Stephan Bernstein, CEO of GreenRoc, details the PFS results for the new graphite processing plant. Watch the video here.
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Holcim Capital Markets Day today, launching their “Strategy 2025 – Accelerating Green Growth”.
https://www.holcim.com/sites/holcim/files/atoms/files/18112021_press_holcim_strategy_2025_en.pdf
"The company will further fuel its growth with bolt-on acquisitions in mature markets in the aggregates and ready-mix concrete businesses."
There's an MMM Q3 Earnings Call transcript here:
https://www.fool.com/earnings/call-transcripts/2021/11/02/martin-marietta-materials-inc-mlm-q3-2021-earnings/
Sadly no mention of any imminent pozzolan deals; but as they point out, they've only owned the Lehigh West assets for 32 days, so probably still trying to understand what they've bought.
On a more positive note, this on cement pricing:
"If we're looking at what we're anticipating next year, we're anticipating a price increase in cement of $12 a ton."
A couple of further comments on MMM Q3:
1. Their 2021 cement price of $122.91/t is even better than Eagle's reported $117.78/t. We know that in this part of the world the price of cement is a very good proxy for the price of pozzolan.
2. They show their new West Coast region shipping 2.6M tons of cement in 2020. If ~20% of cement is to be replaced by fly-ash then that's ~500kt/y. But fly ash is of course a disappearing commodity, to they will need to find an alternative material that can be ramped up to 500kt/y ...
Martin Marietta results just out. Presentation here:
https://ir.martinmarietta.com/static-files/30d16682-9d61-45ad-9607-7a3c0660e2ad
Slide 6: Cement price up 8%, shipments up 4%.
Slide 9 is about the Lehigh West acquisition. "West Coast growth platform with bolt-on opportunities"
Hi Dubliner, thanks. I only just now saw your post, as LSE seems to continue being temperamental, often not showing the latest post(s).
Just a follow-on on Holcim Q3: the Analyst Call Replay has now been added (same link). You probably won't want to listen to the whole thing but there's an interesting snippet at around 30:45-31:45 with the CEO discussing their "one deal a month" bolt-on acquisition strategy, and future "smaller local acquisitions especially in North America and Europe". He later said they would be giving more details of this strategy in their Capital Markets Day on 18 Nov.
Hi SGD, appreciate all your research; it sounds like things are moving the right way in the Industry...
As this is the last trading day of October it will be Nov at earliest now for any update unless of course we get an RNS during the day.
Holcim Q3 today. Similar positive outlook with emphasis on sustainability.
https://www.holcim.com/q3-2021-results
"The company will pursue further bolt-on acquisitions while accelerating progress towards its 2030 sustainability targets."
Terrafin, I think you may have misread my posts.
Cheers SGD for the updates - so having had a look at these reports is your money still on Boral as our CRMC ??
Nice to see the net price per ton is significantly going up ....
Thanks SGD. and sres are still alive and kicking and have tweeted just to prove it. https://twitter.com/sunriseplc/status/1453646023130288129?s=21
Eagle Materials Q2:
http://ir.eaglematerials.com/node/21001/html
"Cement revenue for the quarter, including Joint Venture and intersegment revenue, was up 4% to $288.3 million, and operating earnings were a record $88.8 million, up 11%. These increases reflect improved Cement net sales prices and sales volume. The average net sales price for the quarter was up 6% to $117.78 per ton. Cement sales volume for the quarter was a record 2.2 million tons, up 1%."
Cemex Q3:
https://cemexen.gcs-web.com/node/14671/html
"Consolidated cement prices grew 6% in local currency terms, the largest year-over-year quarterly pricing gain since 2016."
"Bolt-on investment strategy will increasingly support EBITDA growth over the medium term"
I'd settle for Donald Trump taking us over if it resulted in a SP increase!!
@SGD - nice update - would be happy for any of them at this stage ! :)
There was some interest in this 3 months ago, now here they come again:
Thu 28 Oct :
Cemex Q3
Eagle Materials (Nevada Cement) Q2
Fri 29 Oct :
Holcim (Lafarge) Q3
Tue 02 Nov :
Martin Marietta Materials Q3
These happen to be the four on my shortlist for our CRMC. My guess is MMM. I believe Dubliner is thinking Cemex while Terrafin is suggesting Eagle. Anyone for Holcim?
[@Shepherd38 : probably EUA.]
SGD
It’s all looking very positive for us SGV, thanks for sharing the info
Last of the 5, Holcim (Lafarge) H1 2021 results just out:
https://www.holcim.com/h1-2021-results
A similar picture to the others, very upbeat. They made 7 bolt-on acquisitions in H1 (though mostly in Europe) and are trumpeting "ECOPlanet, an innovative range of green cement that delivers at least 30 percent lower carbon footprint with equal to superior performance".
Analyst presentation, Slide 26:
"
OUTLOOK AND TARGETS 2021
GROWTH TRENDS TO CONTINUE IN 2021, GUIDANCE UPGRADED
Growth momentum continues in all regions, supported as of H2 2021 by various stimulus programs
...
continue acceleration of bolt-on acquisitions
...
Accelerated progress towards 2030 sustainability targets
"
or so - not ago
'In the next week ago' !!! Now where have I heard that before. It has a certain TYM / PC ring to it ;)
Excellent work SGD. Many thanks for posting.
Building in a few delays to the timeline, I am hoping to see an update in the next week or so. Whether it is the big one or just offtake agreements remains to be seen.
4th of the 5, Martin Marietta Q2 results.
The most useful bit is the "CEO Commentary and Market Perspective":
https://ir.martinmarietta.com/static-files/0fec96f3-5db8-46de-87b6-43b6bc50625a
Here's a snippet:
"...we announced a $2.3 billion cash agreement to acquire Lehigh Hanson, Inc.’s West Region business (“Lehigh West Region”). Lehigh West Region provides the Company with a new upstream materials-led growth platform across several of the nation’s largest and fastest growing megaregions in California and Arizona, areas we specifically identified as target markets over a decade ago through our SOAR process. Following the closing, which is expected to occur in the second half of 2021, Martin Marietta will have an expanded coast-to-coast geographic footprint across 10 of the 11 U.S. megaregions along with a broader array of product offerings. This acquisition also allows us to pursue future attractive and complementary bolt-on opportunities. ..."
I've no idea which CRMC(s) we're negotiating with, but if it's this one then you'd have to expect delays while they sort out their new acquisition.
3rd of the 5, Cemex Q2 results:
https://www.cemex.com/documents/20143/52736797/2Q21results_English.pdf/33665b12-0591-77ff-50b0-5255cde08ab6
Slide 4: "Growth accelerates in 2nd quarter"
Slide 8: Targets: "Accelerate bolt-on/margin enhancement projects"
Slide 9: Climate action goals
Slide 12: "prices for cement rising 3%" (not quite as good as Eagle)
Slide 22: "What to expect ... Advance materially on our new intermediate and long-term Climate Action goals, showing progress on a quarterly basis"
2nd of the 5, Heidelberg Q2 results just out:
https://www.heidelbergcement.com/en/investor-relations
They're planning "selected bolt-on acquisitions and capacity expansion projects" but are unlikely to be our CRMC, as they've sold off their West USA assets to Martin Marietta. (We should be getting MM's Q2 later today.)
Like Eagle they report a strengthening US cement market with "overall positive price development", and are pushing hard on CO2 reduction.