Examples: Worldwide orders for dry-bulk vessels dropped 49% to 9.8 million deadweight tons in the first half of 2012. The monthly index of new-ship prices in China is now at its lowest point since March 2004.
I fully expect the committee to come out and endorse the offer from Nord and to recommend HRG shareholders accept the offer in one of its forms the valuation to come in around the offer price of $1.18B value (840M shares times $1.40).
The global miner joined the ‘disappointing results club’ this morning as the London-listed mining group reported that its first-half operating profit dropped almost 40%.
Brad Gordon, CEO of Brisbane-based Intrepid Mines (ASX:IAU), has stated publicly that Indonesia is doing damage to its reputation as a foreign investment destination following the recent legal difficulties experienced by his own company and Churchill Mining.
Foreign investors have raised concerns over uncertainty surrounding Australia's mining and carbon tax regimes, with mining companies attacking a government plan to obtain an additional AUD$1.9 billion in taxes via stronger regulation of cross-border profit-shifting.
Reports that assays contained "interesting enrichment in certain rare earth elements" and that gold mineralization was not tested in the area, were not enough to deter investors from dumping the stock – which traded at 17 times the normal volume.
NovaGold lost over 25% on Thursday, after Barrick said that the Donlin JV with Novagold doesn't meet its investment criteria. Novagold tried to make the best of the news, but shareholder John Paulson suffered another blow to his $21 billion fund.