During Wednesday’s current trade, Shares of Natural Resource Partners LP (NYSE:NRP), declined -17.49%, and is now trading at $5.71, hitting its lowest level.
Natural Resource Partners, declared a long-term plan to strengthen its balance sheet, reduce debt and enhance liquidity in order to reposition the partnership for future growth. The plan comprises of the following planned aims and initiatives:
- Improve merged Debt/Adjusted EBITDA from 4.9x at December 31, 2014 to 3.5x by the end of 2017;
- Reduce NRP’s quarterly distribution to $0.09/unit, a 75% decrease from the distribution paid with respect to the preceding quarter that will (1) raise NRP’s estimated distribution coverage ratio for 2015 to over 4.0x based on NRP’s current guidance and (2) result in additional cash accessible for debt reduction of about $130 million annually;
- Utilize excess cash to pay off about $500 million of debt by the end of 2017, counting $41 million paid in the first quarter 2015;
- Enhance and extend the partnership’s liquidity profile with the establishment of a new NRP Operating $300 million revolving bank credit facility that will mature in October 2017 and replace NRP Operating’s existing $300 million revolver that matures in August 2016; and
- Raise focus on capital efficiency and pursue NRP’s diversification strategy through organic growth of its aggregates, industrial minerals and oil and natural gas assets.
Natural Resource Partners L.P. is a master limited partnership headquartered in Houston, TX. NRP is a diversified natural resource company that owns interests in oil and gas, coal, aggregates and industrial minerals across the United States.
During morning trade, Shares of Newmont Mining Corporation (NYSE:NEM), dropped -3.28%, and is now trading at $22.74.
Newmont Mining Corporation, declared its Board of Directors confirmed a quarterly dividend of $0.025 per share of common stock, payable on June 25, 2015, to holders of record at the close of business on June 11, 2015. The second quarter 2015 dividend is based on the average London Bullion Market Association (LBMA) P.M. Gold Price of $1,218 per ounce for the first quarter 2015.
Newmont’s gold price-linked dividend policy comprises a quarterly dividend payable based on the average LBMA P.M. Gold Price for the preceding quarter. The first payout level starts between $1,200 and $1,299 per ounce, with an annual dividend of $0.10 per share or $0.025 per quarter. The second payout is between $1,300 and $1,399 per ounce, with an annual dividend of $0.20 per share or $0.05 per quarter. For each $100 per ounce additional raise in the average realized gold price above $1,300 per ounce, the annual payout raises at a rate of $0.20 per share or $0.05 per quarter.
The declaration and payment of dividends remains at the discretion of the Board of Directors and will depend on the Company’s financial results, cash requirements, future prospects and other factors deemed relevant by the Board.
Newmont Mining Corporation operates in the mining industry. It primarily attains, develops, explores for, and produces gold, copper, and silver deposits.
Shares of Gold Fields Ltd. (NYSE:GFI), during its Wednesday’s current trading session dipped -2.27%, and is now trading at $4.31.
Gold Fields, will publish its results for the quarter ended 31 March 2015 on the company’s website (http://www.goldfields.co.za) at 7:05am (SA time) on Thursday, 7 May 2015 .
On April 14, the company provided production and cost guidance for the Group for the March 2015 quarter (Q1 2015). First quarter production was planned lower due to the Christmas break in South Africa and mine scheduling at the other operations. There was a concomitant raise in unit costs, despite overall costs being well contained.
Attributable gold equivalent production for the quarter is predictable to be about 501,000 ounces (Q4 2014: 556,000 ounces) at All-in Sustaining Costs (AISC) of US$1,145/oz (Q4 2014: US$1,023/oz) and All-in Costs (AIC) of US$1,165/oz (Q4 2014: US$1,047/oz).
Formerly published guidance for 2015, of attributable gold equivalent production of 2.2 million ounces at AISC of US$1,055/oz and AIC of US$1,075/oz, remains intact.
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 has attributable Mineral Reserves of around 48 million ounces and Mineral Resources of around 108 million ounces.
Finally, Teck Resources Limited (NYSE:TCK), lost -0.62% Wednesday.
Teck Resources, stated first quarter adjusted profit attributable to shareholders of $64 million, or $0.11 per share, contrast with $105 million or $0.18 per share in 2014. Profit attributable to shareholders was $68 million ($0.12 per share) contrast with $69 million ($0.12 per share) a year ago.
Highlights and Noteworthy Items:
- Profit attributable to shareholders was $68 million and EBITDA was $546 million in the first quarter.
- Gross profit before depreciation and amortization was $685 million in the first quarter contrast with $734 million in the first quarter of 2014.
- Cash flow from operations, before working capital changes, was $510 million in the first quarter of 2015 contrast with $470 million a year ago.
- The company achieved record first quarter coal sales and production of 6.8 million tonnes.
- The company has reached contracts with our customers to sell 5.5 million tonnes of coal in the second quarter of 2015 based on US$109.50 per tonne for the highest quality product and they expect total sales in the second quarter, counting spot sales, to be around 6.0 million tonnes.
- All critical milestones are being achieved on the Fort Hills oil sands project. The partners are focused on capital discipline and are working with our contractors to take advantage of the current economic environment. In April the company accomplished the earn-in portion of project funding with their share of capital expenditures lowering to 20% from the earn-in rate of 27.5%.
- A falling Canadian dollar, lower oil prices and their cost reduction program have contributed to lower their U.S. dollar unit costs for their products with copper and coal unit costs falling by US$0.09 per pound and US$18 per tonne, respectively, contrast to last year.
- First quarter production at their Pend Oreille zinc mine, which restarted in December 2014, was 6,000 tonnes and they expect to reach the full production rate of 44,000 tonnes per year in the second quarter of 2015.
Teck Resources Limited explores, develops, and produces natural resources in the Americas, the Asia Pacific, Europe, and Africa. Its principal products comprise copper, counting copper concentrates and cathode copper; steelmaking coal; and refined zinc and zinc concentrates.
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