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Cleveland-Cliffs reported a mixed result in the last quarter and ended the year with a revenue of $23 billion. The company’s revenues for the last quarter were below the analyst consensus estimate but its losses were narrower than expected. Despite an annual decline in index hot-rolled pricing of about $600 per ton, its average selling price for steel grew by approximately $200 per tonne in 2022. This was the primary factor for their strong sales and is evidence of the advances in the fixed pric
Companies: Cleveland-Cliffs Inc (CLF:NYSE)Cleveland-Cliffs Inc (CLF:NYS)
With Cleveland-Cliffs’ results just around the corner, it is to be seen how the management has progressed with their execution in terms of profitability and their attempts towards free cash-flow-driven reduction in debt. The last quarter had been a mixed one for the company as it surpassed Wall Street expectations in terms of revenues given that the selling prices and volumes were both up. However, higher costs and inflation led to a drop in margins and it had missed out on earnings. The gross i
Cleveland-Cliffs is a major steel producer and is benefitting from the strong macro for the metal. The company started off 2022 on a positive note even though the management has been seeing a relatively weak service centre demand in the past few months due to generally high inventory levels. Despite this unfavourable backdrop of declining HRC prices and weak service centre demand, the company still managed to generate a good level of profitability. This was largely because of their fixed contrac
Companies: Cleveland-Cliffs Inc (0I0H:LON)Cleveland-Cliffs Inc (CLF:NYS)
This is our first report on major steel producer, Cleveland-Cliffs. The company started off 2022 with an outstanding set of results surpassing Wall Street expectations. The slight drawback was the management seeing relatively weak service centre demand in the past few months due to generally high inventory levels. Despite this unfavourable backdrop of declining HRC prices and weak service centre demand, the company still managed to produce an earnings beat. This was largely because of their fixe
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• The US$2.7 mm cash position at the end of June is in line with our expectations.
• Although inflation across the industry and rig availability had complicated and delayed the finalization of a farm-in agreement for Anchois in Morocco, negotiations on partnering are in the final stages. A partner could be announced very soon.
• Progress has been made across the portfolio. Onshore Morocco, permitting is under way with drilling now expected to start in early 2024 with up to four wells. Prospects
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Diversified reported strong interim results, with production that was marginally below our estimate more than outweighed by tight cost control to deliver EBITDA ahead of our forecast; we broadly retain our FY23 estimates.
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We believe that the outlook for Pantheon Resources is significantly improving.
Companies: Pantheon Resources plc
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Central Asia Metals (CAML LN) results in H1 2023 follow a record prior comparable period, with the swing between the two primarily due to commodity price performance. H1 2023 net revenue of US$93.6m was down 18% YoY, EBITDA of US$48.9m was down 35% YoY. COGS was up 9.8% YoY given global inflationary pressures. Other charges on the P&L were minimal particularly now CAML is debt free. Owing to the timing of tax charges and some unfavourable working capital movements which we expect to be resolved
Companies: Central Asia Metals Plc
Bushveld Minerals (“BMN”) has released its results for H1 2023 having already released production of 1,784t at a weighted average cash cost of US$26.6/kgV, with H1 sales of 2,096tV through destocking during the period. Revenue for the period was US$78.4m, with adj EBITDA of US$10.3m and attributable NPAT of -US$14m. The company finished H1 with US$3.7m of cash and US$90.7m of debt. We expect H2 production of 1,992tV, split between 925tV from Vanchem and 1,067tV from Vametco, bringing full year p
Companies: Bushveld Minerals Limited
Hannam & Partners
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Bushveld delivered as robust a financial performance as could reasonably be expected in H1 2023 given the operational challenges faced. We are encouraged by the reported progress made at both Vametco and Vanchem since, and vanadium price aside (current prices are soft, and pose a downside risk if they do not recover in-line with our assumptions) we think Bushveld is broadly on course to meet our full-year estimates. But given its stressed balance sheet, concluding the refinancing of its c.US$45m
Alternative Resource Capital
The partnering process at Anchois is now close to a conclusion, with farm-out negotiations in their final stages. The FEED phase of the Anchois gas development was completed in March, with Chariot continuing to make progress across all the Anchois technical and commercial workstreams. Post period, Chariot added the synergistic, low-cost, low-risk Loukos Onshore licence. Loukos Onshore contains several near-term drilling opportunities, which, if successful could lead to fast-tracked gas productio
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