Editor’s Note: Related tickers: Rio Tinto plc (LON:RIO), Antofagasta plc (LON:ANTO), Anglo American plc (LON:AAL), Prudential plc (LON:PRU), MAN GROUP PLC ORD USD0.03428571 (LON:EMG), Glencore Xstrata PLC (LON:GLEN), BHP Billiton Limited (NYSE:BHP), Bank of America Corp (NYSE:BAC)
Rio Tinto to press on with iron ore expansion plans (Reuters)
Rio Tinto plc (LON:RIO), the world’s No.2 iron ore miner, is set to press on with plans to boost production at its Australian mines by a quarter by 2015, shrugging off pressure to slow spending and conserve cash as the commodity boom cools. In spite of forecasts of a looming global supply glut, shareholders expect Chief Executive Sam Walsh to tell the firm’s annual general meeting in Sydney on Thursday that it’s full speed ahead with a 70 million tonnes-per-year increase that will take output to 360 million tonnes annually by 2015. The plan means that a major additional chunk of iron ore production will enter the world market in the next few years and will add to concerns about increased supply that could weigh on a recovery in prices.
Australia’s Biggest Coal Port Faces Industrial Action (WSJ)
Unions representing workers at Australia’s biggest coal-export terminal have threatened imminent industrial action as a row with Port Waratah Coal Services, or PWCS, over job security escalates. Rio Tinto plc (LON:RIO) and Glencore Xstrata PLC (LON:GLEN) are major shareholders in PWCS, which exports coal mostly to Japan and China. The terminal handles more than 105 million metric tons of coal annually at its facilities in the city of Newcastle in Australia’s New South Wales state. Both companies use the terminal for their coal exports.
Antofagasta plc Given Buy Rating at Beaufort Securities (ANFGY) (MideastTime)
Beaufort Securities reissued their buy rating on shares of Antofagasta plc (LON:ANTO) in a report released on Thursday, Analyst Ratings Network.com reports. Shares of Antofagasta plc (LON:ANTO) traded up 0.53% during mid-day trading on Thursday, hitting $30.59. Antofagasta plc has a 52 week low of $26.65 and a 52 week high of $45.31. The stock’s 50-day moving average is currently $30.5. The company has a market cap of $15.079 billion and a P/E ratio of 14.53. Other equities research analysts have also recently issued reports about the stock. Analysts at Morgan Stanley reiterated an underweight rating on shares of Antofagasta plc (LON:ANTO) in a research note to investors…
Antofagasta quarterly copper output rises 13pct on Esperanza Mine (SteelGuru)
Antofagasta plc (LON:ANTO) Q1 output rose 13% on increased production at its Esperanza mine. Copper output advanced to 183,800 tonnes from 162,900 tonnes a year earlier. Volumes declined 5.2% from the previous 3 months after maintenance in March caused lower production at its Los Pelambres mine. Production at Esperanza surged to 47,900 tonnes of copper from 30,500 tonnes a year earlier while declining from 49,400 tonnes in the previous three months.
Anglo American’s Hold Rating Reaffirmed at Liberum Capital (AAL) (UtahPeoplesPost)
Anglo American plc (LON:AAL)‘s stock had its “hold” rating reiterated by investment analysts at Liberum Capital in a note issued to investors on Friday, ARN reports. Anglo American plc (LON:AAL) traded up 4.30% on Friday, hitting GBX 1635.50. Anglo American has a 52-week low of GBX 1540.00 and a 52-week high of GBX 2399.50. The stock’s 50-day moving average is currently GBX 1907.. The company’s market cap is £20.852 billion. A number of other firms have also recently commented on AAL. Analysts at UBS AG cut their price target on shares of Anglo American plc (LON:AAL) from GBX 2,000 ($30.97) to GBX 1,720 ($26.64) in a research note to investors on Tuesday.