here's a monster outta PERU
Compania de Minas Buenaventura S.A.A. engages in the exploration, mining, and processing of gold, silver, and various metals in Peru and internationally. It primarily produces refined gold, and various metal concentrates, including silver-lead concentrate, silver-gold concentrate, zinc concentrate, and lead-gold-copper concentrate. The company operates six mines comprising Julcani, Recuperada, Uchucchacua, Orcopampa, Antapite, and Ishihuinca; and holds controlling interests in two mining companies, which operate the Shila-Paula and Colquijirca mines. Compania de Minas Buenaventura also owns an electric power transmission company; an engineering services consulting company; and interests in various mining companies. It sells its metal concentrates to smelters, traders, and banks principally in Peru, Europe, North America, Asia, Oceania, and South America. The company was founded in 1953 and is headquartered in Lima, Peru.RIO conference call details
RIO Comp Vale Do Rio Conference Call Summary: this cycle is longer and stronger; stock falls as co describes issues regarding Xstrata merger talks (35.84 -1.38) -Update-
On conf call, co says the market is still very strong, with particular strength coming from China, Japan, Middle East. In 2007, the co set records in almost every category and 2008 should be better. Co notes that it is the world's largest supplier to China, the most dynamic market. Also, RIO says it's the only true global player as it's the only company on all five continents... This cycle is longer and stronger than cycles in the past. Co forecasts global GDP growth of 3.6% in 2008 vs 4.7% in 2007 and 4.2% in 2009.... Co says market should remain strong, but there are uncertainties on the supply side. The co says it has 30 major projects expected over the next few years. Co has great opportunity for organic growth. In the last 5 years, co had 20 large projects and in 2008 the co expects seven... On the M&A front, co says organic growth is the priority, but co has been buying a lot over the past 5-6 years. RIO is always looking at opportunities. Co is bullish on copper and met coal markets. Co is very bullish on nickel market. Co says it has a huge pipeline of projects... Xstrata -- co is still interested. RIO says a deal would strengthen its position. Stock is falling on its discussion of Xstrata. Co says there are some issues related to this offer, but co is trying to overcome these issues. (Note, RIO and Xstrata have been discussing a possible merger).... Regarding issues around the merger, co says it does not expect to jeopardize investment grade status even if co makes a large acquisition. Even for an Xstrata deal, co does not want to jeopardize its investment grade status. Co says Xstrata is a tough negotiator. Co thinks it can overcome major issues between the two. Co stresses there is no interference from the government despite press reports to the contrary. Co will not do anything to jeopardize its growth strategy.