On Thursday, Shares of Vale S.A. (NYSE:VALE), gained 2.39% to $5.15, as the company will continue on its cost cutting path to deal with a decline in commodities prices and not take other measures such as selling new stock and stopping dividends, CEO Murilo Ferreira said, Bloomberg reports.
Ferreira told reporters in Brazil that the mining company will follow fellow mining company Glencore (GLCNF) , which sold $2.5 billion in new stock, cut costs and ceased dividends to reduce its $30 billion debt by a third.
“The Vale team did the diagnosis of the end of the supercycle at the right moment,” Ferreira said, Bloomberg added. “There was an expressive reduction in Vale’s costs and there is a lot still to come.”
The company will open a coal project in Mozambique that is predictable to assist reduce the average costs for iron ore deliveries to China to $30.80 per dry metric ton from $39.10 per dry metric ton by 2018, Bloomberg added.
Vale S.A., together with its auxiliaries, engages in the research, production, and sale of iron ore and pellets, nickel, fertilizer, copper, coal, manganese, ferroalloys, cobalt, platinum group metals, and precious metals in Brazil and internationally. Its Bulk Material segment produces and extracts iron ore and pellet.
Shares of Gold Fields Ltd. (NYSE:GFI), inclined 1.82% to $2.80, during its last trading session.
JPMorgan Chase & Co. downgraded shares of Gold Fields Limited (GFI) from an overweight rating to a neutral rating in a research note issued to investors on Monday morning, The Fly reports. The firm presently has $2.75 price target on the stock, down from their previous price target of $4.00.
The business also recently revealed a dividend, which was paid on Monday, September 14th. Investors of record on Friday, September 11th were issued a $0.003 dividend. The ex-dividend date was Wednesday, September 9th.
Gold Fields Limited operates as a gold mining company. The company engages in the exploration, extraction, processing, and smelting of gold and copper properties. It holds interests in eight operating mines in South Africa, Ghana, Australia, and Peru.
Finally, Wal-Mart Stores Inc. (NYSE:WMT), ended its last trade with -0.34% loss, and closed at $64.47.
Wal-Mart Stores, Wal-Mart Stores Inc said it plans to hire 60,000 seasonal employees to work at its stores in the United States, the same as last year, as it gets ready for the busy holiday selling season, according to Reuters.
The world’s largest retailer will pay temporary employees a starting rate of at least $9 per hour, as it tries to improve customer service with faster checkouts and better-stocked shelves at its 4,588 U.S. stores.
In February, Wal-Mart said it would raise entry-level wages to $9 an hour, a 24 percent improvement from the U.S. minimum wage that some employees now earn, after succumbing to longstanding pressure to pay its workforce more.
The company said the improvements would cost it $1 billion and impact about 40 percent of its workforce, although the hike fell short of what some labor groups have been agitating for. Reuters Reports
Wal-Mart Stores, Inc. operates retail stores in various formats worldwide. The company operates through three segments: Walmart U.S., Walmart International, and Sam’s Club. It operates discount stores, supermarkets, supercenters, hypermarkets, warehouse clubs, cash and carry stores, home improvement stores, specialty electronics stores, restaurants, apparel stores, drug stores, and convenience stores, in addition to retail Websites, such as walmart.com and samsclub.com.
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