It’s possible that I shall make an ass of myself. But in that case one can always get out of it with a little dialectic. I have, of course, so worded my proposition as to be right either way (K.Marx, Letter to F.Engels on the Indian Mutiny)
Friday, February 23, 2024
Anglo American to review assets after writedowns and profit plunge
Reuters | February 22, 2024 | Venetia underground mine shafts. (Image courtesy of De Beers.)
Anglo American will review its assets after a 94% plunge in annual profit and writedowns at its diamond and nickel operations, the company said on Thursday.
The miner announced a $1.6 billion impairment charge on its De Beers diamond business owing to faltering demand and a $500 million impairment on its Barro Alto nickel mine as prices are hit by slowing demand from the electric vehicle sector.
“We are now in a process of systematically going through all of our assets in a review just to assess their role in the portfolio, their success in the portfolio, and absolutely nothing is off the table,” CEO Duncan Wanblad told reporters.
The review is expected to take about a year, he said.
Anglo’s shares were up 3.3% by 1530 GMT.
The London-listed miner’s 2023 profit attributable to shareholders fell to $283 million from $4.5 billion a year earlier. The company declared a full-year dividend of $0.96 per share, down from $1.98.
Net debt swelled to $10.6 billion from $6.9 billion, slightly below the $10.93 billion expected by analysts.
Anglo, which also produces copper, platinum group metals (PGMs), iron ore and steelmaking coal, is not new to asset overhauls when commodity markets hit rock bottom. A decade ago, when its shares dived 75% on investor concerns over spiralling debt, the miner was poised to sell assets and cut jobs until the plans were abandoned thanks to a recovery in metal prices.
Both its South African unit Kumba Iron Ore and Anglo American Platinum this week announced plans to cut more than 4,000 jobs and review agreements with 780 contractors.
Portfolio burdens
Wanblad said “the two assets that are dragging the portfolio today are the PGMs and diamonds businesses,” adding that more action will be taken if platinum prices continue to decline.
Sales of rough diamonds at the company’s De Beers unit fell in 2023 as an economic slowdown curbed appetite for luxury items in major consumers China and the United States.
“Diamond inventories stand at around $2 billion, which is high by the standards of the past decade…It is higher than we want it to be,” De Beers CEO Al Cook told Reuters.
“What we’ll be doing over the course of the next year is… reducing purchases and production,” he said, adding that he expects a gradual pick-up in demand later in the year.
De Beers aims to reduce sustainable overheads by $100 million via job cuts and the sale of non-core parts of the business to improve cashflow.
It has already suspended the Chidliak project and Gahcho Kue underground project in Canada.
“We continue to think that the asset (De Beers) should be disposed – a sale to a luxury business could be sensible, but we remain sceptical as to whether this would be at the $7.6 billion carrying value that Anglo includes in its valuation,” Berenberg analysts said.
Anglo had already announced $1.8 billion of spending cuts by 2026 after logging a $1.7 billion writedown on its project to produce fertiliser nutrients in Britain. The company is in talks with potential partners over options including the sale of a stake in the project.
(By Clara Denina and Felix Njini; Editing by Miral Fahmy, David Goodman and Kirsten Donovan)
MONOPOLY CAPITALI$M
Newmont to sell six non-core assets in Canada, Australia
Cecilia Jamasmie | February 22, 2024 | The Éléonore gold mine in Quebec, Canada, is one of the assets Newmont wants to divest. (Image courtesy of Newmont.)
Newmont Corp (NYSE: NEM) said on Thursday it plans to sell six non-core assets, including its Éléonore mine in Quebec, the Musselwhite and Porcupine mines in Ontario, the Coffee project in the Yukon Territory and its 70% stake in the Havieron joint venture with Greatland Gold (LON: GGP) in Western Australia.
The world’s largest gold miner, which completed the acquisition of Newcrest Mining in November, said that proceeds from the transactions will be used to cut debt. The company, which had $8 billion in debt at the end of 2023, has set a near-term debt-reduction target of $1 billion.
The US-based miner has also identified an additional $500 million in cost and productivity improvements, including job cuts.
“A big part of our commitment is to deliver $100 million of free cash flow by bringing Newmont and Newcrest together…there is a reduction in headcount in order to achieve those synergies,” chief executive Tom Palmer said in a statement.
After the divestments, the gold giant will focus on ten tier-1 assets, its “go-forward portfolio”, which it plans to secure long-term growth.
“Our go-forward portfolio is the new standard for gold and copper mining [and] provides our shareholders with exposure to the highest concentration of Tier 1 assets in the sector,” Palmer said.
Tier 1 assets are “company making” mines and projects, which are not only large in size, but also have a long productive life and low costs. Challenges
The gold giant, which also announced its fourth quarter and full-year 2023 results, said it produced 5.5 million ounces of gold last year, a 6.9% drop from the 5.96 million gold announces it churned out in 2022.
Its overall performance was affected by several challenges, including $1.9 billion in impairment charges, $1.5 billion in reclamation charges, and $464 million in Newcrest transaction and integration costs.
The Denver, Colorado-based company said it had a loss of $3.21 per share. Earnings, adjusted for one-time gains and costs, came to 50 US cents per share, slightly short of the 51 US cents estimated by Wall Street.
Despite the challenges, Newmont handed $1.4 billion in dividends to shareholders and is forecasting 2024 total production of nearly 6.9 million gold ounces, underpinned by 5.6 million gold ounces from its tier 1 portfolio.
The company also reported higher gold reserves of 135.9 million attributable ounces for 2023 compared to the 96.1 million ounces it had at the end of 2022. Newmont noted it has significant upside to other metals, including more than 30 billion pounds of copper reserves and nearly 600 million ounces of silver reserves.
Zijin to expand Tibet copper mine expected to be world’s largest
ECOCIDE AT THE TOP OF THE WORLD
Cecilia Jamasmie | February 23, 2024 | If a third expansion of Julong is approved, the operation will be the world’s largest single copper mine. (Image courtesy of Zijin Mining.)
China’s Zijin Mining Group announced on Friday that it is going ahead with the second phase of a major expansion at its Julong copper project in Tibet, after receiving government approval.
The permit will allow Zijin to increase the mine’s capacity to 350,000 tonnes per day by 2025. Once the Julong expansion is completed, the asset will become China’s largest single copper operation, with ore mining and processing volumes of more than 100 million tonnes a year.
Total investment required for the project has been pegged at about 17.5 billion yuan ($2.43 billion), Zijin said. It added it’s already planning to further increase production and capacity at the Tibet mine.
If the third phase of expansion is approved by local authorities, Julong could raise annual output to about 200 million tonnes, making it the largest single copper mine in the world, Zijin said.
The company, China’s largest gold miner and one of the country’s top copper producers, took control of the Julong project in 2020 and had it up and running only 18 months later.
Zijin has several assets in Tibet, including the Zhunuo copper mine, which it acquired in August 2023. It also has a controlling interest in lithium producer Lakkor Resources, and is the second-largest shareholder of Tibet-based companies Yulong Copper and Tianyuan Mining.
Illegal mine collapse buries gold workers in the Venezuelan Amazon
Bloomberg News | February 21, 2024 | Illegal mining operation in Venezuela’s Amazon. (Image by GJ. Domingo Hernández Lárez, Twitter.)
The collapse of an illegal mine in a remote region of the Venezuelan Amazon buried gold workers, leaving many injured and feared dead.
Officials on Tuesday reported the collapse at the Bulla Loca mine in Bolivar state in the south of the country, but haven’t yet said how many people were affected. Local mayor Yorgi Arciniega estimated that about 30 people may have lost their lives.
Medical staff have requested help to transport the injured and corpses to a hospital and local morgue, said Americo De Grazia, an ecologist and former lawmaker from Bolivar, speaking by phone.
Illegal gold mining boomed in Venezuela as the economy suffered one of the deepest slumps in modern world history from 2013 and 2020. The industry has mostly attracted vulnerable Venezuelans, lured by the riches of the deposits. Frequent accidents and the presence of mafia and guerrilla groups prompt occasional raids by the authorities.
Thousands of people die in mining accidents each year around the world, with informal operations in developing countries particularly vulnerable to accidents.
(By Andreina Itriago Acosta and Fabiola Zerpa)
Vale sees no indication of environmental breach at suspended mines
Reuters | February 23, 2024 The Onça Puma plant produces mainly ferronickel. (Image: Agência Vale)
Brazilian miner Vale sees no indication of any environmental or social breach at two of its mines in Para state that had their operating licences suspended this week, Vale Base Metals chair Mark Cutifani said on Friday.
Speaking at a conference call about the miner’s fourth-quarter results, the executive said that the suspensions could have happened due to an administrative issue, adding that “if anything’s wrong, it will be corrected”.
The environmental secretary of Para state in northern Brazil suspended environmental licences for Vale’s Onca Puma nickel mine and Sossego copper mine earlier this week.
The secretary said the suspension was caused by irregularities with an annual environment report, as well as “non-compliance with actions to mitigate impacts from mining activities, resulting in conflicts with communities close to the area of influence of the projects”.
Cutifani said the furnace in Onca Puma had already been shut down and maintenance was scheduled for Sossego soon, adding that Vale would “work to resolve these issues quickly and appropriately with the authorities”. (By Peter Frontini; Editing by Gabriel Araujo and Jan Harvey)
Vale’s fourth-quarter profit falls 35% on higher provisions over dam accident
Reuters | February 22, 2024 | Rio Doce River. Credit: Wikimedia Commons
Brazilian miner Vale reported on Thursday a 35% drop in fourth quarter net profit, missing analyst expectations by almost half, following higher provisions related to its Samarco joint venture and more taxable income.
Vale, one of the world’s largest iron ore producers, reported a $2.42 billion net profit for the quarter ended in December, compared to $4.15 billion expected by analysts polled by LSEG.
Vale’s bottom line took a hit from $1.2 billion tacked on to its provision related to the 2015 collapse of a tailings dam, which caused a giant mudslide that killed 19 people and severely polluted the Rio Doce river.
The total provision now stands at $4.21 billion, up 40% from the third quarter.
BHP, Vale’s partner in the Samarco joint venture that owned the dam, said last week it would record another $3.2 billion impairment related to the case.
Other results tracked analyst expectations. Recurring adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) grew 37% in the quarter, and sales revenue rose more than 9%.
Analysts at RBC Europe Limited said they anticipated a positive response, noting that Vale’s guidance remains unchanged and free cash flow beat its expectations.
Also on Thursday, Vale said its board approved a payout to shareholders of about $0.55 per share.
Over the quarter, the miner said its iron ore prices had averaged $118.30 per metric ton, up from the $95.60 per ton in the year-earlier quarter.
Vale boosted investments by about a fifth from October to December compared to the same period a year before, spending $2.1 billion in projects focused on iron ore as well as energy transition metals such as nickel and copper.
Vale’s earnings come amid uncertainty over succession at the helm of the company, with its board divided between re-electing current chief executive Eduardo Bartolomeo and choosing a new name.
As well, Vale this week said its operating licenses at two mines were suspended by environmental authorities, which RBC Europe Limited said could pose “risks around operational continuity.” (By Andre Romani, Peter Frontini, Marta Nogeuira and Daina Beth Solomon; Editing by Anthony Esposito and Michael Perry)
Vale says its Sossego copper mine operating license has been suspended
Reuters | February 21, 2024 | Salobo copper mine. Credit: Vale SA
Brazilian miner Vale said on Wednesday it had received a letter from the State of Para’s environmental secretary informing it that its operating license for its Sossego mine has been suspended.
The company said in a filing it was evaluating the necessary measures to re-establish the full validity of the mine’s operating license.
Vale, which did not give details of the reason for the suspension in the filing, said it complies with conditions and socio-environmental controls of its activity.
Vale produced 66,800 metric tons of copper in 2023 in Sossego, its second largest mine of copper in output terms, only behind Salobo, also located in Para.
Para’s environment secretary did not immediately respond to request for comments sent outside normal business hours. (By Steven Grattan and Andre Romani; Editing by Chris Reese and Sandra Maler)
Some Australian ports reopen with cyclone to miss iron ore hub
Two ports on Australia’s west coast reopened as a storm tracks far from the nation’s iron ore hub, with the system expected to form into a cyclone overnight before making landfall over the weekend.
Operations resumed at Cape Preston West and Varanus Island, according to a statement from Pilbara Ports Authority late Friday. The two harbors, along with Dampier and Ashburton, had been cleared in anticipation of the system making its way south toward the region.
Australia’s west coast is the nation’s most important region for the production and export of iron ore, and also includes a number of oil and gas operations. The storm is forecast to miss major mining sites in the Pilbara region, but could impact the state’s major banana-growing region at Carnarvon.
Ex-Tropical Cyclone Lincoln, currently offshore, is expected to turn to the south toward the far west Pilbara coast overnight and re-intensify, according to a notice from Australia’s Bureau of Meteorology. On Saturday, the system will most likely pass just to the west of the Exmouth-Ningaloo area, and then cross the Gascoyne coast before weakening inland on Sunday.
The port of Dampier is used by Rio Tinto Group to export iron ore. The company, the world’s biggest miner of the steelmaking commodity, didn’t immediately reply to requests for comment.
Oct 19, 2023 ... Called hurricanes when they develop over the North Atlantic, central North Pacific, and eastern North Pacific, these rotating storms are known ...
Teck reports record copper production, awaits regulatory approval of Glencore deal
Amanda Stephenson, The Canadian Press
Teck Resources Ltd. posted record copper production in the fourth quarter, in line with the company's long-term vision to produce more of the critical mineral while preparing to exit the coal business as soon as a blockbuster deal with Glencore takes effect.
The Vancouver-based miner reported Thursday that its fourth-quarter profit rose compared with a year earlier as it ramped up operations at its Quebrada Blanca, or QB2, mine in Chile.
It reported a profit attributable to shareholders of $483 million or 92 cents per diluted share for the quarter ended Dec. 31, up from $266 million or 51 cents per diluted share a year earlier.
Copper production in the quarter totalled 103,000 tonnes of copper, up from 65,000 tonnes a year earlier. The bulk of that growth came from Quebrada Blanca, where production of copper in concentrate was 34,300 tonnes in the fourth quarter and 55,500 tonnes for the year.
Teck also saw increased production from its Highland Valley copper operations in B.C. and its Antamina copper mine in Peru.
Teck, which has made no secret of the fact that it believes the future of the mining industry lies with the green economy, has been seeking to decrease the greenhouse gas emissions intensity of its portfolio.
A key part of that plan has been the Chilean mine project, which produced its first bulk copper concentrate last year and which the company is working on ramping up to full production. The operation is targeted to achieve between 230,000 and 275,000 tonnes of copper production this year.
"We remain focused on achieving reliable and consistent operations at QB. However, production was lower than planned in the fourth quarter," said CEO Jonathan Price on a conference call with analysts.
"Throughout 2024, we expect to see progressively stronger production from QB."
Copper is considered a key component of the energy transition because of its use in electrical wiring, wind turbines, solar panels and electric vehicles.
Teck will be freed up to focus on copper and other critical minerals such as zinc once the sale of its coal business to international giant Glencore is approved.
That agreement, announced in November, will see Glencore pay US$6.9 billion for a 77 per cent stake in Elk Valley Resources, Teck's steelmaking coal business.
A smaller component of that deal, involving the sale of minority interests in Elk Valley Resources to Japan's Nippon Steel Corp. and South Korean steelmaker Posco, has already closed.
Before its bid for Elk Valley Resources was accepted by Teck, Glencore had originally pursued a hostile takeover attempt for the entire company. But the idea of an international heavyweight acquiring all of Teck ignited sentiments of economic nationalism, with B.C. Premier David Eby speaking out against the proposed deal and federal Conservative Leader Pierre Poilievre urging the government to block any acquisition of Teck by Glencore.
The federal government itself said at the time it was watching the situation closely, and that any takeover bid for Teck would go through a rigorous approvals process.
Price said Thursday that while the sale of the steelmaking coal business to Glencore is still working its way through the regulatory process, he has confident there will be no issues.
"We expect that we will receive the required approvals, both the Investment Canada approvals and the antitrust approvals," Price said, adding he has seen nothing that gives him cause for concern.
"These things just take time. We're working through that process, and we still expect this to close no later than the third quarter of this year."
On an adjusted basis, Teck said it earned $1.40 per diluted share in the fourth quarter, up from an adjusted profit of $1.07 per diluted share a year earlier.
Revenue totalled $4.11 billion, up from $3.14 billion in the fourth quarter of 2022.
The company's zinc in concentrate production amounted to 182,000 tonnes, up from 143,000 a year earlier. Refined zinc production totalled 70,000 tonnes, up from 46,000.
Teck's steelmaking coal production rose to 6.4 million tonnes for the quarter, up from 4.9 million tonnes a year earlier.
This report by The Canadian Press was first published Feb. 22, 2024.
Copper market facing supply constraints as Teck reports record production: analyst
Daniel Johnson , BNN Bloomberg
TECK RESOURCES LTD-CLS B (TECK:UN)
39.360.73 (1.89%)
As of: 02/23/24 1:47:40 pm (delayed at least 15 minutes)
Following record copper production from Teck Resources Ltd., one analyst said he sees upside opportunities for industry players with the overall market facing tight supply.
Dalton Baretto, a managing director of equity research at Canaccord Genuity, said in an interview with BNN Bloomberg Thursday that his firm is “very constructive on copper” due to supply-side dynamics.
“Much has been made over the last couple of years on the demand side with decarbonization, green energy, electric vehicles and so on, but the story today is very much on the supply side and we had two major supply shocks happen very late in 2023,” he said.
One of the major supply shocks facing the copper market, according to Baretto, was the Panama government ordering the shutdown of the Cobra Panama mine in December and the other was Anglo American Plc announcing significant production cuts that same month.
Those two events have collectively “wiped out any potential surplus” in the market this year, he said.
“We believe that now that we're past Chinese New Year, with that economy starting to ramp up again, we are going to see some real tightness in the copper market,” Baretto said.
Baretto’s comments come as Teck Resources Ltd. reported fourth-quarter results on Thursday with record copper production and annual increases in profit.
Those two events have collectively “wiped out any potential surplus” in the market this year, he said.
“We believe that now that we're past Chinese New Year, with that economy starting to ramp up again, we are going to see some real tightness in the copper market,” Baretto said.
Baretto’s comments come as Teck Resources Ltd. reported fourth-quarter results on Thursday with record copper production and annual increases in profit.
The Vancouver-based mining company reported profit attributable to shareholders of $483 million during the quarter, up from $266 million a year earlier. Revenue came in at $4.11 billion during the quarter, up from $3.14 billion the previous year.
Copper production in the fourth quarter reached 103,000 tonnes, from 65,000 tonnes during the same period the previous year. The majority of the production growth came as the company ramped up operations at its Quebrada Blanca mine in Chile, which saw copper concentrate production reach 34,300 tonnes during the fourth quarter and 55,500 tonnes during the year.
With files from The Canadian Press.
FRACKING
Chord to buy Enerplus for US$3.7 billion to bulk up in Bakken
Mitchell Ferman and Joe Ryan, Bloomberg News
Chord Energy Corp. agreed to buy Enerplus Corp. for US$3.7 billion in stock and cash, continuing a flurry of oil and gas dealmaking and creating a leading producer in the Bakken shale formation of the northern U.S. plains.
Enerplus investors will receive $1.84 per share, plus 0.10125 shares of Chord common stock, the companies said Wednesday.
Oil executives are pushing to build out their portfolios with future drilling sites and shore up cash flows. Last week, Diamondback Energy Inc. agreed to buy fellow Texas driller Endeavor Energy Resources LP in a $26 billion deal, topping off a year of roughly $250 billion in U.S. oil and natural gas deals that have consolidated a fractured collection of wildcatters into larger corporations.
Buying Calgary-based Enerplus will increase Chord’s production to the equivalent of 287,000 barrels of oil per day and give it a total 1.3 million net acres in the Williston Basin.
Executives for Houston-based Chord have touted their ability to drill subsurface wells sideways for 3 miles, a distance that has gained increasing popularity in the U.S. in hopes of extracting oil and gas more efficiently. The geology in the Bakken — which straddles North Dakota and Montana — has motivated companies to drill longer laterally before some other oil regions, and Chord Chief Executive Officer Danny Brown said Wednesday the combined company’s synergies will provide more opportunity to drill longer horizontal wells.
U.S. and Canadian regulators will need to approve the deal. Over the last year, the Biden administration has scrutinized shale deals of all sizes, a heightened level of inspection that companies and their lawyers say they haven’t seen in many years.
When the deal closes, Chord’s board will increase to 11 members, including four representatives from Enerplus. The deal gives Enerplus shares an implied value $18.42.
The transaction is expected to close by mid-2024. Citi is Chord’s lead financial adviser. Evercore was lead adviser for Enerplus.
Immigration spurring telecom subscriber growth but ongoing investments needed: report
Sammy Hudes, The Canadian Press
Canada's immigration influx is spurring subscriber growth for the country's four biggest telecom providers, but significant investments in network infrastructure are needed to meet rising demand for services, says a report released Thursday.
Credit-rating agency Morningstar DBRS said Canada's "ambitious" plan to welcome around 500,000 immigrants per year until 2026 will continue to bring new customers for the major carriers in the near term, but subscriber growth could be challenged beyond that if immigration and economic growth slow.
"For telecommunications incumbents, such as Bell Canada, Telus Corp., Rogers Communications Inc. and Videotron Ltd., international migration was a material contributing factor to strong subscriber growth in the 2022—23 period as more than a million immigrants entered Canada,” said the report by Vikas Munjal, vice-president of diversified industries for the agency.
“That said, changes in policy or regulation, overall economic conditions, including a reduced or slower immigration flow or emigration given the ongoing cost of living crisis, as well as a maturing wireless market will likely challenge subscriber growth.”
Those factors "could considerably intensify competition" in the sector or raise the costs incurred by carriers to acquire or retain new subscribers, according to the report.
Mobile subscribers grew from 33.6 million to an estimated 35.4 million in Canada between 2022 and 2023, it said.
Meanwhile, the number of residential internet subscriptions rose by 5.6 per cent in 2022. The report highlighted that Canada’s three largest telecoms added approximately 112,000 broadband internet customers combined in the fourth quarter of 2023, which was flat year-over-year but 3.6 per cent higher than the same period of 2021.
Ottawa said last fall it plans to level out the number of new permanent residents to Canada in 2026 amid a crunch on housing and other services after surpassing records for the total admitted per year in both 2021 and 2022.
Immigration Minister Marc Miller has also announced new limits to Canada's international student program, including a 35-per cent reduction in the number of study permits it issues this year.
Rogers CEO Tony Staffieri said earlier this month on the company's fourth-quarter earnings call that his company does "extremely well" in attracting customers who are new to Canada. He added there "will certainly be an impact" from the international student cap, but the company predicts it will be a small one when measuring overall market growth.
Rogers estimates Canada's wireless market will grow by at least four per cent in 2024 after exceeding five per cent growth last year.
Quebecor Inc. CEO Pierre Karl Péladeau, whose company owns Videotron, also acknowledged Thursday that "we're certainly helped by immigration" as it seeks to grow its subscriber base across Canada amid ongoing expansion plans.
The Morningstar report said growth in mobile internet users and a shift to hybrid work models are leading to exponential growth of demand for data and bandwidth.
Over the past five years, the Canadian telecom sector has spent an annual average of $12.1 billion on network infrastructure, according to the report, which noted the major players effectively offer 4G LTE coverage to 99 per cent of the population.
"To support this increased demand as well as support the transition to higher speed networks and 5G technologies, telecom players will have to continue to make significant investments in technology and fibre network infrastructure," it said.
That warning comes as Bell has announced plans to scale back fibre network investments by $1.1 billion by 2025 in response to the regulatory environment.
In a statement, the Canadian Telecommunications Association touted "significant investments to deliver world-class networks for our country, which have proven to be resilient even as usage has grown dramatically over the past several years."
"Continued investments are required to keep reaching more Canadians, to improve capacity as Canadians continue to use more data, to strengthen infrastructure in the face of the increasing frequency of severe weather events, and to enhance network capabilities to support new use cases that will enable Canadian consumers, businesses and governments to further participate in the digital economy," said spokesman Nick Kyonka.
The CRTC has an ongoing consultation on internet competition. Last week, the commission held a five-day hearing gauging feedback on whether it should allow smaller internet providers to use rivals' fibre networks for a fee in order to offer their services to customers.
Bell, which vehemently opposes the proposal, urged the CRTC to implement conditions such as caps on eligible speeds and initial access restrictions if the regulator goes forth with mandating wholesale internet access.
It announced the cuts last fall in response to a ruling by the CRTC that implemented such rules on a temporary basis in Ontario and Quebec starting this May. Calling the commission's direction on the matter "predetermined," it said earlier this month the rules diminish the business case for it to invest.
Rogers and Telus said they are awaiting the CRTC's full decision before determining any changes to their spending plans.
Péladeau said Thursday he doesn't expect major changes to Quebecor's capital expenditure levels in 2024.
"We consider ourselves disciplined and we will continue to do so," he told analysts as Quebecor reported its own fourth quarter earnings.
"We make sure that what we spend is properly spent and ... for the purpose of servicing our customers better and wider."
This report by The Canadian Press was first published Feb. 22, 2024.
BNN Bloomberg is owned by Bell Media, which is a division of BCE.
