Goldman Sachs Group has revised its outlook for the aluminum market and Freeport-McMoRan is considering issuing more than $1 billion in common shares to shore up its mining business.
Goldman Revises Aluminum Outlook
Goldman Sachs on Friday revised lower its aluminum price forecasts on expectations of a surplus in output between 2016 and 2019. The investment bank revised its three-month, six-month and 12-month price forecast to $1,500 per metric ton from $1,800, $1,500/mt from $1,800, and $1,550 per mt from $1,900 respectively.
Freeport to Issue Shares
Freeport-McMoRan, Inc. may issue up to $1 billion in common shares, the diversified miner said on Monday in a regulatory filing, a decision that highlights how sliding commodity prices are deepening woes of mining and energy companies.