Vale says Brazil iron ore royalty rate hike could hit ability to compete [Seeking Alpha]
AngloGold Ashanti PLC Ordinary Shares (AU)
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Source: Seeking Alpha
Vale says Brazil iron ore royalty rate hike could hit ability to competeVale (VALE+2.5%) says an increase in Brazil’s royalty rates for iron ore and gold could compromise its ability to maintain high cost mines andhurt its ability to compete.Brazil's Congress passed the higher royalties in votes on Wednesday with the bill now moving to Pres. Temer for signature; Vale hopes Temer will veto some of the changes to the proposal made by Congress.Vale had said Temer’s original proposal for iron ore royalties to rise and fall with market prices was in line with what the company is able to pay, but Congress amended the bill with a flat 3.5% rate, up from the current 2%; a provision allows for lesser profitable mines to apply for a lower rate, but the move is seen favoring smaller miners over big companies such as Vale.The bill alsohikes gold royalties to 1.5% from the current 1%, which could impact companies with gold producing operations in Brazil including AngloGold Ashanti (AU+0.2%), Kinro
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News
- AngloGold Ashanti Files Its 2023 Annual Report on Form 20-F and Amended Half-Year 2023 Form 6-K With the SECBusiness Wire
- AngloGold Ashanti plc (NYSE: AU) was downgraded by analysts at HSBC Holdings plc from a "hold" rating to a "reduce" rating.MarketBeat
- AngloGold Ashanti plc (NYSE: AU) had its price target raised by analysts at JPMorgan Chase & Co. from $23.00 to $31.00. They now have an "overweight" rating on the stock.MarketBeat
- AngloGold Ashanti: Notice of 2024 Annual General MeetingBusiness Wire
- AngloGold Ashanti Publishes Its 2023 UK Annual and Other ReportsBusiness Wire
AU
Sec Filings
- 3/22/24 - Form 10-K
- 3/19/24 - Form EFFECT
- 3/14/24 - Form S-8
- AU's page on the SEC website