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Three Valley Copper Q2 2021 Results: Copper Cathode Production up 15%

Three Valley Copper Corporation announced today its financial and operating results from Q2 2021…

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This article was originally published by Mining Feed

21Three Valley Copper Corporation (“TVC” or the “Company”, formerly SRHI Inc.) announced today its financial and operating results from the second quarter of 2021, which is the three and six months that ended June 30th, 2021. 

The Company is focused on growing copper production from, and further exploration of, its primary asset, Minera Tres Valles SpA (“MTV”). Located in Salamanca, Chile, MTV is 91.1% owned by the Company and MTV’s main assets are the Minera Tres Valles mining complex and its 46,000 hectares of exploratory lands. The Company’s financial statements and management’s discussion and analysis (“MD&A”) are available at www.threevalleycopper.com and www.sedar.com.

Highlights

Corporate

  • Successfully closed a bought deal offering (“Offering”) including the full exercise of the over-allotment option for net proceeds of approximately $8.3 million.
  • The Company, through its indirectly held subsidiary (SRH Chile SpA), subscribed for additional common shares of MTV for approximately $6.8 million, resulting in the Company’s indirect holding of MTV increasing from 70% to 90.3% effective June 3, 2021. Effective August 16, 2021, a further subscription was executed resulting in the Company’s indirect holding of MTV increasing to 91.1%.
  • On June 22, 2021, the Company formally changed its name to Three Valley Copper Corp. and began trading on the TSXV under the symbol TVC. In conjunction with the name change, the Company launched a new website (www.threevalleycopper.com).

Operations

  • Retained Dr. John Mortimer as the Company’s independent exploration geologist to lead the renewed exploration program that commenced in the second quarter of 2021.
  • Successfully settled union strike without disruption leaving monthly wages unaffected in a new 3 year agreement.
  • Copper cathode production was 1,035 tonnes at an average grade of 0.53%, increasing 15% from 900 tonnes at an average grade of 0.57% for the three months ended March 31, 2021 as the restart and scaling up of operations continued during the second quarter of 2021.
  • For the six months ended June 30, 2021, capital expenditures of $6.1 million were incurred related to the construction and development of the incline block caving mine at the Papomono Masivo deposit, consistent with annual guidance of $12 – $15 million total capex. Construction continues and is approximately 50% complete, targeting production commencing early 2022.
  • Effective August 1, 2021, an amendment to the offtake agreement was executed deferring the remaining 12 months of contracted delivery amounts of the fixed price sales component (at $2.89/lb) until May 1, 2022. All sales of copper cathodes commencing August 1, 2021 until April 30, 2022 will be sold at the prevailing spot price for copper cathode, less a nominal amount.

Financial

  • Reported gross loss of $4.3 million (including a write-down of inventory of $4.2 million primarily on long-term inventory) on a realized copper price1 of $3.37 compared to $2.42 in Q2 2020.
  • Adjusted EBITDA from continuing operations1 of $0.1 million compared to $(1.8) million in Q2 2020.
  • Net loss per share attributable to owners of the Company of $(0.12) compared to $(0.10) in Q2 2020.
Source: Three Valley Copper Corp.

Three Valley Copper Corp or “TVC” is located in the Cretaceous belt of Chile and has over 46,000 hectares of land to explore and mine. TVC already has over 100 copper occurrences and 70 “artisanal exploitation points” registered with geological features similar to those of its “identified orebodies.” They are currently producing 99.999% pure copper from its mineral reserves, with up to 18,500 tonnes of pure copper cathodes annually, which are the highest quality cathodes available on the market. TVC has also completed 170,000 meters of diamond drilling, and has a handful of other successful Chilean copper mines. TVC has great potential in the copper mining industry as only roughly less than 10% of their 46,000 hectares has been explored, leaving thousands of hectares yet to be investigated. 

 

The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above. 

The post Three Valley Copper (TSXV:TVC)Reports Q2 2021 Results: Copper Cathode Production up 15% appeared first on MiningFeeds.

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Wedbush Reaffirms Their Buy Rating on ObsEva SA (OBSV)

Wedbush analyst Liana Moussatos reiterated a Buy rating on ObsEva SA (OBSV – Research Report) today and set a price target of $21.00. The company’s…

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Wedbush analyst Liana Moussatos reiterated a Buy rating on ObsEva SA (OBSVResearch Report) today and set a price target of $21.00. The company's shares closed last Thursday at $3.08.

According to TipRanks.com, Moussatos is a 3-star analyst with an average return of 5.9% and a 41.2% success rate. Moussatos covers the Healthcare sector, focusing on stocks such as Global Blood Therapeutics, Eiger Biopharmaceuticals, and BioMarin Pharmaceutical.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for ObsEva SA with a $19.00 average price target, which is a 520.9% upside from current levels. In a report issued on September 15, H.C. Wainwright also reiterated a Buy rating on the stock with a $17.00 price target.

See today’s analyst top recommended stocks >>

The company has a one-year high of $5.55 and a one-year low of $1.86. Currently, ObsEva SA has an average volume of 1.76M.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

ObsEva SA engages in the development of therapeutic treatments for woman's reproductive health and pregnancy. It offers biopharmaceutical drugs addressing conditions compromising pregnancy from conception to birth. The company was founded by Ernest Loumaye and André Chollet in November 2012 and is headquartered in Geneva, Switzerland.

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Maxim Group Maintains a Hold Rating on Seanergy Maritime (SHIP)

Maxim Group analyst Tate Sullivan maintained a Hold rating on Seanergy Maritime (SHIP – Research Report) yesterday. The company’s shares closed last…

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Maxim Group analyst Tate Sullivan maintained a Hold rating on Seanergy Maritime (SHIPResearch Report) yesterday. The company's shares closed last Thursday at $1.43.

According to TipRanks.com, Sullivan is a 5-star analyst with an average return of 26.6% and a 50.0% success rate. Sullivan covers the Industrial Goods sector, focusing on stocks such as Natural Gas Services Group, Ceco Environmental, and Globus Maritime.

Currently, the analyst consensus on Seanergy Maritime is a Moderate Buy with an average price target of $1.85.

See today’s analyst top recommended stocks >>

The company has a one-year high of $2.45 and a one-year low of $0.40. Currently, Seanergy Maritime has an average volume of 7.95M.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Seanergy Maritime Holdings Corp. is a shipping company, which engages in the seaborne transportation of dry bulk commodities. It focuses on owning and management of fleet of Capesize bulk carriers. The company was founded on January 4, 2008 and is headquartered in Athens, Greece.

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United States Steel Expects Adjusted EBITDA of $2B in Q3

Pennsylvania-based steel manufacturer United States Steel (X) expects to report adjusted EBITDA of around $2 billion in the third quarter of 2021, compared…

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Pennsylvania-based steel manufacturer United States Steel (X) expects to report adjusted EBITDA of around $2 billion in the third quarter of 2021, compared to $1.3 billion reported in the second quarter of 2021. Following the announcement, shares of the company lost 1.2% in after-hours trading on Thursday to close at $25.09.

Furthermore, the company has reduced its debt by nearly $2.7 billion, excluding the impact of the Big River Steel acquisition. United States Steel has production operations in Central Europe and the United States. (See United States Steel stock chart on TipRanks)

The President and CEO of U.S. Steel, David B. Burritt, said, “We expect the third quarter to be a quarter of records for U.S. Steel. Supported by strong reliability and quality performance, sustained customer demand, and continued increases in steel selling prices, we expect our Best for All business model to generate record quarterly adjusted EBITDA and EBITDA margins.”

On September 15, Deutsche Bank analyst Sathish Kasinathan maintained a Buy rating on the stock and raised the price target to $50 from $38 (96.9% upside potential).

In a research note to investors, the analyst said, “Since May, steel equities have largely looked through the earnings upgrades as investors have tried to avoid getting involved at the cyclical peak. This has left the sector on highly attractive valuation metrics.”

Overall, the stock has a Hold consensus rating based on 1 Buy, 1 Hold and 1 Sell. The average United States Steel price target of $40.67 implies 60.2% upside potential. Shares of the company have gained 201.9% over the past year.

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The post United States Steel Expects Adjusted EBITDA of $2B in Q3 appeared first on TipRanks Financial Blog.

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