Mining

Capital Calls: BBQGuys go easy on the hot sauce

20 Jul 2021

Concise views on global finance: An e-commerce company for grill connoisseurs is going public via a blank-check company with a valuation that befits its side-dish status.

Capital Calls: Intel, SPAC lobby

16 Jul 2021

Concise views on global finance: Buying GlobalFoundries would boost Intel’s ambitions to make chips for other firms, but spinning it off afterward might please investors more; a new D.C. group sets up shop to defend the blank-check craze.

Capital Calls: Glencore chair, Chinese e-commerce

5 Jul 2021

Concise views on global finance: The commodity giant picks a new chair familiar with its stamping grounds; Beijing cranks up the pressure on companies over data abuses.

Russian miner is gold standard in governance chaos

1 Jul 2021

London-listed Petropavlovsk kept CEO Denis Alexandrov even after shareholders blocked his appointment to the board. It follows extended battles between investors that pummelled the $1 bln group’s shares despite a buoyant yellow metal. The latest twist makes a recovery doubtful.

Climate bad bank concept has ideal test case

29 Jun 2021

Rising prices may help BHP offload more fossilised assets. A better option for mining boss Mike Henry would be to shovel them into a bad bank of sorts, using cashflows to cut carbon while winding down the units. That would help win over ESG investors and set a replicable example.

Capital Calls: Genetic gold rush

28 Jun 2021

Concise views on global finance: A company has shown biotechnology called CRISPR can precisely edit defective genes in humans, fueling investment and squabbles.

Russian gold IPO hunters can afford to wait

8 Jun 2021

London listing candidate Nord Gold boasts scale, healthy margins and a decent dividend. But it’s owned by a tycoon and his sons. Given miners’ track record in snubbing minorities, investors may find it preferable to wait for the stalled IPO of peer GV Gold to return.

Capital Calls: Russia and US, Clothing IPOs, Food

3 Jun 2021

Concise views on global finance: The Kremlin tells its national state fund to get out of greenback-denominated assets; Rent the Runway thinks about going public; the FAO’s global food index hits its highest level in nearly a decade.

Pandora adds green polish to its lab-diamond bet

28 May 2021

The $13 bln Danish trinket maker is switching to all synthetic stones, a move driven more by profit than sustainability. Man-made rocks can be 90% cheaper than natural ones, putting them in Pandora’s mass-market ambit. The reduced carbon footprint adds some millennial sparkle.

China’s commodities boom poses policy conundrum

25 May 2021

The government is trying to forcibly cap a fierce rally of key industrial ingredients like steel and coal. President Xi Jinping’s push to reduce overcapacity and cut emissions has companies slashing output, while property and exports keep driving demand. Something has to give.

Rusal’s upside from clean break only goes so far

19 May 2021

The $6 bln aluminium maker’s plan to demerge carbon-heavy assets could unlock value if ESG-focused investors value the other parts more highly. But the greener entity will still have 28% of polluter Norilsk Nickel and the risk of U.S. sanctions snapback. That might cap any gains.

Crazy metal prices inflate miners’ capex conundrum

14 May 2021

Sky-high copper and iron ore values should make the likes of Rio Tinto and BHP invest in extra supply for the green energy transition. But shareholders wary of past write-downs want dividends, not risky new projects. The higher prices climb, the starker the disconnect.

Cobalt angst will turn carmakers into mine owners

10 May 2021

The chip shortage has taught auto groups harsh lessons in supply chain security. Cobalt’s importance to batteries is an existential risk for firms like Tesla and VW. Equity stakes in mines, rather than supply deals, would ease delivery headaches and hedge against price spikes.

Capital Calls: KKR

6 May 2021

Concise views on global finance: The private equity firm is investing in Charter Next Generation in an employee-friendly deal.

Rio finds gold plating for Mongolia copper mess

12 Apr 2021

The $131 bln miner and its partner Turquoise Hill have made peace over financing the troubled Oyu Tolgoi project. It’s a deft solution that tries to get most stakeholders to pitch in. Other prickly issues remain, like getting back into Ulaanbaatar’s good books. But it’s progress.

Anglo American tests shareholders’ ESG bona fides

8 Apr 2021

The miner is giving investors one share in its spun-off thermal coal unit for every 10 already held. The commodity’s kryptonite status means many European institutions will want to get rid of them for the same reason as Anglo. But rising coal prices may turn some heads.

IPO laggards pay price for predecessors’ chutzpah

30 Mar 2021

Miner GV Gold, defence firm Leonardo DRS and soccer team Club Brugge shelved their listings. Investors have been stung by the poor performance of a wave of richly valued tech floats earlier this year. With the pipeline still full, hopeful issuers will now have to offer bargains.

Capital Calls: WFH deals, Suez Canal, NorNickel

29 Mar 2021

Concise views on global finance in the Covid-19 era: Fintech firm Broadridge pays a full price for trading platform; with the waterway clear, all sides will be taking up positions for a legal battle royal; the Russian nickel producer cashes in on high copper prices.

Capital Calls: Sports versus the Trump slump

26 Mar 2021

Concise views on global finance in the Covid-19 era: Political news startup Axios may merge with sports site The Athletic.

Capital Calls: Digital art

11 Mar 2021

Concise views on global finance in the Covid-19 era: A blockchain-protected work by Beeple sold for $69 million at Christie's.