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Investment Banks Moving To Neutral on Mining Stocks


“At least for a few investment banks like JP Morgan Cazenove and Citigroup, the negative tides for mining stocks appear to shifting towards the positive as they have changed their views from bearish to neutral. JP Morgan Cazenove is still taking a guarded position towards mining stocks but sees companies within the industry aggressively cutting costs which is one of the reasons why mining stocks rise.”- BHM promotion news

Citi analysts stay negative in their short-term outlook of the sector except furthermore observe some positivity in mining stocks in six months. “We believe that the large miners, such as Rio Tinto and BHP Billiton, are now reaching yield support as they are trading on higher yields than the market,” Citi said. Eric Lemieux, mining analyst with Laurentian Bank Securities in Montreal, remains bullish on mining stocks, saying that the commodities super cycle has not ended and despite slowdowns in the economy, there is still strong metals consumption.

The hit that commodity prices and miners have taken in 2013 may not necessarily be a bad thing, he said. “With this downturn, in the scope of things, I think it’s positive for the industry because we did have a period of micro inflation where costs had gone up tremendously in terms of labor and engineering firms; it just overheated,” Lemieux said. “This retreat and decline in commodity prices, although it hurts, there’s some positives here in terms of cost settling down.”

JP Morgan mentioned a bottoming out in Chinese commodity import volumes and Chinese commodity inventories coming off recent highs as a possible catalyst for stronger metals demand. While it boils down to consumption and a need for commodities for Lemieux. “If you look at what’s going on in Asia, even though there’s been a slowdown in China, they’re still consuming, they still have to modernize,” Lemieux said. “I have a sense that things will eventually bounce back up. “I think the end game is that commodities have some way to go and I wouldn’t be neutral,” he added.

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Congress demands CBI enquiry for Uliburu mining scam


Accuses chief minister of complicity in the irregularities
The state Congress unit today sprang into action after the Uliburu forest area mining scam surfaced a week ago and accused the Chief Minister Naveen Patnaik of complicity in the incident saying he was in charge of the forest and environment department when the irregularities happened.

"When iron ore was being taken away from the Uliburu reserve forest area, the chief minister was in charge of forest and environment department. The vigilance probe is just eyewash because with home department under his control, the sleuths cannot charge the chief minister," said Jayadeba Jena, the Pradesh Congress Committee (PCC) chief, at a press meet here.

Naveen Patnaik held the portfolio of forest and environment from 2004 to 2009. The Uliburu mining scam also took place during this period. Patnaik is currently in charge of home department and hence, impartial probe cannot be conducted by state vigilance, alleged Jena.

The state vigilance team today started investigation into the Uliburu mining scam, estimated to be worth more than Rs 1,800 crore. The team was sent for field level investigation after Chief Minister Naveen Pattnaik, on Saturday, ordered a probe into the matter, based on the state revenue minister's recommendation to this effect. Last week, Keonjhar Collector had submitted a report to the minister citing various irregularities in the iron ore mines owned by BK Mohanty.
The Congress said, the outcome of the vigilance probe is doubtful as the probes conducted by the department into allegations of illegal mining activities since 2009 has not yielded any significant result.

The main opposition party also demanded that the government must find out the role of the then Joda deputy director of mines, district forest office and Tehsildar as the mining loot took place in the backward of Barbil town.

"The chief minister must order CBI probe into the matter if he thinks he is running a transparent government here," said Jena.

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Walker Considers Revising Mining Bill (a black hawk mines reviews)

Walker was bordered by a number of Republican state lawmakers. Earlier in the day, Speaker-elect Robin Vos and Majority Leader Scott Suder, who were also flanked Walker, released a statement saying the first bill the will introduce this session will reform Wisconsin’s mining (https://foursquare.com/bhawkbulletin
) laws. After moderate Republican Sen. Dale Schultz blocked a bill that had cleared the GOP- controlled Assembly, the Legislature couldn’t reach agreement on a mining proposal. Republicans worked last year to help Gogebic Taconite open a huge iron mine near Lake Superior. To make it easier to open an iron ore mine in Penokee Hills Ashland in northwestern Wisconsin, Gogebic Taconite of Hurley had been lobbying for the bill. According to Walker, he thought the Assembly bill would be a good starting point for creating a new bill.
The Republican governor said that the company was prepared to invest $1.5 billion and that the mine would create thousands of jobs. The mining would create about 700 jobs at the mine itself and an additional 2,100 in related jobs. But the company would need scam prevention assurances that regulations would remain consistent, he added that in return. This would create jobs but would also create disadvantages. And they must not forget, scam prevention. One of the fears is the destruction of the environment. Environmentalists were alarmed that the mine would devastate one of the state’s most pristine regions near Lake Superior. Although they have called for strict guidelines that would ensure the quality of air, water and soil in the area, they could still use some alternative prevention. In relation with this, a lot of work has been going on behind the scenes to craft a new version of the bill that Schultz and Democratic opponents could support.
Assembly Democratic Leader Peter Barca said he wanted to make sure that any new mining bill has bipartisan support. People could start going back to work, but he said the bill needs to broad enough to ensure proper environmental protections as well. We just sure hope that they can also find ways of scam prevention and other ways on how to deal with the disadvantages of mining.
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