Tag Archives: Metals & Mining (TRBC level 3)

UPDATE 1-Cemig Brasil plans IPO of gas distribution, sale of Alianca shares | Instant News


(New throughout, adding information across company divestment plans, stock reactions)

SAO PAULO, April 28 (Reuters) – Brazilian power company Cemig is planning an initial public offering of a gas distribution unit and a wave of divestments, executives said on Wednesday, and the company’s shares rose more than 4% after the news.

During an online investor event, executives said they planned to sell about 9 billion reais ($ 1.66 billion) in assets by 2025, including company stakes in the large hydroelectric dams of Belo Monte and Santo Antonio.

As part of the divestment, the company, officially Cia Energetica de Minas Gerais SA, also plans to sell its stake in Alianca Energia, a joint power plant venture with Brazilian mining company Vale SA, executives said.

Cemig is the public electricity company of Minas Gerais, Brazil’s second most populous state.

The shares of the Sao Paulo-listed company rose 4.4% in midday trade, the second-biggest winner on Brazil’s benchmark Bovespa equity index.

Earlier in the event, Minas Gerais Governor Romeu Zema reiterated his intention to privatize the company, saying he wanted it finished by the end of his term in 2022.

“I want the company to be privatized during my tenure,” said Zema. “Maybe not to sell it outright, but to receive an injection of (private) capital and thereby weaken the state, which always intervenes inappropriately, thus losing controlling stake and stopping hurting Cemig.” (Reporting by Luciano Costa; Written by Gram Slattery; Editing by Louise Heavens and David Gregorio)

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Vale Brasil beat first-quarter profit estimates, supported by iron ore demand | Instant News


FILE PHOTO: A display showing the logo of the Brazilian mining company Vale SA at its headquarters in downtown Rio de Janeiro 20 August 2014. REUTERS / Pilar Olivares

RIO DE JANEIRO (Reuters) – Iron ore miner Vale SA beat first-quarter profit forecasts on Monday, with Brazilian companies being boosted by record performances in the ferrous minerals division.

In the securities filing, Vale reported a net profit of $ 5.55 billion, well above Refinitiv’s consensus estimate of $ 5.06 billion. This figure also shows a significant increase on an annual and quarterly basis, as it is not much influenced by factors such as compensation to the victims of the deadly 2019 Brumadinho dam disaster.

Earnings before interest, taxes, depreciation and amortization, or EBITDA, totaled $ 8.35 billion. That slightly missed Refinitiv’s $ 8.4 billion estimate but the company said pro forma EBITDA figures – removed from some non-recurring items – stood at $ 8.47 billion.

EBITDA for the company’s ferrous minerals division was $ 7.81 billion, which the company said was an all-time record for the first quarter.

In comments accompanying the results, Vale noted that it received a premium for refined iron ore and pellets of $ 8.30 per tonne in the first quarter, well above $ 4.30 in the fourth quarter, amid strong demand for steelmaking materials in the first quarter. China and other markets. .

The company reiterated its short-term bullish stance on iron ore, copper and coal, but warned of a “small surplus” in the nickel market amid “tough production” in China and Indonesia.

($ 1 – 5,4350 reais)

Reporting by Gram Slattery and Roberto Samora; Edited by Christian Plumb and Lincoln Feast.

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German steelmakers are asking for billions of state aid – Der Spiegel | Instant News


BERLIN, April 23 (Reuters) – German steelmakers want a binding commitment from the government regarding financial support for the industry’s transition to more climate-friendly manufacturing, German magazine Der Spiegel reported on Friday.

European steelmakers are under pressure to reduce carbon emissions while maintaining profitability in a market where there is fierce competition, particularly from China, while pollution permit fees are soaring higher.

The heads of major German steelmakers including Thyssenkrupp and Salzgitter have called for assurances that the country will help finance the transformation for an amount that could reach double-digit billion euros, Der Spiegel said.

They plan to discuss the matter with Economy Minister Peter Altmaier on May 3, according to the magazine.

Reporting by Riham Alkousaa, editing by Kirsti Knolle

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German steelmakers are asking for billions of state aid – Der Spiegel | Instant News


BERLIN, April 23 (Reuters) – German steelmakers want a binding commitment from the government regarding financial support for the industry’s transition to more climate-friendly manufacturing, German magazine Der Spiegel reported on Friday.

European steelmakers are under pressure to reduce carbon emissions while maintaining profitability in a market where there is fierce competition, particularly from China, while pollution permit fees are soaring higher.

The heads of major German steelmakers including Thyssenkrupp and Salzgitter have called for assurances that the country will help finance the transformation for an amount that could reach double-digit billion euros, Der Spiegel said.

They plan to discuss the matter with Economy Minister Peter Altmaier on May 3, according to the magazine.

Reporting by Riham Alkousaa, editing by Kirsti Knolle

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PRECIOUS-Gold is gearing up for third consecutive weekly gain as US yields, dollar retreated | Instant News


    April 23 (Reuters) - Gold gained on Friday and was poised
for a third straight weekly rise as a softer U.S. dollar,
falling Treasury yields and a dip in equities after U.S.
President Joe Biden's proposal to hike capital gains tax
encouraged investors to flock towards bullion.
    
    FUNDAMENTALS
    * Spot gold        was up 0.2% at $1,787.11 per ounce by
0135 GMT, after hitting its highest since Feb. 25 at $1,797.67
on Thursday. The metal has gained about 0.6% so far this week.
    * U.S. gold futures        rose 0.4% to $1,788.10 per ounce.
    * The dollar index        fell 0.1% against its rivals,
making gold cheaper for other currency holders.        
    * U.S. 10-year Treasury yield             ticked lower on
news that Biden will propose a tax hike for high earners, to
fund about $1 trillion in childcare, universal pre-kindergarten
education and paid leave for workers.                   
    * The number of Americans filing new claims for unemployment
benefits fell to a 13-month low last week.             
            
    * Switzerland in March recorded its biggest monthly gold
exports in 10 months as shipments to India leaped to their
highest since 2013, Swiss customs data showed.             
    * Uzbekistan's central bank will resume gold sales when it
feels the price of the metal is peaking, deputy governor Behzod
Khamraev told Reuters.             
    * Global silver demand will rise this year to its highest
since 2015, the Silver Institute said in a report on Thursday.
            
    * Palladium        rose 0.1% to $2,840 per ounce but was off
a record $2,891.50 hit on Thursday. Many analysts expect a
further run towards $3,000 per ounce as automakers ramp up
purchases of the metal, worsening a supply shortage.            
    * Silver        eased 0.3% to $26.10 per ounce. Platinum
       was little changed at $1,203.10. 
        
    
    DATA/EVENTS (GMT)
0600  UK      Retail Sales MM, YY                March
0600  UK      Retail Sales Ex-Fuel MM            March
0715  France  Markit Mfg, Serv, Comp Flash PMIs  April
0730  Germany Markit Mfg, Serv, Comp Flash PMIs  April
0800  EU      Markit Mfg, Serv, Comp Flash PMIs  April
0830  UK      Mfg, Serv, Comp Flash PMIs         April
1345  US      Markit Mfg, Serv, Comp Flash PMIs  April
1400  US      New Home Sales-Units               March

 (Reporting by Shreyansi Singh in Bengaluru; Editing by
Subhranshu Sahu)
  

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