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| Share Name | Share Symbol | Market | Stock Type |
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| Vale Int | VALE | London | Ordinary Share |
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Posted at 11/9/2024 17:47 by waldron Can Vale’s upgraded iron ore forecast revive its stock price?By: Ritesh Anan Edited by: Srinibas Rout on Sep 11, 2024 INVEZZ Vale raises 2024 iron ore production forecast despite market challenges. Mixed Q2 results; revenue miss, but strong iron ore shipments. Watch for a break above $11.6 support for potential reversal. Follow Invezz on Telegram, Twitter, and Google News for instant updates > Vale S.A. (NYSE: VALE) made headlines today by raising its full-year 2024 iron ore production forecast, reflecting its strategic efforts to navigate challenging market conditions. The Brazilian mining giant expects to produce between 323 million to 330 million metric tons of iron ore this year, up from its previous estimate of 310 million to 320 million tons. This increase comes despite iron ore prices trading near two-year lows, with iron ore futures in Singapore briefly dipping below $90 per ton earlier this week. Vale’s production upgrade suggests confidence in its ability to manage costs effectively, with all-in costs projected between $3,300 and $3,800 per ton. This forecast adjustment is particularly significant in the context of Vale’s recent operational challenges and broader market dynamics. Just days before, reports suggested Vale and BHP (NYSE: BHP) were nearing a massive $18 billion settlement with Brazilian authorities over the 2015 Mariana dam collapse, a disaster that continues to cast a shadow over both companies. The settlement, which far exceeds previous offers, underscores the lingering financial and reputational risks Vale faces, even as it strives to boost production and maintain profitability. Vale’s Q2 performance In terms of financial performance, Vale’s Q2 2024 results were mixed. The company reported a GAAP EPS of $0.65, beating analysts’ expectations by $0.08, but revenue fell short, coming in at $9.92 billion—$560 million below estimates. Despite the revenue miss, Vale managed to increase its iron ore shipments by 7% year-over-year and 25% quarter-over-quarter The company’s EBITDA for the quarter stood at $4.0 billion, and capital expenditures were slightly higher year-over-year at $1.3 billion, aligning with the year’s guidance. Vale’s gross debt and leases rose slightly to $15.1 billion in Q2, reflecting the capital-intensive nature of its operations. However, Vale has maintained its copper production guidance for 2024 at 320,000 to 355,000 metric tons, signaling stability in its diversification efforts. The company’s cost control measures, particularly in iron ore production, are expected to yield stronger performance in the second half of the year as lower-cost volumes from its Northern System ramp up. Challenges for Vale stock However, Vale faces significant challenges from the broader economic environment. The iron ore market has been under pressure due to weakening demand from China, the world’s largest consumer of the commodity. Analysts have noted that China’s steel industry, which accounts for a significant portion of iron ore demand, is in decline, with consumption expected to fall to 70%-80% of its peak levels. This downturn in Chinese demand is a critical challenge for Vale, given that approximately 65% of its revenue is derived from iron ore sales. Shift to higher grade ore On the positive side, Vale could benefit from its strategic focus on higher-grade iron ore production. As the global market shifts towards higher-quality ores, driven by environmental regulations and the need for more efficient steelmaking processes, Vale’s investments in its high-grade S11D mine and other projects position it well to capture premium pricing. Additionally, Vale’s exposure to nickel and copper, both of which are expected to see strong demand growth in the coming years due to the energy transition, provides some diversification and potential for revenue stability. Vale’s valuation From a valuation perspective, Vale appears to be trading at a discount relative to its peers, with a price-to-earnings ratio of 4.88 well below the sector median of 21.40. Despite this, the company’s share price has been under pressure, down approximately 30% year-to-date, reflecting investor concerns over its heavy reliance on iron ore and the uncertainties surrounding Chinese demand. However, most analysts argue that the stock is undervalued, particularly given Vale’s strong operational performance and its potential to capitalize on the growing demand for high-grade iron ore. Now, let’s see what the charts have to say about the stock’s price trajectory. This technical analysis will explore whether Vale’s recent production upgrades and strategic initiatives can translate into a bullish reversal or if the stock will continue to face downward pressure in the near term. Vale stock technical analysis Vale’s stock has been in an extended downtrend since July 2021 as can be seen on the charts. However, throughout this downtrend, the stock took support multiple times near $11.6, which can also be seen in the charts. Source: TradingView In June this year, the stock broke below this long-term support and is currently trading below it. As long as it trades below this level it will remain weak. Hence, investors should ideally wait for the stock to give a daily closing above this earlier support turned now resistance. Traders with a bearish outlook can initiate short positions, but once the stock bounces back to $10.5 or higher. If it does, they can short with a stop loss at $11.7 and a profit target near $8.2. |
Posted at 17/4/2023 13:11 by grupo guitarlumber MINING.COMTeck attracts bids from Vale, Anglo American and Freeport Cecilia Jamasmie | April 17, 2023 | 4:49 am Teck Resources (TSX: TECK.A, TECK.B)(NYSE: TECK) is said to have been approached by Vale (NYSE: VALE), Anglo American (LON: AAL) and Freeport-McMoRan (NYSE: FCX) on potential deals for the Canadian miner’s base metals business if shareholder approve a planned split. The three global miners are among at least six companies that have expressed interests in transactions with Teck post-split, local paper The Globe and Mail reported on Sunday, citing sources close to the matter. The Vancouver-based company, which is Canada’s largest diversified miner, proposed in February spinning off its steelmaking coal business to focus on base metals, particularly copper and zinc. Swiss commodity trader and mining company Glencore Plc (LON: GLEN) launched a hostile $23.1 billion takeover of Teck, which has been sweetened since then to entice Teck’s shareholders initially opposed to the idea of being exposed to a larger coal portfolio. The revised proposal gives Teck’s shareholders who do not want to own shares in the combined coal operation the option to receive cash plus 24% of the combined metals-focused business. On Sunday, former chairman Norman Keevil, whose family controls Teck through its ownership of the majority of the company’s ‘A’ class of shares, reiterated his arguments against the takeover. “As there has been much media commentary regarding my views on the future of Teck, I would like to provide a clear statement of my perspective,” he said. “My colleagues and I are proud of what we achieved through 30 years of building Teck, growing the company 500-fold from a $25 million market cap to $12.6 billion, with double-digit compounded growth in shareholder value, and continuing growth in recent years to $25 billion today,” he added. Keevil clarify he would support a transaction — be an operating partnership, merger, acquisition, or sale – with the “right partner”, on the “right terms” for Teck Metals after separation. Teck’s chairman emeritus added that Glencore’s proposal was “the wrong one, as well as at the wrong time” and the split should go ahead. With just over a week left on the clock for Teck’s shareholders to vote on the split, Glencore is trying its best to persuade the Canadian miner’s shareholders. Last week, chief executive Gary Nagle landed in Toronto to personally explain his company’s vision and intentions. By Friday evening, two influential shareholder advisory firms had recommended against Teck’s strategy, while its largest investor, China Investment Corp., said it favoured Glencore’s proposal. The shiny orange metal Experts had anticipated that the company’s decision to split the business in two would make Teck Metals a takeover target. The company owns four copper mines in South America and Canada, which produced 270,000 tonnes combined last year. Teck also expects to double copper output after the second phase of its Quebrada Blanca (QB) project in Chile ramps up to full capacity by the end of 2023. Glencore believes that operating Quebrada Blanca jointly with the nearby Collahuasi mine, in which the Swiss multinational holds a 44% stake, would add at least a $1 billion of value to its coffers. The idea, Glencore has explained, is that QB and Collahuasi share infrastructure rather than creating a single operation. The latter would require approval from Anglo American (LON: AAL), which has 44% of Collahuasi and Sumitomo, which holds a 30% indirect interest in the Chilean copper mine. Top miners, in turn, are hungry for copper assets as demand for the metal accelerates and a global shortfall looms. BHP, Rio Tinto and Glencore itself have disclosed that they are actively looking to grow their copper exposure. |
Posted at 14/12/2022 16:07 by waldron Ian Lyall15:00 Wed 14 Dec 2022 US bank Jefferies has released a research note stating that its analysts have been positive on iron ore for the past six weeks, due to the potential for a China reopening and seasonal supply issues. The rally in iron ore prices has occurred, up from $76 per tonne on October 31 to $112/t last week. However, the outperformance of iron ore relative to copper has likely played out, the bank's analysts think Despite this, the Jefferies' analysts still see good value in shares of Rio Tinto PLC (LSE:RIO), BHP Group Ltd (LSE:BHP, ASX:BHP) and Vale SA. Policies 'more accommodative' They attribute the rally in iron ore prices to an improving outlook for the Chinese economy and believe that more accommodative policies with respect to Covid and the property market will lead to stability in demand for iron ore. However, the Jefferies analysts do not expect a strong recovery in demand as Chinese property, which accounts for around 35% of iron ore demand in the seaborne market, is likely in structural decline. Overall, Chinese steel production should track demand, and they expect only a small increase, if any, in China's steel production over the next year. Iron ore supply is also expected to be roughly flat year-on-year, as the major miners are not increasing production significantly, investors were told. The Jefferies' analysts expect a balanced market with prices in the $90-110 per tonne range for 2023. The consensus view is that iron ore prices will normalize to the $70-80 per tonne range, and this will happen soon. However, the analysts expect In contrast, they believe&nb Proactive |
Posted at 13/11/2021 19:45 by sarkasm i see you are wise and careful investorsometimes i forget to adhere to aunts quote take care |
Posted at 06/10/2021 14:58 by waldron SummaryThe company has strong fundamentals. More than 70% of companies have a lower mix of growth, profitability, debt and visibility. The company has a good ESG score relative to its sector, according to Refinitiv. Strengths The company's EBITDA/Sales ratio is relatively high and results in high margins before depreciation, amortization and taxes. The group's activity appears highly profitable thanks to its outperforming net margins. Thanks to a sound financial situation, the firm has significant leeway for investment. The equity is one of the most attractive in the market with regard to earnings multiple-based valuation. With regards to fundamentals, the enterprise value to sales ratio is at 6.29 for the current period. Therefore, the company is undervalued. The company has a low valuation given the cash flows generated by its activity. This company will be of major interest to investors in search of a high dividend stock. Over the last twelve months, the sales forecast has been frequently revised upwards. For the last twelve months, analysts have been gradually revising upwards their EPS forecast for the upcoming fiscal year. Analysts have a positive opinion on this stock. Average consensus recommends overweighting or purchasing the stock. The average target price set by analysts covering the stock is above current prices and offers a tremendous appreciation potential. Weaknesses As estimated by analysts, this group is among those businesses with the lowest growth prospects. Over the past four months, analysts' average price target has been revised downwards significantly. The average consensus view of analysts covering the stock has deteriorated over the past four months. Over the past twelve months, analysts' opinions have been revised negatively. Sales estimates for the next fiscal years vary from one analyst to another. This clearly highlights a lack of visibility into the company's future activity. The price targets of analysts who cover the stock differ significantly. This implies difficulties in evaluating the company and its business. |
Posted at 23/1/2021 09:50 by florenceorbis Vale targets coal exit as it prepares sale of Moatize mine in MozambiqueMiningCoal By Andrew Fawthrop 21 Jan 2021 The Brazilian miner will acquire a partner's 15% share in Moatize coal mine, ahead of a planned divestment of the entire project and its associated infrastructure mining truck 2 Japanese firm Mitsui has sold its interests in the venture back to Vale for a nominal fee Vale has taken its first step towards exiting the coal market, striking a deal that will advance the sale of its Moatize mine in Mozambique. The Brazilian miner agreed to acquire a 15% stake in the venture held by Japanese trading company Mitsui for a token fee ($1), as well as Mitsui’s interests in the Nacala Logistics Corridor (NLC) being constructed to service the mine – with a view to consolidating both operations ahead of a future sale. The agreement anticipates Mitsui’s exit from the project can be completed this year, after which Vale will begin searching for a “third party interested in those assets”. It added it will maintain “operational continuity” during this process, supporting the project’s ramp-up and keeping commitments to various stakeholders, including local labour and resettlement agreements. Vale says mine upgrades will allow Moatize to produce 18 million tonnes of coal per year by 2022 Moatize is Vale’s largest venture in the coal sector, and has been operational since 2011. In 2017, Mitsui paid $690m for the 15% interest in the mine, as well as a 50% interest in the NLC project to provide port and rail infrastructure. Vale is currently implementing upgrades at the facility, which it expects will increase production rates to 15 million tonnes per year in the second half of 2021 and 18 million tonnes per year by 2022. The combined mine and infrastructure assets have outstanding debt totalling $2.5bn, which Vale says it will reclassify to financial expenses, debt amortisation and sustaining capital. “Future refinancing of the project finance and simplification of the structure will lead to potential annual savings of approximately $25m,” the company said in statement. Analysts suggest Vale may look to Chinese buyers to offload the venture, according to reports, given the ongoing trade tensions between Beijing and Australian coal exporters. Mining majors increasingly looking to a coal-free future The move underscores a growing shift away from coal assets among the world’s biggest mining companies, as the fossil fuel is gradually phased out of the global energy mix, and investors increasingly demand environmental commitments from corporate leadership. Vale said the planned divestment is “in line with the focus on its core businesses and ESG agenda, committed to becoming carbon-neutral by 2050 and reducing 33% of its Scopes 1 and 2 emissions by 2030”. BHP has confirmed similar plans to divest its coal-producing assets, including the huge Mount Arthur mine in Australia – and yesterday confirmed a writedown of $1.15bn-$1.25bn on its New South Wales Energy Coal unit as it seeks to offload the venture. Anglo American plans to divest its South African thermal coal operations by 2023, while Rio Tinto has already completed its coal exit, selling the last of its coal mines in 2018. Glencore recently pledged an extensive decarbonisation agenda, although says “responsible stewardship” and reduction of its coal portfolio will be the priority, rather than a rush to abandon all of its coal assets. |
Posted at 17/5/2020 05:59 by waldron Vale sets aside $2bn to cut a third of its carbon emissions by 2030MiningIndustrial Minerals By Andrew Fawthrop 14 May 2020 The Brazilian mining giant wants to cut 33% of its carbon output in the next decade, but the target doesn't include Scope 3 emissions Vale S11D Project - vale agency Vale says it will target net zero emissions by 2050 (Credit: Vale Agency) Brazilian miner Vale will spend $2bn on a programme to cut its Scope 1 and 2 carbon emissions by 33% by 2030, as part of a longer-term plan to reach net zero by 2050. It is the largest financial commitment from any mining firm to-date to address its carbon footprint as outside pressure mounts on companies to accelerate their decarbonisation plans in line with the Paris Agreement. However, little mention was given to Scope 3 emissions – those resulting from the end-use of a company’s products and services which account for the vast proportion of greenhouse gases in the value chain – other than that it “aims to establish a goal to encourage clients and suppliers in the same direction”. Investment in mine electrification will be key for Vale as it seeks to lower carbon emissions Vale CEO Eduardo Bartolomeo said: “This agenda is a result of a listening process, aligned with a real climate change-related demand from society for a robust reduction in emissions in the Scope 1 and 2. “We are stepping forward to develop a new pact with society with more transparency and responsibility.̶ Measures planned by the strategy include rolling out the use of biofuels, the electrification of transport used in mining operations and more widespread use of renewable power sources. Vale’s executive for institutional relations, Luiz Eduardo Osorio, added: “One of our goals is to achieve 100% of self-production of electric power from clean sources, such as wind and solar, in our plants around the world.” By the end of the year, the miner expects several pilot projects to be in operation, including an electric train riding the Vitória-Minas railroad and electric vehicles being used at three sites in Canada. Lack of clear Scope 3 targets limits impact of Vale’s commitment Climate issues are rising up the corporate agendas of extractive firms with growing urgency, as concerned investors demand more decisive action to limit emissions and the pace of global warming. Last week, a report from the Transition Pathway Initiative (TPI) – an investor-led programme controlling more than $18tn in assets that scrutinises companies preparedness for the low-carbon transition – revealed a “significant gap” between mining firms’ climate strategies and the goals of the Paris Agreement. The report noted that, despite Vale’s stated climate ambitions, the fact that Scope 3 emissions are not included in its targets means the company is further away from alignment with the agreement in 2050 than it is today. Vale is not alone, however, with TPI finding that just two of the world’s 10 largest mining companies – holding market capitalisation of $350bn and responsible for more than 1.5 billion tonnes of CO2 emissions annually – are currently aligned with limiting global warming to 2°C in line with the Paris climate targets. Mining industry as a whole has work to do to become aligned with Paris Agreement goals TPI co-chairman Adam Matthews said that while the mining industry has made “significant progress” in its environmental commitments in the past six months, more needs to be done. “Our analysis shows that not all commitments cover all activities and companies will need to go significantly further to meet investor expectations from initiatives such as Climate Action 100+,” he added. “Many assessed companies mine materials that both support the transition and those that do not. It is essential that investors have a complete picture of their carbon performance, which includes public targets for Scope 3 emissions.” Yesterday (13 May), the world’s largest sovereign wealth fund – Norway’s $1tn Government Pension Fund Global – excluded mining giants Glencore and Anglo American from its investment portfolio for breaching its criteria on coal-related activities, and put BHP under observation. The fund’s managers also excluded Vale for its involvement in two fatal tailings dam collapses in Brazil – the Samarco incident in 2015 and the Brumadinho disaster in 2019 – that killed hundreds of workers and caused significant damage to the local environment. |
Posted at 20/2/2020 15:20 by waldron Anglo American PLC, one of the world's largest miners, gave a full picture of fatalities related to its operations Thursday, a major shift in an industry that typically undercounts the number of deaths.A Wall Street Journal investigation revealed in December that many mining deaths are not captured by global safety statistics, making the industry seem safer to regulators, investors and consumers. Four Anglo American employees were killed at its managed operations in 2019, the company said in its full-year results. Taking into account other incidents -- including employees who died off-site in road accidents, two who died in 'security incidents' and one at a joint venture that Anglo doesn't manage -- a total of 18 miners died. Miners don't report deaths at joint ventures they don't manage, despite having influence over health and safety policy, leaving dozens of fatalities off the books. Fatalities that occur during the transportation of mined materials are also often undercounted. "We are not terribly good as an industry at reporting all incidents," said Anglo's Chief Executive Mark Cutifani. "They are our colleagues, we know them all, so we report all of those types of incidents," he said, talking of some of the deaths outside of mine sites last year. Between 2010 and 2018, the world's three largest publicly listed miners, BHP Group Ltd., Rio Tinto PLC and Vale SA, reported 117 deaths globally at their managed operations. There were an additional 89 deaths of workers during the same period at joint ventures the companies weren't running, according to a Journal analysis of company and government records, stripping out double counting. Miners have reduced fatalities and injuries in recent decades, but a lack of reliable accounting in the most basic safety metric makes it difficult to determine the extent of any gains. The pressure to improve safety and transparency is especially intense after a mine-waste dam operated by Vale burst last year, unleashing a river of mud in the Brazilian town of Brumadinho. In another example of how mining deaths are underreported, the Brazilian government doesn't count many contractors who die in mining accidents. As a result, as many as 139 of the 270 people who died at Brumadinho weren't classified as mining deaths. BHP, the world's largest miner, also recently began disclosing in some publications all deaths at all of its operations. Anglo went further on Thursday by tallying all deaths related to its operations high in its annual results announcement and placing that number alongside fatalities at managed operations. Write to Alistair MacDonald at alistair.macdonald@w (END) Dow Jones Newswires February 20, 2020 09:50 ET (14:50 GMT) |
Posted at 18/2/2020 10:19 by maywillow Glencore Sees Carbon Emissions Falling as Coal Mines Fade AwayThomas Biesheuvel, Bloomberg News A bucket wheel excavates soil and rocks as a giant excavator operates at the open pit lignite mine, operated by RWE AG, in Hambach, Germany, on Monday, Aug. 13, 2018. Not far from Germany’s Rhine River, a fight to thwart giant excavators from grinding away what’s left of the 1,200-year-old Hambach forest came to a head this month as thousands of protesters faced off with police in a tense, and at times violent, showdown. Photographer: Alex Kraus/Bloomberg A bucket wheel excavates soil and rocks as a giant excavator operates at the open pit lignite mine, operated by RWE AG, in Hambach, Germany, on Monday, Aug. 13, 2018. Not far from Germany’s Rhine River, a fight to thwart giant excavators from grinding away what’s left of the 1,200-year-old Hambach forest came to a head this month as thousands of protesters faced off with police in a tense, and at times violent, showdown. Photographer: Alex Kraus/Bloomberg , Bloomberg (Bloomberg) -- Glencore Plc, the world’s biggest shipper of thermal coal, has mapped out cuts in carbon emissions generated by its customers as the company slowly retreats from the dirtiest fuel. The world’s biggest resource companies, from miners to oil majors, are under increasing pressure to account for the pollution created when their customers burn or process the materials they produce. Glencore said on Tuesday its so-called Scope 3 emissions will fall by 30% in the next 15 years, predominantly as a result of depleting mines in Colombia and South Africa. That’s a projection based on its current mine plans, rather than a fixed target. Glencore did not say how much coal production would be cut to meet the projection. Glencore has faced the brunt of a growing investor concern about climate change. While its biggest rivals are in the process of exiting coal, Glencore has been a staunch defender of the fuel, saying it’s essential to providing affordable and reliable power in developing countries. Still, the commodity trader’s billionaire chief executive officer, Ivan Glasenberg, has been forced to make concessions to keep investors. Last year, Glencore agreed to cap coal production, albeit above its current output level. The mining industry has yet to find common ground on how to deal with scope 3 emissions. BHP Group in July called on the mining sector to take ownership of emissions that result from product sales, a stance that’s been rejected by some rivals who argue it’s too difficult to calculate a supplier’s share. Rio Tinto Group is partnering with a Chinese steelmaker to develop methods to cut pollution and improve the steel industry’s environmental performance, while Vale SA has said it will develop ambitious targets to cut Scope 3 emissions. Arguably, the Scope 3 emissions of the oil industry are even more difficult to calculate. That hasn’t stopped companies like Repsol SA and BP Plc from setting net-zero emissions targets for all the oil and gas they extract and their customers burn. Glencore said the reduction in emissions will derive mainly from its Colombian coal assets, and to a lesser extent from its South African and Australian mines. The Colombian market is currently under pressure as it predominantly ships to Europe where countries are cutting their use of the fuel, while South Africa has challenges with labor relations and government policies. “Our capital expenditure reflects significant current investments towards growth in production of battery and conductive materials required for the transition to a lower carbon economy,” Glencore said in the statement. --With assistance from Akshat Rathi. To contact the reporter on this story: Thomas Biesheuvel in London at tbiesheuvel@bloomber To contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg |
Posted at 01/2/2019 06:56 by grupo SÃO PAULO -- Brazilian mining giant Vale SA hopes to sign a deal with the state of Minas Gerais soon so it can start paying damages to the victims of the collapse last week of a tailings dam owned by the company.The dam, which burst on Jan. 25, has claimed at least 110 lives, with 238 more missing and feared dead, civil-defense authorities said Thursday. Vale Chief Executive Officer Fabio Schvartsman said Thursday it is too soon to know how much the damages might amount to. The accident took place in Minas Gerais, and that is where the legal process will play out, Mr. Schvartsman told reporters after a meeting in Brazil's capital with the federal government's top prosecutor, Raquel Dodge. "We're ready to skip the lawsuits, seeking an agreement as quickly as possible with the authorities of Minas Gerais, allowing Vale to begin the process immediately," he said. The tailings dam's collapse in the small Brazilian town of Brumadinho released a torrent of muddy mining waste that swept away offices and a crowded lunchroom nearby belonging to Vale. The company has said that most of the victims worked either directly or indirectly for Vale. Investors and analysts are watching the investigation and the legal process closely to try to determine how much the disaster will cost the company, though it will likely take years to determine the total amount. Vale's shares plunged almost 25% on Monday, the first day of trading after the accident, but have since regained some of that ground. Brazilians have been riveted by the frequently televised efforts of rescue workers to locate victims' corpses and by the death toll, and the country's lawmakers, regulators and justice system have been quick to propose new legislation, impose fines and investigate the causes of the tragedy. A spokesman for rescue workers said that locating and identifying the bodies are getting more difficult because the corpses have started to decay and many of them are buried under more mud than the ones they have already found. The Brazilian government plans to streamline an application process for environmental licenses, Environment Minister Ricardo Salles said Thursday. Vale has also taken additional actions to give financial aid to families affected by the disaster. The company said earlier this week it would make a donation of 100,000 reais ($27,500) to the families of people who are dead or missing following the dam's collapse, and on Thursday Vale started taking information from family members. The minimum wage in Brazil is 988 reais ($275) a month. Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.co (END) Dow Jones Newswires January 31, 2019 17:50 ET (22:50 GMT) |
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