Mon, Aug. 31, 11:25 AM
- Southern Copper (SCCO -2.2%) is downgraded to Neutral from Overweight with a $31.50 price target, cut from $37, at J.P. Morgan, which cuts its 2016 estimates for nickel by 53% to $8,750/ton and for copper by 30% to $4,400/ton because of persistently weaker commodity demand.
- While SCCO has growth potential, given its several brownfield and greenfield projects, the firm thinks investors could get exposure to the same copper growth story at more reasonable prices through its parent company, Grupo Mexico (OTCPK:GMBXF).
Fri, Mar. 27, 4:56 PM
- Conflicting statements about whether Southern Copper (NYSE:SCCO) is canceling development of its $1.4B Tia Maria copper mine in Peru leave investors confused about the project's future.
- Not long after a report quoted SCCO's head of institutional relations as saying the project would be canceled due to lack of support from regional authorities and continued local opposition, CEO Oscar Gonzalez said the company would "continue with its efforts to move forward with the Tia Maria project and we hope to have the support of the people and the government."
- Grupo Mexico (OTCPK:GMBXF), which owns a controlling stake in the Peruvian company, also said its subsidiary was not cancelling the project.
Fri, Feb. 27, 5:58 PM
- Pemex says it is in talks with oil service and rig providers to reduce daily rates, part of a series of actions it is considering to reduce spending after reporting a quarterly net loss of $7.75B and a 10% decline in sales.
- Pemex drilled 120 wells in Q4, 36% fewer than a year earlier, and oil output fell to 2.36M bbl/day in the quarter as production for the full year slumped to its lowest level since at least 1990.
- Pemex terminated service and drilling contracts with Diamond Offshore (NYSE:DO) last week; drilling rig contractors with the most exposure in offshore Mexico are Grupo Mexico (OTCPK:GMBXF) unit Perforadora Mexico, Paragon Offshore (NYSE:PGN) and DO.
Sep. 24, 2014, 8:16 AM
- Mexican authorities have issued a bi-national alert over a chemical leak from from a copper mine in northwest Mexico that could flow into southern Arizona after contaminating the San Pedro River.
- Officials said they were still investigating how much leaked, or what exactly was in the spill, and said the material was "probably toxic."
- The Buenavista del Cobre mine, owned by Grupo Mexico (OTCPK:GMBXF) and run by its Southern Copper (NYSE:SCCO) subsidiary, produces ~200K tons/year of copper.
Oct. 9, 2012, 8:46 AMMexican copper miner and railroad operator Grupo Mexico (GMBXF.PK) says it will pay a $2B judgment to Southern Copper (SCCO) in cash rather than in stock. The payment will end a seven-year legal battle with SCCO's minority shareholders in one of the largest judgments ever awarded in a U.S. securities class action suit. | Oct. 9, 2012, 8:46 AM | Comment!
GMexico is a holding company whose main activities are in the mining-metallurgic industry, the exploration, exploitation, and benefit of metallic and non-metallic ores, multimodal freight railroad service, and infrastructure development.
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