(Bloomberg) — Sacred sites, endangered sawfish and mythical rainbow serpents are the latest challenges confronting commodities powerhouse Australia as the nation’s top mining companies meet for their biggest annual conference.

Since the destruction last year by Rio Tinto Group of a 46,000-year-old Aboriginal rock shelter at Juukan Gorge, the industry has been scrambling to deal with a backlash over heritage protection and environmental issues. A national enquiry into the incident and new laws being drafted by the Western Australia government could have an impact on some A$18 billion ($13 billion) in projects planned by mining giants operating in the Pilbara, the nation’s iron-ore heartland, as well as other resources projects.

The industry, which gathers on Monday for the three-day Diggers and Dealers conference on the edge of a huge gold mine in Kalgoorlie, Western Australia, is already facing the threat of increasing restrictions on emissions, as well as a political spat with China, its biggest buyer. Now, Aboriginal communities are fighting for a stronger role to protect their culture from resources extraction and agriculture.

“The new legislation will put Aboriginal people at the center of decision making,” the Western Australia government said in an emailed statement. “One of the primary objectives of the bill is to ensure that Aboriginal people have custodianship over their heritage.”

The proposed new law will seek to strike a balance between giving indigenous people a stronger voice, without impeding growth in a resources industry estimated to have delivered a record A$310 billion in export revenue in fiscal 2021. Australia ranks among the top producers of metals from gold to lithium and some investors are concerned that if the rules don’t provide traditional landowners with enough safeguards, it could increase the risk of another damaging incident.

“This is a once in a generation opportunity to get a piece of legislation and not just try and fix it at the edges,” said Mary Delahunty, head of impact at pension fund Hesta, which has about A$60 billion in assets. She said the WA government’s draft proposal does not appear to go far enough in giving indigenous groups a stronger voice.

Traditional landowners agree.

“The current draft won’t prevent another Juukan Gorge,” said Wayne Bergmann, interim chief executive officer of the Kimberley Land Council, which represents Aboriginal landowners in the far north of the state. Bergmann is concerned that, under the proposed legislation, the final decision on whether work can be carried out in an area of cultural significance will still be the responsibility of whichever minister is in power at the time, rather than an independent expert body.

“Fundamentally, the investment community needs to be worried because this places risk on projects,” Bergmann said. The government says it was still drafting the bill, and had already made several revisions based on feedback from stakeholders.

Rio, the world’s biggest iron-ore miner, said it is giving cultural heritage and environmental issues a higher priority in the wake of Juukan Gorge and has set up an indigenous advisory committee to improve its engagement with local communities. The London-based company said in April it had reviewed over 1,300 sites in the Pilbara for their potential impact on cultural heritage, with subsequent additional safeguards resulting in 54 million tons of dry ore being removed from its reserves.

Read: A Miner Blew Up Ancient Human History. An Industry May Pay

The fallout from Juukan Gorge is affecting more than the mining industry. The new legislation will also affect agriculture.

One example is the plight of sawfish, which are under threat from the demands of cattle stations that extract water from the Fitzroy River, one of the last remaining nursery habitats of the critically endangered freshwater sawfish, which can grow up to 7 meters long.

The distinctive rays, with their chainsaw-like snouts, are seen in Aboriginal culture as protectors of the river. The global range of the species has declined by more than 60% since the turn of the century, according to a 2019 study by Murdoch University’s Harry Butler Institute.

The WA government has extended a consultation process on water management plans for the Fitzroy River to the end of August.

The task of lawmakers is complicated by the fact that the new rules need to protect not only historical sites and the environment, but also cultural beliefs.

When iron-ore billionaire Andrew Forrest proposed building weirs on one of his cattle stations to hold water from the Ashburton River, the plan was rejected by the state government because of its potential impact on the rainbow serpent, which Aboriginal culture says resides in the river. Forrest’s legal team is appealing the decision, arguing that the weirs will have minimal impact on the river flow, and the serpent will still be able to move freely.

Night Parrot

Forrest, who has a doctorate in marine ecology, has been a vocal supporter of the Aboriginal community — indigenous people make up around 12% of the Australian-based workforce at his Fortescue Metals Group Ltd. The company vowed to protect the endangered night parrot, which had been feared extinct prior to a 2005 sighting near the group’s Cloudbreak mine in the Pilbara.

Hesta’s Delahunty says landowner groups should have the right to veto projects, which would reassure investors that local community concerns were being taken seriously. “It’s important not just from a reconciliation point of view, but also to the financial outcomes of the company.”

The WA government said it won’t include a right of veto, which would be “a disincentive to agreement making.”

Meanwhile, resources companies are aware that their social license to operate is under closer scrutiny than ever. Rio’s former Chief Executive Officer Jean-Sebastien Jacques and other senior executives stepped down in the wake of the Juukan Gorge incident. Since Jacques’ departure, Rio’s shares have gained around 28% in London as iron-ore prices soared, but the FTSE All-Share Industrial Metals and Mining Index has more than doubled in the same time.

“Australia is watching,” Delahunty said. “The investment community is watching this process, because on our watch we will not have another of these incidents.”

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.

London-listed companies announced a slew of buybacks and dividends on Thursday, as management teams begin to pass on gains made from the global bounce back from COVID-19.

Interim results season begins in the UK this week and most companies have so far reported strong results, buoyed by the reopening of economies around the world as the COVID-19 pandemic begins to come under control. Firms are now rewarding shareholders for their faith during what was an exceptionally difficult 2020.

FTSE firms announced investor payouts worth more than £7bn on Thursday alone. Notable capital returns include:

• $4.1bn (£2.9bn) in dividends and buybacks at Anglo American (AAL.L);

• a $2bn (£1.4bn) share buyback plan at Shell (RDSB.L);

• a £1bn interim dividend at Diageo (DGE.L);

• a $1bn (£720m) interim dividend at AstraZeneca (AZN.L);

• a £500m share buyback plan at BAE Systems (BA.L) and dividend worth roughly £290m;

• a £473m interim dividend at Lloyds Bank (LLOY.L).

The flurry of payout news helped the FTSE 100 (^FTSE) rise 0.7% on Thursday, despite a rallying pound.

"No one would begrudge investors heading home to pop open a bottle of fizz – it’s just been that kind of a day," said Danni Hewson, a financial analyst at AJ Bell. "A bumper crop of earnings bolstered by news of some hefty dividend pay outs and nothing too challenging emerging from across the Atlantic."

News of the payout blitz comes a day after miner Rio Tinto (RIO.L) announced a record $9.1bn (£6.5bn) dividend. The blockbuster payout – its biggest ever – is worth more than roughly a quarter of FTSE 100 companies.

Barclays (BARC.L), meanwhile, confirmed a £340m dividend payout for investors and announced a £500m share buyback programme on Wednesday.

The return of dividends and buybacks will provide cheer to investors who endured a lean 2020. Last year was the worst for UK dividends in a decade, according to Link Group. Payouts rebounded 50% to £25.7bn in the second quarter, Link said earlier this week. 

Watch: What is inheritance tax?

In this article, we discuss the 15 stocks that will double in 2021. If you want to skip our detailed analysis of these stocks, go directly to the 5 Stocks that Will Double In 2021.

The economy of 2020 was closely linked to the COVID-19 pandemic. However, the vaccine rollout at the turn of the year buoyed hopes of a return to normalcy and an accelerated recovery from the virus. Resort companies, construction firms, and even mining stocks registered a dramatic increase in price over the first few months of the year as it appeared that vaccines were effective and the virus spread slowed. In the past few days, the spread of the Delta variant of the virus, resistant to vaccines, has once again raised fears of prolonged lockdowns.

In the midst of this delicately poised situation, investors who learned their lessons from the March 2020 lockdown, have already started looking for new and exciting opportunities in the market that will offer them handsome returns even in the bear market, dumping cyclical stocks in the process. Some of the firms that these investors should take note of as they navigate the changing market dynamics include ViacomCBS Inc. (NASDAQ: VIAC), Zynga Inc. (NASDAQ: ZNGA), and MongoDB, Inc. (NASDAQ: MDB), among others.

Companies working in the technology, biopharma, and ecommerce industries are all expected to weather the impact of the coronavirus lockdown and perform better than expected if the economy does fully reopen. Some of these companies, most of which beat market expectations on revenue and earnings per share in the first quarter, are discussed below. It has become very hard for even the market experts to keep up with the ever-evolving world of stocks. Tech-led disruption has been a key factor in this regard.

The entire hedge fund industry is feeling the reverberations of the changing financial landscape. Its reputation has been tarnished in the last decade, during which its hedged returns couldn’t keep up with the unhedged returns of the market indices. On the other hand, Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 124 percentage points since March 2017. Between March 2017 and May 29th 2021 our monthly newsletter’s stock picks returned 206.8%, vs. 91.0% for the SPY. Our stock picks outperformed the market by more than 115 percentage points (see the details here). That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.

Image by MayoFi from Pixabay

With this context in mind, here is our list of the 15 stocks that will double in 2021. These rankings are based on the list of firms that finance websites such as Investor Place, The Motley Fool, and Nasdaq think will double this fiscal year. After the initial selection, these companies were then further classified according to analyst ratings and basic business fundamentals. Only firms that have positive ratings or have had their price targets raised by investment advisories in the past few weeks were considered. Special importance was assigned to the recent earnings results of each firm, with those that beat market estimates on earnings per share and revenue featuring heavily. In addition, hedge fund sentiment was also included as a classifier in a bid to improve the reliability of the list. Even after all this exhaustive research, it is pertinent to mention that it is very difficult to predict which stocks will double in a fiscal year. Even market experts with years of academic and field experience find it hard to predict market direction at any given time. However, by filtering out the best of the best based on the metrics available, investors can better focus their energies.

Stocks that Will Double In 2021

15. Allakos Inc. (NASDAQ: ALLK)

Number of Hedge Fund Holders: 13

Allakos Inc. (NASDAQ: ALLK) is a clinical stage biopharmaceutical firm. It is placed fifteenth on our list of 15 stocks that will double in 2021. The stock has returned 1.4% to investors over the past year. The firm is based in California. On May 23, investment advisory Jefferies identified the stock as one on its radar as biotech prices picked up and mergers and acquisitions increased following a slow start to the year. The advisory said biotech firms would start to finalize deals in the next three to five months.

On May 15, investment advisory Cowen initiated coverage of Allakos Inc. (NASDAQ: ALLK) stock with an Outperform rating. Joseph Thome, an analyst at the advisory, issued the ratings update.

Out of the hedge funds being tracked by Insider Monkey, San Francisco-based investment firm Redmile Group is a leading shareholder in Allakos Inc. (NASDAQ: ALLK) with 2.4 million shares worth more than $277 million.

Just like ViacomCBS Inc. (NASDAQ: VIAC), Zynga Inc. (NASDAQ: ZNGA), and MongoDB, Inc. (NASDAQ: MDB), Allakos Inc. (NASDAQ: ALLK) is one of the stocks that could double in 2021.

14. Funko, Inc. (NASDAQ: FNKO)

Number of Hedge Fund Holders: 14

Funko, Inc. (NASDAQ: FNKO) is ranked fourteenth on our list of 15 stocks that will double in 2021. The company’s shares have returned 230% to investors over the past year. The firm markets pop culture consumer products. It is headquartered in Washington. In earnings results for the first quarter, posted on May 6, the firm reported earnings per share of $0.24, beating estimates by $0.13. The revenue over the period was more than $189 million, up 38% year-on-year.

On May 13, investment advisory Bank of America upgraded Funko, Inc. (NASDAQ: FNKO) stock to Buy from Underperform, raising the price target to $30 from $12, noting the firm represented a significant long-term opportunity for investors.

Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Woodson Capital Management is a leading shareholder in Funko, Inc. (NASDAQ: FNKO) with 3 million shares worth more than $59 million.

13. Paramount Group, Inc. (NYSE: PGRE)

Number of Hedge Fund Holders: 17

Paramount Group, Inc. (NYSE: PGRE) stock has returned 34% to investors over the past year. It is placed thirteenth on our list of 15 stocks that will double in 2021. The firm operates a real estate investment trust that deals exclusively in high-class properties in premier business districts. On July 27, the firm posted earnings for the second quarter, reporting FFO of $0.22, beating market estimates by $0.02. The revenue over the period was over $182 million, up more than 6% year-on-year.

On June 25, investment advisory Deutsche Bank kept a Hold rating on Paramount Group, Inc. (NYSE: PGRE) stock but raised the price target to $12 from $11, noting the firm offered potential in the post-pandemic economy.

At the end of the first quarter of 2021, 17 hedge funds in the database of Insider Monkey held stakes worth $135 million in Paramount Group, Inc. (NYSE: PGRE), down from 18 in the preceding quarter worth $68 million.

Alongside ViacomCBS Inc. (NASDAQ: VIAC), Zynga Inc. (NASDAQ: ZNGA), and MongoDB, Inc. (NASDAQ: MDB), Paramount Group, Inc. (NYSE: PGRE) is one of the stocks that could double in 2021.

12. BHP Group (NYSE: BHP)

Number of Hedge Fund Holders: 18

BHP Group (NYSE: BHP) is ranked twelfth on our list of 15 stocks that will double in 2021. The stock has offered investors returns exceeding 43% over the course of the past year. The firm is based in Australia and has interests in the natural resources business. On July 21, the firm announced that it had signed a deal with electric carmaker Tesla to provide the latter with the metal nickel that is used in numerous EV products, including batteries. The financial terms of the deal were not disclosed.

On July 8, investment advisory Berenberg upgraded BHP Group (NYSE: BHP) stock to Buy from Hold, raising the price target to 2,700 GBp from 2,200 GBp, noting that the firm had potential upside with regards to final dividend this year.

Out of the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in BHP Group (NYSE: BHP) with 7.9 million shares worth more than $553 million.

11. Genpact Limited (NYSE: G)

Number of Hedge Fund Holders: 23

Genpact Limited (NYSE: G) is a Bermuda-based business process outsourcing firm. It is placed eleventh on our list of 15 stocks that will double in 2021. The company’s shares have offered investors returns exceeding 22% over the course of the past twelve months. On May 10, the firm posted earnings for the first quarter, reporting earnings per share of $0.59, beating market predictions by $0.11. The revenue over the period was $946 million, up more than 2.5% compared to the revenue over the same period last year.

In earnings results for the first quarter, posted on May 10, Genpact Limited (NYSE: G) reported earnings per share of $0.59, beating market predictions by $0.11. The revenue over the period was more than $946 million, up 2.5% year-on-year.

At the end of the first quarter of 2021, 23 hedge funds in the database of Insider Monkey held stakes worth $271 million in Genpact Limited (NYSE: G), down from 31 in the preceding quarter worth $340 million.

In addition to ViacomCBS Inc. (NASDAQ: VIAC), Zynga Inc. (NASDAQ: ZNGA), and MongoDB, Inc. (NASDAQ: MDB), Genpact Limited (NYSE: G) is one of the stocks that could double in 2021.

In its Q3 2020 investor letter, Third Avenue Management, an asset management firm, highlighted a few stocks and Genpact Limited (NYSE: G) was one of them. Here is what the fund said:

10. Deciphera Pharmaceuticals, Inc. (NASDAQ: DCPH)

Number of Hedge Fund Holders: 23

Deciphera Pharmaceuticals, Inc. (NASDAQ: DCPH) is ranked tenth on our list of 15 stocks that will double in 2021. The firm makes and sells biopharma products and is headquartered in Waltham. On June 30, the firm announced that it had administered the first dose of a new cancer drug to a patient in the early-stage trial of DCC-3116. Earlier in May, the company had posted earnings for the first quarter, comfortably beating market predictions on revenue and earnings per share for the first quarter.

On March 30, investment advisory Credit Suisse initiated coverage of Deciphera Pharmaceuticals, Inc. (NASDAQ: DCPH) stock with an Outperform rating and a price target of $78, appreciating the pipeline assets of the firm that offered great potential.

At the end of the first quarter of 2021, 23 hedge funds in the database of Insider Monkey held stakes worth $511 million in Deciphera Pharmaceuticals, Inc. (NASDAQ: DCPH), down from 36 in the previous quarter worth $673 million.

9. Affimed N.V. (NASDAQ: AFMD)

Number of Hedge Fund Holders: 23

Affimed N.V. (NASDAQ: AFMD) is placed ninth on our list of 15 stocks that will double in 2021. The company’s shares have returned 92% to investors in the past twelve months. The firm is a German biopharma company focusing on cancer immunotherapies. On July 1, the firm posted earnings for the first quarter, reporting earnings per share of -€0.01, beating market estimates by €0.09. The revenue over the period was €11.6 million, up more than 120% compared to the revenue over the same period last year and beating estimates by €2.4 million.

On April 12, investment advisory BMO Capital maintained an Outperform rating on Affimed N.V. (NASDAQ: AFMD) stock and raised the price target to $15 from $12, highlighting recent positive results from studies of drugs being developed by the company.

Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Consonance Capital Management is a leading shareholder in Affimed N.V. (NASDAQ: AFMD) with 6 million shares worth more than $47 million.

Just like ViacomCBS Inc. (NASDAQ: VIAC), Zynga Inc. (NASDAQ: ZNGA), and MongoDB, Inc. (NASDAQ: MDB), Affimed N.V. (NASDAQ: AFMD) is one of the stocks that could double in 2021.

8. Nomad Foods Limited (NYSE: NOMD)

Number of Hedge Fund Holders: 25

Nomad Foods Limited (NYSE: NOMD) stock has returned 16% to investors in the past year. It is ranked eighth on our list of 15 stocks that will double in 2021. The company makes and sells frozen foods and is based in the United Kingdom. On May 6, the firm posted earnings for the first quarter, reporting earnings per share of €0.47, beating market estimates by €0.08. The revenue over the period was €707 million, up 2% compared to the revenue over the same period last year and beating estimates by over €5 million.

On March 30, investment advisory Deutsche Bank maintained a Buy rating on Nomad Foods Limited (NYSE: NOMD) stock and raised the price target to $35 from $32, appreciating a decision of the firm to purchase a frozen foods business.

Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Renaissance Technologies is a leading shareholder in Nomad Foods Limited (NYSE: NOMD) with 4.6 million shares worth more than $128 million.

In its Q4 2020 investor letter, FAM Funds, an asset management firm, highlighted a few stocks and Nomad Foods Limited (NYSE: NOMD) was one of them. Here is what the fund said:

7. TechnipFMC plc (NYSE: FTI)

Number of Hedge Fund Holders: 25

TechnipFMC plc (NYSE: FTI) is a United Kingdom-based oil and gas firm. It is placed seventh on our list of 15 stocks that will double in 2021. The company’s shares have offered investors returns exceeding 32% over the course of the past year. On July 21, the firm posted earnings for the second quarter, reporting earnings per share of -$0.06, just missing estimates by $0.05. The revenue over the period was more than $1.6 billion, up over 3% compared to the revenue over the same period last year.

On June 17, investment advisory Cowen reiterated an Outperform rating on TechnipFMC plc (NYSE: FTI) stock and raised the price target to $12 from $11, seeing an upside to orders and estimates for the company in the coming months.

Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Pzena Investment Management is a leading shareholder in TechnipFMC plc (NYSE: FTI) with 22.9 million shares worth more than $177 million.

Alongside ViacomCBS Inc. (NASDAQ: VIAC), Zynga Inc. (NASDAQ: ZNGA), and MongoDB, Inc. (NASDAQ: MDB), TechnipFMC plc (NYSE: FTI) is one of the stocks that could double in 2021.

In its Q1 2020 investor letter, Antipodes Partners, an asset management firm, highlighted a few stocks and TechnipFMC plc (NYSE: FTI) was one of them. Here is what the fund said:

6. Revolve Group, Inc. (NYSE: RVLV)

Number of Hedge Fund Holders: 29

Revolve Group, Inc. (NYSE: RVLV) is ranked sixth on our list of 15 stocks that will double in 2021. The stock has offered investors returns exceeding 324% over the course of the past twelve months. The firm markets fashion apparel online and is based in California. The company posted earnings for the first quarter on May 6, reporting earnings per share of $0.30, beating estimates by $0.17. The revenue over the period was more than $178 million, up 22% year-on-year and beating estimates by $21 million.

On June 29, investment advisory B Riley maintained a Buy rating on Revolve Group, Inc. (NYSE: RVLV) stock and raised the price target to $80 from $58, appreciating the growth of online footwear retailers that was expected to continue in the near future.

At the end of the first quarter of 2021, 29 hedge funds in the database of Insider Monkey held stakes worth $256 million in Revolve Group, Inc. (NYSE: RVLV), up from 24 in the preceding quarter worth $182 million.

In its Q1 2021 investor letter, Polen Capital, an asset management firm, highlighted a few stocks and Revolve Group, Inc. (NYSE: RVLV) was one of them. Here is what the fund said:

Click to continue reading and see the 5 Stocks that Will Double In 2021.

Suggested Articles:

• 10 Most-Shorted Stocks Reddit’s WallStreetBets Is Paying Attention To

• 15 Best Warren Buffett Stocks to Buy Now

• 10 Best Bank Dividend Stocks

Disclose. None. 15 Stocks that Will Double In 2021 is originally published on Insider Monkey.

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One stock to keep an eye on is Billiton (BBL). BBL is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A. The stock holds a P/E ratio of 6.51, while its industry has an average P/E of 7.34. Over the past year, BBL's Forward P/E has been as high as 14.06 and as low as 5.72, with a median of 10.05.

We should also highlight that BBL has a P/B ratio of 1.29. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 3.52. Within the past 52 weeks, BBL's P/B has been as high as 1.32 and as low as 0.78, with a median of 1.13.

These are just a handful of the figures considered in Billiton's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that BBL is an impressive value stock right now.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
BHP Billiton PLC (BBL) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.

European markets were mixed on Wednesday as earnings season kicked off in earnest, with a slew of banks reporting results alongside other big hitters. 

In London the FTSE 100 (^FTSE) was up 0.3% by the closing bell, having seen few changes throughout the day. Germany's DAX (^GDAXI) was up 0.3% and France's CAC (^FCHI) headed 1% higher following a day of losses. 

Investors held their nerve on an interesting day of trade with earning reports from Metro Bank (MTRO.L), Santander (SAN.MC), Barclays (BARC.L), Aston Martin (AML.L), GlaxoSmithKline (GSK.L), ITV (ITV.L), Deutsche Bank (DB), and Rio Tinto (RIO.L). 

In the US, stocks made muted moves by the end of the day in London following some big-hitting tech earnings the day before. The S&P 500 (^GSPC) was 0.1% higher, the Dow (^DJI) was down 0.1% and the tech-heavy Nasdaq (^IXIC) rose 0.6%.

Apple (AAPL) and Google parent Alphabet (GOOGL) both reported earnings that beat Tuesday night's expectations. 

Investors in the US will be pulled in different directions later on Wednesday due to the end of the Federal Reserve's policy meeting. 

Read more: Results round-up: What you need to know as earnings season kicks off

“It’s not enough to be making money now, investors need to know companies have a clear plan to make money tomorrow," said Danni Hewson, financial analyst at AJ Bell. "It’s been fascinating to watch share movements over the past couple of weeks as earnings season’s delivered day after day of stellar results.  

"But this quarter is skewed, pandemic winners have probably reached peak boom and pandemic losers have yet to show turnaround growth. For Q2 more than ever it’s the outlook that’s been scrutinised, how well have bosses transmitted their future plans and how confident are shareholders."

Meanwhile, it was a mixed day of trade in Asia, following a heavy selloff the day before due to regulatory action in China. The Hang Seng (^HSI) reversed some of its losses to the tune of 0.9%, the SSE Composite (000001.SS) continued downward, and Japan's Nikkei (^N225) lost 1.4%.

On Monday, the Hang Seng had slid to its lowest level since May 2020, as news reverberated that Beijing was cracking down on parts of the tech and education industries. 

According to the new reforms, these companies are not permitted to make profits or participate in stock markets in order to raise capital.

Watch: What are SPACs?

Table 1

Significant Diamond Drilling Results, Iska Iska, as at July 28, 2021

Figure 1

Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets and diamond drill holes

Figure 2

Detailed Geological Plan Map of the Santa Barbara and Central Breccia Pipe areas showing location of strong magnetic low target

TORONTO, July 28, 2021 (GLOBE NEWSWIRE) — Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF FSE: P2QM) (“Eloro”, or the “Company”) is pleased to provide an update on its Iska Iska silver-tin polymetallic project in Potosi Department, southern Bolivia. To date, the Company has completed 46 diamond drill holes totalling 22,398.9 metres (m) to test major target areas at Iska Iska. This press release reports drilling results from four (4) additional holes which tested the mineralized envelope of the Santa Barbara Breccia Pipe (“SBBP”) and the central-southern part of the Central Breccia Pipe (“CBP”). To date, every drill hole that has been assayed has returned multiple reportable mineralized intercepts. Currently three drill rigs are in operation at Iska Iska. One surface drill rig is completing first pass drilling of the major Porco (South) Target. The second surface drill is currently cleaning out drill holes on the SBBP radial platform for the planned downhole induced polarization/resistivity (IP/RES) survey then will be moved to test the gap area between the Central and Porco Breccia Pipes. The third drill, an underground rig, is testing the northeast part of SBBP and its mineralized envelope. This drill will shortly be moved to a new drill bay recently completed on the west end of the Santa Barbara adit. Figure 1 is a geological plan map showing locations of drill holes and an updated geological interpretation. Figure 2 is a more detailed geological plan map of the SBBP and northern CBP areas showing the magnetic low target to the northwest of the SBBP where drilling is planned (see press release June 7, 2021 for an overview of the magnetic results). Table 1 provides significant drilling results and Table 2 lists holes completed with assays pending as well as holes in progress in the three major target areas. Highlights are as follows:

Highlights:

• Hole DHK-18, drilled due south at -10 degrees from the west drill bay in the Huayra Kasa underground workings to test the mineralized envelope of the SBBP, intersected 129.65 g Ag eq/t (18.38 g Ag/t, 2.14% Zn, 0.67%Pb, and 0.047% Sn) over 300.75m from 65.14m to 365.91m. This includes higher grade intervals of 215.54 g Ag eq/t over 72.76m, 163.35 g Ag eq/t over 31.83m and 224.48 g Ag eq/t over 19.39m. This hole intersected significant mineralization approximately 230m below the eastern part of the Santa Barbara adit from which continuous channel sampling previously reported returned 442 g Ag eq/t over 166m (see press release April 13, 2021). 82% of this 446.5m long hole contained reportable intervals;

• Hole DSB-11, drilled to the southeast at -40 degrees from the SBBP radial centre to test the area approximately 300m below the Santa Barbara adit intersected 121.90 g Ag eq/t (40.27g Ag/t, 0.10 g Au/t 0.48% Pb, 0.11% Cu and 0.14% Sn) over 137.4m from 190.02m to 327.36m. This includes a higher-grade interval grading 173.53 g Ag eq/t over 80.54m. Notable intercepts lower in the hole include 76.59 Ag eq/t over 55.9m from 407.60m to 463.51m including a higher-grade section of 105.56 g Ag eq/t over 33.31m and 78.82 g Ag eq/t over 143.03m from 520.7m to 773.73m including 105.48 g Ag eq/t over 34.82m and 120.70 g Ag/t over 19.54m. Overall 61% of this 665.3m hole contains reportable intersections.

• Hole DCS-01 drilled due east at -60 degrees was the first reconnaissance hole drill from the south radial platform on CBP. This hole, which was drilled to 1,007.5m, intersected 25 reportable Ag-Zn-Pb-Sn mineralized intervals ranging in size from 1.43m to 34.86m from the start of the hole to its end. Best results include 87.75 g Ag eq/t over 21.67m, 161.07 g Ag eq/t over 13.25m, 100.60 g Ag eq/t over 15.15m, 54.44 g Ag eq/t over 34.86m, 90.24 g Ag eq/t over 26.91m and 117.48 g Ag eq/t over 16.51m.

• Hole DCN-03 was drilled southeast at -60 degrees from the northern radial platform of the CBP. This hole intersected nine mineralized intersections principally Sn-Ag over its 464.5m length. The best result was 48.59 g Ag eq/t (16.23 g Ag/t, 0.12% Pb and 0.064% Sn) over 15.05m.

Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, commented: “We are close to completing first pass drilling over three of our major target areas in the Iska Iska Caldera Complex. Following completion of the downhole IP/Res survey, we will be carrying out additional drilling in the SBBP and its surrounding envelope to define the full extent of mineralization which remains open in all directions. This drilling will also test the potential extension of the mineralized zone to the northwest as indicated by the strong magnetic low as shown in Figure 2. Hole DCS-01 intersected silver-tin polymetallic mineralization similar to what we are seeing visually in the initial drill holes on Porco. Analysis of the magnetic data suggests the potential for a centre of mineralization in the gap zone between CBP and Porco; this will be drill tested soon. The northern part of CBP is primarily an Sn target with some Ag. We will determine the follow-up drill plan there once we receive pending assays from the drill holes. Our Tupiza-based exploration team led by Dr. Osvaldo Arce, P.Geo. continues to do an excellent job keeping up with all the drilling and we thank our drill contractor Leduc Drilling for the continuing high quality drill production.”

Dr. Quinton Hennigh, Senior Technical Advisor to Eloro stated: “The 300.75m intercept grading 129.65 g Ag eq/t in hole DHK-18 generates a metal factor of approximately 39,000 gram-meters Ag eq/t, a remarkable result and a clear testament to the strength of the Iska Iska Ag-Sn-base metal system. For those more familiar with gold, this grade is equivalent to almost 2 g Au eq/t over 300.75m. Importantly, mineralization occurs in the wall rock envelope east of the SBBP, thus the system is not constrained to the limits of the breccia pipes. All holes drilled across the project to date display intervals of alteration and mineralization, and the limits of the system have not yet been delineated. In short, all geologic settings, either in or out of the breccia pipes, can be considered prospective, and the deposit is wide open for expansion in all directions. We have lots to look forward to as results return from multiple outstanding holes including those recently completed at Porco (South).”

Table 1: Significant Diamond Drilling Results, Iska Iska, as at July 28, 2021:
https://www.globenewswire.com/NewsRoom/AttachmentNg/791b9920-e338-4786-bc91-cf7cebb0780b

Note: True width of the mineralization is not known at the present time, but based on the current understanding of the relationship between drill orientation/inclination and the mineralization within the breccia pipes and the host rocks such as sandstones and dacites. It is estimated that true width ranges between 70% and 90% of the down hole interval length but this will be confirmed by further drilling. Percentage metal contents are shown for each element.

Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi = bismuth, Cd = cadmium and g Ag eq/t = grams silver equivalent per tonne. Quantities are given in percent (%) for Zn, Pb Cu, Sn, Bi and Cd and in grams per tonne (g/t) for Ag, Au and Ag eq.

Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams x metal ratio) are as follows:

In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was used with generally a maximum dilution of 3 continuous samples below cutoff included within a mineralized section unless more dilution is justified geologically.

Table 2: Summary of Diamond Drill Holes Completed with Assays Pending and Drill Holes in Progress at Iska Iska from press release of July 28, 2021.

S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees
Total drilling completed since the start of the program on September 13, 2020 is 22,398.9m in 46 holes (18 underground holes and 28 surface holes) with one underground and one surface hole in progress. The second surface drill is cleaning out holes for the downhole IP survey.

Qualified Person

Dr. Osvaldo Arce, P. Geo., General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., and a Qualified Person in the context of National Instrument 43-101 (“NI 43-101”), has reviewed and approved the technical content of this news release. Dr. Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45 years of worldwide mining exploration experience including extensive work in South America, manages the overall technical program working closely with Dr. Arce. Dr. Quinton Hennigh, P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley Murahwi P. Geo., FAusIMM of Micon International Limited are regularly consulted on technical aspects of the project.

Drill samples are prepared in ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia with pulps sent to the main ALS Global laboratory in Lima for analysis, As announced in the February 26, 2021 press release, Eloro has changed the assay protocol to utilize X-ray fluorescence (XRF) to more accurately analyze higher Sn. Tin in the CBP is suspected to occur as cassiterite which is insoluble in acid digestion, and therefore not suited for wet chemical techniques. In addition, other assay protocols have been changed to provide for a more accurate measurement of the wide-ranging suite of polymetallic metals at Iska Iska. Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed with selected check samples sent to a separate accredited laboratory.

Unfortunately, the ALS Global laboratory in Lima where the Iska Iska samples are being analyzed has had major delays in turnaround time due to the impact of the COVID-19 lockdown of Lima by the Peruvian government. This has restricted availability of critical supplies necessary to carry out analytical work. As a result, there will be delays in reporting of assay results.

About Iska Iska

Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly-controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 99% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in the same geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On November 18, 2020 Eloro announced the discovery of a significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra Kasa underground workings and a high-grade gold-bismuth zone in the underground workings. On November 24, 2020, Eloro announced the discovery of the Santa Barbara Breccia Pipe (“SBBP”) approximately 150m southwest of the Huayra Kasa underground workings.

Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m (29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064% Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent Central Breccia Pipe (“CBP”). The SBBP thus far extends 800m along strike by 400+m wide and extends to at least 700m depth. CBP extends for 700m along strike by 400+m wide and extends to at least 900m deep.

A substantive mineralized envelope which is open along strike and down-dip extends around the breccia pipes. Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned 442 g Ag eq/t (164.96 gAg/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m. The west end of the adit intersects the end of the SBBP.

On May 4, 2021, Eloro released results from the first drill hole on the CBP. Hole DCN-01 intersected multiple mineralized intercepts including 196.09 g Ag eq/t (150.25 g Ag/t, 0.10% Sn and 0.05 g Au/t) over 56.2m and containing 342.98 g Ag eq/t (274.0 g Ag/t, 0.16% Sn and 0.16 g Au/t) over 27.53m.

On May 26, 2021 Eloro released results from Hole DSB-07 drilled at -60 degrees to a depth of 683.4m to the southeast from the radial drill platform on SBBP which intersected multiple mineralized intercepts including:

• 122.66 grams silver equivalent/tonne (“g Ag eq/t”) (35.05 g Ag/t, 0.72% Zn, 0.61% Pb, 0.11% Sn and 0.06 g Au/t) over 123.61m from 236.60m to 360.21m including 205.74 g Ag eq/t (92.30 g Ag/t, 0.57% Zn, 0.85% Pb, 0.18% Sn and 0.07 g Au/t) over 32.32m, from 317.21m to 349.53m.

• 105.41 g Ag eq/t (8.55 g Ag/t, 1.01% Zn, 0.48% Pb, 0.06% Sn and 0.38 g Au/t) over 173.58m from 449.87m to 623.45m including 199.77 g Ag eq/t (21.90 g Ag/t, 1.18% Zn, 0.93% Pb 0.12% Sn and 0.94 g Au/t) over 39.08m, from 551.19m to 590.27m.

• 146.19 g Ag eq/t (1.70 g Ag/t, 0.00% Zn, 0.01% Pb, 0.42% Sn and 0.02 g Au/t) over 10.20m from 171.60m to 181.80m in the oxide zone indicating potential for significant Sn mineralization in this strongly leached nearer surface zone.

• In aggregate, 64% of this 683.4m long hole returned reportable mineralized intervals.

Eloro Resources reported additional multiple holes with significant silver-tin polymetallic Intercepts in the Santa Barbara and Central Breccia Pipes on July 6, 2021 including:

• Hole DSB-08, testing the northeast quadrant of the SBBP, encountered eighteen reportable mineralized intercepts beginning near surface to its terminus at 614.4 m. The longest intercept was 69.89 g Ag eq/t over 252.89m from 355.12 to 608.02m including several higher-grade sections of 196.60 g Ag eq/t including 131.13 g Ag/t over 14.52m, 134.62 g Ag eq/t including 93.25 g Ag/t over 21.08m and 145.35 g Ag eq/t including 2.38% Zn over 10.11m.

• Hole DSB-10, testing the southwest quadrant of the SBBP and northern part of the CBP, encountered twenty-nine reportable mineralized intercepts beginning near surface to its terminus at 1,019.4m. Tin was notably elevated in many intervals suggesting proximity to a mineralizing intrusive source in this area. Notable intercepts include 114.96 Ag eq/t including 0.325% tin (Sn) over 56.2m from 322.18m to 378.30m including a higher-grade section of 187.98 g Ag eq/t including 0.535% Sn over 28.86m, 80.71 g Ag eq/t including 0.213% Sn over 74.39m from 474.86 to 549.25m and 118.69 g Ag eq/t over 10.77m from 829.97 to 840.74m.

A detailed ground magnetic survey of the Iska Iska property reported on June 6, 2021 confirmed the extent of the Iska Iska Caldera as determined from geological mapping and satellite interpretation including Aster data. The Santa Barbara and Central Breccia Pipes, both of which have been confirmed by drill-testing, are marked by prominent low anomalies reflecting strong alteration. The magnetic data suggests that the that the Central and Porco Breccia Pipes likely merge at depth. There is a prominent area of low intensity magnetics northwest of the Santa Barbara Breccia Pipe which requires follow-up work.

Geological mapping and satellite interpretation identified a third major breccia pipe target Porco (South) that is approximately 600m in diameter (South) located southeast of CBP in the southern part of the Iska Iska caldera complex. The Porco (South) Breccia Pipe target has a similar magnetic signature to the Santa Barbara and Central Breccia Pipes, further confirming the likelihood of it being a major breccia pipe. This target is currently being drill tested. Previous channel sampling in the Porco adit located adjacent the target area 200m to the southeast returned 50m grading 519.35 g Ag eq/t including 236.13 g Ag/t, 1.89 g Au/t, 0.87% Cu, 0.22% Bi and >0.05% Sn over an average sample width of 2.49m.

Currently three diamond drill rigs are active at Iska Iska, two surface rigs and one underground drill. Planned drilling for 2021 is 51,000m with the aim of outlining an initial inferred NI 43-101 mineralization by late fall. A a downhole induced polarization/resistivity survey is in progress to further define drill targets and aid resource definition drilling. Preliminary metallurgical tests are also in progress. An updated NI 43-101 Technical Report is being prepared by independent consultant Micon International Ltd.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

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

Figure 1: Geology of the Iska Iska Caldera Complex showing locations of Major Breccia Pipe targets and diamond drill holes:
https://www.globenewswire.com/NewsRoom/AttachmentNg/d9b76591-0f6e-4c85-a9a5-bb851b962e8b

Figure 2: Detailed Geological Plan Map of the Santa Barbara and Central Breccia Pipe areas showing location of strong magnetic low target:
https://www.globenewswire.com/NewsRoom/AttachmentNg/a7302270-331b-4e58-a0f9-0cee6634bc19

(Bloomberg) — Union leaders at Escondida are calling on workers to reject owner BHP Group’s final wage offer, raising the possibility of a strike at the world’s largest copper mine at a time of tight global supplies and high prices.

An offer delivered at the end of regular wage talks in Chile falls short of worker demands, with the company pushing for longer hours in a bid to boost productivity and profit, the union said in a statement Wednesday. The 2,330 members will vote on the offer through July 31.

A strike is “the only tool left to workers in this scenario to press for an urgent rectification in the way things are done by management,” the union said. “The responsibility to avoid a serious conflict is entirely in the hands of the transnational BHP.”

While Chilean labor rules give either side the option to seek mediation before a strike could begin, the union has a track record of following through: In 2017, it roiled the copper market with a 44-day stoppage. A disruption at a mine that last year churned out 1.2 million metric tons would tighten supplies of the metal used in wiring just as a global economic recovery pushes up demand.

High metal prices are prompting host nations to seek a bigger share of the mining windfall, with Chilean lawmakers discussing a royalty bill as part of a push to address lingering inequalities in the country. Mining companies are striving to keep their labor costs in check in a cyclical business and as ore quality deteriorates and prices of inputs start to rise.

While terms of the Escondida offer weren’t released, the union is demanding an additional bonus equivalent to 1% of dividends paid to the mine’s owners as recognition of sacrifices made by workers, especially during the pandemic.

“The offer proposed by the company improves current conditions and incorporates new benefits in matters highly valued by workers,” BHP said in a statement. “This was built based on conversations held with Union No. 1 and reflects the intention of the company to build an agreement that is mutually beneficial, based on dialog and mutual cooperation.”

(Adds company comment in final 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.

CCJ earnings call for the period ending June 30, 2021.

(Bloomberg) — Rio Tinto Group, the world’s biggest iron ore miner, reported its highest-ever interim profit and will pay $9.1 billion in dividends as the company and its global rivals cash in on this year’s commodities rally.

Rio is the first of the majors to post earnings, kicking off a reporting season that’s expected to see record results across the board. The industry has been one of the biggest beneficiaries from the world’s efforts to emerge from the pandemic. The trillions of dollars poured into recovery packages have ignited demand for commodities like iron ore and copper, driving prices sharply higher and sending inflation pressures rippling through the global economy.

Wednesday’s results are also the first period under the leadership of new Chief Executive Officer Jakob Stausholm, who was appointed after Jean-Sebastien Jacques left the company because of a backlash over Rio’s destruction of an ancient Aboriginal site last year. The surge in commodity prices means the new boss comes in on a high note for Rio, even as the company grapples with a slew of production setbacks that have dogged its operations in recent years.

Disruptions caused by Covid, and especially the company’s ability to move workers to its sites, added to existing problems in the first half, especially around the development of a copper project in Mongolia and at its key profit-driving iron ore mines in Western Australia. Rio’s copper business has also seen production fall as Covid takes its toll.

“In the first half we experienced too much operation instability. We have to sharpen the consistency of our performance,” the CEO said on a media call. “While today’s results clearly demonstrate the underlying quality of our asset base, our operational performance clearly is not where it has been in the past or where we want it to be.”

Stausholm also sounded a cautious note on the outlook for commodities demand in top consumer China.

“The long-term potential for China is still intact but we probably have seen a non-sustainable high level of industrial development in some of the months in the first half of this year,” he said on a call with reporters.

Rio’s shares slipped 0.6% in London, in line with a wider decline among most of its peers.

The company reported first-half underlying earnings more than doubled to $12.2 billion from the same period last year as prices for iron ore and copper surged. The half-year payout — which includes a special dividend of $3 billion — is more than the mining giant returned to shareholders for the whole of 2020 and higher than analysts forecast.

While Rio’s paying out record amounts to shareholders, the company signaled this week it’s also keen to invest in growing production in key commodities — particularly those that will benefit from the world’s shift toward green energy.

The company announced Tuesday it plans to spend $2.4 billion building a lithium mine in Serbia. While it’s the first big move by a mining major into lithium, used in rechargeable batteries, the investment reflects an ongoing push by the world’s biggest mining companies into “future facing” commodities like battery metals or fertilizer, at the same time that the industry is moving to get out of fossil fuels.

“Rio appears to be shifting from austerity and capital returns to more of a focus on growth,” Jefferies analyst Christopher LaFemina wrote in a note. “While Rio had some operational issues in the period, the big picture here is that these are stellar financial results.”

(Updates with comments from CEO in fifth 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 earnings call for the period ending June 30, 2021.

European markets were mixed on Wednesday as earnings season kicked off in earnest, with a slew of banks reporting results alongside other big hitters. 

In London the FTSE 100 (^FTSE) was almost flat at the opening bell. Germany's DAX (^GDAXI) and France's CAC (^FCHI) headed 0.2% higher following a day of losses. 

Investors are holding their nerve ahead of an interesting day of trade with earning reports from Metro Bank (MTRO.L), Santander (SAN.MC), Barclays (BARC.L), Aston Martin (AML.L), GlaxoSmithKline (GSK.L), ITV (ITV.L), Deutsche Bank (DB), and Rio Tinto (RIO.L). 

In the US, stock futures made muted moves following some big hitting tech earnings the day before. The S&P 500 (ES=F) looked sett to open flat, the Dow (YM=F) was headed for declines of 0.2% and the tech-heavy Nasdaq (NQ=F) also looked set to fall 0.2%.

Apple (AAPL) and Google parent Alphabet (GOOGL) both reported earnings that beat expectations last night. 

Investors in the US will be pulled in different directions later today due to the end of the Federal Reserve's policy meeting. 

"Investors should understand that although strong earnings have helped the bulls keep equity indices at record highs, they should actively follow the FOMC meeting which ends today and dissect the monetary policy statement," said Naeem Aslam, chief market analyst at AvaTrade.  

"Investors should be on the lookout for signs of an expected timeline for the tapering of bond purchases and the Fed’s take on macroeconomic indicators such as inflation and economic growth. This would help traders to project potential policies that the central bank could adopt in coming months."

Meanwhile, it was a mixed day of trade in Asia, following a heavy selloff the day before due to regulatory action in China. The Hang Seng (^HSI) reversed some of its losses to the tune of 0.9%, the SSE Composite (000001.SS) continued downward, and Japan's Nikkei (^N225) lost 1.4%. 

Read more: Zinfandel Rosé could disappear from shelves as wine caught up in US-UK trade war

On Monday, the Hang Seng had slid to its lowest level since May 2020, as news reverberated that Beijing was cracking down on parts of the tech and education industries. 

According to the new reforms, these companies are not permitted to make profits or participate in stock markets in order to raise capital.

Watch: What are SPACs?

LONDON, July 28, 2021–(BUSINESS WIRE)–Rio Tinto Chief Executive Jakob Stausholm said "Government stimulus in response to ongoing COVID-19 pressures has driven strong demand for our products at a time of constrained supply resulting in a significant spike in most prices. We focused on safely running our world-class assets and supplying products to our customers. This enabled us, despite operational challenges, to deliver record financial results with free cash flow of $10.2 billion and underlying earnings of $12.2 billion, after taxes and government royalties of $7.3 billion. We are further strengthening the portfolio with our commitment to fund the high-quality Jadar lithium project, which signals our large-scale entry into the fast-growing battery materials market. We will pay an interim dividend of 561 US cents per share, representing 75% of underlying earnings.

"We are making progress on our four priorities, identifying opportunities for operational improvement, advancing our ESG agenda, taking important investment decisions and stepping up our external engagement. We are making real and lasting changes to the way we engage, interact and operate and are committed to ensuring that we have strong and positive relationships wherever we do business. We have identified what we need to do to make Rio Tinto a better company for the long term, with the right teams in place to unleash our full potential."

• Our colleague Nico Swart was tragically killed in a shooting incident whilst driving to work at Richards Bay Minerals (RBM) in South Africa on 24 May. Our sympathies are with Nico's family and we are offering ongoing support to his family, friends and colleagues.

• We continue to prioritise the safety of our people and communities and have now exceeded 30 months without a fatality on site. However, our all injury frequency rate (AIFR) of 0.39 has seen a slight increase versus 2020 first half (0.37).

• Our new leadership team is now fully in place and focused on driving forward our four priorities. We are developing a large volume of work taking a company-wide, bottom-up and people-centric approach as we look to embed real and sustainable changes to the way we operate and engage.

• In the first half, we sustained our efforts to earn back trust and strengthen our social licence. We continue rebuilding our relationships with Traditional Owners in the Pilbara and engaged extensively with government representatives, business leaders, current and former Rio Tinto employees and our shareholders. The insights from these meetings are helping us improve how we operate and effectively and respectfully engage in a collaborative manner wherever we operate.

• $13.7 billion net cash generated from operating activities was 143% higher than 2020 first half, mainly due to higher pricing for iron ore, aluminium and copper.

• $10.2 billion free cash flow² reflected the stronger operating cash flows partially offset by a 24% rise in capital expenditure¹ to $3.3 billion, driven by an increase in replacement and development capital as we ramp up our projects.

• Funding committed for the Jadar lithium-borates project in Serbia, subject to receiving all relevant approvals, permits and licences and ongoing engagement with local communities, the Government of Serbia and civil society: $2.4 billion investment, targeting first saleable production in 2026 and ramp-up to annual production of ~58,000 tonnes of battery-grade lithium carbonate in 2029.³

• $21.0 billion underlying EBITDA² was 118% higher than 2020 first half, with an underlying EBITDA margin² of 61%.

• $12.2 billion underlying earnings² (underlying EPS of 751.9 US cents) were 156% higher than 2020 first half with an underlying effective tax rate of 29%. Taking exclusions into account, net earnings of $12.3 billion (basic EPS of 761.0 US cents) mainly reflected $0.3 billion of exchange rate gains net of $0.1 billion of net additional closure costs for non-operating and fully impaired assets. See table on page 12.

• $3.1 billion of net cash² at 30 June 2021, compared with net debt² of $0.7 billion at the start of the year, which reflected the free cash flow of $10.2 billion partly offset by $6.4 billion of cash returns paid to shareholders.

• Cash returns of $9.1 billion announced today, comprising interim ordinary dividend of $6.1 billion, equivalent to 376 US cents per share, and special dividend of $3.0 billion, equivalent to 185 US cents per share. Interim pay-out ratio represents 75% of first half underlying earnings.

The H1 2021 interim results release is available here

1. Capital expenditure is presented gross, before taking into account any cash received from disposals of property, plant and equipment (PP&E).

2. This financial performance indicator is a non-GAAP alternative performance measure ("APM"). It is used internally by management to assess the liquidity and performance of the business and is therefore considered relevant to readers of this document. It is presented here to give more clarity around the underlying business performance of the Group’s operations. APMs are reconciled to directly comparable IFRS financial measures on pages 74 to 79.

3. These production targets were previously reported in a release to the Australian Securities Exchange (ASX) dated 10 December 2020, "Rio Tinto declares maiden Ore Reserve at Jadar". All material assumptions underpinning the production targets continue to apply and have not materially changed.

This announcement is authorised for release to the market by Steve Allen, Rio Tinto’s Group Company Secretary.

riotinto.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20210727006252/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

Rio Tinto plc
6 St James’s Square
London SW1Y 4AD
United Kingdom
T +44 20 7781 2000
Registered in England
No. 719885

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 Limited
Level 7, 360 Collins Street
Melbourne 3000
Australia
T +61 3 9283 3333
Registered in Australia
ABN 96 004 458 404

Category: General

VANCOUVER, BC, July 28, 2021 /CNW/ – Trading resumes in:

Company: Eloro Resources Ltd.

TSX-Venture Symbol: ELO

All Issues: Yes

Resumption (ET): 9:45 AM

IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions

View original content: http://www.newswire.ca/en/releases/archive/July2021/28/c3646.html

VANCOUVER, BC, July 28, 2021 /CNW/ – The following issues have been halted by IIROC:

Company: Eloro Resources Ltd.

TSX-Venture Symbol: ELO

All Issues: Yes

Reason: At the Request of the Company Pending News

Halt Time (ET): 8:48 AM

IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions

View original content: http://www.newswire.ca/en/releases/archive/July2021/28/c1179.html

In this article you are going to find out whether hedge funds think BHP Group (NYSE:BHP) is a good investment right now. We like to check what the smart money thinks first before doing extensive research on a given stock. Although there have been several high profile failed hedge fund picks, the consensus picks among hedge fund investors have historically outperformed the market after adjusting for known risk attributes. It's not surprising given that hedge funds have access to better information and more resources to predict the winners in the stock market.

Is BHP Group (NYSE:BHP) a first-rate investment now? Investors who are in the know were reducing their bets on the stock. The number of long hedge fund bets fell by 2 in recent months. BHP Group (NYSE:BHP) was in 18 hedge funds' portfolios at the end of March. The all time high for this statistic is 24. Our calculations also showed that BHP isn't among the 30 most popular stocks among hedge funds (click for Q1 rankings). There were 20 hedge funds in our database with BHP positions at the end of the fourth quarter.

Hedge funds' reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn't keep up with the unhedged returns of the market indices. Our research has shown that hedge funds' small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by 115 percentage points since March 2017 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter.

At Insider Monkey, we scour multiple sources to uncover the next great investment idea. For example, pet market is growing at a 7% annual rate and is expected to reach $110 billion in 2021. So, we are checking out the 5 best stocks for animal lovers. We go through lists like the 15 best Jim Cramer stocks to identify the next Tesla that will deliver outsized returns. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. You can subscribe to our free daily newsletter on our homepage. With all of this in mind we're going to check out the latest hedge fund action encompassing BHP Group (NYSE:BHP).

Do Hedge Funds Think BHP Is A Good Stock To Buy Now?

At the end of March, a total of 18 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -10% from the previous quarter. On the other hand, there were a total of 18 hedge funds with a bullish position in BHP a year ago. So, let's see which hedge funds were among the top holders of the stock and which hedge funds were making big moves.

More specifically, Fisher Asset Management was the largest shareholder of BHP Group (NYSE:BHP), with a stake worth $553.8 million reported as of the end of March. Trailing Fisher Asset Management was Arrowstreet Capital, which amassed a stake valued at $114.3 million. Renaissance Technologies, CQS Cayman LP, and Citadel Investment Group were also very fond of the stock, becoming one of the largest hedge fund holders of the company. In terms of the portfolio weights assigned to each position CQS Cayman LP allocated the biggest weight to BHP Group (NYSE:BHP), around 2.79% of its 13F portfolio. Hourglass Capital is also relatively very bullish on the stock, earmarking 1.58 percent of its 13F equity portfolio to BHP.

Due to the fact that BHP Group (NYSE:BHP) has witnessed declining sentiment from hedge fund managers, logic holds that there was a specific group of money managers who were dropping their positions entirely heading into Q2. Intriguingly, Simon Sadler's Segantii Capital dumped the largest position of all the hedgies watched by Insider Monkey, valued at close to $49.4 million in stock, and Ben Levine, Andrew Manuel and Stefan Renold's LMR Partners was right behind this move, as the fund dumped about $24.7 million worth. These moves are important to note, as aggregate hedge fund interest dropped by 2 funds heading into Q2.

Let's also examine hedge fund activity in other stocks similar to BHP Group (NYSE:BHP). These stocks are McDonald's Corporation (NYSE:MCD), Pinduoduo Inc. (NASDAQ:PDD), Wells Fargo & Company (NYSE:WFC), Danaher Corporation (NYSE:DHR), Medtronic plc (NYSE:MDT), Novo Nordisk A/S (NYSE:NVO), and Costco Wholesale Corporation (NASDAQ:COST). This group of stocks' market values are closest to BHP's market value.

[table] Ticker, No of HFs with positions, Total Value of HF Positions (x1000), Change in HF Position MCD,67,3783829,5 PDD,56,6293871,2 WFC,96,7454581,-3 DHR,81,5796963,0 MDT,65,3627546,6 NVO,23,2929727,0 COST,56,4014769,-5 Average,63.4,4843041,0.7 [/table]

View table here if you experience formatting issues.

As you can see these stocks had an average of 63.4 hedge funds with bullish positions and the average amount invested in these stocks was $4843 million. That figure was $874 million in BHP's case. Wells Fargo & Company (NYSE:WFC) is the most popular stock in this table. On the other hand Novo Nordisk A/S (NYSE:NVO) is the least popular one with only 23 bullish hedge fund positions. Compared to these stocks BHP Group (NYSE:BHP) is even less popular than NVO. Our overall hedge fund sentiment score for BHP is 25.5. Stocks with higher number of hedge fund positions relative to other stocks as well as relative to their historical range receive a higher sentiment score. Hedge funds dodged a bullet by taking a bearish stance towards BHP. Our calculations showed that the top 10 most popular hedge fund stocks returned 95.8% in 2019 and 2020, and outperformed the S&P 500 ETF (SPY) by 40 percentage points. These stocks gained 28.5% in 2021 through July 23rd but managed to beat the market again by 10.1 percentage points. Unfortunately BHP wasn't nearly as popular as these 5 stocks (hedge fund sentiment was very bearish); BHP investors were disappointed as the stock returned 10.1% since the end of the first quarter (through 7/23) and underperformed the market. If you are interested in investing in large cap stocks with huge upside potential, you should check out the top 5 most popular stocks among hedge funds as most of these stocks already outperformed the market since 2019.

Get real-time email alerts: Follow Bhp Group (NYSE:BHP)

Suggested Articles:

• 10 Popular Penny Stocks on Robinhood

• 25 Most Expensive Cities To Live In The US

• 10 Best Stocks to Buy According to Billionaire Brian Higgins

Disclosure: None. This article was originally published at Insider Monkey.

Follow Insider Monkey on Twitter

Investors looking for stocks in the Mining – Miscellaneous sector might want to consider either Rio Tinto (RIO) or BHP (BHP). But which of these two stocks presents investors with the better value opportunity right now? 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, Rio Tinto is sporting a Zacks Rank of #1 (Strong Buy), while BHP has a Zacks Rank of #2 (Buy). The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that RIO has an improving earnings outlook. However, value investors will care about much more than just this.

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.

RIO currently has a forward P/E ratio of 5.33, while BHP has a forward P/E of 7.61. We also note that RIO has a PEG ratio of 1.25. 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. BHP currently has a PEG ratio of 1.84.

Another notable valuation metric for RIO is its P/B ratio of 2.07. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, BHP has a P/B of 2.43.

These are just a few of the metrics contributing to RIO's Value grade of B and BHP's Value grade of C.

RIO has seen stronger estimate revision activity and sports more attractive valuation metrics than BHP, so it seems like value investors will conclude that RIO is the superior option right now.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Rio Tinto PLC (RIO) : Free Stock Analysis Report
 
BHP Group Limited Sponsored ADR (BHP) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research

For those looking to find strong Basic Materials stocks, it is prudent to search for companies in the group that are outperforming their peers. BHP Group Limited Sponsored (BHP) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? A quick glance at the company's year-to-date performance in comparison to the rest of the Basic Materials sector should help us answer this question.

BHP Group Limited Sponsored is one of 251 companies in the Basic Materials group. The Basic Materials group currently sits at #6 within the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.

The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. BHP is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for BHP's full-year earnings has moved 44.44% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Based on the latest available data, BHP has gained about 20.95% so far this year. At the same time, Basic Materials stocks have gained an average of 19.15%. This shows that BHP Group Limited Sponsored is outperforming its peers so far this year.

Looking more specifically, BHP belongs to the Mining – Miscellaneous industry, a group that includes 47 individual stocks and currently sits at #189 in the Zacks Industry Rank. This group has gained an average of 34.92% so far this year, so BHP is slightly underperforming its industry in this area.

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

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
BHP Group Limited Sponsored ADR (BHP) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.

LONDON, July 27, 2021–(BUSINESS WIRE)–Rio Tinto has committed $2.4 billion to the Jadar lithium-borates project in Serbia, one of the world’s largest greenfield lithium projects. The project remains subject to receiving all relevant approvals, permits and licences and ongoing engagement with local communities, the Government of Serbia and civil society.

The Jadar project would scale up Rio Tinto’s exposure to battery materials, and demonstrate the company’s commitment to investing capital in a disciplined manner to further strengthen its portfolio for the global energy transition.

Jadar will produce battery-grade lithium carbonate, a critical mineral used in large scale batteries for electric vehicles and storing renewable energy, and position Rio Tinto as the largest source of lithium supply in Europe for at least the next 15 years. In addition, Jadar will produce borates, which are used in solar panels and wind turbines.

Jadar will be one of the largest industrial investments in Serbia, contributing 1% directly and 4% indirectly to GDP, with many Serbian suppliers involved in the construction of the mine. Rio Tinto is committed to help develop local businesses so that they can support the operation over the coming decades. It will also be a significant employer, creating 2,100 jobs during construction and 1,000 mining and processing jobs once in production.

Rio Tinto Chief Executive Jakob Stausholm said "We have great confidence in the Jadar project and are ready to invest, subject to approvals. Serbia and Rio Tinto will be well-positioned to capture the opportunity offered by rising demand for lithium, driven by the global energy transition and the project will strengthen our offering, particularly to the European market. It could supply enough lithium to power over one million electric vehicles per year¹.

"The Jadar deposit and its unique mineral, Jadarite, discovered by Rio Tinto geologists in 2004 contains high-grade mineralisation of boron and lithium, supporting a long-life operation in the first quartile of the cost curve for both products."

"We are committed to upholding the highest environmental standards and building sustainable futures for the communities where we operate. We recognise that in progressing this project, we must listen to and respect the views of all stakeholders."

Rio Tinto continues to work with a wide group of local and global experts across all aspects of the environmental, social and governance impacts and has done so for many years. For example, to date we have finalised 12 environmental studies and more than 23,000 biological, physical and chemical analyses of air and water. This consultation is ongoing and will continue to inform our final submissions for approval.

The Jadar development will include an underground mine with associated infrastructure and equipment, including electric haul trucks, as well as a beneficiation chemical processing plant. To minimise the impact to communities, it will be built to the highest environmental standards, including utilising dry stacking of tailings. This innovative method allows the dry tailings to be progressively reclaimed with vegetation and soil with no need for a tailings dam. Water management will be state of the art with a dedicated facility resulting in approximately 70% of raw water coming from recycled sources or treated mine water.

First saleable production is expected in 2026 at a time of strong market fundamentals with lithium demand forecast to grow 25-35% per annum over the next decade. Following ramp up to full production in 2029, the mine will produce ~58,000 tonnes of lithium carbonate, 160,000 tonnes of boric acid (B₂O₃ units) and 255,000 tonnes of sodium sulphate² annually, making Rio Tinto one of the top ten lithium producers in the world. Based on this annual production of lithium carbonate, Rio Tinto aims to produce 2.3 million tonnes of lithium carbonate over the expected 40-year life of mine.

The next steps for the project are seeking an exploitation licence and receipt of regulatory approvals. This includes approval of the environmental impact assessment (EIA) studies, which will shortly be made available to the public for comment. The EIA is required for the commencement of works, with construction targeted to start in 2022.

¹ Assuming 60kWh battery size

² These production targets were previously reported in a release to the Australian Securities Exchange (ASX) dated 10 December 2020, "Rio Tinto declares maiden Ore Reserve at Jadar" (for battery-grade lithium carbonate it was 55,000 tonnes). All material assumptions underpinning the production targets continue to apply and have not materially changed.

This announcement is authorised for release to the market by Steve Allen, Rio Tinto’s Group Company Secretary.

riotinto.com

View source version on businesswire.com: https://www.businesswire.com/news/home/20210727005910/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

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, UK

Menno Sanderse
M: +44 7825 195 178

David Ovington
M +44 7920 010 978

Clare Peever
M +44 7788 967 877

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

Category: Jadar

(Reuters) – BHP Group has made a C$325 million ($258.45 million) approach for Noront Resources, rivaling an offer from Australian mining billionaire Andrew Forrest's Wyloo Metals for the Canadian nickel-copper miner.

The scramble for Noront underscores the race to secure supplies of battery metals among miners ahead of an expected surge in demand due to the rise of electric vehicles.

Noront owns the early-stage Eagle's Nest deposit, billed by Wyloo as the largest high-grade nickel discovery in Canada since the Voisey's Bay nickel find in the eastern province of Newfoundland and Labrador, with an initial mine life of 11 years.

BHP said on Tuesday its offer valued Noront at C$0.55 per share, representing a premium of 129% to the firm's closing price on May 21, a day before Wyloo unveiled its proposal.

"For BHP, the acquisition of Noront presents a world-class growth option, in a key future-facing commodity," BHP Chief Development Officer, Johan van Jaarsveld, said in a statement.

Noront said its board has recommended the Anglo-Australian company's offer.

Wyloo Metals, which is Noront's top shareholder with a 23% stake as of December, had in May offered C$0.315 per share for the stock it did not already hold in the company. Noront had adopted a poison pill to stop the takeover.

Wyloo was not immediately available for comment on Tuesday.

BHP's offer also comes after the mining giant moved its exploration headquarters to Canada and said it would almost double exploration spending for base metals within five years.

(Reporting by Arunima Kumar in Bengaluru; Editing by Aditya Soni)

(Bloomberg) — Rio Tinto Group plans to spend $2.4 billion building a lithium mine in Serbia, in the latest sign that the biggest miners are pushing into metals poised to benefit from the green-energy transition.

The biggest producers are churning out record profits after commodities rallied this year, raising the question of what the industry will do with all the extra cash. Most have been focused on returning money to shareholders through dividends and buybacks — analysts are expecting more big payouts in the coming weeks, including from Rio itself when the world’s second-biggest miner reports financial results on Wednesday.

But there are also signs that the industry is increasingly keen to invest more in growing production of key “future facing” commodities like battery metals or fertilizer. Rio’s announcement marks the first big move by a mining major into lithium, which is used in rechargeable batteries.

Earlier Tuesday, larger rival BHP Group announced plans to buy the owner of a Canadian nickel project — another vital component of the types of batteries that power electric cars or back up renewable energy. Rio in May acquired a stake in a Canadian copper project, while BHP has been building a holding in a company planning to develop a giant copper mine in Ecuador, and is expected to sanction a giant potash project as soon as next month.

It also comes at a time when the biggest miners are looking to shift away from fossil fuels, increasingly shunned by investors. Rio sold its last coal mine in 2019 and is the only major miner to be fossil-fuel free. And its peers are slowly following. Anglo American Plc has agreed to sell its last thermal coal mines, while BHP is in the process of exiting thermal coal and is considering getting out of oil and gas.

Rio has been working on the Jadar project in Serbia for years, and had been expected to make an investment decision this year. The mine will help the company diversify away from iron ore, which dominates its earnings, and will allow it to produce lithium close to the key German carmaking industry.

Rio said on Tuesday that the project is expected to start operating in 2026 and hit full-production in 2029. The investment, which still depends on getting the necessary approvals in Serbia, would make the company a top-10 lithium producer.

Still, there may be obstacles. The Serbian government has promised voters it will hold a referendum on the project, while touting its benefit as a huge growth driver for the Serbian economy. Serbian authorities are opposed to exporting lithium carbonate as raw material for batteries and want to see local production of lithium-based batteries, possibly even electric-vehicles.

“The Jadar project would scale up Rio Tinto’s exposure to battery materials, and demonstrate the company’s commitment to investing capital in a disciplined manner to further strengthen its portfolio for the global energy transition,” Rio said in a statement Tuesday.

(Updates with details throughout)

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.

(Bloomberg) — Rio Tinto Plc workers went on strike over labor contracts at an aluminum smelter in British Columbia on Sunday, their union said in a statement.

About 900 Rio Tinto workers at smelting facilities in Kitimat were on strike as of 12:01 a.m. local time Sunday, Unifor said in a release posted on the union’s website. The union accused the company of violating existing contracts by using contractors and temporary employees and failing to address concerns over pensions and retiree benefits.

“Our union is fully prepared to defend our members’ rights and protect good jobs in Kitimat now and in the future,” Jerry Dias, Unifor’s national president, said in the release.

Staff and employees required under an order by the B.C. Labour Relations Board have taken on duties to continue operations, Simon Letendre, a Rio Tinto spokesman, said in an email. The company is assessing how the strike will affect aluminum production and will work to limit disruptions. The strike commenced after the current collective labor agreement expired, he said.

“Rio Tinto has made every effort to reach a mutually beneficial agreement through negotiating in good faith with Unifor Local 2301 over the past seven weeks, and will continue to do so,” Letendre said. “Regrettably, the union refused the company’s proposal to request the intervention of a mediator.”

The Canadian smelter has been in operation since 1954 and produced 329,000 metric tons of aluminum in 2020, according to the company website.

(Adds company comments in fourth, fifth paragraphs)

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.

FORT DAUPHIN, Madagascar, July 26, 2021–(BUSINESS WIRE)–Rio Tinto has signed a power purchasing agreement for a new renewable energy plant to power the operations of its QMM ilmenite mine in Fort Dauphin, Southern Madagascar.

This project, which uses solar and wind energy, will significantly contribute towards Rio Tinto’s operations in Madagascar achieving its carbon neutral objective by 2023. The project is part of a broader initiative to reduce the ilmenite mine’s environmental footprint which includes programmes that focus on emissions reduction, waste and water management, carbon sequestration, ecological restoration and reforestation.

The renewable energy plant, to be built, owned and operated by independent power producer, CrossBoundary Energy (CBE), over a 20-year period, will consist of an 8 MW solar facility and a 12 MW wind energy facility to power mining and processing operations. There will also be a lithium-ion battery energy storage system of up to 8.25 MW as reserve capacity to ensure a stable and reliable network.

It will supply all of QMM’s electricity demand during peak generation times, and up to 60 percent of the operations’ annual electricity consumption. QMM will replace the majority of the power it currently supplies to the town of Fort Dauphin and the community of around 80,000 people with renewables.

The renewable energy plant will comprise more than 18,000 solar panels and up to nine wind turbines located in the Port Ehoala Park area. Construction is expected to begin this year with the solar plant scheduled to start operations at the beginning 2022. The wind power plant is planned to commence construction early 2022 and become operational by the end of 2022.

QMM President Ny Fanja Rakotomalala said: "This project is a strong example of our commitment with the Government of Madagascar to the sustainable development of the region. On a sunny and windy day, all the electricity needed by QMM and the Fort Dauphin community will be generated by the Malagasy sun and wind. It is a major step forward on our journey towards a truly sustainable mine, that protects and promotes the uniqueness of Madagascar’s environment and benefits the community with reliable and clean electricity."

Secretary General, Ministry of Energy and Hydrocarbons of the Republic of Madagascar, Andriatongarivo Tojonirina Andrisoa, said: "The Government of Madagascar is committed to the energy transition and to setting up Madagascar to be energy independent, as stated in the President’s Initiative pour l’Emergence de Madagascar (IEM). QMM’s renewable energy project, technically ambitious with two installations dedicated to solar and wind, is fully aligned with that vision. It makes Madagascar a global reference point for the use of renewable energy to supply clean, reliable power in the mining sector and other industries, and to the community."

Rio Tinto Minerals Chief Executive Sinead Kaufman said: "With this flagship project, QMM is leading the way at Rio Tinto and in Madagascar in utilizing renewable energy to power mining operations and reduce carbon emissions."

CrossBoundary Energy Co-founder and Managing Partner Matt Tilleard commented: "Emissions from electricity use in mining is estimated to account for around 1% of all greenhouse gases globally. Rio Tinto is leading the way in demonstrating how mines can seize a huge opportunity to reduce these emissions. We are focused on delivering cleaner power to businesses and were therefore able to offer Rio Tinto a flexible, fast, all-equity funding approach, combined with our reliable track record as one of Africa’s largest distributed renewable utilities."

About QIT Madagascar Minerals

QIT Madagascar Minerals (QMM), is a joint venture between Rio Tinto (80%) and the government of Madagascar (20%). It is located near Fort Dauphin in the Anosy region of south-eastern Madagascar, and primarily produces ilmenite which is a major source of titanium dioxide, predominantly used as a white pigment in products such as paints and paper.

QMM also produces zirsill used in the manufacturing ceramic tiles and digital screens, and monazite, a rare earth element, used in renewable energy technologies like high-powered permanent magnets used in wind turbines and electric vehicles.

QMM includes the deep-water Port d’Ehoala, where the raw material is shipped to the Rio Tinto Fer et Titane plant in Canada and processed into titanium dioxide.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210726005386/en/

Contacts

Please direct all enquiries to communicationqmm@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: QMM

(Adds background, details from release)

July 26 (Reuters) – Miner Rio Tinto said on Monday it planned to cut production at its BC Works aluminium smelter in Kitimat, Canada to 35% following a strike initiated by the Canadian union Unifor after negotiation talks failed.

Unifor said on Sunday about 900 workers had started strike action at the miner's operations in the western Canadian province of British Columbia, after nearly seven weeks of unproductive talks over proposed changes to workers' retirement benefits and unresolved grievances.

Rio Tinto employs about 1,050 people at the BC Works smelter and Kemano powerhouse, of which the union represents about 900 workers.

The miner, which has been granted an essential services order by the British Columbia Labour Relations Board, said a reduced workforce is also in place to ensure the Kemano hydro-power facility continues to run. [https://refini.tv/2Wf54r0 ] (Reporting by Rithika Krishna in Bengaluru; Editing by Shinjini Ganguli)

MONTREAL, July 26, 2021–(BUSINESS WIRE)–Rio Tinto has begun reducing production at its BC Works aluminium smelter in Kitimat, Canada due to a strike initiated by the Unifor Local 2301 union after negotiations failed to reach a new collective labour agreement.

Production will be reduced to around 35 per cent of the smelter’s 432,000 tonne annual capacity, so that it can safely be operated by staff and employees required under an essential services order granted by the BC Labour Relations Board.

Rio Tinto Aluminium managing director Atlantic Operations Samir Cairae said: "Reducing production will have a significant impact on the business and community, but we are committed to taking the necessary steps to operate safely with a reduced workforce.

"We have made every effort to reach a mutually beneficial agreement through negotiating in good faith over the past seven weeks, including proposing an independent mediator which was rejected by Unifor Local 2301.

"We will continue to look for longer term solutions with the union and work closely with customers and suppliers to minimise disruptions."

A reduced workforce is also in place to ensure the Kemano hydro-power facility continues to run safely.

Rio Tinto employs approximately 1,050 people at the BC Works smelter and Kemano powerhouse, including around 900 employees represented by Unifor Local 2301. The company contributed C$780 million to the economy of British Columbia in 2020.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210726005751/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

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, UK
Menno Sanderse
M: +44 7825 195 178

David Ovington
M +44 7920 010 978

Clare Peever
M +44 7788 967 877

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

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

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

Amar Jambaa
M +61 472 865 948

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: BC Works

Vancouver, British Columbia–(Newsfile Corp. – July 26, 2021) – Quaterra Resources Inc. (TSXV: QTA) ("Quaterra" or the "Company") announces that on July 23, 2021 it received notice from the State of Nevada that the State has not approved extensions of three water rights permits purchased by its subsidiary, Singatse Peak Services, LLC ("SPS") in 2011. The State also advised that a fourth permit would not be extended after a period of an additional year. Prior to the notice, the Company believed it held a total of seven water rights permits providing for usage of approximately 6,014 acre-feet of water annually for mining and milling purposes in Yerington, Nevada.

The four permits in question were extended regularly by the State during the period 2011 through 2020. The notice from the State was in response to the Company's extension application filed in November of 2020. The basis for not granting a renewal of the permits included increased demand on the available water from other users, and non-use of the water by the Company for mining and milling purposes since 2011.

During this same period, the company invested into exploration of the Yerington copper properties to better assess their potential for development. The Company reiterates its commitment to the development of the MacArthur oxide copper project, noting that the pre-feasibility drilling program (see News Release of May 7, 2021 for details) is ongoing, with drilling to date of 9,633 feet.

The Company has the right to appeal the State's decision within 30 days from the date of the notice and has retained legal counsel to initiate and vigorously undertake the appeal process.

The Company is considering the implications of the State notice on its ongoing advancement of the MacArthur copper oxide project, and on the prior sales of a portion of the permitted water rights.

About Quaterra Resources Inc.

Quaterra Resources Inc. is a copper-gold exploration company focused on projects with the potential to host large-scale mineral deposits attractive to major mining companies. It is advancing its Yerington copper project in the historic Yerington Copper District, Nevada. It continues to investigate opportunities to acquire prospects in North America on reasonable terms and the partnerships with which to advance them.

On behalf of the Board of Directors,
Stephen Goodman
President

For more information please contact:
Karen Robertson
Corporate Communications
778-898-0057

Email: info@quaterra.com
Website: www.quaterra.com

Some statements in this news release are forward-looking statements under applicable United States and Canadian laws. These statements are subject to risks and uncertainties which may cause results to differ materially from those expressed in the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. The Company does not undertake to update any forward-looking statement that may be made from time to time except in accordance with applicable securities laws.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/91170

Gold has long been regarded as a safe haven in times of market turmoil. Gold stocks, as represented by the VanEck Vectors Gold Miners ETF (GDX), have dramatically underperformed the broader market over the past year as the U.S. and other economies have begun to recover amid the global pandemic.

VANCOUVER, BC, July 26, 2021 /PRNewswire/ – NexGen Energy Ltd. ("NexGen" or the "Company") (TSX: NXE) (NYSE: NXE) (ASX: NXG) is pleased to announce commencement of field programs focused on detailed geotechnical site confirmation studies on the Project and regional exploration drilling at the 100% owned, Rook I property (the "Property"), in the Athabasca Basin, Saskatchewan.

Focus of the 2021 Regional Exploration Drilling Program:

• The Rook I property is host to numerous electromagnetic ("EM") conductors and structural corridors which have yet to be explored as the focus has been on the development of the Arrow Deposit over the last several years.

• Target high priority areas within a 10 km radius of Arrow including along the Patterson Lake Corridor which hosts the Arrow Deposit. Together with priority targets along the Derkson Corridor which is directly parallel and to the east of the Patterson Corridor that hosts the Arrow Deposit.

All target areas exhibit similar geophysical characteristics to Arrow, including strong conductive signatures with numerous off-sets coincident with discrete gravity lows and steep magnetic gradients. Structural interpretations across the property suggests several EM conductors lie along significant rheological/lithological contrasts which have been interpreted to possess structural conditions favourable for localizing uranium mineralization. Additionally, analysis of previous drilling has also revealed several target areas contain prospective alteration and geochemical signatures indicative of uranium bearing systems.

Leigh Curyer, Chief Executive Officer, commented: "Recommencement of field activities incorporating regional exploration whilst simultaneously advancing the Rook I Project through final engineering and permitting is an exciting time for NexGen. The NexGen group has a tremendous track record of discovery and the geological team has been looking forward to recommencing exploration drilling on what they consider to be the most prospective land package globally. Further, the detailed field work this summer is a foundation to future surface and underground infrastructure at the Rook I Project . "

Troy Boisjoli, Vice-President, Exploration & Community, commented: "We are very excited about the 2021 exploration program. Over the past number of years, exploration and drilling activities have been focussed on optimally developing the strategic Arrow Deposit and this 2021 program is focusing on making new discoveries by evaluating highly prospective exploration targets on the Rook I property. The Derkson Corridor is significantly under-explored. The 2021 exploration program is the culmination of a rigorous process in defining highly prospective drill targets. The NexGen geological team is excited to recommence drilling".

Exploration Focus:

Arrow 2.0 – The Arrow Deposit is open and remains highly prospective at depth; integration of geophysics (Magnetic and 3D-ZTEM data) and structural interpretation indicate Arrow is hosted on the limb of a large-scale fold that extends to great depth, which suggests the conditions favourable for localizing uranium mineralization also continue to depth. Furthermore, drilling at Arrow shows uranium mineralization, brittle structures, and hydrothermal alteration continue below Arrow. Arrow 2.0 target is designed to be a significant step down-dip from Arrow at depth to test for the replication of high-grade mineralization.

Camp East – Lies along a recently defined north-northeast mineralized trend that includes the Arrow and South Arrow Deposits. Camp East was initially targeted and drilled in 2016 and returned highly prospective alteration, structural disruption, and anomalous geochemistry; intersections of anomalous Boron – a primary pathfinder element – have higher concentrations than the Arrow Deposit. Targeting at Camp East is focused highly prospective geophysical areas where bends and off-sets in the conductor have been interpreted as having increased potential to localize uranium mineralization within the north-northeast mineralized trend from Camp East through South Arrow and Arrow.

Derkson Corridor – Exploration will focus on two target areas on the Derkson Corridor; a parallel conductor to the southeast of the Patterson Lake Corridor ("PLC") that hosts the Arrow Deposit and several other zones of high-grade mineralization along trend.

The first target area lies on a series of northeast-southwest trending conductors at the edge of a prominent magnetic domain that represents favourable structural conditions for brittle reactivation and focusing mineralizing fluids. The target area is along strike to the southwest of historic drill hole DER-04 that intersected 2.5 m of 0.24% U₃O₈; an indication of a uranium fertile trend. Previous drilling to the southwest of the first target area has revealed anomalous boron intersections of up to 424 ppm in drill hole RK-15-070. Drilling will target northeast of the boron anomaly at jogs in the conductor that have potential to localize hydrothermal fluids and uranium mineralization.

The second Derkson target lies along a similar northeast-southwest trending conductor to the PLC. Drilling in this area will target zones of structural dilation along the conductor that are interpreted to represent favourable locations for localizing uranium mineralization. A prominent jog on the conductor where the conductive signal weakens along strike of anomalous geochemistry has been prioritized for early program drilling.

2021 Site Investigation:

In addition to the exploration program, field work will be completed in support of Front End Engineering Design ("FEED") on the Rook I Project through advancement of further site investigations, both underground and surface. Surface investigations will include the completion of test pits and sonic boreholes in locations of planned surface infrastructure. The execution and analysis of these site investigation programs will build upon significant studies that have been incorporated in the recently released Feasibility Study ("FS") (see News Release dated February 22, 2021). Also, diamond drilling will focus on geological, geotechnical, and hydrogeological characterization of the rock mass proximal to the underground Life of Mine ("LOM") infrastructure in support of FEED. The drilling will further validate the current design and support the final design of the Underground Tailings Management Facility ("UGTMF").

About NexGen

NexGen is a British Columbia corporation with a focus on developing the Rook I Project located in the southwestern Athabasca Basin, Saskatchewan, Canada into production. Rook I hosts the Arrow Deposit that hosts Measured Mineral Resources of 209.6 M lbs of U3O8 contained in 2.18 M tonnes grading 4.35% U3O8, Indicated Mineral Resources of 47.1 M lbs of U3O8 contained in 1.57 M tonnes grading 1.36% U3O8, and Inferred Mineral Resources of 80.7 M lbs of U3O8 contained in 4.40 M tonnes grading 0.83% U3O8. The Rook I Project is supported by a NI 43-101 compliant Feasibility Study which outlines elite environmental performance as well as industry leading economics.

NexGen has a highly experienced team of uranium industry professionals with a successful track record in the discovery of uranium deposits and in developing projects through discovery to production. The Company is the recipient of the 2018 PDAC Bill Dennis Award for Canadian mineral discovery and the 2019 PDAC Environmental and Social Responsibility Award.

Technical Disclosure

All technical information in this news release has been reviewed and approved by Anthony (Tony) George, P.Eng, NexGen's Chief Project Officer, and Troy Boisjoli, Geoscientist Licensee, Vice President, Exploration & Community for NexGen. Both are a qualified person under National Instrument 43-101

A technical report in respect of the FS is filed on SEDAR (www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml) and is available for review on NexGen Energy's website (www.nexgenenergy.ca).

Cautionary Note to U.S. Investors

This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the Securities and Exchange Commission ("SEC") set the SEC's rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Forward-Looking Information

The information contained herein contains "forward-looking statements" within the meaning of applicable United States securities laws and regulations and "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to mineral reserve and mineral resource estimates, the 2021 Arrow Deposit, Rook I Project and estimates of uranium production, grade and long-term average uranium prices, anticipated effects of completed drill results on the Rook I Project, planned work programs, completion of further site investigations and engineering work to support basic engineering of the project and expected outcomes. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Statements relating to "mineral resources" are deemed to be forward-looking information, as they involve the implied assessment that, based on certain estimates and assumptions, the mineral resources described can be profitably produced in the future.

Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen's business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are as set out in this news release and the technical report for the property , the results of planned exploration activities are as anticipated, the price and market supply of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen's planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate in the future.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, the existence of negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, conclusions of economic valuations, the risk that actual results of exploration activities will be different than anticipated, the cost of labour, equipment or materials will increase more than expected, that the future price of uranium will decline or otherwise not rise to an economic level, the appeal of alternate sources of energy to uranium-produced energy, that the Canadian dollar will strengthen against the U.S. dollar, that mineral resources and reserves are not as estimated, that actual costs or actual results of reclamation activities are greater than expected, that changes in project parameters and plans continue to be refined and may result in increased costs, of unexpected variations in mineral resources and reserves, grade or recovery rates or other risks generally associated with mining, unanticipated delays in obtaining governmental, regulatory or First Nations approvals, risks related to First Nations title and consultation, reliance upon key management and other personnel, deficiencies in the Company's title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, risks related to changes in laws, regulations, policy and public perception, as well as those factors or other risks as more fully described in NexGen's Annual Information Form dated March 11, 2020 filed with the securities commissions of all of the provinces of Canada except Quebec and in NexGen's 40-F filed with the United States Securities and Exchange Commission, which are available on SEDAR at www.sedar.com and Edgar at www.sec.gov.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.

There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.

View original content to download multimedia:https://www.prnewswire.com/news-releases/nexgen-announces-commencement-of-2021-field-and-regional-exploration-drilling-programs-at-the–rook-i-property-301340806.html

SOURCE NexGen Energy Ltd.

(Bloomberg) — The world’s biggest mining companies are about to start revealing how much cash they’re churning out from this year’s commodity boom. Look out for record profits followed by eye-watering dividend payouts.

The top-five western diversified miners may have earned a combined $85 billion for the first half of the year, according to analyst estimates, more than double the level from a year ago. Rio Tinto Group, the first to report on Wednesday, is expected to announce $22 billion of profit for the six months, on a par with its total for all of 2020.

The mining sector has been one of the biggest beneficiaries from the world’s efforts to emerge from the pandemic. The trillions of dollars poured into recovery packages have ignited demand for commodities like steel, iron ore and aluminum, driving prices sharply higher and sending inflation pressures rippling through the global economy.

Read more: Record Metals Prices Catapult Mining Profits Beyond Big Oil

And while previous rallies lured the industry into ambitious investment plans to build and expand mines, many producers this time appear content to return their profit windfalls to investors. The two biggest — Rio and larger rival BHP Group — have already been funneling record returns to shareholders.

Each of the group of five majors — which also includes Glencore Plc, Anglo American Plc and Vale SA — are expected to report their biggest-ever earnings for the six months through June, according to average analyst estimates compiled by Bloomberg. Rio could pay out 60% of its underlying earnings, according to some analyst estimates.

“This should be a pretty much stellar set of results all round,” said Ben Davis, an analyst at Liberum Capital. “We’re expecting record dividends from BHP and Rio, while Anglo and Glencore also have the potential to surprise.”

Iron ore has been a big driver of profit for the largest producers. The world’s biggest commodity after oil hit a record in the first-half, and has spent the last three months hovering around $200 a ton, a level not seen in a decade. Steel and copper prices both set fresh records this year, thermal coal has also soared, and even diamonds have had a resurgence.

Some prices have retreated recently amid concerns about rising Covid-19 cases and as China moves to curb rising costs. Yet commodity prices across the board remain historically high for now.

U.S. copper miner Freeport-McMoRan Inc. gave a hint of what to expect when it reported last week. The company has wiped out $5 billion of debt in the last 12 months, hitting its target months ahead of schedule, and setting the stage for an increase in shareholder returns.

For the iron ore miners such as Vale, BHP and Rio, it promises to be even better. Demand for the steelmaking ingredient, especially from China, is rampant and supply is constrained. China, which accounts for about half of global steel production, is making a record amount of the metal, while iron ore supply has never recovered from two dam disasters in Brazil.

Of course, the mining companies are not immune to inflation themselves — iron ore operations in Australia are grappling with a sharp rise in labor costs due to worker shortages. And governments in resource-rich countries, especially in Latin America, are also looking at the industry as a source of extra revenue after the commodities rally.

For now though, the miners are cashing in.

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.

(Reuters) -Canadian union Unifor said on Sunday about 900 workers had started strike action at global miner Rio Tinto's operations in the western Canadian province of British Columbia.

Unifor issued a 72-hour strike notice on Wednesday after nearly seven weeks of unproductive talks over proposed changes to workers' retirement benefits and unresolved grievances.

In an emailed statement to Reuters, a spokesperson for the miner said that the union refused the company’s proposal to request the intervention of a mediator.

"Rio Tinto has made every effort to reach a mutually beneficial agreement through negotiating with Unifor over the past seven weeks, and will continue to do so," the company said in the statement.

The union represents about 900 workers at the miner's aluminium smelting plant in Kitimat and power generating facility in Kemano.

"Rio Tinto was given every opportunity to reach a fair deal but showed complete disregard for our issues," the union said in a statement.

Unifor said it was committed to resolving the labour dispute amicably and urged the company's management to reach a fair settlement.

The company said that required staff and employees are now taking on operational duties to ensure the smelter and powerhouse continue to function safely. Rio had earlier sought an order from the province's labour relations board declaring power plant workers essential, according to a union bulletin.

(Reporting by Rithika Krishna in Bengaluru and Jeff Lewis in Toronto; Additional reporting by Radhika Anilkumar and Vishal Vivek in BengaluruEditing by Mark Potter and Grant McCool)

(Adds statement from Rio Tinto)

July 25 (Reuters) – Canadian union Unifor said on Sunday about 900 workers had started strike action at global miner Rio Tinto's operations in the western Canadian province of British Columbia.

Unifor issued a 72-hour strike notice on Wednesday after nearly seven weeks of unproductive talks over proposed changes to workers' retirement benefits and unresolved grievances.

In an emailed statement to Reuters, a spokesperson for the miner said that the union refused the company’s proposal to request the intervention of a mediator.

"Rio Tinto has made every effort to reach a mutually beneficial agreement through negotiating with Unifor over the past seven weeks, and will continue to do so," the company said in the statement.

The union represents about 900 workers at the miner's aluminium smelting plant in Kitimat and power generating facility in Kemano.

"Rio Tinto was given every opportunity to reach a fair deal but showed complete disregard for our issues," the union said in a statement.

Unifor said it was committed to resolving the labour dispute amicably and urged the company's management to reach a fair settlement.

The company said that required staff and employees are now taking on operational duties to ensure the smelter and powerhouse continue to function safely.

Rio had earlier sought an order from the province's labour relations board declaring power plant workers essential, according to a union bulletin. (Reporting by Rithika Krishna in Bengaluru and Jeff Lewis in Toronto; Additional reporting by Radhika Anilkumar and Vishal Vivek in Bengaluru Editing by Mark Potter and Grant McCool)