Canaccord Genuity Morning Coffee on Vale (VALE): Just the Beginning?
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Price: $14.59 +2.53%
Rating Summary:
11 Buy, 15 Hold, 2 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
11 Buy, 15 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity Morning Coffee on Vale (Nasdaq: VALE): Just the beginning?
Canaccord analyst says, "Brazil's Vale, the world's largest iron ore producer, has bid $1.1 billion for South Africa-based Metorex to tap into its copper and cobalt operations and drive growth via resource-rich Africa. Reuters highlighted that Metorex recently raised its copper and cobalt reserves estimates. Its output has also been rising. It said early last week that its January-March copper output rose 8% from the previous quarter to 13,344 tonnes, while cobalt production increased by 10% to 1,041 tonnes. Metorex said in March that with a busy project pipeline and potential for other brownfields expansion it seeks to more than double its current annual copper production of around 50,000 tonnes. This takeover is the latest in a series of high profile moves into Africa by firms in emerging market giant Brazil. Metorex would give Vale exposure to copper and cobalt resources in Zambia and the Democratic Republic of Congo. One analyst commented that he would not be surprised if Vale was not looking at other, bigger mining acquisitions in South Africa."
Canaccord analyst says, "Brazil's Vale, the world's largest iron ore producer, has bid $1.1 billion for South Africa-based Metorex to tap into its copper and cobalt operations and drive growth via resource-rich Africa. Reuters highlighted that Metorex recently raised its copper and cobalt reserves estimates. Its output has also been rising. It said early last week that its January-March copper output rose 8% from the previous quarter to 13,344 tonnes, while cobalt production increased by 10% to 1,041 tonnes. Metorex said in March that with a busy project pipeline and potential for other brownfields expansion it seeks to more than double its current annual copper production of around 50,000 tonnes. This takeover is the latest in a series of high profile moves into Africa by firms in emerging market giant Brazil. Metorex would give Vale exposure to copper and cobalt resources in Zambia and the Democratic Republic of Congo. One analyst commented that he would not be surprised if Vale was not looking at other, bigger mining acquisitions in South Africa."
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