Latest news with #R&R
Yahoo
12 hours ago
- Business
- Yahoo
Peru anticipates slight increase in copper production
Peru, reputed to be the world's third-largest copper producer, is set for a modest increase in copper production to 2.8 million tonnes (mt) in 2025, while mining investments are expected to reach at least $4.8bn (17.4bn new sol), reported Reuters. The country's Mines and Energy Minister, Jorge Montero, highlighted these projections, alongside growing concerns over illegal gold mining activities, during a press conference on Tuesday. The mining sector, a pivotal industry for the country, attracted investments totalling $4.96bn in 2024, he said. The Peruvian Government is intensifying its focus on illegal gold mining following the recent murder of 13 mine workers in the gold-abundant Pataz region in northern Peru. Montero expressed that despite the destruction of illegal mines and tunnels by army troops and police, the area remains perilous, with high gold prices fuelling unlawful activities. Following the incident, President Dina Boluarte announced a 30-day mining suspension in the district earlier in May. The government is also planning to set up a military base and enforce a curfew to tackle the violence associated with illegal mining. The victims were employees of a local company, R&R, contracted by gold mining company Poderosa. The clampdown in Pataz has seemingly pushed illegal gold mining into new territories including the Cordillera del Condor mountains on the border with Ecuador, the report said. Gold exports from Peru reached $15.5bn in 2024, an increase from $11bn the previous year. Notably, illegal sources are believed to account for around 40% of these exports, as per industry data and the country's financial regulator. Montero also noted a rise in informal and illegal copper mining in the southern regions of Apurimac and Arequipa, although it constitutes a minimal fraction of national production. The Apurimac region hosts the top copper mine, Las Bambas, operated by MMG, while Teck, in partnership with Mitsubishi Materials, is developing the Zafranal copper project in Arequipa. Artisanal copper mining has become a significant source of income for many in the Andean region of Peru, despite conflicts with larger mining companies. Montero reported that formal mining operations produced 660,000mt of copper in the first quarter of 2025, a nearly 4% increase over the same period in the previous year. More than $1bn was invested in the mining sector from January to March, with expectations of further funding for mine expansions, exploration and new equipment. "Peru anticipates slight increase in copper production" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Miami Herald
6 days ago
- Miami Herald
Check out these places to stay in South Florida for some summer R&R
Travel Check out these places to stay in South Florida for some summer R&R South Florida continues to roll out new spots for rest and relaxation. In Coral Gables, the Loews Coral Gables Hotel stands out with its modern suites, rooftop pool and access to boutique shopping on Miracle Mile and Giralda Avenue. Miami's hospitality scene is lively, featuring luxury newcomers like the Gale Miami Hotel & Residences and the renowned Faena Hotel Miami Beach, celebrated for its holistic spa. Fort Lauderdale blends old charm with new sophistication at recently upgraded icons like the Four Seasons Hotel & Residences, while the historic Shelborne in Miami Beach returns with its signature 1950s style after a $100 million renovation. Take a look at the accommodations. A beautiful beach with luxurious amenities and water adventures is part of the allure of Fort Lauderdale and the Four Seasons Hotel & Residences. By Bronwyn Knight NO. 1: DISCOVER FORT LAUDERDALE'S SOPHISTICATED SIDE AS A VACATION DESTINATION Whether you're looking for bites on the beach or a luxury hotel, this itinerary for Fort Lauderdale has you covered. | Published April 30, 2024 | Read Full Story by Angela Caraway-Carlton NO. 2: HEAD TO MIAMI'S CORAL GABLES TO FIND ELEGANCE IN YOUR NEXT FLORIDA GETAWAY Escape the hustle of Miami and discover the serene charm of Coral Gables. From luxurious stays to top dining spots, your perfect getaway awaits. | Published July 31, 2024 | Read Full Story by Angela Caraway-Carlton NO. 3: HAVE YOU TRIED ANY OF THESE NEW OR AWARD-WINNING HOTELS IN MIAMI? From waterfront resorts to new luxury spots, discover Miami hotels for every type of traveler. | Published September 25, 2024 | Read Full Story The Shelborne South Beach is undergoing an $85 million renovation. Above: The iconic Miami Modern-style hotel shown on Friday, March 28, 2014. By MARSHA HALPER NO. 4: AN 85-YEAR-OLD HOTEL IN MIAMI BEACH JUST GOT A $100M UPGRADE. SEE WHAT'S NEW — AND OLD 'Our focus was on respecting the building's storied past.' | Published February 14, 2025 | Read Full Story by Vinod Sreeharsha The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories listed were reported, written and edited by McClatchy journalists.
Yahoo
07-05-2025
- Business
- Yahoo
Louisiana-Pacific Corp (LPX) Q1 2025 Earnings Call Highlights: Siding Growth and OSB Challenges
Q : Congrats on a strong quarter in Siding. Can you talk about the key drivers for this out-performance versus single-family starts? How is the R&R demand holding up? A : We saw strength across our entire order file, particularly in shed orders compared to last year. The R&R sector showed improvement, evidenced by the volumes of ExpertFinish sold. Our new construction and two-step distribution business also held up well. The company faces challenges from inflationary pressures and potential impacts on margins, particularly in the OSB segment. OSB segment experienced a mix shift from structural solutions to commodity, resulting in a net reduction of $13 million in revenue and $7 million in EBITDA. The EBITDA impact of tariffs in the first quarter was about $2 million for Siding, with an expected $12 million impact for the full year if current tariffs persist. Tariff uncertainty has weakened consumer sentiment and contributed to a 6% decline in single-family starts in the first quarter. The company is seeing strong order files and expects record volume and revenue for Siding in the second quarter. Siding business delivered a 26% EBITDA margin in the first quarter, with expectations for similar performance in the second quarter. The company introduced new specialized products, such as the two-tone ExpertFinish products, which have received enthusiastic customer responses. For the complete transcript of the earnings call, please refer to the full earnings call transcript . Story continues Q: How do you feel about inventories in the channel given the uncertainty around tariffs and the macro backdrop? A: Home center inventories were pulled down in Q1, but are now normal. Channel inventories are seasonally appropriate. We are prompt on our Siding order file, allowing distributors to get shipments in two to three weeks, so there's no need for them to build inventory. Q: In terms of your Siding margin, how should we think about the progression of that margin in the back half of the year and into 2026? A: We always provide a safe forecast. The non-materialization of inflationary fears and the way the order file is progressing suggest potential margin expansion in 2026. The Houlton expansion won't impact profits until at least 2027. Q: With OSB capacity being added, what are your thoughts on shifting more towards value-add over commodity OSB? A: The competitive dynamics are challenging due to weaker housing markets and new capacity. However, we remain bullish on OSB long-term. Our focus is on growing Siding and converting facilities when possible, while maintaining optionality in the OSB business. Q: How much of the success in your order file reflects marketing investments? A: The investment in repair and remodel, particularly with ExpertFinish, has been ongoing since post-COVID. We're seeing returns from this investment, especially in the R&R sector. Marketing is less of a factor in new construction, where direct engagement with builders is key. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
BBC News
06-05-2025
- BBC News
Curfew in Peru province after 13 mine workers killed
Peru imposes curfew in province where 13 mine workers were killed The minders were killed after being kidnapped by criminal gangs, authorities allege La Poderosa, the Peruvian company which owns the gold mine at which the men worked, said they had been kidnapped by "illegal miners colluding with criminals" on 26 April. Their bodies were found on Sunday. The incident has shone a spotlight on the activities of criminal gangs in Pataz. President Dina Boluarte also ordered that mining activities be suspended for a month while extra police and soldiers are deployed to the region. The Peruvian government has imposed a night-time curfew in Pataz province, where 13 kidnapped mine workers were killed last week. President Boluarte said that the armed forces would take "full control of La Poderosa mining area". La Poderosa said in a statement that in total, 39 people with links to the company had been killed by criminal gangs in Pataz, a mining region more than 800km (500 miles) north of the capital, Lima. It added that the state of emergency which has been in effect in the province since February 2024 had had little effect. "The spiral of uncontrolled violence in Pataz is occurring despite the declaration of a state of emergency and the presence of a large police contingent which, unfortunately, has not been able to halt the deterioration of security conditions in the area," said the statement from 2 May. The 13 men whose bodies were found on Sunday were employed by a subcontractor, R&R, which worked at La Poderosa's mine. They had been sent to confront a group which had attacked and occupied the mine but were ambushed and seized as they were trying to regain control of it. Videos shared by their captors showed them tied up and naked, lying in a mine shaft. The footage, and the fact that their captors shared it with the relatives in an attempt to get them to pay ransom money, caused outrage in Peru. The discovery of their bodies on Sunday and forensic evidence suggesting they were shot point blank more than a week before they were found, has caused further shock. A prosecutor from the region, Luis Guillermo Bringas, told local media that the area was being rocked by "a war for mining pits" between illegal miners and criminals on the one hand and legal miners on the other.
Straits Times
05-05-2025
- Politics
- Straits Times
Gold mining suspended in Peru's north after 13 miners killed
LIMA - Mining in Peru's northern district of Pataz will be suspended for 30 days, President Dina Boluarte said on Monday, after 13 gold mine workers in the area were kidnapped and killed by illegal miners. Peru's government also plans to set up a military base and implement a curfew lasting from 6 p.m. to 6 a.m. in the district. On Sunday, miner Poderosa said the bodies of 13 workers from a local firm, R&R, which held a mining contract with Poderosa, had been recovered by police after they were kidnapped last month. "The armed forces will take control of the area where Poderosa operates," Boluarte said, but did not provide details on how the mining pause would work. "We're clarifying the issue," Poderosa's manager of corporate affairs told Reuters, adding that the suspension should only apply to informal miners. Peru is the world's third-largest copper producer, but the deposits of the red metal are largely in the south. Gold and silver are mined in the north. Poderosa alleged that nearly 40 people - including contractors and artisanal miners - have been killed recently in Pataz at the hands of criminal gangs. Since 2020, illegal miners have taken over several areas under Poderosa's control. The area had already been under a state of emergency, with heavy police and military presence, due to prior attacks on Poderosa's operations. Peru's mining and energy minister, Jorge Montoro, said the 30-day pause could be extended. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
