On Friday, Shares of Teck Resources Limited (NYSE:TCK), lost -9.54% to $6.16.
GOLDCORP INC. and Teck Resources Limited declared a contract to combine their respective El Morro and Relincho projects, located about 40 kilometres apart in the Huasco Province in the Atacama region of Chile, into a single project.
Teck and Goldcorp will contribute their respective project interests into a 50/50 joint venture. The combined project will have the interim name of Project Corridor.
“Combining these two neighbouring assets is a common sense approach that allows us to consolidate infrastructure to reduce costs, reduce the environmental footprint and provide greater returns over either standalone project,” said Don Lindsay, President, and CEO of Teck. “Through Project Corridor, we will work to establish meaningful relationships with the community; Indigenous Peoples and other stakeholders that will assist guide the project’s development and create greater value for all parties.”
“The combination of El Morro and Relincho is consistent with our focus on maximizing value from our asset portfolio,” said Chuck Jeannes, President and CEO of Goldcorp. “We now have an improved development approach that we expect to significantly decrease initial capital requirements and improvement financial returns, while ensuring the project is developed in partnership with our neighbours, creating lasting benefits for residents in the region and our shareholders.”
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.
Shares of Citigroup Inc. (NYSE:C), declined -2.32% to $50.59, during its last trading session.
Citigroup acting through Citibank N.A., has been designated by Merlin Entertainments plc (“Merlin”), Europe’s leading and the world’s second largest visitor attraction operator, as depositary bank for its Level 1 American Depositary Receipt (ADR) programme, which trades on the US OTC marketplace under the symbol “MERLY”. Merlin’s common shares are also listed and trade on the London Stock Exchange under symbol “MERL”.
Andrew Carr, Merlin’s Chief Financial Officer, said, “Merlin is a global business, operating over 100 attractions across 23 countries. We have a strong presence in North America, which saw our portfolio of iconic brands such as Madame Tussauds, SEA LIFE and LEGOLAND generate circa $450m of revenue in the US during 2014. Our presence there is predictable to improvement further through the roll out of new attractions counting, in due course, a possible third LEGOLAND Park in the country. We are delighted to appoint Citi as depositary bank for our ADR programme, and very much look forward to working with them to further expand our shareholder base in the US.”
“Citi is delighted to be designated by Merlin as depositary bank for its Level 1 ADR programme,” said Dirk Jones, Global Head of Issuer Services, at Citi. “We will work closely with Merlin to assist them in identifying ADR holders and in expanding their US shareholder base by leveraging our equities distribution network.”
MERLIN ENTERTAINMENTS plc is the leading name in location based, family entertainment. Europe’s Number 1 and the world’s second-largest visitor attraction operator, Merlin now operates over 100 attractions, 12 hotels, and 4 holiday villages in 23 countries and across 4 continents.
Citigroup Inc., a diversified financial services holding company, provides various financial products and services for consumers, corporations, governments, and institutions worldwide. The company operates through two segments, Global Consumer Banking (GCB) and Institutional Clients Group (ICG).
Finally, General Mills, Inc. (NYSE:GIS), ended its last trade with -1.77% loss, and closed at $56.59.
General Motors Company declared it has reached a definitive agreement to sell its Green Giant and Le Sueur vegetable businesses to B&G Foods, Inc., (BGS) for about $765 million in cash, subject to an inventory adjustment at closing.
General Mills will continue to operate the Green Giant business in Europe and select other export markets under license from B&G Foods.
The sale reinforces General Mills’ planned priority to shape its portfolio for growth, focusing its resources on the brands, categories, and geographic markets that have the greatest future growth opportunities.
The Green Giant and Le Sueur businesses comprised in the projected transaction, comprised of the U.S., Canada, and select other markets, generated annual net sales of about $585 million in fiscal 2015.
The transaction, which is subject to regulatory approval, is predictable to close by the end of the calendar year. General Mills anticipates to use the net proceeds for share repurchases and debt reduction. The company anticipates the transaction will be dilutive to fiscal 2016 earnings per share in the range of about 5 to 7 cents, not taking into account transaction costs and a one-time gain on the sale.
General Motors Company designs, builds, and sells cars, crossovers, trucks, and automobile parts worldwide. It operates through GM North America, GM Europe, GM International Operations, GM South America, and GM Financial segments.
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