Cliffs’ Goncalves Expects 2017 to be a ‘Phenomenal Year’

Cliffs Natural Resources reported U.S. iron ore (USIO) pellet sales for the first quarter of 2017 of 3.1 million long tons, a 63% increase compared to the first quarter of 2016. “During the first quarter, we put our finishing touches on what has been a remarkable operational, commercial and financial transformation of this company,” Lourenco Goncalves, chairman, president and CEO, said. “We expect 2017 to be a phenomenal year of EBITDA and free cash flow generation.”

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Freeport’s Q1 Copper Output Drops

Freeport-McMoRan reported consolidated sales of 809 million pounds (lb) of copper, 182,000 oz of gold and 24 million lb of molybdenum for first quarter 2017. The company’s sales volumes were impacted by regulatory restrictions on PT Freeport Indonesia's (PT-FI) concentrate exports since mid-January 2017. PT-FI operates the Grasberg mine and the restrictions resulted in the deferral of about 190 million lb of copper and 280,000 oz of gold in first-quarter 2017. PT-FI's concentrate exports resumed April 21, 2017.

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PCS: Rocanville Ramp-up Well Underway

PotashCorp of Saskatchewan (PCS) said that its potash portfolio optimization and cost reduction strategy, which includes the ramp-up of its low-cost Rocanville mine, contributed to its strong first-quarter results. “Potash market fundamentals continued to improve in the first quarter,” Jochen Tilk, president and CEO, said. “We expect improved consumption trends and nutrient affordability in key markets to support potash demand and our results through the remainder of 2017.”

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