Two stocks that performed well – South32 Ltd and Aconex Ltd
Strategic Alliance Agreement with AusQuest Limited: South32 Ltd (ASX: S32) stock surged over 2.96% on March 06, 2017 leading to a total rally of about 13% in the last five days alone. The group reported the statutory profit of US$620M in the first half of 2017 compared to the loss of US$1749M in 1H 16. S32 has restarted 22 pots at South Africa Aluminum and opportunistically has increased manganese ore production. Moreover, S32 has posted a 197% improvement in free cash flow to US$626M, including the distributions from equity accounted investments. Meanwhile, S32 has entered into a Strategic Alliance Agreement with AusQuest Limited under which the two companies would work together to develop a pipeline of high-potential exploration opportunities both in Australia and internationally. The targeted projects include copper, zinc and nickel projects in Australia and Peru and may include other mineralization styles and jurisdictions as agreed. Meanwhile, the Australian Competition and Consumer Commission issued a statement on the proposed acquisition by S32 of Metropolitan Collieries concerning lessening of competition in the supply of coking coal.The parties can submit respective responses and final decision will be announced in April 2017.
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