On Monday, Shares of General Electric Company (NYSE:GE), gained 1.74% to $26.24.
Mitsui & Co., Japan’s largest trader of iron ore and oil, will partner with General Electric Co. in exploring ways to cut costs on mining operations amid the decline in commodity prices, according to Bloomberg.
The initial accord will also study potential cooperation on increasing efficiencies and improving safety, GE said in an e-mailed statement. The two companies signed the memorandum of understanding to formalize the partnership, according to an official at the Tokyo-based Mitsui, who spoke by phone and asked not to be named due to company policy. Bloomberg Reports
As part of the tie-up, the companies will also study switching to cheaper natural gas from diesel oil for power plants, locomotives and dump trucks to save fuel costs. The partnership is part of a broader move in the mining industry to seek out new ways to reduce costs. Bloomberg added
General Electric Company (GE) operates as an infrastructure and financial services company worldwide. The company’s Power and Water segment offers gas, steam and aeroderivative turbines, nuclear reactors, generators, combined cycle systems, controls, and related services; wind turbines; and water treatment services and equipment.
Shares of EOG Resources, Inc. (NYSE:EOG), inclined 3.40% to $76.27, during its last trading session.
EOG Resources’ stock was downgraded to ‘perform’ from ‘outperform’ at Oppenheimer on Monday morning.
Until oil prices recover, the company’s returns will live in cash flow without plans to grow production, the firm noted.
“EOG historically traded at a premium reflecting its strong oil production growth rate, but absent that, we think the valuation premium is unjustified,” Oppenheimer said in an analyst note.
EOG Resources, Inc., together with its auxiliaries, explores for, develops, produces, and markets crude oil and natural gas. The company’s principal producing areas are located in New Mexico, North Dakota, Texas, Utah, and Wyoming in the United States; and Canada, Trinidad, the United Kingdom, and China.
Finally, Pan American Silver Corp. (NASDAQ:PAAS), ended its last trade with 12% surge, and closed at $6.72.
Pan American Silver will declare its unaudited 2015 second quarter results on Thursday, August 13 th after market close. A conference call and live audio webcast with a presentation to talk about the results will be held on Friday, August 14 th at 1:00 pm ET (10:00 am PT).
Pan American Silver Corp., together with its auxiliaries, operates and develops, and explores for silver producing properties and assets in Mexico, Peru, Argentina, and Bolivia. The company also produces and sells gold, zinc, lead, and copper.
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