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 [...]
Kazakhmys chairman offloads chunk of shares to the Kazakh government October 5, 2010 Kazakhmys chairman Vladimir Kim has sold nearly a third of his stake in the company to the Kazakh government for about $1.3bn (£818m), sparking concerns about increasing government involvement in the copper producer. Kim sold about 11 per cent of the London-listed company to diversify his investments ahead of a possible secondary listing next year [...]
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 [...]
FTSE 100 bounces back after a strong performance from the financial sector October 18, 2010 Britain’s top shares rebounded yesterday after falls in the past two sessions, boosted by oils and banks, with better-than-expected results from Citigroup and hopes of more US economic stimulus improving sentiment. The FTSE 100 index ended 39.15 points, or 0.7 per cent, higher at 5,742.52 after falling last Thursday and Friday. The index is up [...]
Banks and miners pull FTSE lower September 21, 2010 Britain’s leading shares faltered by yesterday’s close as investors lost their nerve ahead of news from the US Federal Reserve, with banks and miners the biggest fallers. The Fed appears set to debate pumping billions of dollars more into the sluggish US economy, but is likely to hold off any action while it takes further [...]
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 [...]
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 [...]
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 [...]
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). [...]
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 [...]