Archive | July, 2014

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Energizer Resources Inc.


Energizer Resources Inc. is a mineral exploration and mine development company based in Toronto, Canada, that is developing its 100%-owned, flagship Molo graphite project in southern Madagascar. The company released a robust PEA for Molo in February 2013 and has now initiated a full feasibility study (FS). As part of the FS, Energizer recently completed a pilot plant operation, generating 12 tonnes of finished graphite concentrate for the purposes of evaluation by potential strategic partners. The FS is expected to be completed and released to the market by Q4/14.

Expert Comments:

The Gold Report Interview with Simon Moores (6/23/14) “Energizer Resources Inc. in Madagascar has developed its Molo project to an advanced stage and has installed a pilot plant on the site.” More >

Filipe Martins, GMP Securities (6/9/14) “Energizer Resources Inc.’s Molo project is world class in every aspect. . .we are initiating coverage. . .on the belief that the company offers investors best-in-class exposure to high-quality graphite, a market we believe has good long-term supply-demand fundamentals. With more and more developers coming on the scene aiming to stake a claim to the finite pool of capital available to develop and build their respective projects, we think it is necessary to differentiate the likely winners from the losers. With this in mind, we believe Energizer’s Molo project stands out as one of the best graphite projects globally because of its flake distribution, low strip and capital intensity.”

Emma Hughes, Industrial Minerals (4/24/14) “One company that could stand to benefit from developments like Tesla’s Gigafactory is Canada-based Energizer Resources Inc., which is looking to supply flake graphite from its Green Giant project in Madagascar. . .the company’s flagship Molo deposit is the second largest confirmed flake graphite resource in the world and the biggest under Canadian NI 43-101 regulations. . .over the last 18 months, exploration work in graphite has been minimal as funding became hard to come by. Energizer used this downtime to progress Molo to the level it is at today. . . it looks like this momentum will continue throughout this year.”

The Mining Report Interview with Kiril Mugerman (3/4/14) “Energizer Resources Inc. is now focusing entirely on graphite. The company has presented a fairly ambitious plan to produce over 80K tons of graphite annually. My worry with Molo is infrastructure. With such high production volume, we expect marketing and logistics could be major risks. That said, based on metallurgical results the company published in 2013, we expect that Energizer will most likely scale down Molo based on improved flake distribution, which could improve the project significantly and reduce these risks.” More >

The Mining Report Interview with Stephen Riddle (2/18/14) “Energizer Resources Inc. is determining its expected footprint. By footprint, I mean the typical particle size breakdown of the coarse, medium and fine flake, and the purity level for each. When that is determined, the company can calculate realistic selling prices based on expected volumes.

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Akamai Technologies profit rises as revenue up 26%


Akamai Technologies Inc.’s second-quarter profit rose 18% on continued revenue growth.

Still, adjusted per-share profit and revenue growth beat expectations, sending shares up down 6% to $57 in recent after-hours trading.

The Cambridge, Mass., Internet content delivery company, has benefited from increasing demand for content over the Internet. It was the main video distributor over the Internet for most of the broadcasters with rights to the feed of the FIFA soccer World Cup.

Brisk demand for services like streaming video and online shopping drove Akamai’s profit growth in the last quarter of 2013.

Overall, for the most recent period, Akamai reported a profit of $72.9 million, or 40 cents a share, up from $61.9 million, or 34 cents a share, a year earlier. Excluding stock-based compensation and other items, adjusted earnings rose to 58 cents from 46 cents. Revenue jumped nearly 26% to $476 million.

Analysts surveyed by Thomson Reuters had projected a profit of 55 cents a share on revenue of $472.9 million.

Total operating costs and expenses rose 30%.

Through Wednesday’s closing, shares were up nearly 29% for the year.

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SOURCE: http://www.marketwatch.com/story/akamai-technologies-profit-rises-as-revenue-up-26-2014-07-30

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Western Digital swings to a profit


Western Digital Corp. swung to a profit in its fourth quarter as the disk-drive maker saw strong demand for gaming and notebook PCs.

Faced with flagging global PC sales, the Irvine, Calif., has sought to expand its offerings through a series of acquisitions, mainly bolstering its presence in the solid-state drive market. The drives are similar to traditional computer hard disks but store data electronically rather than magnetically and have no moving parts.

For the period ended June 27, the company reported a profit of $317 million, or $1.32 a share, compared with a year-earlier loss of $265 million, or $1.12 a share. Excluding acquisition-related expenses and other items, earnings fell to $1.85 a share from $1.96 a share.

Revenue slipped 2% to $3.65 billion.

Analysts surveyed by Thomson Reuters had forecast a profit of $1.74 a share on $3.59 billion revenue.

Gross margin remained flat at 28.2%.

Operating expenses dropped nearly 47% to $677 million.

Shares edged down in recent after-hours trading to $101. Through Wednesday’s close, the stock was up nearly 21% for the year.

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source: http://www.marketwatch.com/story/western-digital-swings-to-a-profit-2014-07-30-1748554

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General Growth Properties revenue climbs


General Growth Properties Inc. said its second-quarter profit fell 17% from a year-earlier quarter that included a large gain, but the company posted increases in revenue and funds from operations.

The mall-focused real-estate investment trust has sold and spun off assets in an effort to improve its business since exiting bankruptcy in 2010. It is also accelerating its redevelopment pipeline in an effort to generate growth in future years.

Brookfield Property Partners LP is the largest shareholder of General Growth.

General Growth reported a profit of $173.7 million, or 18 cents a share, compared with a year-earlier profit of $209.4 million, or 21 cents a share, a year earlier.

Funds from operations rose to 31 cents from 27 cents. General Growth had projected per-share FFO between 29 cents and 31 cents.

Revenue rose 3% to $617.6 million. Analysts expected $613 million.

The mall leased percentage was 96.5%, up 60 basis points from a year earlier.

In February, activist investor Bill Ackman’s firm Pershing Square Capital Management LP exited its stake in General Growth Properties, the firm’s most profitable investment ever.

Store closings by J.C. Penney Co. and Sears Holdings Corp. have posed a threat to the mall industry, as the loss of anchor tenants reduces traffic, which can cause remaining stores to leave or renegotiate their leases.

The company said it expects funds from operations of 30 cents to 32 cents a share for the third quarter. Analysts polled by Thomson Reuters project FFO of 30 cents a share. General Growth reaffirmed its forecast for the year.

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SOURCE: http://www.marketwatch.com/story/general-growth-properties-revenue-climbs-2014-07-28

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Herbalife profit falls; results miss targets


Herbalife Ltd. said its second-quarter earnings fell 16% amid higher expenses. The nutritional supplements marketer’s adjusted earnings came in a penny a share shy of analysts’ expectations, halting a long-streak of topping Wall Street’s views, despite hitting the high end of company estimates.

Shares fell 9.7% to $60.95 in recent after-hours trading as Herbalife also forecast third-quarter per-share earnings that missed expectations and net sales growth that was mostly below analysts’ estimates.

Herbalife had posted quarterly profits that topped Wall Street’s expectations in 21 straight quarters, a stretch dating back to 2008. The last time Herbalife’s quarterly profit fell short of Wall Street’s target was in the fourth quarter of 2008, when earnings per share missed estimates by a penny.

For the third quarter, the company forecast per-share earnings of $1.49 to $1.53 and net sales growth of 9% to 11%. Analysts polled by Thomson Reuters expected per-share profit of $1.62 and revenue growth of 11% to $1.34 billion.

However, Herbalife raised its 2014 per-share earnings estimate to between $6.17 and $6.32 on net sales growth of 8.5% to 10.5%, from its previous estimate for $6.10 to $6.30 and net sales growth of 10% to 12%.

The company sells a range of products, including weight-loss shakes and fitness supplements, operating through a wide global network of independent distributors. The company has been embroiled in a public battle with Pershing Square Capital Management LP’s William Ackman, who has attempted to convince other investors that Herbalife is a pyramid scheme, accusations the company has strenuously denied. During a lengthy presentation last week, Mr. Ackman’s pledged to deliver a “death blow” to Herbalife. Instead, the stock had its largest daily gain, enriching Mr. Ackman’s rival financiers Carl Icahn and George Soros.

Herbalife reported a profit of $119.5 million, or $1.31 a share, down from $143.2 million, or $1.34 a share, a year earlier. Excluding expenses incurred to respond to attacks on the company’s business model and a Federal Trade Commission inquiry, convertible note accounting impacts and other items, adjusted earnings rose to $1.55 from $1.41. Revenue increased 7.1% to $1.31 billion.

Analysts had projected per-share earnings of $1.56 and sales growth of 11%. The company expected per-share profit of $1.51 to $1.55 and net sales growth of 10% to 12%.

Global volume grew 5%. However, overhead costs increased 15%.

Herbalife on Monday said it repurchased $581 million or 9.8 million shares in the second quarter, as expected. Herbalife said that there is $232.9 million remaining on its existing $1.5 billion share repurchase authorization.

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SOURCE: http://www.marketwatch.com/story/herbalife-profit-falls-results-miss-targets-2014-07-28

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Humira sales boost AbbView profit


AbbVie Inc. said its second-quarter earnings rose as strong global sales of the drug maker’s rheumatoid-arthritis drug Humira continued to boost results.

AbbVie, which clinched a $54 billion deal to buy Shire PLC earlier this month, is trying to reduce its reliance on sales of Humira, the world’s top-grossing prescription drug in 2013, responsible for more than half of its sales. Humira is expected to begin losing patent protection by the end of 2016.

Global sales of Humira rose 26% to $3.29 billion in the latest period.

In addition to the tax advantages of the Shire acquisition, the purchase will allow AbbVie to diversify its product lineup. AbbVie, which was spun off from Abbott Laboratories in early 2013, is also working on late-stage treatments for drugs in the fields of hepatitis C, cancer and multiple sclerosis.

Overall, the pharmaceutical company posted a profit of $1.10 billion, or 68 cents a share, up from $1.07 million, or 66 cents a share, a year earlier. Excluding specified items, adjusted per-share earnings were 82 cents. The company in April had targeted adjust per-share earnings of 75 cents to 77 cents a share.

Net sales climbed 5% to $4.93 billion. Analysts polled by Thomson Reuters had predicted sales of $4.70 billion, and the company had forecast flat to slightly increasing revenue.

Total operating costs and expenses rose 5.3% to $3.41 billion.

AbbVie’s acquisition of Shire will allow the company to establish its tax headquarters in the U.K., following in the footsteps of a number of other pharmaceutical companies using “inversion” deals to take advantage of lower European corporate tax rates. The company, which plans to keep its operation base in North Chicago, Ill., will lower its tax rate to 13% by 2016, from 22% currently, by making the move.

AbbVie has said the combined company would be a leader in the fields of immunology, rare diseases, neuroscience and metabolic diseases. But the two companies have little overlap in their respective businesses, limiting likely cost synergies.

For the current quarter, AbbVie expects to post adjusted earnings of 77 cents to 79 cents a share, excluding the potential impact of the transaction with Shire. Analysts had expected per-share earnings of 77 cents.

The company affirmed its earnings outlook for the year.

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SOURCE: http://www.marketwatch.com/story/humira-sales-boost-abbview-profit-2014-07-25

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Anglo American net profit triples


LONDON– Anglo American PLC Friday promised further asset sales and said its turnaround plan is on track despite lower commodity prices and a five-month-long strike at its South African platinum operations during the first half of the year.

Anglo, the world’s fifth-largest mining company by market capitalization, said it expects to raise between $3 billion to $4 billion from assets disposals over the next two years although it hasn’t set a timetable to complete them.

“We are not in a firesale mode,” said Chief Executive Mark Cutifani, who took the helm at Anglo over a year ago.

Anglo said it had made a binding agreement to sell its half of the Lafarge-Tarmac joint venture for $1.5 billion and confirmed plans to exit six platinum shafts operated by its subsidiary Anglo American Platinum, known as Amplats.

Anglo’s net profit more than tripled to $1.46 billion in the six months to June 30 compared with $403 million in the impairment-weighed first half of last year.

Underlying operating profit, however, dropped 10% to $2.93 billion due to lower prices across most of its commodities and a 40% drop in platinum output stemming from industrial action in South Africa. This more than offset favorable currency gains and higher production across most of its other commodities.

Mr. Cutifani plans to improve Anglo’s fortunes by cutting its workforce, making its operations more efficient and divesting poorly-performing assets. He wants to boost the company’s return on capital employed to at least 15% in 2016. The company, however, suffered a setback in the first half after its ROCE slipped to 10% from 11% a year earlier.

Mr. Cutifani said he was undeterred by the drop: “I am more confident about hitting those targets in 2016 than I was 12 months ago.” He said the company’s return target could be met irrespective of what happens to commodity prices.

Anglo also said its Brazilian Minas Rio project remains on track to ship its first iron ore by the end of 2014. The project, which has suffered significant cost overruns and delays, was 95% complete at the end of the second quarter.

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SOURCE: http://www.marketwatch.com/story/anglo-american-net-profit-triples-2014-07-25

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Packaging Corp. profit rises 50%


Packaging Corp. of America PKG -2.17% said its second-quarter earnings rose 50% with a boost from its Boise Inc. acquisition last year.

For the third quarter, the company forecast per-share earnings of $1.25, below expectations of analysts polled by Thomson Reuters for $1.26.

The company has benefitted from its $1.28 billion acquisition of packaging-and-paper products company Boise in late October, a move that aimed to expand Packaging Corp.’s container board business.

The latest quarter was “driven by strong corrugated products volume, higher prices and lower costs,” said Chief Executive Mark W. Kowlzan. “Synergy realization from the Boise acquisition at both our mills and box plants was also ahead of our projections as we continued to implement a broad range of actions to improve productivity and reduce costs.”

Packaging Corp. reported a profit of $99.6 million, or $1.01 a share, up from $66.3 million, or 68 cents a share, a year earlier. Excluding integration-related costs, restructuring expenses and other items, adjusted earnings rose to $1.16 from 73 cents. The company had projected $1.10.

Revenue surged 84% to $1.47 billion, slightly above analysts’ estimates of $1.46 billion.

Gross margin fell to 21.2% from 24.4%.

Packaging sales improved 43% to $1.15 billion. Excluding Boise, shipments of corrugated products in the latest quarter rose 5.5% from a year earlier.

Container-board production rose to 846,000 tons from 629,000 tons a year earlier.

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SOURCE. http://www.marketwatch.com/story/packaging-corp-profit-rises-50-2014-07-21-174855819

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Steel Dynamics profit rises sharply


Steelmaker and metal recycler Steel Dynamics Inc.’s second-quarter profit rose sharply on growth across segments.

Overall, the Fort Wayne, Ind., company reported a profit of $72.3 million, or 31 cents, up from $29 million, or 13 cents a share, in the year-ago period. The company had said it last month it expected a per-share profit of 28 cents to 32 cents.

Revenue rose nearly 15% to $2.07 billion.

“The improvement in our financial and operational performance is indicative of more than a mere weather recovery from the first quarter,” said Mark Millett, the company’s chief executive officer.

The company had reported a 20% drop in profit in the preceding quarter, blaming prolonged winter weather that resulted in higher energy costs and reduced production and hurt its ability to transport products.

Mr. Millett pointed at the broader U.S. economic recovery and domestic steel consumption growth as positive signs, coupled with the company’s recent announcement that it planned to buy Russia’s OAO Severstal’s Columbus, Miss., mill for $1.63 billion.

That mill produces steel for businesses from building houses to drilling for gas.

Steel Dynamics, founded in 1993 as a “minimill” company that makes steel from scrap metal, said the acquisition would expand SDI’s production around 40% to 11 million tons.

Shares, up almost 1% in after-hours trading, closed at $20.75 Monday. The stock is up 6% since the beginning of the year.

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SOURCE: http://www.marketwatch.com/story/steel-dynamics-profit-rises-sharply-2014-07-21

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Energizer Resources Inc – ENZR


Energizer Resources Inc. is a mineral exploration and mine development company based in Toronto, Canada, that is developing its 100%-owned, flagship Molo Graphite Project in southern Madagascar.

Graphite and Diamonds are the only 2 naturally formed polymers of Carbon. The essential difference between the two is simply structure – Graphite is 2 dimensional where as Diamonds are 3. Graphite’s unique combination of planar structure, relatively pure carbon composition, and metamorphic origin give it valuable characteristics such as; being an excellent conductor of heat and electricity, having the highest natural strength and stiffness of any material and even the ability to maintain its strength and stability to temperatures in excess of 3,600OC. It is also very resistant to chemical attack. At the same time, it is one of the lightest of all reinforcing agents and has high natural lubricity. These powerful set of properties offer an incredible range of applications the commercial world has yet to see.

Graphite and Steel

Since Graphite is an excellent conductor of heat; able to maintain its strength and stability to temperatures in excess of 3,600°C and is very resistant to chemical attack, it is ideal for various aspects of steel making;

  • as a liner for ladles and crucibles (used to hold molten metal)
  • as a component in bricks, which line furnaces (“refractories”)
  • as an agent to increase the carbon content (strength) of steel
  • in graphite electrodes, which are used exclusively in steel mills’ electric arc furnaces to help melt scrap metal

Industrial demand for graphite has been growing at about +5% per annum for most of this decade due to the ongoing industrialization in China, India and other emerging economies.

Graphite Markets

Tight Supply

  • World production of graphite is about 1.1 million tonnes per year (Mtpy), which is almost as large as the nickel market (1.3 Mtpy), far larger than the markets for magnesium (429 Mtpy), molybdenum (180 Mtpy) or tungsten (55 Mtpy), and more than 50 times the size of the lithium or rare earth markets.
  • Depending upon the mode of occurrence and origin, natural Graphite is graded into 3 forms: Flake, Amorphous and Lump
  • 60% – 70% of the world’s graphite supply is amorphous (fine or powder) and is used for traditional purposes such as automotive and steel making
  • 30% – 40% is flake, which is essential for producing batteries, specifically lithium-ion, and for use in consumer electronics
  • Although synthetic graphite can also produce a high grade, it is an expensive process made from petroleum coke
  • China currently produces around 75% of the world’s graphite or about 800,000 tonnes of the estimated 1.1 Mt produced in calendar 2010
  • This year, the British Geological Survey listed Graphite, along with Antimony and Rare Earths, as most at risk of a global supply disruption. Graphite had a relative supply risk index of 7, compared with 8.5 for antimony, the highest value on the index.

Growth Potential

The “blue sky” for the graphite industry is the incremental demand that will be created by a number of green initiatives including Li ion batteries, fuel cells, solar energy, semi conductors, and nuclear energy. Many of these applications have the potential to consume more graphite than all current uses combined. On the heels of these applications already in commercial use is the recent discovery of Graphene, a form of Graphite whose unique set of properties will change the way we live and launch the demand for high quality Flake Graphite into the stratosphere. (Read more about Graphene here)

With China creating serious supply concerns for the rest of the world, limited worldwide exploration and few potential development projects on the horizon, Energizer and its Green Giant project in Madagascar is well positioned to supply both traditional and rapidly growing high tech/clean tech markets with the high quality and high purity (>99.5%) large flake graphite that is being demanded by these applications.

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Fact Sheet

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