Inmet Mining Revenue Increased in the First Quarter

April 29, 2011 By Leave a Comment
Inmet Mining

Inmet Mining

As the prices of precious metals increased, the first quarter revenue of Inmet Mining has also increased according to a statement by the copper producer from Canada released on Thursday. The increase in the volume of sales also contributed to the increase in revenue for Inmet Mining.

The first quarter saw Inmet Mining bringing in around CAD$59.4 million or around CAD$0.97 per share in earnings from its current operations. In comparison the company earned around CAD$49.4million or around $CAD0.96 per share from Inmet Mining operations last year.

Aside from the increase in its earnings from its ongoing operations, Inmet Mining also indicated that around 18 percent of the stake of the company in Ok Tedi Mining was sold last January. The company, which is based in Toronto, indicated that the sale price for its stake was around $335 million.

All-in-all, the net income of Inmet Mining, which includes the sales of its Ok Tedi Mining stake, is at CAD$2.33 for every share. This is a significant increase from the net income of the company of CAD$1.51 in the same period of last year.

The total revenue of Inmet Mining also increased from the previous figure of CAD$161.2 million to around CAD$254.3 million. This is an increase of around 57 percent.

Inmet Mining also indicated that it was able to produce around 17,700 tons of copper for the first quarter. This is an increase from the 14,500 ton production of Inmet Mining during the same period last year.

Inmet Mining also indicated that delays in processing of high-grade ore in the mine at Cayell in Turley along with the issues at its Las Cruces mine caused its quarterly production to become lower than what the company had expected. However Inmet Mining is expecting to reach increase its copper production to around 94,400 tons as the mine in Las Cruces had a two-fold increase in production.

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Profit of Exxon Mobil Corp Reaches 69 percent

April 29, 2011 By Leave a Comment
Exxon Mobil

Exxon Mobil

The increase in the price of crude oil along with an improvement on the refining and chemical business of Exxon Mobil Corp allowed for an increase in quarterly earnings of the company. The quarterly earnings of Exxon Mobil Corp exceeded initial estimates as it posted an increase of around 69 percent. Average prices of crude oil during the first quarter were at $95 a barrel, which is higher by 20 percent compared to last year which helped Exxon Mobil Corp attain an increase in its earnings.

The rising demand for fuel as well as the instability in North Africa and the Middle East caused oil prices to increase to over $100 a barrel, which was advantageous to Exxon Mobil Corp.

According to Phil Weiss of Argus Research the production of Exxon Mobil Corp was higher compared to the initial estimates as the chemical business came out stringer for the company. However since chemical is not the main product of Exxon Mobil Corp , the increase in chemical production may not be reflected on the shares of the company.

Premarket trading have indicated a minor decline in Exxon Mobil Corp shares of stock. Chemical companies have benefitted from the upswing in the world economy and the low prices of natural gas. Refiners have also earned more due to the increase in the demand for fuel. First quarter income of Exxon Mobil Corp increased from last year’s $2.14 for each share or $6.3 billion to $2.14 for each share or at $10.65 billion.

The average income of Exxon Mobil Corp by analysts was at $2.07 for every share. Returns of Exxon Mobil Corp also went up to around $114 billion. A ten percent increase in gas and oil output was observed for Exxon Mobil Corp as it reached around 4.82 million barrels per day.

The profit of Exxon Mobil Corp from its chemical group increased by 21 percent as it reached $1.5 billion while its refinery earnings increased from $37 million last year to around $1.1 billion. Premarket trading at the NYSE also saw Exxon Mobil Corp shares decreasing to around $87.56 and closed at $87.78.

 

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Profit of Aetna Inc. Benefits Health Insurance Industry

April 29, 2011 By Leave a Comment
Aetna Inc

Aetna Inc

Following its revelation of their results for the first quarter, Aetna Inc. has indicated that its whole year projections surpassed the estimates at Wall Street. Shares of Aetna Inc. increased by almost eight percent as the stocks of health insurance firms have reached high levels in recent years.

Aside from Aetna Inc., WellPoint Inc and UnitedHealth Group has also increased their whole year projections during the week. This comes with the implementation of reforms in the healthcare system by the companies including Aetna Inc., which have also begun to give out dividends or increase their payouts.

The current results for companies such as Aetna Inc. give an indication of the cautiousness of Americans in going to the doctor since companies such as Aetna Inc. have lesser medical claims payments. The current modifications in healthcare plans have transferred much of the cost for health-care to the consumers said Tim Nelson of Nuveen Asset Management.

With the improvement of the US economy, more people may utilize medical services although it was not yet evident. According to the chief financial officer of Aetna Inc., Joseph Zubretsky, the current trend started in 2010 and any change may be noticeable toward the later part of the year.

Families USA deputy executive director, Kathleen Stoll, indicated that the low usage of medical insurance may be seen positively if it was due to lesser unessential expenses by healthcare companies such as Aetna Inc., however it will be on the negative side if this was due to cash-saving measures by consumers.

One significant modification in the new law required companies such as Aetna Inc. to reach specific medical care expense thresholds instead of profits and expenses. Even with this requirement Aetna Inc. and other companies still came out stringer.

Despite the increase in shares, investors still indicated that it is still inexpensive as indicated in the $49.10 share price of UnitedHealth which is lower than the target price of the company. The upcoming elections may also affect the stocks of Aetna Inc. and other similar companies since they may be the target during the campaigns in 2012.

The income of Aetna Inc. for the first quarter increased from last year’s $562 million or around $1.28 for every share to around $586 million or around $1.50 for every share this year. A decline in the revenue of Aetna Inc. was observed as the company spent around 79 percent of its premium revenue in medical expenses.

Aetna Inc. has projected earnings for 2011 to reach $4.30 for every share as compared to the February projection of only $3.80 and the analysts’ estimate of $3.75. Aetna Inc. has also indicated that it will acquire the Prodigy Health group for around $600 million.

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Rand Uranium to be Acquired by Gold One International

April 28, 2011 By Leave a Comment
Gold One International

Gold One International

Gold One International, which aims to increase its production, has come to an agreement with Harmony Gold Mining and a number of other investors to acquire Rand Uranium Ltd. Gold One International, a South African gold producer, has agreed to acquire the company at a price tag of around $250 million.

According to Rand Uranium, Harmony owns forty percent of Rand Uranium while the rest of the shares are owned by a private equity group led by First Reserve Corp, AMCI Capital and Pamodzi Resources Fund. Gold One International also indicated that

Its acquisition of Rand Uranium from Harmony and the private equity group will push through.

With the acquisition, Gold One International will increase its total gold output to around 300,000 ounces each year. Aside from increasing the gold production of Gold One International, the deal will also provide Gold One International around 90 million pounds in South African uranium resources.

The deal with Gold One International will also give harmony additional fund which it may utilize in building a mine in Papua New Guinea together with Newcrest Mining. The constriction of the mine will cost the company around $3 billion.

Share prices of Gold One International recently closed lower by around 0 six percent during trading in Sydney. This decline in the share prices of Gold One International followed a rally during the previous trading session where share prices of Gold One International increased by 15 percent. Share prices of Harmony also declined by around 2.3 percent during trading in Johannesburg from97.59 rand down to 97.53 rand.

Rand Uranium was established after the uranium assets of Harmony were purchased by Pamodzi in 2007. Discussions are currently being held by Gold One International for the upcoming change of ownership. A week ago, Gold One International sold 17.7 percent shares to Baiyin Non-Ferrous Metal Group of China for around $81.5 million or A$75.8 million.

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The Canadian Mint Releases the 2011 Collectors Coins

April 1, 2011 By Leave a Comment
Canadian Mint, 2011 Collectors Coins

Canadian Mint, 2011 Collectors Coins

The Royal Canadian Mint has released a batch of collector coins to mark the return of spring. The coins show Canada’s ties to it’s culture and natural heritage. The new collectors release includes the $15 Sterling Silver Coins from the Crown Series, the $3 silver “Family Scene” coin, a $3 sterling gold plated Orca Whale continuing the Wildlife Conservation Series, the 25 cent Barn Swallow coin from the Birds of Canada Series, the 2011 50 cent circulation coin series and the Elk Calf wildlife Specimen Set.

Ian E. Bennett, the Chief Executive Officer and President of the Royal Canadian Mint, says that the Mint continues to produce coins that represent the culture, history and the natural heritage of Canada. The Canadian Mint is known for its innovative and appealing products worldwide. The Mint uses the latest mintage technologies combined with outstanding craftsmanship to produce coins that engages the whole coin collecting community.

The coins in the Crown Series represent Canada’s 144 years old Royal heritage. The two $15 Sterling Coins released so far feature Princes William and Harry. A third coin portraying Prince Charles would be released sometime in September as the country prepares for Queen Elizabeth II’s Diamond Jubilee. The mintage of each individual coin is limited to 10,000 coins only.

The $3 silver “Family Scene” coin portrays the image of an Inuit mother caressing her child in her amauti (conventional North Arctic warm garment). The coin is a beautiful appraisal of the love and affection of mothers all around the world. The mintage of the coin is limited to only 10,000 coins and is available for $64.95 CAD.

The Orca Whale square coin is the third coin of the Wildlife Conservation series that raises awareness regarding the vulnerable species of Canada. The coin portrays a killer whale which is the icon of the Canadian West Coast. The 25 cent Barn Swallow is a colored coin featuring an image of a Barn Swallow nourishing her young. This attractive and agile bird represents the rural landscape of Canada.

The 50 cent Circulation Coin Roll features the Canadian Coat of Arms. The coins are wrapped in a commemorative paper and buying them is the only way to posses the 50 cent silver coins as they are no longer directly injected into the market.

The Elk Calf wildlife Specimen Set features a new born elk trying to move for the first time in the summer meadow. The coin is available for a retail price of $49.95 CAD.

 

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