(Reuters) – Freeport-McMoRan Copper & Gold Inc (FCX.N: Quote, Profile, Research, Stock Buzz) appears to be in a win-win situation as Plains Exploration shareholders prepare for Monday’s vote on the miner’s nearly $6 billion takeover bid, part of its strategy to expand into energy.
Plains Exploration & Production Co’s (PXP.N: Quote, Profile, Research, Stock Buzz) share price, now hovering below the bid price, suggests that investors feel Freeport’s current offer could fall short. Analysts and investors see a razor-thin margin no matter which side carries the vote.
May 14 (Reuters) – Novelis Inc, the world’s
largest producer of rolled aluminum products, reported a
quarterly profit on Tuesday, versus a year-earlier loss, boosted
by stronger demand and better cost controls.
The company, a unit of India’s HindalCo Industries Ltd
, said it was able to push through unexpected headwinds
in the second half of fiscal 2013, which ended March 31, and
will continue to move ahead with numerous expansion projects.
TORONTO, May 2 (Reuters) – Miner Goldcorp Inc said on
Thursday that its first-quarter profit dropped by a
steeper-than-expected 35 percent as lower metal prices and
higher costs outweighed a boost in gold sales.
Shares of the world’s largest gold miner by market
capitalization fell 2.1 percent to C$28.46 on the Toronto Stock
TORONTO, April 30 (Reuters) – Yamana Gold Inc is
aiming to sharply reduce its all-in sustaining costs this year,
as the growing Canadian gold producer adjusts to a recent drop
in bullion prices, its chief executive said on Tuesday.
The cost-cutting plan comes after the Toronto-based miner,
which owns mines in Mexico and South America, reported a 40
percent drop in first-quarter profit, as lower gold prices and
higher costs outweighed a boost in production.
TORONTO, April 29 (Reuters) – Kinross Gold Corp on
Monday estimated the cost of a scaled-back expansion of its
struggling Tasiast mine in West Africa at $2.7 billion, more
than some analysts had expected, sending its shares 3 percent
The company said it was pushing ahead with a feasibility
study for a new 38,000 tonne-per-day mill at the project,
located in remote Mauritania, despite plunging gold prices and
investor pressure in the mining sector to cut back on spending.
TORONTO, April 24 (Reuters) – Barrick Gold Corp,
making a painful adjustment to a sustained slump in bullion
prices, said on Wednesday it was scaling back capital spending
and reported progress in controlling costs, sending its shares
The world’s No. 1 gold producer also warned that it could
suspend development at its largest new project, Pascua-Lama,
after a Chilean court halted some work on environmental grounds.
The project straddles the border of Chile and Argentina, high in
TORONTO, April 23 (Reuters) – Teck Resources Ltd
reported a sharp fall in quarterly adjusted profit on
Tuesday as sagging prices for coal and copper hurt Canada’s
largest diversified miner, whose CEO played down any major
While the earnings in the first quarter were higher than
market expectations, Teck’s shares fell as much as 7 percent
shortly after the market open as copper prices dropped to a
fresh 18-month low. Some analysts voiced concerns over the delay
of a major Teck development project and the impact of lower
copper and coal prices on the company.
TORONTO, April 19 (Reuters) – Barrick Gold Corp,
already under pressure from setbacks at its largest development
project and a slump in the price of gold, now faces a
shareholder revolt over a “troubling” payment to a member of its
A group of Canada’s top pension funds, small but significant
shareholders in the world’s largest gold miner, said on Friday
it opposes Barrick’s $11.9 million signing bonus for co-chairman
John Thornton, the man tipped as the miner’s next chairman.
By Julie Gordon
(Reuters) – Freeport-McMoRan Copper & Gold Inc (FCX.N: Quote, Profile, Research, Stock Buzz) sought to shore up shareholder support for its foray into the U.S. energy sector on Thursday by highlighting the benefit of diversifying into oil and gas at a time when metal prices are softening.
A $9 billion takeover of two energy companies, announced by Freeport in December, will add new growth opportunities that compliment plans to boost copper sales to more than 5 billion pounds a year by 2015, Chief Executive Richard Adkerson said during a conference call.
SANTIAGO, April 11 (Reuters) – The high cost of energy in
Chile is threatening the competitiveness of the country’s copper
industry and poses a major challenge for new development,
industry executives at a copper convention in the Andean nation
said on Thursday.
Electricity costs in Chile, the world’s top copper producer,
have risen 11 percent per year since 2000, making it one of the
most expensive places in the world to secure energy for mining