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KAZ Minerals PLC - Group Production Report for the First Quarter 2020

RNS Number : 3982L
KAZ Minerals PLC
30 April 2020
 

 

30 April 2020

 

KAZ MINERALS GROUP Production Report

for the first quarter Ended 31 march 2020

 

§ Copper production1 of 74.9 kt (Q4 2019: 80.9 kt), 7% above prior year comparative period (Q1 2019: 70.0 kt) and on track to achieve 2020 guidance of 280-300 kt

§ Strong gold production2 of 55.4 koz (Q4 2019: 55.3 koz) driven by high ore throughput at Bozshakol

§ Net debt $2,796 million (31 December 2019: $2,759 million) with $306 million of undrawn facilities and cash of $1,055 million, following draw down of PXF facility amended on 28 January 2020

 

§ Ensuring the safety, health and wellbeing of employees and contractors is the Group's first priority

§ All mines have maintained operations in the year to date and 2020 production guidance is unchanged

§ Pre-emptive measures taken to protect sites from the impact of Covid-19 including restricted access, health screening, re-organisation of shifts and increased stocking of critical spares and consumables

§ Sales to customers have continued with only minor delays at the China-Kazakhstan border

§ Potential risks to our operations include further restrictions on the movement of goods or people, supply chain interruptions or cases of infection occurring on sites

§ The Group has provided emergency financial support to vulnerable communities in its countries of operation

 

§ Q1 copper production1 of 33.3 kt (Q4 2019: 34.3 kt) as sulphide ore throughput was reduced by the planned mill relining deferred from Q4 2019 and temporarily lower recoveries

§ Copper cathode production from oxide ore increased to 6.1 kt (Q4 2019: 4.2 kt) due to seasonal factors and following optimisation works

§ On track to achieve full year copper production1 guidance of 120-130 kt with lower sulphide grades expected over the rest of the year

 

§ Copper production2 of 29.8 kt (Q4 2019: 31.0 kt) as higher ore throughput of 8,040 kt (Q4 2019: 7,844 kt) was offset by lower average copper grades, well positioned for full year guidance of 110-120 kt

§ Gold production2 of 42.3 koz (Q4 2019: 41.8 koz) benefited from higher processing volumes and recovery rates, representing good progress against full year guidance of 140-150 koz

 

§ Copper production2 of 11.8 kt (Q4 2019: 15.6 kt) due to stockpiling of ore at Nikolayevsky in January

§ Gold production2 of 12.5 koz (Q4 2019: 12.9 koz), as lower East Region processing volumes were partially offset by strong output from the Bozymchak mine in Kyrgyzstan of 9.5 koz (Q4 2019: 9.4 koz)

§ Silver production of 443 koz (Q4 2019: 511 koz) and zinc in concentrate output of 9.0 kt (Q4 2019: 9.4 kt), both in line with expectations

§ Full year production guidance is maintained for all metals

Group production summary3


Q1 2020

Q4 2019

Q1 2019

Copper production1

kt

74.9

80.9

 70.0

Aktogay

kt

33.3

34.3

 36.7

Bozshakol

kt

29.8

31.0

 23.8

East Region & Bozymchak

kt

11.8

15.6

 9.5

Gold production2

koz

55.4

55.3

 43.4

Silver production2

koz

793

886

 626

Zinc in concentrate

kt

9.0

9.4

 6.2

1 Payable metal in concentrate and copper cathode from Aktogay oxide ore.

2 Payable metal in concentrate.

3 See appendix for metal production by asset.

 

Andrew Southam, Chief Executive Officer, said: "Our first priority is to keep our employees and communities safe and I am proud that the Group and our contractors have worked tirelessly to achieve that whilst maintaining operations. We have adapted working practices to extend shifts, restrict access to sites and to monitor the health of staff. The measures we have taken have enabled us to deliver a strong quarter of production, with copper and gold output respectively 7% and 28% higher versus the prior year period, and to maintain our full year guidance."

 

For further information please contact:

KAZ Minerals PLC



Chris Bucknall

Investor Relations, London

Tel: +44 20 7901 7882

Anna Mallere

Investor Relations, London

Tel: +44 20 7901 7814

Maksut Zhapabayev

Corporate Communications, Almaty

Tel: +7 727 244 03 53

Brunswick Group



Carole Cable, Charlie Pretzlik


Tel: +44 20 7404 5959

 

REGISTERED OFFICE

6th Floor, Cardinal Place, 100 Victoria Street, London SW1E 5JL, United Kingdom.

 

NOTES TO EDITORS

KAZ Minerals PLC ("KAZ Minerals" or "the Group") is a high growth copper company focused on large scale, low cost, open pit mining in Kazakhstan, Russia and Kyrgyzstan. It operates the Aktogay and Bozshakol open pit copper mines in the East Region and Pavlodar region of Kazakhstan, three underground mines and associated concentrators in the East Region of Kazakhstan and the Bozymchak copper-gold mine in Kyrgyzstan. In 2019, total copper production was 311 kt with by-products of 201 koz of gold, 3,382 koz of silver and 38 kt of zinc in concentrate. The Group acquired the Baimskaya project in the Chukotka region of Russia in January 2019, one of the world's most significant undeveloped copper assets, with the potential to become a large scale, low cost, open pit copper mine.

The Group's new operations at Aktogay and Bozshakol have delivered industry leading production growth and transformed KAZ Minerals into a company dominated by world class, open pit copper mines.

Aktogay is a large scale, open pit mine similar to Bozshakol, with a remaining mine life of around 25 years (including the expansion project) at an average copper grade of 0.35% (oxide) and 0.33% (sulphide). Aktogay commenced production of copper cathode from oxide ore in December 2015 and copper in concentrate from sulphide ore in February 2017. The operating sulphide concentrator has an annual ore processing capacity of 25 million tonnes and the sulphide processing capacity will be doubled to 50 million tonnes with the addition of a second concentrator by the end of 2021. Aktogay is competitively positioned on the global cost curve and will produce an average of 100 kt of copper per year from sulphide ore until 2021, increasing to 170 kt per year from 2022 to 2027, after the second concentrator commences operations. Copper production from oxide ore will be in the region of 20 kt per annum until 2024.

Bozshakol is a first quartile asset on the global cost curve with an annual ore processing capacity of 30 million tonnes and a remaining mine life of c.40 years at an average copper grade of 0.36%. The mine and processing facilities commenced output in 2016 and will produce an average of 100 kt of copper cathode equivalent and 120 koz of gold in concentrate per year over the first 10 years of operations.

The Peschanka deposit within the Baimskaya licence area in Russia has JORC resources of 9.5 Mt of copper at an average grade of 0.43% and 16.5 Moz of gold at an average grade of 0.23 g/t. Average annual production over the first ten years of operations is expected to be 250 kt copper and 400 koz gold, or 330 kt Copper Equivalent Production, with a mine life of approximately 25 years and first quartile operating costs. The project is located in a region identified by the Russian Government as strategically important for economic development and will benefit from the construction of state-funded power and transport infrastructure and the provision of tax incentives. The estimated capital budget for construction is $5.5 billion. The parameters of the project were estimated on acquisition and will be confirmed on completion of the feasibility study. The Group expects the project to generate a significant NPV uplift and an attractive IRR at analyst consensus copper prices. The development of Baimskaya will enable the Group to continue its high growth trajectory, adding a large scale, long life asset to the Group's portfolio.

KAZ Minerals is listed on the London Stock Exchange and the Kazakhstan Stock Exchange and employs around 16,000 people, principally in Kazakhstan.

 

 

AKTOGAY

 



Q1 2020

Q4 2019

Q1 2019

Ore extraction

Kt

 12,556

 16,035

 11,017

Oxide

Kt

 3,635

 5,598

 3,180

Sulphide

Kt

 8,921

 10,437

 7,837






Oxide





Oxide ore to leach pads

Kt

 3,754

 5,480

 3,180

Grade

%

 0.28

 0.29

 0.28

Copper cathode

Kt

 6.1

 4.2

 5.7






Sulphide





Sulphide ore processed

Kt

 6,064

 6,378

 6,440

Average grade processed

%

 0.57

 0.57

 0.57

Recovery rate

%

 82.7

 87.0

 88.8

Copper in concentrate

Kt

 28.5

 31.6

 32.4

Copper production1

Kt

 27.2

 30.1

 31.0






Total copper production

Kt

 33.3

34.3

36.7






Gold production1, 2

koz

 0.6

 0.6

 0.9

Silver production1

koz

 118

 139

      143

1 Payable metal in concentrate.

2 Minimal volume recovered from Aktogay material.

 

Ore extraction reduced by 22% to 12,556 kt (Q4 2019: 16,035 kt) due to lower oxide ore extraction, as production focused on the re-irrigation of previously extracted material, and a reduction in the stripping of low grade sulphide ore. Ore extraction was 14% higher than the prior year comparative period (Q1 2019: 11,017 kt).

The average grade of sulphide ore processed of 0.57% was in line with the previous quarter (Q4 2019: 0.57%), with lower grades expected during the remainder of 2020. Processing volumes decreased by 5% compared to the previous quarter, to 6,064 kt (Q4 2019: 6,378 kt), as the scheduled mill relining postponed from Q4 2019 was completed in January 2020. The average copper recovery rate reduced temporarily to 82.7% (Q4 2019: 87.0%) due to a variation in the ore feed blend. Copper production from sulphide ore of 27.2 kt was 10% lower than the previous quarter (Q4 2019: 30.1 kt) and 12% lower than the prior year comparative period (Q1 2019: 31.0 kt) but is on track for full year guidance.

Copper cathode production from the heap leaching of oxide ore increased to 6.1 kt from 4.2 kt in the previous quarter, benefiting from higher seasonal temperatures and a modified configuration at the SX-EW plant allowing a reduction in inventory. Cathode production was 7% higher than the 5.7 kt produced in Q1 2019.

Total copper production of 33.3 kt was 3% lower than the previous quarter (Q4 2019: 34.3 kt) due to the scheduled sulphide mill maintenance and lower recovery rates, and 9% lower than the prior year comparative period, as expected. Aktogay is on track to achieve its full year copper production guidance of 120-130 kt.

 

BOZSHAKOL

 



Q1 2020

Q4

2019

Q1 2019

Ore extraction

kt

 7,705

 9,059

 8,894

Sulphide

kt

 7,370

 6,855

 5,833

Clay

kt

 335

 2,204

 3,061






Ore processed

kt

 8,040

7,844

6,810






Copper





Average copper grade processed

%

 0.48

 0.52

 0.44

Copper recovery rate

%

 80.1

 79.3

 83.0

Copper in concentrate

kt

 31.2

 32.5

 25.0

Copper production1

kt

 29.8

 31.0

 23.8






Gold





Average gold grade processed

g/t

 0.28

 0.30

 0.25

Gold recovery rate

%

 62.0

 60.0

 59.0

Gold in concentrate

koz

 45.2

 44.7

 32.1

Gold production1

koz

 42.3

 41.8

    30.0






Silver production1

koz

 232

236

169

1 Payable metal in concentrate.

 

Ore extraction reduced by 15% to 7,705 kt compared to the previous quarter (Q4 2019: 9,059 kt) and by 13% compared to Q1 2019 due to a significant reduction in the stripping of clay material, to 335 kt (Q4 2019: 2,204 kt), as expected.

The average grade of ore processed in Q1 reduced to 0.48% (Q4 2019: 0.52%) in line with the mine plan for the quarter. Ore processing volumes increased by 2% to 8,040 kt (Q4 2019: 7,844 kt) as both the sulphide and clay plants had no major maintenance scheduled during the period. Processing volumes were 18% higher than the prior year comparative period (Q1 2019: 6,810 kt) due to the closure of the clay plant during upgrade works in Q1 2019.

Copper production decreased by 4% to 29.8 kt compared to the previous quarter (Q4 2019: 31.0 kt) but was 25% higher than Q1 2019 and is well positioned for full year guidance of 110-120 kt.

Gold production of 42.3 koz (Q4 2019: 41.8 koz) was supported by increased ore throughput and a higher average recovery rate, representing good progress against full year guidance of 140-150 koz. Gold production was 41% higher than the prior year comparative period (Q1 2019: 30.0 koz), due to the higher gold grade processed, increased recovery rates in Q1 2020 and suspension of the clay plant in Q1 2019 during upgrade works.

Silver production of 232 koz was in line with the previous quarter (Q4 2019: 236 koz) and is on track for full year guidance of c.700 koz.

 

EAST REGION & BOZYMCHAK

 



Q1 2020

Q4 2019

Q1 2019

Ore extraction

kt

 1,007

958

947






Ore processed

kt

 808

1,016

625






Copper





Average grade processed

%

 1.69

 1.78

 1.79

Orlovsky concentrator

%

 3.15

 3.34

 3.04

Nikolayevsky concentrator

%

 1.35

 1.51

 -  

Belousovsky concentrator

%

 -  

 1.55

 1.30

Bozymchak concentrator

%

 0.75

 0.79

 0.82

Average recovery rate

%

 91.2

 90.9

 89.6

East Region

%

 91.7

 91.2

 90.3

Bozymchak

%

 87.9

 88.4

 86.7

Copper in concentrate

kt

 12.4

 16.4

 10.0

Orlovsky concentrator

kt

 6.8

 7.6

 6.8

Nikolayevsky concentrator

kt

 3.9

 6.5

 - 

Belousovsky concentrator2

kt

 - 

 0.6

 1.4

Bozymchak concentrator

kt

 1.7

 1.7

 1.8

Copper production1

kt

 11.8

 15.6

 9.5

East Region

kt

 10.2

 13.9

 7.8

Bozymchak

kt

 1.6

 1.7

 1.7






Gold production1

koz

 12.5

12.9

 12.5

Silver production1

koz

 443

511

 314

Zinc in concentrate

kt

9.0

9.4

 6.2

1 Payable metal in concentrate.

2 Operations ceased in Q4 2019.

 

Ore extraction volumes of 1,007 kt increased by 5% versus the previous quarter (Q4 2019: 958 kt) and were 6% higher than the prior year comparative period as additional material was extracted at Bozymchak and Artemyevsky, in line with mine plans.

Ore processing volumes reduced to 808 kt from 1,016 kt in Q4 2019 due to ore from the Artemyevsky and Irtyshsky mines being stockpiled at the Nikolayevsky concentrator in January for processing over the remainder of the year. Processing volumes were 29% higher in Q1 2020 than the prior year comparative period (Q1 2019: 625 kt) when additional stockpiling took place at Nikolayevsky.

The 20% reduction in processing volumes compared to Q4 2019 due to stockpiling was the main driver of the 24% decrease in copper production to 11.8 kt (Q4 2019: 15.6 kt). Average copper grades also reduced to 1.69% (Q4 2019: 1.78%) due to mining of lower grade zones in the East Region mines.

Copper production in Q1 2020 was 24% higher than Q1 2019, when the Nikolayevsky concentrator was idled for a longer period. Following the closure of the Belousovsky concentrator in Q4 2019, ore from both the Artemyevsky and Irtyshsky mines is transported to the Nikolayevsky concentrator to take advantage of available processing capacity.

Gold production reduced by 3% to 12.5 koz (Q4 2019: 12.9 koz), as lower processing volumes at the East Region were partially offset by continued strong gold output at the Bozymchak mine in Kyrgyzstan of 9.5 koz (Q4 2019: 9.4 koz).

Silver production reduced to 443 koz (Q4 2019: 511 koz) but was higher compared to the prior year period (Q1 2019: 314 koz), in line with changes in processing volumes.

Zinc in concentrate output of 9.0 kt declined by 4% compared to the previous quarter due to the lower processing volumes, whilst average zinc grades processed increased to 2.36% (Q4 2019: 1.84%). Zinc in concentrate production is on track for full year guidance of c.40 kt.

Production of all metals is on track for full year guidance, with higher output of copper, silver and zinc expected in the remaining three quarters of 2020 as operations resumed at Nikolayevsky from the beginning of February.

 

SALES VOLUMES, COMMODITY PRICES AND NET DEBT

 

Sales volumes

The following table sets out the sales volumes of the Group's major products compared to production.

 



Q1

 2020

Q1

2020

Q1

 2019

Q1

2019



Sales

Production

Sales

Production

Copper

kt

69.0

74.9

78.2

70.0

    Copper cathode1

kt

28.0

30.9

35.2

30.0

    Copper in concentrate2

kt

41.0

44.0

43.0

40.0

Gold3

koz

54.4

55.4

57.3

43.4

Silver3

koz

846

793

825

626

Zinc

kt

8.2

9.0

7.2

6.2

1  Copper cathode from Aktogay oxide ore and toll processed metal.

2 Payable metal in concentrate, excluding material sent for toll processing.

3 Payable metal in concentrate and toll processed metal.

 

Total copper sales volumes of 69.0 kt were below production of 74.9 kt due to the timing of shipments, leading to a temporary increase in inventory. Copper cathode sales decreased by 20% to 28.0 kt (Q1 2019: 35.2 kt) and copper in concentrate sales reduced by 5% to 41.0 kt (Q1 2019: 43.0 kt), as the prior year comparative period benefited from the sale of material from inventory. Shipments to customers have continued, with minor delays occurring as a result of additional Covid-19 related restrictions at the China-Kazakhstan border. Gold sales volumes of 54.4 koz were broadly in line with production of 55.4 koz.

Provisionally priced copper in concentrate

At 31 March 2020, the Group's provisionally priced copper cathode volumes were 7 kt at an average provisional price of $5,531/t and provisionally priced copper in concentrate volumes were 27 kt at an average provisional price of $5,196/t. The copper in concentrate provisional prices are below LME quoted prices due to the deduction of treatment and refining charges. For further details on the Group's provisional pricing arrangements please refer to Note 4(b) of the 2019 Annual Report and Accounts.

Commodity hedging

The Group's policy is generally not to hedge commodity prices. At 31 March 2020, there were no commodity price hedges in place.

Net debt

Net debt increased to $2,796 million at 31 March 2020 from $2,759 million at 31 December 2019, as operating cash flows were offset by planned capital expenditure, mainly on the Aktogay expansion project. There were also semi-annual interest payments on the Group's CDB debt facilities and monthly interest payments on the PXF totalling $83 million. MET and royalties and income tax payments in the first quarter were $45 million.

On 28 January 2020, the Group completed an amendment and extension of the PXF which included an increase in facility commitments to $1.0 billion from $300 million outstanding under the previous facility. The additional $700 million was fully drawn in the quarter. Total cash and cash equivalents and current investments at 31 March 2020 amounted to $1,055 million, with gross debt of $3,851 million. At 31 March 2020, $306 million remained undrawn against the DBK Aktogay II ($280 million) and CAT ($26 million) facilities which are intended to be drawn as the Aktogay expansion project progresses and additional equipment deliveries are received from Caterpillar.

 

APPENDIX - METAL PRODUCTION

 



Q1 2020

Q4 2019

Q1 2019

Copper production1

kt

    74.9

80.9

     70.0

Aktogay

kt

    33.3

34.3

     36.7

Bozshakol

kt

     29.8

31.0

     23.8

East Region

kt

     10.2

13.9

       7.8

Bozymchak

kt

       1.6

1.7

       1.7

Gold production2

koz

     55.4

55.3

     43.4

Aktogay

koz

0.6      

0.6

       0.9

     Bozshakol

koz

     42.3  

41.8

     30.0

East Region

koz

       3.0

3.5

       1.9

Bozymchak

koz

       9.5

9.4

     10.6

Silver production2

koz

      793

886

      626

Aktogay

koz

118     

139

      143

     Bozshakol

koz

232       

236

      169

East Region

koz

      379

451

      248

Bozymchak

koz

        64

60

        66

Zinc in concentrate

kt

       9.0

9.4

6.2

East Region

kt

       9.0

9.4

6.2

Molybdenum in concentrate

t

97

158

27

Aktogay

t

55

128

-

Bozshakol

t

42

30

27

1 Payable metal in concentrate and copper cathode from Aktogay oxide ore.

2 Payable metal in concentrate.

 

TOLL PROCESSING & FINISHED METALS

 

 



Q1 2020

Q4 2019

Q1 2019

Copper cathodes

kt

     30.9

30.8

     30.0

Aktogay sulphide (toll processed)

kt

10.0

7.5

       9.7

Aktogay oxide

kt

6.1

4.2

       5.7

Bozshakol (toll processed)

kt

       5.7

1.8

       2.9

East Region (toll processed)

kt

       7.5

15.3

     10.0

Bozymchak (toll processed)

kt

       1.6

2.0

       1.7






Gold bar produced (toll processed)

koz

     18.3

22.7

     17.1

Silver bar produced (toll processed)

koz

      379

772

      627

 

 

APPENDIX - EAST REGION & BOZYMCHAK

 



Q1 2020

Q4 2019

Q1 2019

Ore extraction

kt

   1,007

958

      947

Orlovsky

kt

      237

249

      246

Artemyevsky

kt

      309

299

      285

Irtyshsky

kt

      131

145

      151

Bozymchak

kt

      330

265

      265

Ore processed

kt

      808

1,016

      625

Orlovsky concentrator

kt

     236

250

      246

Nikolayevsky concentrator

kt

     319

474

         -

Belousovsky concentrator2

kt

         -

43

      126

Bozymchak concentrator

kt

     253

249

     253






Gold





Average grade processed

 g/t

0.83

0.64

    0.97

East Region

 g/t

0.51

0.36

    0.53

Bozymchak

 g/t

1.52

1.49

    1.62

Average recovery rate

%

62.0

65.9

    68.1

     East Region

%

  35.2

42.4

     31.1

Bozymchak

%

81.7

83.3

    86.0

Gold in concentrate

koz

    13.3

13.7

     13.3

East Region

koz

      3.2

3.7

      2.0

     Bozymchak

koz

10.1

10.0

    11.3

Gold production1

koz

   12.5

12.9

    12.5

East Region

koz

     3.0

3.5

      1.9

Bozymchak

koz

9.5

9.4

    10.6






Silver





Average grade processed

g/t

31.9

26.8

    28.0

East Region

 g/t

41.8

32.4

     39.1

Bozymchak

 g/t

  10.3

9.7

     11.8

Average recovery rate

%

    58.6

64.0

     61.2

East Region

%

    55.8

62.0

     58.2

Bozymchak

%

    83.6

83.9

     76.0

Silver in concentrate

koz

     487

561

      345

East Region

koz

     417

496

      272

Bozymchak

koz

       70

65

        73

Silver production1

koz

     443

511

      314

East Region

koz

      379

451

      248

Bozymchak

koz

       64

60

        66






Zinc





Average grade processed

 %

    2.36

1.84

     2.47

Orlovsky concentrator

%

     3.32

1.87

     2.23

Nikolayevsky concentrator

 %

     1.64

1.67

          -

     Belousovsky concentrator2

%

         -  

3.55

    2.93

Average recovery rate

%

  68.7

66.6

    67.0

Orlovsky concentrator

%

    69.5

54.4

     64.6

     Nikolayevsky concentrator

%

     67.8

73.0

          -

Belousovsky concentrator2

%

         -  

70.6

     70.5

Zinc in concentrate

kt

      9.0

9.4

       6.2

     Orlovsky concentrator

kt

      5.5

2.5

       3.5

Nikolayevsky concentrator

kt

      3.5

5.8

      -

Belousovsky concentrator2

kt

         -  

1.1

       2.6

1 Payable metal in concentrate.

2 Operations ceased in Q4 2019.

 

DEFINITIONS

 

CAT or Caterpillar

Caterpillar Financial Services (UK) Limited, a subsidiary of Caterpillar Financial Services Corporation and Caterpillar Inc.

CAT facility

credit facility agreement with CAT

CDB or China Development Bank

China Development Bank Corporation

DBK

Development Bank of Kazakhstan

DBK Aktogay II facility

credit facility agreement with DBK relating to the Aktogay expansion project

gross liquid funds

the aggregate amount of cash and cash equivalents and current investments less restricted cash

the Group

KAZ Minerals PLC and its subsidiary companies

koz

thousand ounces

kt

thousand metric tonnes

LME

London Metal Exchange

MET

mineral extraction tax

Mt

million metric tonnes

net debt

the excess of current and non-current borrowings over gross liquid funds

ounce or oz

a troy ounce, which equates to 31.1035 grammes

PXF

pre-export finance debt facility

SX/EW

solvent extraction and electrowinning, a two-stage metallurgy process used for the extraction of copper

t

metric tonnes

TC/RCs

treatment charges and refining charges for smelting and refining services

 


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END
 
 
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