Market News and Views
The FTSE 100 is called to open lower this morning with the market continuing to be impacted by growth concerns and the ability and willingness of countries to implement additional stimulus packages. Asian shares were mixed in general with investors assessing the impact of higher than expected Chinese CPI figures which were reported on Monday. This lays the platform for China's Q1 GDP figures due out on Friday which investors will use as a gauge as to whether the country will experience a soft landing as it looks to slow growth and maintain some form of pricing control. In addition, a falling USD highlighted speculation that the US may implement further quantitative easing after a miss on Friday's non-farm payroll data suggested the worlds largest economy may be struggling to maintain its recovery momentum seen in recent months.
Today's Company announcements
Vedanta Resources Q4 and FY 2012 Production Release saw mined Zinc-Lead metal production of 223,000 tons in Q4, a 7% increase quarter-on-quarter and a 3% fall on the corresponding quarter the previous year. Refined Zinc prod was 190,000 in Q4, a 2% fall on the corresponding period last year. Sliver production came in 77% higher quarter-on-quarter at 2.84m ounces. Production of Iron Ore in Q4 was 11% lower at 4.9m tons while Iron Ore sales were 5.2m tons, down from 6.6m tons in the corresponding period last year.
Randgold Resources announced that it welcomed the political settlement brokered in Mali adding that the military coup had not materially affected its gold production in the region. Therefore it said that its 2012 production guidance remains unchanged.
Polymetal International announced its first gold pour at its Amursk POX facility on 5 April 2012. The company said the two dore bars weighed 11,750g a contained 8,190g of gold and 1,701g of silver. It added that the facility is proceeding according to the planned schedule with full capacity expected by the end of Q3 2012.
Anglo America lodged documents with the Australian Government outlining its plans to begin construction of its Moranbah South cocking coal project by 2014. The company expects exports of 14m metrics tons of coking coal per year.
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