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A Look at 15 Exciting Mining Companies Discussed During the Precious Metals Summit in Beaver Creek

In a September 10, 2021, Crescat Capital briefing from the Precious Metals Summit…

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This article was originally published by The Gold Report

Source: Quinton Hennigh for Streetwise Reports   09/23/2021

In a September 10, 2021, Crescat Capital briefing from the Precious Metals Summit in Beaver Creek, Colorado, the firm’s Quinton Hennigh, Geologic and Technical Director, provided updates on 15 exploration companies of note.

During Crescat Capital’s Sept. 10, 2021 broadcast from the Precious Metals Summit in Beaver Creek, Dr. Quinton Hennigh, Geologist and Technical Advisor to Crescat Capital, provided updates on numerous exploration companies in the firm’s Precious Metals Fund.

i-80 Gold Corp. (IAU:TSX; IAUCF:OTCQX)

Major news came from i-80, which announced it is acquiring some assets in Nevada, including the Lone Tree mine complex and the Ruby Hill operation, Hennigh highlighted. With this transaction, i-80 will gain existing mills and will have to fill them. That bodes well for exploration companies in the area, such as Timberline Resources Corp. (TBR:TSX.V; TLRS:OTCQB), which is in Crescat’s portfolio.

The entry of i-80 into Nevada’s gold space means Nevada Gold Mines no longer is the sole company in it and now has a competitor.

“It’s really a rejuvenation of the excitement of gold mining in Nevada,” Hennigh said.

Eloro Resources Ltd. (ELO:TSX.V; ELRRF:OTCBB)

Eloro announced more “phenomenal results” from Iska in Bolivia, long intercepts of modest- to high-grade silver equivalency in the Santa Barbara area. There, the company is targeting an expanse that is about 1,200 meters (1,200m) long north to south, 500m long east to west and about 600m deep. That means, Hennigh said, they are targeting about 360 million cubic meters of rock.

Hennigh pointed out that with drilling, Eloro is hitting short intervals, like 50m and 20m, here and there, but taken together the aggregate length of mineralization in the holes is nearing about 30–50 percent in many cases.

“If that holds true, when they do the resource, I expect a very large number to come out of this resource model,” Hennigh said.

Snowline Gold Corp. (SGD:CSE; SNWGF:OTCQB)

Snowline released drill results from its Rogue target, a few tens of kilometers from its Jupiter target. Rogue features an intrusive-related gold system.

The company encountered visible gold in quartz veining and is seeing long intervals of stockwork quartz mineralization that look like they are part of a large system.

“[It’s] exciting to see them make a second discovery within one field season,” Hennigh said. “That’s kind of exceptional for any exploration company.”

Reyna Silver Corp. (RSLV:TSX.V; RSNVF:OTCMKTS)

Reyna Silver delivered some very high-grade results from its Batopilas project in Mexico.

The Batopilas project is located in Southwest Chihuahua, and spans 1,183 hectares of land as well as 94% of the historic Batopilas Native Silver District.

“Keep a close eye on that story,” Hennigh advised.

Lion One Metals Ltd. (LIO:TSX.V; LOMLF:OTCQX; LLO:ASX; LY1:FSE)

Lion One’s Tuvatu Alkaline Gold project is located approximately 24 kilometers NE of the town of Nadi on the island of Viti Levu in the Republic of Fiji. 

The company announced multiple high-grade intervals from the deep part of the system at Tuvatu where the feeder zone is expanding and from the areas where the company is conducting expansion and infill drilling.

“I anticipate Lion One continuing to deliver high-grade results like [in] this last news release, over and over again,” Hennigh said.

Defiance Silver Corp. (DEF:TSX.V; DNCVF:OTCBB)

Mexico-based silver, gold, copper, and polymetallic exploration & development company, Defiance Silver announced some “very exciting” results, some of the highest grade to date, from its Zacatecas silver vein project.

The intervals were wide, one being 20 meters. 

“These are veins that you can mine in bulk, and that’s what makes this district such a prolific district,” said Hennigh.

“You can mine these veins and get a lot of tonnage out of one vein, [so] the results are very exciting,” he concluded.

New Found Gold Corp. (NFG:TSX.V; NFGFF:OTCMKTS)

New Found Gold started releasing high-grade results, several hundred gram meters, from Lotto, the northernmost high-grade zone of three at Queensway.

The project is positioned along the Trans-Canada Highway about 15 kilometers west of Gander, Newfoundland.

Keats is the southernmost, and Golden Joint is in the middle of Queensway.

“I think some of the other targets they have that they’ve not talked so much about will start delivering high-grade results here soon,” Hennigh predicted.

Tectonic Metals Inc. (TECT:TSX.V; TETOF:OTCQB)

Tectonic is both drilling and doing surface geophysical and geochemical work.

After it recently identified a robust, high-grade anomaly that it is excited about, Tectonic Metals is adding a second drill rig to its Tibbs Gold project.

So what exactly were the results that got Tectonic so excited?

Grab rock sampling at the Tibbs Gold Project’s (“Tibbs”) Jorts target returned gold values up to 50.3 g/t Au, with 11 rock samples grading greater than 20 g/t Au and producing a 450m long high-grade gold anomaly.

According to Hennigh, “The season’s not much longer: maybe a month or so, maybe five, six weeks even, but this is very exciting.”

“I hope they get some good holes into this target, and hopefully we have some good news before year end from Tectonic,” he wrapped up.

NV Gold Corp. (NVX:TSX.V; NVGLF:OTC)

NV Gold announced the results of a study it did at its Slumber gold project, which located about 50 miles northwest of Winnemucca, Humboldt County, Nevada.

Two drilling campaigns found a new 600-meter-wide, near-surface, mineralized oxide gold zone with notable drill intercepts, including a “very encouraging” 18.3 meters at 0.52 grams per tonne Au.

It expects to commence a third drilling campaign there in the next few weeks.

E2Gold Inc. (ETU:TSX.V)

E2Gold is a mineral exploration company that focuses on the identification, acquisition, exploration, and development of mineral properties in Canada.

Its Hawkins Gold project covers seven townships in north-central Ontario in Canada.

“The geologist working for E2Gold is a friend of mine. I’ve known him for many years,” said Hennigh.

“He is one sharp guy, a very smart geologist, and if there’s anybody out there that can pick apart a project, especially a blind target like this one that’s buried under gravel, and then

find out where to go, it’s Thomas,” Hennigh proclaimed.

E2 mobilized a second rig to its Hawkins project and intends to get more aggressive with its drilling, especially in the deeper holes of high interest.

“They have a plan now: They do anticipate being able to drill in the next few weeks which is exciting because there’s a lot of companies that can’t find drill, but these guys have managed to find one.”

Novo Resources Corp. (NVO:TSX.V; NSRPF:OTCQX)

Novo announced its brownfields exploration program, which includes aggressive drilling for which the company boosted its budget by about $2.5 million.

“The goal is to build a resource base that’s going to make for a long-life mine around the Beatons Creek project,” Hennigh noted.

“The team is is going flat out down there,” he noted.

Signature Resources Ltd. (SGU:TSX.V; SGGTF:OTCQB; 3S3:FSE)

Signature Resources uncovered new prospects on its district-scale, northwest Ontario property.

Hennigh’s take is that “This is a company that is really tackling a district scale play, a brand new greenstone belt that’s not seen any modern exploration.”

“I think that they will deliver a lot of news over the next year or two,” he added.

Aurion Resources Ltd. (AU:TSX.V)

Canadian-based Aurion Resources’ latest exploration programs are operating in a district-scale greenstone belt on its Risti and Launi East properties in northern Finland.

It has made several discoveries and recently identified some new targets, making it a company of interest.

“I’m very excited about the belt in Finland,” confirmed Hennigh.

Firefox Gold Corp. (FFOX:TSX.V)

Firefox Gold is another Crescat Capital investment operating in the same area as Aurion.

Firefox is drilling and should be releasing results soon.

An interesting fact is that the company is named for the Finnish word for the northern lights, revontuli, which directly translates into English as fox’s fire.

“Firefox is drilling away. I mean, they’ve had drills turning for three or four months now, [so] I would expect news out of Firefox soon, so stay tuned on that front,”

Eskay Mining Corp. (ESK:TSX.V)

Eskay Mining is more than halfway through its drill program.

It is drilling at Jeff and TV as well as at C10.

Geologist Thomas Monecke is on site to help Eskay identify some of the key features of these volcanogenic massive sulphide systems, which will help the company explore additional targets.

Missed the macroeconomic portion of the Sept. 10 briefing? Click here for part one of Crescat’s coverage.

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Streetwise Reports Disclosures:

1) This is contributed content from Crescat Capital compiled by Doresa Banning for Streetwise Reports LLC. Doresa Banning provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None. Her company has a financial relationship with the following companies referred to in this article: None.

2) Dr. Quinton Hennigh is Crescat Capital’s Geologic and Technical Director. You should assume that as of the publication date, Dr. Quinton Hennigh has a position in the securities discussed and therefore stands to realize significant gains in the event the price of security moves. 

3) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: E2 Gold Inc. and Lion One Metals Ltd. Click here for important disclosures about sponsor fees. An affiliate of Streetwise Reports is conducting a digital media marketing campaign for this article on behalf of E2Gold. Please click here for more information. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of E2Gold Inc. and Cabral Gold Inc., companies mentioned in this article.

Important Crescat Disclosures Provided by Crescat Capital 

Please read Crescat’s important disclosures.

Nothing herein should be construed as personalized investment advice or a recommendation that you buy, sell, or hold any security or other investment or that you pursue any investment style or strategy.

Case studies are included for informational purposes only and are provided as a general overview of Crescat’s general investment process, and not as indicative of any investment experience. There is no guarantee that the case studies discussed here are completely representative of Crescat’s strategies or of the entirety of its investments.

Crescat has compiled its research in good faith and while it uses reasonable efforts to include accurate and up-to-date information, it is provided on an “as is” basis with no warranties of any kind. Crescat does not warrant that the information on this site is accurate, reliable, up to date or correct. In no event will Crescat be responsible or liable for the correctness of any such research or for any damage or lost opportunities resulting from use of its data.

You should assume that as of the publication date, Crescat has a position in the securities discussed and therefore stands to realize significant gains in the event the price of security moves. Following the publication date, Crescat intends to continue transacting in the securities, and may be long, short, or neutral at any time.

 

( Companies Mentioned: AU:TSX.V, DEF:TSX.V; DNCVF:OTCBB, ETU:TSX.V, ELO:TSX.V; ELRRF:OTCBB, ESK:TSX.V, FFOX:TSX.V, IAU:TSX; IAUCF:OTCQX, LIO:TSX.V; LOMLF:OTCQX; LLO:ASX; LY1:FSE, NFG:TSX.V; NFGFF:OTCMKTS, NVO:TSX.V; NSRPF:OTCQX, NVX:TSX.V; NVGLF:OTC, RSLV:TSX.V; RSNVF:OTCMKTS, SGU:TSX.V; SGGTF:OTCQB; 3S3:FSE, SGD:CSE; SNWGF:OTCQB, TECT:TSX.V; TETOF:OTCQB, )

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Energy & Critical Metals

Nickel Prices Hit 11-Year Highs as EV Demand Heats Up. Is There Enough Battery Metal Supply to Feed the Beast?

As prices scale to levels not seen in over a decade, experts believe it will be “all hands to the…

As prices scale to levels not seen in over a decade, experts believe it will be “all hands to the pump” to secure the nickel supply needed to deal with a rush in demand from electric vehicles over the next decade.

Nickel expert Jim Lennon from Red Door Research in London, the former chairman of Macquarie Bank’s commodities team, says the world will need 1.3Mt of nickel for batteries by 2030.

That’s 1Mt higher than 2021 when Lennon says an estimated 320,000t or 12% of mined supply was processed for use in battery storage.

The concern? Just ~700-750,000t comes from nickel sulphides, the kind of primary nickel currently being supplied into the battery market, and that number hasn’t moved for two decades.

“That’s the crux of the matter, between 2020 and 2030, you need close to 2 million tonnes new nickel supply,” Lennon told Stockhead.

“So, you know, I say about one million from batteries, but also another 800-900,000 tonnes for other applications like stainless steel and the like.

“The nickel market in 2020 was about 2.6 million tonnes. By 2030, it’s going to be close to 4.5 million tonnes.

“So you need a couple of million tonnes more supply. So where is that coming from? You know, that’s the issue.”

With battery demand finally beginning to make an imprint on the market in a real way, warehouse supplies critically low and prices hitting 11-year highs, what will it take to bridge the gap and can the base metal keep up the momentum?

 

Prices hit US$24,000/t

Nickel’s long predicted reawakening has accelerated in the past week as short supply and falling stocks on the LME warehouse has weighed on the market.

The market was already extremely tight last year after supply disruptions from Indonesia, the world’s largest producer in the form of nickel pig iron and Russia’s Norilsk, the world’s largest nickel sulphide producer.

Cash nickel metal on the LME settled at US$23,975/t on Friday, 14.5% higher year to date and more than double the price on offer when the pandemic began in March 2020.

The three-month delivery price of US$23,715/t is at a big discount, known as backwardation. That means buyers are desperate to get their hands on nickel right now.

LME stocks fell below the psychological 100,000t mark at the start of the year with just 93,480t in stock Friday, while the Shanghai exchange is virtually bone dry.

Lennon said the price run has been unusual given stainless steel production, 70% of the downstream market for nickel, has been weak in recent months. Case in point, nickel pig iron which can only be used in steel production is trading at a big discount to LME briquettes of up to US$3500, with nickel sulphate for battery precursor also at a discount.

“There’s been no new fundamental news over the last month that would have caused us to get mega bullish,” he said.

“Normally news that is price responsive is a supply disruption. Last year we had floods in Russia at Norilsk and they lost half their production for three months.

“And then you had the strike in Canada at Vale’s operations, and the price responded to that. So this time around, there’s been no new supply news (and) actually in Indonesia the nickel pig iron number for December that came out showed a big jump in production.

“Those of us who are following the physical market closely, we’re quite scratching our heads over the recent rally.”

But there has been a swag of news about the desperation of miners to buy nickel projects with an eye to its future supplying the EV supply chain, such as BHP’s decision to invest an initial US$50 million and up to US$100 million in the Kabanga nickel mine in Tanzania, Tesla’s supply deal with Rio Tinto-backed Talon Metals’s nickel project in Minnesota, a rare US source of supply, and Elon Musk’s separate backing of Prony Resources, which is aiming to revive the trouble-plagued Goro mine in New Caledonia.

LME nickel prices have gone berzerk in 2022
LME nickel has soared in 2022. Pic: LME

 

Battery market driving nickel prices: The smoking gun

Suggestions battery makers are hoovering up LME stocks as they move from a ‘just in time’ production model to a ‘just in case’ bet on the future of battery demand and shield against shipping delays could be impacting prices for the first time as well.

LME metal briquettes are able to be converted into nickel sulphate for batteries where other “class 2” forms of nickel like nickel pig iron cannot be.

“The only evidence we’ve got is the smoking gun evidence,” Lennon said.

“So in other words, you can look at the rate of consumption of nickel in the batteries in China in each month, and it has kind of plateaued in the fourth quarter.

“But the amount of nickel imports has shot up, so relative to the first half, nickel metal imports into China went through the roof. They went from 10-15,000t a month, to 25-30,000t a month.”

Goldman Sachs, which said the nickel market shifted from a projected 49,000t surplus to 159,000t deficit in 2021, already posted a 12-month target of US$24,000/t this month.

The investment banking giant is projecting a 30,000t deficit this year, up from 13,000t previously, as supply recovers, but is doubtful Indonesia can increase supply rapidly enough to cover the market, leading to “open-ended large deficits from 2025”.

“With close to balanced markets in both 2023 and 2024, then followed by the beginning of the open-ended large deficits from 2025 (113kt), we think nickel is entering a phase of stronger pricing which will sustain moves above the $20,000/t level,” they wrote in a client note.

Lennon says it is unlikely prices will remain at current levels throughout 2022 as supply ramps up in Indonesia and Russia, increasing by up to 15% this year.

“If the supply gets delayed, or you get more disruptions, then it can sort of trade in the current range of US$20,000-23,000. The scenario under which prices go to US$25,000-30,000/t I think would have to be something really extreme,” he said.

“The market is quite well balanced between supply and demand. It was in big deficit last year because of the soaring demand, the rate of growth in demand this year will be slower than last year. Last year was kind of a post-COVID recovery.

“The rate of supply growth will be much faster. So it’s kind of a balanced market, in my view, so I don’t see a lot of upward momentum in prices.”

China’s investment in converting class 2 lateritic nickel in Indonesia into matte that can be turned into a battery grade nickel is also increasing, with Tsingshan expected to bring 50,000-100,000t of capacity in this area online this year.

The ability for supply to keep pace with demand is likely to change in the years ahead, however.

Goldman Sachs sees strong “green demand” for nickel over the next decade. Pic: Goldman Sachs

 

Aussie miners attracting interest from all quarters

Ironically, while nickel prices have soared, miners and explorers have seen their share prices stagnate.

IGO (ASX:IGO), owner of the Nova nickel mine and soon to be the owner of Western Areas’ (ASX:WSA) in a friendly $1.1 billion takeover, is an outlier, though it has lithium on its books as well in the form of its stake in the Greenbushes lithium mine.

Mincor (ASX:MCR), which expects to restart its Kambalda nickel operations by mid-2022 and support the reopening of BHP’s Kambalda concentrator, is up only 1.82% year to date, Panoramic (ASX:PAN), which sent its first shipment from its reopened Savannah mine in the Kimberley late last year, is down 5.17%.

Nickel Mines (ASX:NIC) which will open its new Angel project in Indonesia in September, hit record highs earlier in the year but is up just 3.42%YTD. Andrew Forrest-backed Poseidon Nickel (ASX:POS), which plans to bring its high grade Silver Swan mine and Black Swan processing plant back into production by March 2023, is down 8.33%.

Its managing director Peter Harold, who previously ran Panoramic during the last nickel boom in 2007, said while lithium stocks have captured the attention of investors in the EV thematic, nickel will have its time in the sun.

“It’s interesting that we’ve seen very strong interest in lithium stocks throughout the world and people are starting to look around and see what other commodities are going to benefit from the electric vehicle revolution,” he said.

“I don’t like to call it a revolution, I just think that as the world moves away from internal combustion to electric vehicles the demand for graphite, copper, cobalt and nickel all go up.

“I think everyone’s beginning to look around not just at lithium but certainly at copper, certainly nickel, certainly cobalt and graphite too.

“People will start to take positions and I think this year will be where there’ll be a lot more activity in the nickel space and I think that also leads to M&A activity and that also drives interest from investors as well.

“I think you’re going to have the combination of higher nickel prices and the EV thematic being a lot more front and centre in investors’ minds. There’s a lot more ESG focused funds putting money into green energy and that means those investors will be looking for investments in the things that produce electric vehicles.

“I just see a very changed environment which is totally different to what I experienced in the mid-2000s.”

EV demand for nickel is expected to be very high.
The EV nickel market is forecast to grow at a rapid pace. Pic: Goldman Sachs

 

Cash flowing into battery nickel

That investor interest has been in clear view in the past week with institutional investors tipping $75 million into Centaurus Metals (ASX:CTM) to complete a DFS on its 20,000tpa Jaguar nickel sulphide project in Brazil.

There were also plenty of buyers for shares in new nickel IPO NiCo Resources (ASX:NC1). A spin out from Metals X (ASX:MLX), its shares shot up almost 200% in its first three days of trade after listing on Wednesday.

NiCo owns the Wingellina nickel-cobalt laterite project in WA’s remote Ngaanyatjarra Lands. While development costs have long been the biggest challenge there, there are those who hope the coming shortfall could deliver prices that would make a project like Wingellina possible.

Lennon said increasing the supply of nickel sulphides, often regarded by proponents as “class 1 nickel”, will be particularly challenging in the years ahead.

“Virtually all the growth in the last 20-30 years has come from nickel laterite mines in Indonesia, the Philippines, New Caledonia etc. The sulphide reserves globally have been quite static, the only major new sulphide operation to come on stream has been the Voisey’s Bay deposit in Canada,” he said.

“Since then most of the new sulphide mines that have been developed in WA, and elsewhere are basically replacing depleted reserves elsewhere.

“Same goes for Norilsk in Russia, they’re the big sulphide producers, they’ve been bringing on new mines to replace mines where the grades have declined, or they’ve shut down mines. In Canada, the same. And BHP, you know, is also fairly static in terms of its total production.”

Lennon expects the maximum growth from nickel sulphides based on known discoveries will be 150,000-200,000t, leaving laterites to make up the other 2Mt of projected growth in the battery and stainless steel market.

In terms of the battery market the other constraint is smelting capacity, given processes to produce precursor directly from nickel concentrate are yet to be commercialised.

“Nobody has successfully demonstrated that you can make nickel sulphate directly from a sulphide concentrate without going through the conventional processing routes,” Lennon said. “So that’s the challenge for the sulphide – the potential smelter bottleneck.”

 

Non-Chinese supply chain

While he doubts nickel sulphides will get an “ESG premium” as some miners have suggested, Lennon does think product sulphide miners outside Indonesia will be highly sought after by Western companies looking to form a battery supply chain outside China.

The Middle Kingdom currently accounts for 85% of the battery materials supply chain, something of deep concern to carmakers like Tesla, Ford, Volkswagen and Renault.

“There’s definitely a preference if you’re a Tesla, or a VW or Ford or whatever, to diversify away from exclusively Chinese sourced material,” Lennon said.

“So, you know, definitely BHP is getting no pushback at all in signing long term contracts. You know, because they’re another source of nickel.”

Poseidon’s Harold, whose company owns one of the few nickel mines in the rich Kalgoorlie-Kambalda region not currently contracted to sell concentrate or ore to BHP’s Nickel West business, says interest has come from near and far for nickel from Black Swan.

“We’re seeing significant interest from the traders, traditional smelting companies and also we’re seeing new entrants to the market being the likes of the OEM car manufacturers,” he said.

“You’ve seen Tesla doing the deal with BHP but we’re also seeing battery manufacturers talking to us too about taking long term contracts. They can’t treat the concentrate but they can act as an intermediary between the smelter and ourselves.

“Everyone is trying to secure nickel units at any stage in the production process. That’s a change that’s new to me and I’ve been selling nickel concentrate for 30 years.”

Harold said Poseidon also had an MoU with Pure Battery Technologies, which is looking to build a precursor plant in Kalgoorlie by 2024.

Having lived through the 2007 boom, when prices hit US$54,000/t and BHP’s Nickel West division generated higher profits than its iron ore mines, Harold believes the combination of EV demand and supply disruptions will support higher nickel prices.

“I think we’re heading into a much higher nickel price environment, where we are today and above,” he said.

“(There could be) supply disruptions which lead to even higher prices a la what happened with iron ore pricing when they had the problems in Brazil with the tailings dams.

“I think we’re heading into one of those environments for nickel, how long it last for I don’t know, but my sense is we are talking about … some years of much higher nickel prices and I think that’s pretty consistent with what the analysts are forecasting.”

The post Nickel prices are at 11-year highs as EV demand heats up. Can we find enough of the battery metal to feed the beast? appeared first on Stockhead.

Author: Josh Chiat

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Mitsubishi UFJ Trust & Banking Corp Cuts Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Mitsubishi UFJ Trust & Banking Corp reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 4.7% during the third quarter, according to its most recent…

Mitsubishi UFJ Trust & Banking Corp reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 4.7% during the third quarter, according to its most recent filing with the SEC. The fund owned 775,793 shares of the natural resource company’s stock after selling 38,498 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned 0.05% of Freeport-McMoRan worth $25,236,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. FMR LLC raised its stake in Freeport-McMoRan by 23.2% in the 2nd quarter. FMR LLC now owns 76,932,435 shares of the natural resource company’s stock valued at $2,854,963,000 after acquiring an additional 14,464,226 shares during the period. Amundi bought a new stake in Freeport-McMoRan in the 2nd quarter valued at about $238,160,000. State Street Corp raised its stake in Freeport-McMoRan by 6.1% in the 2nd quarter. State Street Corp now owns 68,422,655 shares of the natural resource company’s stock valued at $2,539,165,000 after acquiring an additional 3,948,847 shares during the period. Morgan Stanley raised its stake in Freeport-McMoRan by 22.5% in the 2nd quarter. Morgan Stanley now owns 15,548,768 shares of the natural resource company’s stock valued at $577,014,000 after acquiring an additional 2,859,755 shares during the period. Finally, Villere ST Denis J & Co. LLC bought a new stake in Freeport-McMoRan in the 3rd quarter valued at about $63,575,000. 76.08% of the stock is currently owned by institutional investors.

Several equities research analysts have recently weighed in on FCX shares. Wolfe Research started coverage on Freeport-McMoRan in a research report on Tuesday, November 16th. They set an “outperform” rating and a $47.00 price target on the stock. Stifel Nicolaus started coverage on shares of Freeport-McMoRan in a research report on Monday, December 13th. They issued a “buy” rating and a $48.00 price objective on the stock. Deutsche Bank Aktiengesellschaft cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $46.00 to $43.00 in a research report on Friday, October 22nd. BNP Paribas upgraded shares of Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $39.50 price objective on the stock in a research report on Wednesday, October 6th. Finally, Raymond James upped their price objective on shares of Freeport-McMoRan from $45.00 to $49.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 18th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $41.24.

FCX opened at $40.99 on Friday. The stock has a fifty day simple moving average of $40.08 and a two-hundred day simple moving average of $37.30. The company has a current ratio of 2.50, a quick ratio of 1.75 and a debt-to-equity ratio of 0.39. The company has a market cap of $60.19 billion, a price-to-earnings ratio of 15.59, a price-to-earnings-growth ratio of 0.36 and a beta of 2.08. Freeport-McMoRan Inc. has a 12-month low of $24.71 and a 12-month high of $46.20.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Wednesday, October 20th. The natural resource company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.08. The business had revenue of $6.08 billion during the quarter, compared to the consensus estimate of $6.22 billion. Freeport-McMoRan had a return on equity of 18.51% and a net margin of 18.45%. The firm’s quarterly revenue was up 58.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.29 earnings per share. On average, analysts predict that Freeport-McMoRan Inc. will post 3.15 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 1st. Shareholders of record on Friday, January 14th will be issued a $0.15 dividend. This is an increase from Freeport-McMoRan’s previous quarterly dividend of $0.08. The ex-dividend date is Thursday, January 13th. This represents a $0.60 dividend on an annualized basis and a yield of 1.46%. Freeport-McMoRan’s dividend payout ratio is 11.41%.

In related news, CEO Richard C. Adkerson sold 202,701 shares of the stock in a transaction on Monday, December 6th. The stock was sold at an average price of $36.71, for a total transaction of $7,441,153.71. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP C Donald Whitmire, Jr. sold 67,000 shares of the stock in a transaction on Monday, November 8th. The shares were sold at an average price of $39.10, for a total value of $2,619,700.00. The disclosure for this sale can be found here. 0.72% of the stock is owned by company insiders.

About Freeport-McMoRan

Freeport-McMoRan, Inc engages in the mining of copper, gold and molybdenum. It operates through the following segments: North America Copper Mines, South America Mining; Indonesia Mining, Molybdenum Mines, Rod and Refining, Atlantic Copper Smelting and Refining and Corporate, Other and Eliminations. The North America Copper Mines segment operates open-pit copper mines in Morenci, Bagdad, Safford, Sierrita and Miami in Arizona and Chino and Tyrone in New Mexico.

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Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX).

The post Mitsubishi UFJ Trust & Banking Corp Cuts Stake in Freeport-McMoRan Inc. (NYSE:FCX) appeared first on ETF Daily News.

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Bokf Na Makes New Investment in Freeport-McMoRan Inc. (NYSE:FCX)

Bokf Na acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the 3rd quarter, according to its most recent disclosure with the Securities and…

Bokf Na acquired a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 36,459 shares of the natural resource company’s stock, valued at approximately $1,186,000.

Several other large investors have also added to or reduced their stakes in the company. Liberty Wealth Management LLC purchased a new stake in Freeport-McMoRan in the second quarter valued at $26,000. D Orazio & Associates Inc. lifted its holdings in shares of Freeport-McMoRan by 73.8% in the 3rd quarter. D Orazio & Associates Inc. now owns 869 shares of the natural resource company’s stock valued at $28,000 after buying an additional 369 shares during the period. Reilly Financial Advisors LLC boosted its stake in shares of Freeport-McMoRan by 63.5% in the third quarter. Reilly Financial Advisors LLC now owns 901 shares of the natural resource company’s stock worth $29,000 after buying an additional 350 shares during the last quarter. JFS Wealth Advisors LLC grew its holdings in Freeport-McMoRan by 138.4% during the third quarter. JFS Wealth Advisors LLC now owns 1,073 shares of the natural resource company’s stock worth $35,000 after acquiring an additional 623 shares during the period. Finally, Samalin Investment Counsel LLC purchased a new position in Freeport-McMoRan during the second quarter valued at approximately $41,000. Hedge funds and other institutional investors own 76.08% of the company’s stock.

In other news, CEO Richard C. Adkerson sold 202,701 shares of the company’s stock in a transaction that occurred on Monday, December 6th. The stock was sold at an average price of $36.71, for a total transaction of $7,441,153.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP C Donald Whitmire, Jr. sold 67,000 shares of Freeport-McMoRan stock in a transaction on Monday, November 8th. The shares were sold at an average price of $39.10, for a total transaction of $2,619,700.00. The disclosure for this sale can be found here. 0.72% of the stock is currently owned by corporate insiders.

Shares of NYSE:FCX opened at $40.99 on Friday. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.50 and a quick ratio of 1.75. Freeport-McMoRan Inc. has a 12 month low of $24.71 and a 12 month high of $46.20. The firm has a market capitalization of $60.19 billion, a P/E ratio of 15.59, a P/E/G ratio of 0.36 and a beta of 2.08. The company’s fifty day moving average price is $40.08 and its 200 day moving average price is $37.30.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, October 20th. The natural resource company reported $0.89 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.08. The business had revenue of $6.08 billion during the quarter, compared to the consensus estimate of $6.22 billion. Freeport-McMoRan had a return on equity of 18.51% and a net margin of 18.45%. The business’s quarterly revenue was up 58.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.29 EPS. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 3.15 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 1st. Shareholders of record on Friday, January 14th will be paid a $0.15 dividend. The ex-dividend date is Thursday, January 13th. This represents a $0.60 dividend on an annualized basis and a yield of 1.46%. This is a boost from Freeport-McMoRan’s previous quarterly dividend of $0.08. Freeport-McMoRan’s payout ratio is currently 11.41%.

FCX has been the subject of several recent research reports. Raymond James lifted their target price on shares of Freeport-McMoRan from $45.00 to $49.00 and gave the company an “outperform” rating in a report on Tuesday, January 18th. Stifel Nicolaus assumed coverage on Freeport-McMoRan in a report on Monday, December 13th. They issued a “buy” rating and a $48.00 price objective on the stock. BNP Paribas raised shares of Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $39.50 price target on the stock in a research note on Wednesday, October 6th. Exane BNP Paribas raised shares of Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $39.50 target price on the stock in a research note on Wednesday, October 6th. Finally, Morgan Stanley increased their target price on shares of Freeport-McMoRan from $32.00 to $34.00 and gave the company an “equal weight” rating in a research report on Thursday, December 9th. Three analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Hold” and an average price target of $41.24.

Freeport-McMoRan Company Profile

Freeport-McMoRan, Inc engages in the mining of copper, gold and molybdenum. It operates through the following segments: North America Copper Mines, South America Mining; Indonesia Mining, Molybdenum Mines, Rod and Refining, Atlantic Copper Smelting and Refining and Corporate, Other and Eliminations. The North America Copper Mines segment operates open-pit copper mines in Morenci, Bagdad, Safford, Sierrita and Miami in Arizona and Chino and Tyrone in New Mexico.

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Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX).

The post Bokf Na Makes New Investment in Freeport-McMoRan Inc. (NYSE:FCX) appeared first on ETF Daily News.

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