First Quantum pulls DRC workers September 5, 2010 First Quantum Minerals has pulled nearly all its expat workers out of the Democratic Republic of Congo (DRC) since the government seized its Frontier copper mine at the end of August. The London-listed miner is in discussions over whether to sue the African state and ENRC, the FTSE 100-listed new owner. It is already in [...]
ENRC lifted by new mines August 18, 2010 KAZAKH miner Eurasian Natural Resources Corporation (ENRC) posted an 80 per cent rise in first-half pre-tax profit yesterday and raised its earnings per share 63 per cent to 70 cents, crediting a rise in production and acquisitions. Shares dipped by four per cent to 928.5p, however, as the firm voiced concern over falling commodities prices. [...]
Depressed mining stocks are finally starting to look attractively valued July 12, 2010 IT WAS a tough second quarter for London-listed miners, which were dealt a severe blow by a toxic combination of general risk aversion, a planned tax on miners’ profits in Australia and a government-orchestrated slowdown in China. After reaching 25,356.51 on 6 April – its best level since July 2008 – the FTSE 350 mining [...]
ENRC ramps up output to meet demand May 13, 2010 KAZAKH miner ENRC has recorded a big jump in first-quarter output following a rebound in demand for stainless steel. Ferrochrome production, which is used as a component in stainless steel, climbed a massive 70 per cent to 345,000 tonnes. The company also said revenue for the three months to 31 March had “increased significantly” on [...]
FTSE 100 hits one-month low as Greek deficit fears weigh April 22, 2010 The London Report FTSE 100 hits one-month low as Greek deficit fears weigh BRITAIN’S top shares fell to a one-month closing low yesterday after news that Greece’s deficit widened more than expected hit investor sentiment, sending commodity and bank stocks into reverse. A downgrade of Greece’s debt rating from Moody’s Investors Service added to investor [...]
BEST OF THE BROKERS February 3, 2010 BSKYB ING advises investors to “buy” BSkyB shares citing its “decent financials” and strong operating metrics despite the consumer recession. Believes its recent results indicate it’s a company for “BT to worry about”. Says the shares are “too cheap by far,” and that the market is underestimating its growth plans. Expects it to grow more [...]
Banks and miners lift FTSE but retail shares take a dive January 14, 2010 STRENGTH in miners helped Britain’s top share index to a 0.5 per cent rise by yesterday’s close after soaring output figures from Rio Tinto boosted the sector, but retailers fell on weak trading updates. The FTSE 100 ended 24.72 points higher at 5,498.20 after falling for two days, pressured by China’s decision to tighten banks’ [...]
CITY MOVES WHO’S SWITCHING JOBS September 22, 2009 Securities and Investment InstituteThe SII has appointed John Nichols, a former ambassador to Switzerland, as its new director of global business development. Nichols, 57, has spent 30 years in the Foreign Office, holding senior positions in the UK, Brazil and Bangladesh and as ambassador to Switzerland, Hungary and Liechtenstein. He was also previously deputy chief [...]
African Minerals in talks with ENRC over funding September 17, 2009 AFRICAN MINERALS, the London-listed miner, said yesterday it was in talks with several large Asian industrial firms, including Kazahk miner ENRC, over a possible takeover or funding for its Tonkolili iron ore mine. Shares in the group, led by chairman Frank Timis, hit a record high of 389.75p yesterday, valuing the group at $1.37bn (£830.7m). [...]
Eurasian eyeing African rival September 16, 2009 MINING group Eurasian Natural Resources (ENRC) said yesterday it was in advanced talks to buy the Central African Mining and Exploration Company (Camec), in a deal which could be worth £574m. The Kazakh company, which produces raw materials for steelmaking and provides them to Russia and China, said it was considering a cash offer of [...]