after-tax payback period of 2.5 years at an assumed gold price of US$1,300/ounce. Bomboré is underpinned by a mineral resource base in excess of 5 million gold ounces and possesses significant expansion potential. Orezone is fully funded to bring Bomboré into production with the first gold pour scheduled for Q3-2022.

Patrick Downey
President and Chief Executive Officer

Vanessa Pickering
Manager, Investor Relations

Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
info@orezone.com / www.orezone.com

For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain information that may constitute “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "possible" and other similar words, or statements that certain events or conditions "may", "will", "could", or "should" occur. Forward-looking statements in this press release include, but are not limited to, statements with respect to the Meeting, closing of the Bomboré Project debt package and the Bomboré project being fully funded to production and projected first gold by Q3-2022.

All such forward-looking statements are based on certain assumptions and analyses made by management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management and the qualified persons believe are appropriate in the circumstances.

All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, delays caused by the COVID-19 pandemic, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel and general economic, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company's most recent annual information form and management discussion and analysis filed on SEDAR on www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking statements.

Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

The big shareholder groups in Jindalee Resources Limited (ASX:JRL) have power over the company. Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. I quite like to see at least a little bit of insider ownership. As Charlie Munger said 'Show me the incentive and I will show you the outcome.

Jindalee Resources is not a large company by global standards. It has a market capitalization of AU$145m, which means it wouldn't have the attention of many institutional investors. Taking a look at our data on the ownership groups (below), it seems that institutions own shares in the company. Let's take a closer look to see what the different types of shareholders can tell us about Jindalee Resources.

See our latest analysis for Jindalee Resources

What Does The Institutional Ownership Tell Us About Jindalee Resources?

Many institutions measure their performance against an index that approximates the local market. So they usually pay more attention to companies that are included in major indices.

Jindalee Resources already has institutions on the share registry. Indeed, they own a respectable stake in the company. This suggests some credibility amongst professional investors. But we can't rely on that fact alone since institutions make bad investments sometimes, just like everyone does. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Jindalee Resources' historic earnings and revenue below, but keep in mind there's always more to the story.

Jindalee Resources is not owned by hedge funds. Our data suggests that Lindsay Dudfield, who is also the company's Senior Key Executive, holds the most number of shares at 26%. When an insider holds a sizeable amount of a company's stock, investors consider it as a positive sign because it suggests that insiders are willing to have their wealth tied up in the future of the company. Kale Capital Corporation Limited is the second largest shareholder owning 8.7% of common stock, and Perennial Value Management Limited holds about 6.1% of the company stock.

On further inspection, we found that more than half the company's shares are owned by the top 6 shareholders, suggesting that the interests of the larger shareholders are balanced out to an extent by the smaller ones.

While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. Our information suggests that there isn't any analyst coverage of the stock, so it is probably little known.

Insider Ownership Of Jindalee Resources

While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. The company management answer to the board and the latter should represent the interests of shareholders. Notably, sometimes top-level managers are on the board themselves.

I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions.

Our most recent data indicates that insiders own a reasonable proportion of Jindalee Resources Limited. It has a market capitalization of just AU$145m, and insiders have AU$47m worth of shares in their own names. I would say this shows alignment with shareholders, but it is worth noting that the company is still quite small; some insiders may have founded the business. You can click here to see if those insiders have been buying or selling.

General Public Ownership

With a 31% ownership, the general public have some degree of sway over Jindalee Resources. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies.

Private Company Ownership

It seems that Private Companies own 23%, of the Jindalee Resources stock. It might be worth looking deeper into this. If related parties, such as insiders, have an interest in one of these private companies, that should be disclosed in the annual report. Private companies may also have a strategic interest in the company.

Public Company Ownership

It appears to us that public companies own 7.0% of Jindalee Resources. We can't be certain but it is quite possible this is a strategic stake. The businesses may be similar, or work together.

Next Steps:

I find it very interesting to look at who exactly owns a company. But to truly gain insight, we need to consider other information, too. Take risks for example – Jindalee Resources has 3 warning signs (and 2 which are a bit concerning) we think you should know about.

If you would prefer check out another company — one with potentially superior financials — then do not miss this free list of interesting companies, backed by strong financial data.

NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.

This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

TOKYO, August 02, 2021–(BUSINESS WIRE)–Rio Tinto and Komatsu are partnering to fast-track the development and implementation of zero-emission mining haulage solutions, including haul trucks.

Rio Tinto will conduct a pre-production trial of the new equipment at a Rio Tinto site and has the option to purchase some of the first trucks from Komatsu once they are commercially viable.

Alf Barrios, Rio Tinto’s Chief Commercial Officer said: "Rio Tinto and Komatsu have a shared history of partnership on innovation going back to when we built the world’s largest Komatsu autonomous haulage fleet in 2008."

"Our support of a trial, and the option to buy some of the first trucks from Komatsu, underscores our shared commitment to actively collaborate on product planning, development, testing and deployment of the next generation of zero-emission mining equipment and infrastructure as we look to decarbonise our business."

Rio Tinto is also one of the first companies to join Komatsu’s newly launched Greenhouse Gas (GHG) Alliance which has an initial target of advancing Komatsu’s power agnostic truck concept for a haulage vehicle that can run on a variety of power sources including battery and hydrogen.

Max Moriyama, President, Mining Business Division of Komatsu Ltd said Komatsu was honoured to continue to partner with Rio Tinto.

"Rio Tinto and Komatsu both recognise the critical role zero-emission haul trucks play in meeting the Greenhouse Gas (GHG) emission reduction goals for the mining industry and the need to focus on developing practical haulage solutions.

"We are looking forward to advanced collaboration with them," said Max.

Rio Tinto is also a founding patron of the Charge On Innovation Challenge, which is focused on solving the power distribution infrastructure needed to support zero-emission haul trucks.

"We know that addressing climate change effectively requires businesses, governments and society to work together. Our collaboration with Komatsu recognises the role zero-emission haul trucks will play in meeting the emission reduction goals of not only Rio Tinto, but the entire mining industry," said Alf.

About Rio Tinto

Rio Tinto produces high-quality iron ore, copper, aluminium, and minerals that have an essential role in enabling the low-carbon transition.

We have publicly acknowledged the reality of climate change for over two decades and have reduced our emissions footprint by over 30 percent in the decade to 2020.

We have set 2030 targets to reduce our absolute emissions by 15% and our emissions intensity by 30% relative to our 2018 baseline. These targets are consistent with a 45% reduction in absolute emissions, relative to 2010 levels, and the Intergovernmental Panel on Climate Change (IPCC) pathways to 1.5°C. They are supported by our commitment to spend approximately $1 billion on emissions reduction initiatives over the first five years of the ten-year target period. In 2020, we set new Scope 3 emissions reduction goals to guide our partnership approach across our value chain.

Read more about our approach to climate change: www.riotinto.com/invest/reports/climate-change-report

About Komatsu

Komatsu develops and supplies technologies, equipment and services for the construction, mining, forklift, industrial and forestry markets. For a century, the company has been creating value for its customers through manufacturing and technology innovation, partnering with others to empower a sustainable future where people, business and the planet thrive together. Frontline industries worldwide use Komatsu solutions to develop modern infrastructure, extract fundamental minerals, maintain forests and create consumer products. The company's global service and distributor networks support customer operations to enhance safety and productivity while optimizing performance.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210802005282/en/

Contacts

Please direct all enquiries to
media.enquiries@riotinto.com

Media Relations, UK
Illtud Harri
M +44 7920 503 600

David Outhwaite
M +44 7787 597 493

Media Relations, Americas
Matthew Klar
T +1 514 608 4429

Investor Relations, UK
Menno Sanderse
M: +44 7825 195 178

David Ovington
M +44 7920 010 978

Clare Peever
M +44 7788 967 877

Media Relations, Australia
Jonathan Rose
M +61 447 028 913

Matt Chambers
M +61 433 525 739

Jesse Riseborough
M +61 436 653 412

Investor Relations, Australia
Natalie Worley
M +61 409 210 462

Amar Jambaa
M +61 472 865 948

Rio Tinto plc
6 St James’s Square
London SW1Y 4AD
United Kingdom

T +44 20 7781 2000
Registered in England
No. 719885

Rio Tinto Limited
Level 7, 360 Collins Street
Melbourne 3000
Australia

T +61 3 9283 3333
Registered in Australia
ABN 96 004 458 404

riotinto.com

Category: General

(Bloomberg) — A tightening global copper market is facing the real possibility of simultaneous strike disruptions at three mines in Chile, the top producer.

By far the most serious threat to global supplies comes from Escondida, the biggest copper mine in the world, where workers rejected owner BHP Group’s final wage offer in voting last week. Unless the two sides can reach a deal in government-mediated talks this week, the market may be left without production from a project that last year churned out 1.2 million metric tons.

Two other smaller mines — Codelco’s Andina and JX Nippon Mining & Metals’ Caserones — are at the same stage in their collective bargaining. That puts upwards of 7% of world production at risk in a particularly sensitive moment in the metal cycle and in Chilean politics.

Labor tensions are intensifying just as trillions of dollars in government stimulus fuel demand for industrial metals. Copper futures have gained over the past two weeks after retreating from an all-time high in May. On Monday, prices advanced as much as 0.8% on the London Metal Exchange before closing down 0.3% at $9,700.50 a ton after data showed U.S. manufacturing growth eased in July.

The windfall enjoyed by producers is emboldening mine workers, with host nations also looking at ratcheting up taxes to help resolve inequalities exacerbated by the pandemic. In Chile, that’s all playing out as the nation drafts a new constitution that may lead to tougher rules on water, glaciers, mineral and community rights, with presidential elections in November.

At the same time, companies are striving to keep labor costs in check in a cyclical business and as ore quality deteriorates and input prices start to rise.

In last week’s vote, members rejected BHP’s proposal by an overwhelming 99.5%. Union leaders say the company is dangling large one-time bonuses in exchange for longer hours and new demands in a bid to boost productivity and profit. BHP said its proposal included better conditions and new benefits and that it remains open to dialog.

“We hope that this strong vote will be the decisive wake-up call for BHP to initiate substantive discussions to reach satisfactory agreements, if it wants to avoid a lengthy conflict that could be the costliest in the country’s union history,” the union said.

(Updates prices in fourth paragraph)

More stories like this are available on bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2021 Bloomberg L.P.

Rio Tinto (RIO) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.

A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate — the consensus measure of EPS estimates from the sell-side analysts covering the stock — for the current and following years.

Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.

Therefore, the Zacks rating upgrade for Rio Tinto basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.

Most Powerful Force Impacting Stock Prices

The change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.

For Rio Tinto, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.

Harnessing the Power of Earnings Estimate Revisions

As empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>>.

Earnings Estimate Revisions for Rio Tinto

For the fiscal year ending December 2021, this miner is expected to earn $16.24 per share, which is a change of 110.9% from the year-ago reported number.

Analysts have been steadily raising their estimates for Rio Tinto. Over the past three months, the Zacks Consensus Estimate for the company has increased 20%.

Bottom Line

Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Rio Tinto to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

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Here are five stocks added to the Zacks Rank #5 (Strong Sell) List today:

Atento S.A. ATTO is a provider of customer relationship management and business process outsourcing services. The Zacks Consensus Estimate for its current year earnings has been revised 93.3% downward over the last 30 days.

Ballard Power Systems Inc. BLDP engages in the design, development, manufacture, sale, and service of proton exchange membrane fuel cell products. The Zacks Consensus Estimate for its current year earnings has been revised 4.8% downward over the last 30 days.

The Bank of N.T. Butterfield & Son Limited NTB offers bank and wealth management services. The Zacks Consensus Estimate for its current year earnings has been revised 1.8% downward over the last 30 days.

Cameco Corporation CCJ produces and sells uranium. The Zacks Consensus Estimate for its current year earnings has been revised more than 100% downward over the last 30 days.

Emergent BioSolutions Inc. EBS is a life sciences company. The Zacks Consensus Estimate for its current year earnings has been revised 2% downward over the last 30 days.

View the entire Zacks Rank #5 List.

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Cameco Corporation (CCJ) : Free Stock Analysis Report
 
Ballard Power Systems, Inc. (BLDP) : Free Stock Analysis Report
 
Emergent Biosolutions Inc. (EBS) : Free Stock Analysis Report
 
Atento S.A. (ATTO) : Free Stock Analysis Report
 
Bank of N.T. Butterfield & Son Limited The (NTB) : Free Stock Analysis Report
 
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Zacks Investment Research

Image source: The Motley Fool. Turquoise Hill Resources Ltd (NYSE: TRQ)Q2 2021 Earnings CallJul 30, 2021, 8:00 a.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorGood morning, ladies and gentlemen, and welcome to Turquoise Hill Second Quarter Financial Results Conference Call.

Investors with an interest in Mining – Miscellaneous stocks have likely encountered both Billiton (BBL) and Wheaton Precious Metals Corp. (WPM). But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.

We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.

Right now, Billiton is sporting a Zacks Rank of #2 (Buy), while Wheaton Precious Metals Corp. has a Zacks Rank of #3 (Hold). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that BBL is likely seeing its earnings outlook improve to a greater extent. But this is just one piece of the puzzle for value investors.

Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.

The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.

BBL currently has a forward P/E ratio of 6.98, while WPM has a forward P/E of 30.25. We also note that BBL has a PEG ratio of 1.68. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. WPM currently has a PEG ratio of 6.05.

Another notable valuation metric for BBL is its P/B ratio of 1.32. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, WPM has a P/B of 3.56.

These are just a few of the metrics contributing to BBL's Value grade of A and WPM's Value grade of D.

BBL stands above WPM thanks to its solid earnings outlook, and based on these valuation figures, we also feel that BBL is the superior value option right now.

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Here are four stocks with buy rank and strong income characteristics for investors to consider today, July 30th:

BHP Group BHP: This resources company has witnessed the Zacks Consensus Estimate for its current year earnings increasing 10% over the last 60 days.

BHP Group Price and Consensus

BHP Group price-consensus-chart | BHP Group Quote

This Zacks Rank #1 (Strong Buy) company has a dividend yield of 5.03%, compared with the industry average of 0.00%. Its five-year average dividend yield is 4.36%.

BHP Group Dividend Yield (TTM)

BHP Group dividend-yield-ttm | BHP Group Quote

Fanhua Inc. FANH: This provider of financial services has witnessed the Zacks Consensus Estimate for its current year earnings increasing 1% over the last 60 days.

Fanhua Inc. Price and Consensus

Fanhua Inc. price-consensus-chart | Fanhua Inc. Quote

This Zacks Rank #1 company has a dividend yield of 4.21%, compared with the industry average of 0.78%. Its five-year average dividend yield is 3.40%.

Fanhua Inc. Dividend Yield (TTM)

Fanhua Inc. dividend-yield-ttm | Fanhua Inc. Quote

Cathay General Bancorp CATY: This holding company for Cathay Bank has witnessed the Zacks Consensus Estimate for its current year earnings increasing 10.2% over the last 60 days.

Cathay General Bancorp Price and Consensus

Cathay General Bancorp price-consensus-chart | Cathay General Bancorp Quote

This Zacks Rank #1 company has a dividend yield of 3.25%, compared with the industry average of 1.80%. Its five-year average dividend yield is 3.13%.

Cathay General Bancorp Dividend Yield (TTM)

Cathay General Bancorp dividend-yield-ttm | Cathay General Bancorp Quote

City Holding Company CHCO: This holding company for City National Bank of West Virginia has witnessed the Zacks Consensus Estimate for its current year earnings increasing 8.4% over the last 60 days.

City Holding Company Price and Consensus

City Holding Company price-consensus-chart | City Holding Company Quote

This Zacks Rank #1 company has a dividend yield of 3.05%, compared with the industry average of 1.93%. Its five-year average dividend yield is 2.93%.

City Holding Company Dividend Yield (TTM)

City Holding Company dividend-yield-ttm | City Holding Company Quote

See the full list of top ranked stocks here.

Find more top income stocks with some of our great premium screens.

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Vancouver, British Columbia–(Newsfile Corp. – July 30, 2021) – Pacific Ridge Exploration Ltd. (TSXV: PEX) (OTCQB: PEXZF) ("Pacific Ridge" or the "Company") is pleased to announce that its common shares are now trading on the OTC Venture Market ("OTCQB") under the ticker symbol "PEXZF". B. Riley Securities acted as the Company's OTCQB sponsor. B. Riley Securities, Inc. is a full-service investment bank and subsidiary of B. Riley Financial, Inc., based in Los Angeles with offices across the United States, providing corporate finance, research, sales and trading services.

The OTCQB offers early stage and developing international companies the benefits of being publicly traded in the U.S. without the complexity and cost of a U.S. exchange listing. As a verified market with efficient access to U.S. investors, the OTCQB helps companies build shareholder value with a goal of enhancing liquidity and achieving a fair valuation.

Kliyul copper-gold project update

The start of the fully funded 2,500 metre diamond drill program at the Kliyul copper-gold project ("Kliyul" or "Project") was delayed due to a wildfire that temporarily closed the main access road to the project area. The fire is now under control and the road is again open. However, Pacific Ridge will remain responsive to local conditions as required. Camp construction is nearly complete and the drill rig should arrive in the next several days. The Company expects that the drill program will commence shortly and will update investors when drilling starts.

Kliyul is located in Northwestern British Columbia ("B.C."), approximately 50 km southeast of Centerra Gold Inc's Kemess mine and 5 km from the Omineca mining road and power line, in one of the most geochemically anomalous areas for copper and gold in the Quesnel Terrane. Historic drilling at Kliyul encountered significant copper-gold porphyry-related mineralization. For example, drill hole KJ-15-34 intercepted 245 metres of 0.75% CuEQ¹ (see Pacific Ridge news release dated December 2, 2020) which is an indication of Kliyul's potential.

Pacific Ridge utilized its newly constructed Kliyul database, which includes all the geological, geochemical, geophysical and drill data, to prioritize drill targets within the large and highly prospective Kliyul project area. The Company also drew upon the knowledge and expertise of Technical Advisory Committee members Jim Logan, M.Sc., an expert on the geology of B.C. porphyry copper deposits, and Dan Core (Fathom Geophysics), Ph.D., who is at the forefront of computer modelling and interpretation of geophysical data.

About Pacific Ridge

Our goal is to become one of the leading copper-gold exploration companies in British Columbia. Pacific Ridge's flagship project is the Kliyul copper-gold project, located in the Quesnel Trough, approximately 50 km southeast of Centerra Gold's Kemess mine. In addition to Kliyul, the Company's project portfolio includes the RDP copper-gold project and the Redton copper-gold project, both located in British Columbia. Pacific Ridge will continue to search for projects that offer discovery opportunity in our regions of expertise.

On behalf of the Board of Directors,

"Blaine Monaghan"

Blaine Monaghan
President & CEO
Pacific Ridge Exploration Ltd.

Corporate Contact:
Blaine Monaghan
President & CEO
Tel: (604) 687-4951
www.pacificridgeexploration.com
https://www.linkedin.com/company/pacific-ridge-exploration-ltd-pex-
https://twitter.com/PacRidge_PEX

Investor Contact:
G2 Consultants Corp.
Telephone: +1 778-678-9050
Email: ir@pacificridgeexploration.com

¹ Copper equivalent (CuEQ) is equal to ((Cu (per cent) multiplied by $2.25 multiplied by 22.0642) plus (Au (g/t) multiplied by $1,650 multiplied by 0.032151)) divided by ($2.25 multiplied by 22.0642).

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The technical information contained within this News Release has been reviewed and approved by Gerald G. Carlson, Ph.D., P.Eng., Executive Chairman of Pacific Ridge and Qualified Person as defined by National Instrument 43-101 policy.

Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling and other activities and events or developments that Pacific Ridge Exploration Ltd. ("Pacific Ridge") expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding the arrival of the drill rig and the anticipated start of drilling. Although Pacific Ridge believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, that one of the options will be exercised, the ability of Pacific Ridge and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Pacific Ridge's proposed programs on reasonable terms, and the ability of third party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Pacific Ridge does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/91672

July 30 (Reuters) – BHP Group Ltd said on Friday it would build two solar farms and a battery storage system in partnership with Canada's TransAlta Renewables Inc at its nickel project site in Western Australia.

The global miner said the project will help reduce carbon emissions by 12% compared with 2020 levels at its Mt Keith and Leinster operations, where power is currently being generated through diesel and gas turbines.

The proposed solar farms will also help produce sustainable low-carbon nickel used in electric-vehicle batteries, BHP said, for which the company signed a supply agreement with Tesla Inc last week.

The project will contribute to the miner's medium-term target to reduce scope 1 and 2 emissions from its assets by at least 30% from 2020 levels by 2030, it said. (https://bit.ly/3rFGxHk)

BHP said the construction of the farms is scheduled to begin in the second quarter of 2022 and would take 12 to 14 months for completion. (Reporting by Savyata Mishra in Bengaluru; Editing by Ramakrishnan M.)

Oil prices climbed this week as U.S. inventories tightened and the risk of Iran reaching a new deal and bringing extra crude online decreased.

Friday, July 30th, 2021

Crude prices drew hefty support this week from U.S. inventory dynamics, with commercial stocks falling to their lowest since January 2020 and indications that the tightening is set to continue. Concurrently, the markets have seemingly got accustomed to the idea that there will not be any Iranian cliff-hanger as President-elect Raisi is to be sworn into office next week, mitigating erstwhile concerns that Tehran might flood the market with incremental barrels. COVID headwinds persist, however, as several European countries see rising Delta variant cases.

EU Fails to Replenish Gas Storage. European countries are struggling to replenish their gas reserves amid exorbitantly high LNG prices and limited availability of pipeline supplies, with total EU gas reserves standing at a mere 616 TWh, equivalent to some 63 billion cubic meters, the lowest level since 2015. 

TotalEnergies Buys into Singapore EV Charging. Teaming up with another French firm Bolloré, TotalEnergies (NYSE:TTE) agreed to buy Singapore’s leading electric vehicle charging network (accounting for 85% of the city-state’s charge points), acquiring Blue Charge for an undisclosed sum. TotalEnergies seeks to increase its charge point tally tenfold to 150,000 by 2025. 

Gasoline market backwardation. Whilst gasoline cracks remain the best-performing segment of most European refiners’ slate, the derivatives market indicates that the global gasoline balance is tightening as the Eurobob oxy M1-M2 swap surged past the $20 per metric ton earlier this week, the widest in almost two weeks. 

Related: Oil Tops $75 On Shrinking U.S. Crude Inventories

London court to reopen $7 billion BHP dam lawsuit. The London Court of Appeal reopened a lawsuit against the Anglo-Australian mining firm BHP (NYSE:BHP) over the 2015 Mariana dam disaster, Brazil’s worst-ever environmental disaster, allowing a 200 000-strong claimant group to appeal against a lower court decision. 

ADNOC to Ease October 2021 production cuts. The UAE state oil company ADNOC informed its term buyers that it would ease its export nomination cuts for October 2021, bringing back 10 percentage points worth of output compared to September, a clear indication that the Emirates remains earnest in its production ramp-up drive.

European Majors Leave Venezuela. France’s TotalEnergies (NYSE:TTE) and Norway’s Equinor (NYSE:EQNR) have quit their Petrocedeño joint venture, transferring their stakes to a subsidiary of PDVSA. The JV manages the Juni oil field in the Orinoco Belt and a 180kbpd heavy crude upgrader – this was used by both companies, arguing that developing the heavy barrels is incompatible with their low-carbon strategies. 

UK Seeks to Remove China from Nuclear Projects. UK media report that China’s national nuclear firm CGN might be blocked from building new infrastructure on the British Islands, triggered by concerns that increased Chinese participation in Britain’s energy infrastructure could be detrimental to the nation’s overall energy security.  

Rio Tinto Starts $2.4 Billion Serbia Lithium Project. Rio Tinto (NYSE:RIO) brought forward a much-anticipated investment decision on the project, stating that it would already launch construction next year with a commissioning aim of 2026-2027. Jadar in Serbia is bound to become Europe’s largest lithium supply source. 

Biden Administration to Revise Toxic Coal Wastewater Rule. The White House will revise a Trump-era rule that allowed US coal-fired plants to delay installing equipment that could prevent lead, selenium, or other pollutants seeping into rivers and streams, Reuters reports. The US government intends to finalize the new set of rules by 2024.

Shell Buys Inspire Energy as it Seeks to Gain Green Credentials. Shell (NYSE:RDS) purchased the US-based renewable energy retailer Inspire Energy, Reuters reports, amidst increasing domestic pressure to speed up its decarbonization efforts.

Spanish High Court Clears Repsol CEO. Antonio Brufau, the CEO of Spanish oil firm Repsol (BME:REP) was cleared of allegations that he had spied on market competitors to block a takeover bid by PEMEX and its partner. The court found no evidence of the chairman’s direct involvement in the spying case, triggering a more than 2% hike in Repsol stocks. 

Wheat Rises on Inclement Weather. Wheat futures at the Chicago BOT rose to a 2-month high as droughts in the US Midwest and freezing temperatures in Brazil have sapped global spring wheat yields. The Wv1 CBOT contract surpassed the $7 per bushel threshold, whilst the Paris December contract rose beyond €220 per ton (equivalent to $7.1 per bushel).

Indonesia Sets 2060 Net Zero Objective. Indonesia announced it would seek to achieve net carbon neutrality by 2060 or sooner, seeing its aggregate greenhouse gas emissions peak in 2030. Interestingly, it is oil that will be phased out the swiftest in the upcoming future, with abundant coal retaining its importance in power generation well into mid-century. 

NOVATEK Revisits Obsky LNG. The Russian LNG-focused producer abandoned its 5mtpa Obsky LNG project and revamped it instead into a gas petrochemicals complex that would produce ammonia and hydrogen from natural gas. NOVATEK initially intended to use its proprietary Arctic Cascade liquefaction technology for the project. 

Offshore Suriname Production Gets Real. Two appraisal drilling programs carried out by operator TotalEnergies (NYSE:TTE) in Suriname’s Block 58 confirmed net black oil pays in both the Sapakara and Kwaskwasi prospects, marking another important step towards oil commercialization. This year will still see another appraisal well at the Bonboni field and a flow test of Sapakara.

By Tom Kool for Oilprice.com

More Top Reads From Oilprice.com:

• Shell Reports $5.5 Billion Net Profit And Hikes Dividends
  

• Analysts See Oil Trading Closer To $70 Through Year-End

• Why Norway Won’t Give Up On Oil & Gas

Read this article on OilPrice.com

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

Rio Tinto (RIO) is a stock many investors are watching right now. RIO is currently sporting a Zacks Rank of #2 (Buy), as well as a Value grade of A. The stock is trading with a P/E ratio of 5.38, which compares to its industry's average of 7.22. Over the past year, RIO's Forward P/E has been as high as 11.49 and as low as 5.02, with a median of 7.89.

Another valuation metric that we should highlight is RIO's P/B ratio of 1.99. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 3.46. Over the past year, RIO's P/B has been as high as 2.28 and as low as 1.58, with a median of 1.94.

Value investors will likely look at more than just these metrics, but the above data helps show that Rio Tinto is likely undervalued currently. And when considering the strength of its earnings outlook, RIO sticks out at as one of the market's strongest value stocks.

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(Compares estimates, adds all-in sustaining costs, background)

July 29 (Reuters) – Canadian miner Turquoise Hill Resources Ltd on Thursday beat estimates for second-quarter profit, bolstered by a strong output from the Oyu Tolgoi mine in Mongolia and higher prices of copper and gold.

Prices of the red metal hit a record high in May, boosted by demand from electric-vehicle makers and other clean-energy investments. Bullion prices also rose in the second quarter as a weak dollar and pandemic-related uncertainties lifted its safe-haven appeal.

Turquoise Hill's copper production from Oyu Tolgoi stood at 36,735 tonnes in the quarter, compared with 36,495 ounces last year. Its gold output more than tripled to 113,054 ounces.

Oyu Tolgoi, one of the world's largest copper-gold-silver mines, was at the center of a long-running funding spat between Rio Tinto and Turquoise, before the dispute was put to bed in April.

The Mongolian government holds a 34% stake in the Oyu Tolgoi project with Rio's majority-owned Turquoise owning the rest.

Turquoise Hill's all-in sustaining costs fell 32% to $1.48 per pound of copper produced in the quarter.

Its income attributable to the owners of the company was $96.9 million, or 48 cents per share, for the three months ended June 30, compared with $72.6 million, or 36 cents per share, a year earlier.

Analysts on average were expecting a profit of 34 cents per share, according to Refinitiv IBES.

(Reporting by Rithika Krishna in Bengaluru; Editing by Devika Syamnath)