Showing posts with label Lundin Mining. Show all posts
Showing posts with label Lundin Mining. Show all posts
Friday, October 26, 2012
Agnico (AEM) (SMS) (BEN) (CLF) (LUN) (NS) Ratings Adjustments
Agnico-Eagle Mines Limited (AEM), Sims Metal Management Ltd (SMS), Franklin Resources, Inc. (BEN), Cliffs Natural Resources Inc (CLF), Lundin Mining Co. (LUN) and NuStar Energy L.P. (NS) had ratings on them adjusted by analysts.
DA Davidson upgraded Sims Metal Management Ltd (SMS) ) from a "Neutral" rating to a "Buy" rating.
Mackie downgraded Agnico-Eagle Mines Limited (AEM) from a "Buy" rating to a "Hold" rating.
Morgan Stanley (MS) downgraded Franklin Resources, Inc. (BEN) to an "Equal Weight" rating. They have a price target of $146.00 on the company.
Dahlman Rose downgraded Cliffs Natural Resources Inc. (CLF) from a "Buy" rating to a "Hold" rating.
Scotia Capital downgraded Lundin Mining Co. (LUN) from an "Outperform" rating to a "Sector Perform" rating. They have a price target of $7.00 on the company.
Credit Suisse downgraded NuStar Energy L.P. (NS) from an "Outperform" rating to an "Underperform" rating. They have a price target of $44.00 on the company.
Monday, October 25, 2010
Freeport (NYSE:FCX), Lundin (TSE:LUN) Reach Agreement on Tenke
After a long period of negotiations with the Congolese government, Freeport-McMoRan Copper & Gold Inc (NYSE:FCX) and Lundin Mining (TSE:LUN) have come to an agreement with them on a Tenke contract.
While continuing to maintain majority interest in Tenke, Freeport did have to give up 1.75 of there 57.75 percent stake in Tenke, and drop it to 56 percent. Lundin Mining's stake dropped to $24.75 percent.
BMO Capital Markets said, "The impact from the lower equity in Tenke is estimated at less than 1 percent for Freeport-McMoRan and less than 2 percent for Lundin."
The value of the Tenke Fungurume copper and cobalt project is an estimated $2 billion.
Together the two companies had to pay over $70 million in fees to the Democratic Republic of Congo, who via their state-owned company Gecamines, raised their stake in Tenke to 20 percent.
While winning some important concessions, the process and resultant changes could backfire on Congo, as many watching the process are more concerned than ever about doing business in the country.
All the concessions don't even include the high income tax rate of 30 percent, a royalty rate of 2 percent, and an export fee of 1 percent.
While continuing to maintain majority interest in Tenke, Freeport did have to give up 1.75 of there 57.75 percent stake in Tenke, and drop it to 56 percent. Lundin Mining's stake dropped to $24.75 percent.
BMO Capital Markets said, "The impact from the lower equity in Tenke is estimated at less than 1 percent for Freeport-McMoRan and less than 2 percent for Lundin."
The value of the Tenke Fungurume copper and cobalt project is an estimated $2 billion.
Together the two companies had to pay over $70 million in fees to the Democratic Republic of Congo, who via their state-owned company Gecamines, raised their stake in Tenke to 20 percent.
While winning some important concessions, the process and resultant changes could backfire on Congo, as many watching the process are more concerned than ever about doing business in the country.
All the concessions don't even include the high income tax rate of 30 percent, a royalty rate of 2 percent, and an export fee of 1 percent.
Friday, May 21, 2010
Freeport-McMoRan (NYSE:FCX), Lundin Mining (TSE:LUN) Tenke Project to Exceed Annual Estimates
The Tenke Fungurume Mining copper and cobalt project in the Democratic Republic of Congo will surpass its projected targets in 2010, according to Richard Robinson, Social Programs Manager of the mine, benefiting Freeport-McMoRan (NYSE:FCX) and Lundin Mining (TSE:LUN) more than expected, along with their other partner, Gecamines, the state mining firm.
Freeport-McMoRan has the largest stake in the project at 57.75 percent, Lundin in next with a share of 24.75 percent, and Gecamines has a 17.5 percent stake in the mine.
The mine has now reached production capacity, producing 2,300 tons of cobalt and 29,000 tons of copper in the first quarter. Projected out, that will go beyond the estimated 8,000 tons of cobalt and 115,000 tons of copper originally targeted for the year.
There are an estimated 119 million ton of reserves, having average ore grades of 0.4 percent cobalt and 2.6 percent copper.
Freeport-McMoRan has the largest stake in the project at 57.75 percent, Lundin in next with a share of 24.75 percent, and Gecamines has a 17.5 percent stake in the mine.
The mine has now reached production capacity, producing 2,300 tons of cobalt and 29,000 tons of copper in the first quarter. Projected out, that will go beyond the estimated 8,000 tons of cobalt and 115,000 tons of copper originally targeted for the year.
There are an estimated 119 million ton of reserves, having average ore grades of 0.4 percent cobalt and 2.6 percent copper.
Thursday, May 20, 2010
Lundin Mining (TSE:LUN) Down as Base Metal Stocks Take Hit
Lundin Mining (TSE:LUN) (OTC:LUNMF.PK) dropped 7.89, or $0.30 a share in Toronto, and 9.84 percent, or $0.36 a share in New York, as metals stocks continue to have downward pressure on share price with investors going temporarily to cash for safety with gold going through a correction with investors taking profits.
Another key element in metals prices and miners taking hits is the uncertainty surrounding how the battle against inflation in China will hurt metals demand, as well as the fallout in Europe from their debt crisis, where it is uncertain whether or not the region can handle it, and that, too, could have a dramatic impact on demand for precious metals.
Lundin reported recently that they had turned things around since last year, generating a profit of $38 million, against a loss last year during the same quarter of $8.6 million.
They also reached an agreement last Friday with unions concerning their Neves-Corvo copper mine in Portugal.
Another key element in metals prices and miners taking hits is the uncertainty surrounding how the battle against inflation in China will hurt metals demand, as well as the fallout in Europe from their debt crisis, where it is uncertain whether or not the region can handle it, and that, too, could have a dramatic impact on demand for precious metals.
Lundin reported recently that they had turned things around since last year, generating a profit of $38 million, against a loss last year during the same quarter of $8.6 million.
They also reached an agreement last Friday with unions concerning their Neves-Corvo copper mine in Portugal.
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