SA Transcripts • Fri, Nov. 14
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- Vedanta shares have rallied more than 20% on optimism over base metal prices, self-improvement efforts, and a new pro-business government in India.
- Management still has much to do to improve costs and production in copper and aluminum, and it's still unclear if consolidating Hindustan Zinc will move forward.
- Vedanta looks about 5% to 10% below its NAV fair value, but weak Q1 production and EBITDA numbers are a reminder of the execution risks still present.
Extract Over 7.5% Yields From Vedanta Resources PLC
Mon, Oct. 13, 10:37 AM
- Zambia plans to more than triple royalties on open-pit mines, underscoring a growing trend across Africa where governments are changing tax regimes and adjusting ownership structures to get a bigger share of natural resources.
- The finance ministry says in a budget report that starting in Jan. 2015 royalties will increase to 20% from 6% for open-pit copper mines and to 8% from 6% for underground mines.
- Mining companies with open-pit mines in Zambia include Barrick Gold (NYSE:ABX) and First Quantum Minerals (OTCPK:FQVLF), while Glencore (OTCPK:GLCNF, OTCPK:GLNCY) and Vedanta Resources (OTCPK:VDNRF) operate underground mines.
- Zambia has withheld $600M of tax refunds from miners since last year, already straining the relationship between the government and mining companies.
Tue, Aug. 26, 10:21 AM
- Zambia's government says it plans to relax tax rules on copper exports, good news for the country's copper miners that have been seeking more than $600M in unpaid tax refunds
- The government had said earlier it would pay the refunds only if the companies produced import certificates, but mining executives argued that producing the import certificates is next to impossible because companies sometimes sell their minerals to middlemen.
- Companies such as Glencore (OTCPK:GLCNF, OTCPK:GLNCY), Vale (NYSE:VALE), First Quantum Minerals (OTCPK:FQVLF) and Vedanta Resources (OTCPK:VDNRF) invested ~$6B in Zambia during the global commodities boom, which peaked in 2011.
Wed, Mar. 12, 12:23 PM
- It's time to buy Rio Tinto (RIO +1.6%) after shares have dropped 8% in the past week thanks to falling iron ore prices, Societe Generale analysts say as it sees potential gains of more than 30%.
- The recent fall in iron ore prices, even if not reversed, should result in downward revision to near term consensus earnings forecasts but should not put meaningful downside pressure on longer term earnings forecasts for RIO, the firm says.
- RIO shares are trading on an implicit 2015 estimated P/E of 9.4x, well below BHP Billiton's (BHP) 13.8x, Antofagasta's (ANFGY) 18.9x, and Vedanta Resources' (VDNRF) 90.3x; the firm recommends investors buy RIO shares and hedge the risk by selling more steeply priced base metals producers.
Jul. 10, 2013, 10:25 AMGoldman Sachs favors only single-stock opportunities among miners focused on funded growth and strong free cash flows, such as First Quantum (FQVLF.PK) and Vedanta (VDNRF.PK), as it sees no catalyst for a sector-wide turnaround. Global majors Rio Tinto (RIO) and Anglo American are rated Sell, based on negative earnings momentum and dependency of their free cash flow on iron ore prices. | Comment!
Jul. 2, 2013, 7:08 AMU.K.-listed miner Vedanta (VDNRF.PK) has pulled out of the bidding for Rio Tinto's (RIO) 59% stake in Iron Ore Co. of Canada, reports the WSJ. The asset - worth about $4B - has been on the block since early this year. The first round of bids has been submitted and includes offers from Glencore and Blackstone, sources tell the Journal. | Comment!
Jan. 9, 2011, 8:39 AM
Oct. 7, 2010, 1:21 PM
Aug. 25, 2010, 8:28 AMA senior official in India's oil ministry flatly denies state-run energy firms Oil & Natural Gas Corp. and GAIL India (GAILF.PK) may make a counteroffer for a stake in Cairn India (CRNCY.PK). There is "no chance" of a counterbid because the valuation from Vedanta (VDNRF.PK) is already "very high." | Comment!
Aug. 24, 2010, 8:20 AM
Aug. 17, 2010, 12:22 PM
Aug. 16, 2010, 8:20 AMVedanta Resources (VDNRF.PK) plans to buy up to 60% of Cairn India (CRNCY.PK) for up to $9.6B, gaining a controlling stake in a firm with the potential to generate around 25% of India's oil and gas production. Analysts are skeptical: Vedanta has no experience with oil & gas, and there will be few synergies with its existing business. | Comment!
Aug. 12, 2010, 5:49 AMVedanta Resources (VDNRF.PK) is said to be in talks to buy assets or a multibillion-dollar equity stake in Cairn Energy (CRNCY.PK), a U.K. oil and gas exploration firm. It would mark a major strategy shift for metals producer Vedanta, which has had no experience with oil and gas exploration. In London trading, Vedanta -4.2%, Cairn +1.1%. | Comment!
May. 10, 2010, 10:22 AM
VDNRF vs. ETF Alternatives
Vedanta Resources is a London-based natural resources group, diversified in operations.<br /><br />We currently operate in India, Zambia, Namibia, South Africa, Liberia, Ireland and Australia, with extensive interests in aluminium, copper, zinc, lead and silver. We employ over 31,000 people in... More
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