CAILEY BARKER NUMIS
A small downgrade in copper, but balanced by performance through other divisions. A predictably cautious outlook on global demand, with the company keeping a close eye on the pace of the US recovery. Overall, a fairly in line update despite the slight disappointment in copper.
TIM DUDLEY CANACCORD
Operationally, the iron ore unit saw the largest beat versus our expectations and the refined copper unit the largest miss on a shutdown at Kenneco.
There is a possibility that management will announce a further share buyback programme after finishing the last one in the first half.
RICHARD KNIGHTS LIBERUM CAPITAL
We have revised down our full year 2011 earnings per share estimate by 15 per cent to reflect weak quarter two commodity prices, softer coal production, higher unit costs in coal and copper and the recently approved Simandou infrastructure expenditures ($500m).