Argentina’s labor ministry blocked Vale SA (ADR) (NYSE:VALE)from firing or laying off workers for 30 days while the mediation take place for the suspended Rio Colorado fertilizer project in Argentina’s Mendoza province due to soaring costs.
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The officials said of revoking concession for the mine if no steps are undertaken by the same and to add on a court has issued an injunction blocking the company from dismantling the construction site.
According to the Argentine government the company never publicly revised its $5.92 billion investment forecast for the project but most recently estimated Rio Colorado’s cost at $10.9 billion.
Rio Colorado had the capacity to produce 4.3 million metric tons of potash per year capable of making Argentina a major exporter of potassium-based fertilizer.
Overstock.com, Inc.(NASDAQ:OSTK) on Thursday posted its first-quarter net income which almost tripled with consumer spending more at its online discount site.
For the last quarter the company earned $7.7 million, or 32 cents per share, up by almost 185% in comparison to last year on revenue of $312 million which jumped by 19%.
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FactSet analyst expected earnings of 13 cents per share earnings on revenue of $282.3 million.
Although the number of orders was downconsumers spent 21% more with each transaction.
The most recent quarter accounted for credit of $432,000related to use of IT data center space and a charge of $98,000 in the prior quarter, also tied to restructuring and ceasing the use of some office space.
Shares rose by $2.57 or 16.37% to $18.27 in the afternoon session.
