에 대한 최신 뉴스 Glencore (OTC:GLCNF) 주식

Glencore

Glencore is one of the world's largest commodities traders, active in markets for metals and minerals, energy products, and agricultural goods. The firm's marketing business provides sourcing, logistics, transportation, storage, and financing services to commodity producers and consumers around the globe. Core exposures are in the production of thermal coal, coking coal, copper, zinc, nickel, cobalt, and ferroalloys. Unlike other major miners, Glencore plans to produce thermal coal until its mines exhaust, arguing that it is better for listed, western companies to own these assets and then rehabilitate them consistent with western standards. It also expanded its coking coal exposure via the purchase of 77% of Teck's metallurgical coal business in July 2024.

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AAUKF

GLCNF

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1. 앵글로 아메리칸(OTC:AAUKF)이 BHP 그룹(NYSE:BHP)의 390억 달러의 인수 제의를 거절했다. 이로 인해 글렌코어(OTC:GLCNF)와의 잠재적인 입찰 전쟁이 일어나게 된다. 글렌코어의 관심은 남아프리카 자산 매각에 대한 BHP의 수정된 접근 방식 속에서 발생한다.

금요일 주요 광업 뉴스: 앵글로 아메리칸, 골드 리소스, 트레데거, 넥사 리소스

Glencore PLC

Glencore (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GLCNF#OTC">GLCNF</a>) and Rio Tinto (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>), two leading mining companies, are discussing their listings with the London Stock Exchange, <a href="https://www.benzinga.com/topic/mining">albeit for different reasons</a>. 
Swiss-based Glencore is exploring the possibility of moving to the New York Stock Exchange.
&#8220;We want to ensure that our securities are traded on the right exchange, where we can get the right and optimal valuation. If there's a better one, and those include the likes of the New York Stock Exchange, we have to consider that,&#8221; CEO Gary Nagle <a href="https://www.theguardian.com/business/2025/feb/19/glencore-ditch-london-stock-exchange-new-york">said</a> for The Guardian.
Glencore has been on the LSE since its record-breaking $10 billion initial public offering in 2011. Today, the miner belongs to one of the 20 most valuable listings, with a market capitalization of £40 billion ($50 billion).
However, its <a href="https://www.glencore.com/media-and-insights/news/preliminary-results-2024">latest financial result</a> might catalyze a change. It reported a $1.6 billion net loss for 2024, in contrast to the previous year's $4.3 billion profit, as asset impairments weighted it down. 
Zinc and copper smelting assets suffered a $1.5 billion writedown, while South African coal operation value dropped by $600 million. Adjusted EBITDA declined 16% to $14.4 billion, reflecting a weaker commodity environment. While Glencore had previously considered spinning off its coal business in New York, the company ultimately decided to <a href="https://www.benzinga.com/m-a/24/08/40216672/glencore-votes-against-spinning-off-coal-remains-open-to-more-acquisitions">retain the assets</a>, recognizing the demand for fossil fuels in certain markets.
Glencore's potential departure would be yet another significant blow to the LSE, which has lost around 30% of listed companies since 2015. In 2024 alone, LSE saw 88 companies delist or relocate, marking the largest exodus in <a href="https://www.benzinga.com/economics/25/01/43314653/uk-faces-triple-threat-as-economic-uncertainty-hits">over a decade</a>.
Better valuations and favorable financial conditions are offered abroad—particularly in the U.S., which boasts deeper capital pools and no 0.5% stamp duty on share sales.
Meanwhile, Rio Tinto faces pressure to reconsider its London listing and <a href="https://www.benzinga.com/government/regulations/24/12/42334888/rio-tinto-ceo-defends-london-listing-outlines-future-growth-plans">abandon a dual listing structure</a>. Activist investor Palliser Capital recently pushed for the company to consolidate its shares in Australia, arguing that such a move would improve liquidity and potentially boost its market valuation. The global multi-strategy fund claimed that the dual listing has destroyed $50 billion in value and hampered mergers and acquisitions.
However, CEO Jakob Stausholm favors the current structure.
&#8220;We are a global company, we have global investors, and London kind of works for us. I just don&#8217;t believe that you&#8217;re going to change fundamentally your value by swapping exchange,&#8221; he said <a href="https://www.reuters.com/markets/commodities/rio-tinto-reports-smallest-full-year-profit-five-years-2025-02-19/">for</a> Reuters.
Rio Tinto reported its weakest full-year earnings in five years, with underlying earnings falling to $10.87 billion from $11.76 billion in the previous year. While the company remains heavily reliant on iron ore, its expansion into copper and aluminum has helped offset some of the weaker Chinese steel demand.
iShares MSCI United Kingdom ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EWU#NYSE">EWU</a>) is up 7.88% year-to-date.
iShares MSCI Global Metals &amp; Mining Producers ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/PICK#BATS">PICK</a>), which contains both Glencore and Rio Tinto, is up 7.55% year-to-date.
Read Next: 
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<li><a href="https://www.benzinga.com/etfs/specialty-etfs/25/02/43858757/bullion-boom-gold-etfs-gain-as-geopolitical-storm-fuels-surge">Bullion Boom: Gold ETFs Gain As Geopolitical Storm Fuels Surge</a></li>
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Glencore, Rio Tinto Ponder Leaving London Stock Exchange As European Financial Hub Loses Luster

Glencore (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GLCNF#OTC">GLCNF</a>) has decided not to spin off its coal business. Following <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/07/39651178/canadian-regulators-ok-glencore-teck-resources-deal-future-m-a-sanctions-need-exceptional-circumst" rel="noreferrer noopener">an acquisition of</a> Teck's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>) coal assets, most shareholders preferred maintaining the lucrative unit.
Glencore's initial plan to divest its coal business stemmed from environmental considerations. However, 95% of shareholders participating in the consultation advocated for retaining the coal and carbon steel materials business.
"Following extensive consultation with our shareholders, whose views were very clear, and our own analysis, the board believes retention offers the lowest-risk pathway to creating value for Glencore shareholders today," stated Chairman Kalidas Madhavpeddi, as reported <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-08-07/glencore-abandons-plan-to-exit-coal-after-shareholders-say-no?srnd=phx-markets" rel="noreferrer noopener">by</a> Bloomberg.
Now read: <a target="_blank" href="https://www.benzinga.com/government/24/08/40182376/uranium-explorers-call-for-lifting-mining-ban-in-western-australia-target-1b-in-exports" rel="noreferrer noopener">Uranium Explorers Call For Lifting Mining Ban In Western Australia, Target $1B In Exports</a>
Shareholders pushed back against the proposed spinoff due to the coal unit's significant profitability, particularly in the current global energy landscape.
The coal business benefited from tight supply conditions and high global demand, as a lack of new investments created a favorable environment for existing players.
While coal prices subsided from an initial shock in 2022, they remained elevated compared to the long-term average.
This situation made the coal unit an integral part of Glencore's strategy, providing the cash flow needed to support other growth areas and return value to shareholders.
Interestingly, Glencore's decision aligns with the environmental, social, and governance (ESG) policies of major shareholders like BlackRock, which owns 7.32%.
These policies restrict ownership of pure-play coal companies. Thus, by retaining the coal unit within Glencore, these shareholders can maintain their investment while benefiting from its profitability.
Despite failing to acquire Teck in a $22.5b bid a year ago, Glencore acquired its coking coal assets, further bolstering its position in the coal market.
Teck's decision to divest from coal was part of a broader industry trend, but Glencore saw an opportunity to enhance its portfolio and sustain its profitability.
In the latest <a target="_blank" href="https://www.glencore.com/.rest/api/v1/documents/static/31bcbe31-4250-42cd-b6d8-1a7cb48efbd2/GLEN-2024-Half-Year-Report.pdf" rel="noreferrer noopener">briefing</a>, CEO Gary Nagle mentioned that the company would consider buying more steelmaking coal assets if the price is right.
Still, the first half of the year saw Glencore's earnings drop.
The company reported core first-half earnings of $6.34 billion, a 33% decline from the previous year. Its commodity trading business also experienced a sharp earnings decrease, with profits of $1.5 billion in the first half, as lower market volatility provided fewer opportunities for traders.
Also read:
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<li><a href="https://www.benzinga.com/markets/commodities/24/08/40135946/exclusive-northern-superior-ceo-simon-marcotte-explains-companys-strategic-expansion-future-p" target="_blank" rel="noreferrer noopener">EXCLUSIVE: Northern Superior CEO Simon Marcotte Explains Company's Strategic Expansion, Future Prospects</a></li>
</ul>
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com" target="_blank" rel="noreferrer noopener">licensing@benzinga.com</a> to get started!
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Glencore Votes Against Spinning Off Coal, Remains Open To More Acquisitions

The Canadian government approved Glencore&#8216;s (OTCPK: GLCNF) acquisition of Teck Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>) metallurgical coal business Elk Valley Resources (EVR) <a href="https://www.benzinga.com/m-a/24/05/39095107/glencore-postpones-coal-spinoff-discussions-until-teck-deal-closes">for more than $6.93 billion</a>. 
The deal is expected to close on July 11, with Glencore acquiring a 77% stake in the British Columbia-based company. After that, the Swiss multinational miner could explore a <a href="https://www.benzinga.com/m-a/24/05/39095107/glencore-postpones-coal-spinoff-discussions-until-teck-deal-closes">spinoff of its coal business</a>.
This approval follows Glencore's attempt last year to execute a hostile takeover of Teck Resources, Canada's largest diversified miner, which faced strong objections from the government and rejection from shareholders. Eventually, Glencore shifted focus and successfully negotiated to acquire Teck&#8217;s metallurgical coal business.
&#8220;The acquisition of EVR will further enhance the quality of our portfolio, broadening our ability to provide high-quality steelmaking coal, an important transition-enabling commodity, to customers around the world as well as contributing significant expected cashflows to the Glencore group,&#8221; <a href="https://www.glencore.com/media-and-insights/news/glencore-receives-final-regulatory-approval-for-the-acquisition-of-elk-valley-resources">said</a> Glencore CEO Gary Nagle.
See Also:<a href="https://www.benzinga.com/news/large-cap/24/07/39647424/bhp-cuts-employee-incentives-misses-performance-goals"> BHP Cuts Employee Incentives, Misses Performance Goals</a>
To secure approval, Glencore made several commitments to ensure the stability and sustainability of the Canadian operations. These include:
<ul>
<li>Maintaining a Canadian head office for EVR in Vancouver and regional offices in Calgary and Sparwood for at least ten years.</li>
<li>Ensuring the majority of EVR's directors are Canadian for the next decade.</li>
<li>Filling at least 66% of all executive and senior management roles with Canadians.</li>
<li>Maintaining significant employment levels at EVR for at least five years.</li>
<li>Adhering to binding environmental commitments, extending stewardship of the assets until 2050, beyond existing regulatory obligations.</li>
<li>Engaging constructively and meaningfully with Indigenous Nations in the Elk Valley region.</li>
</ul>
For Teck, the sale of the coal business marks a new era. Teck CEO Jonathan Price stated the company will now &#8220;entirely focus on providing metals that are essential to global development and the energy transition,&#8221; such as copper.
The proceeds from the sale are expected to help Teck with enough funding to increase copper production by 30% as early as 2028. Shareholders will also benefit, with Teck planning to return $2.6 billion and reduce debt by up to $2 billion.
The approval of this deal is part of Canada's broader strategy to regulate foreign capital in the mining sector more strictly.
&#8220;Canada welcomes foreign investment and acknowledges its importance to the mining sector. However, the government will not hesitate to act when it is of the view that a transaction would be harmful to Canada's economic interests or the environment,&#8221; <a href="https://www.canada.ca/en/innovation-science-economic-development/news/2024/07/ministerial-statement-on-the-investment-canada-act-review-of-glencores-acquisition-of-tecks-coal-assets.html">said</a> Industry Minister François-Philippe Champagne.
&#8220;Future mergers and acquisitions involving Canadian mining firms engaged in critical minerals operations will only be sanctioned under the most exceptional of circumstances,&#8221; he added.
Now Read:
<ul>
<li><a href="https://www.benzinga.com/m-a/24/07/39623378/anglo-americans-coal-asset-sale-faces-hurdle-after-fire-at-major-mine">Anglo American&#8217;s Coal Asset Sale Faces Hurdle After Fire At Major Mine</a></li>
</ul>
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get started!
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Canadian Regulators OK Glencore, Teck Resources Deal: Future M&A Sanctions Need 'Exceptional Circumstances'

At Glencore&#8216;s (OTCPK: GLCNF) plans to consult with shareholders on the future of its coal business following the anticipated closure of its deal to acquire Teck Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>) <a href="https://www.benzinga.com/topic/coal">steelmaking coal assets</a>. 
Glencore CEO Gary Nagle said at the annual general meeting held on May 29 that the consultation will determine whether the company will proceed with its previously announced plans to spin off the <a href="https://www.benzinga.com/topic/coal">coal</a> unit into a separate entity.
The <a href="https://www.glencore.com/.rest/api/v1/documents/89a340f7ce3a7cfcdfbc66fd40b38db9/AGM+NOM+2024_Final.pdf">acquisition</a> involves Glencore purchasing a 77% interest in Teck&#8217;s steelmaking coal business, Elk Valley Resources, for $6.93 billion.
See Also: <a href="https://www.benzinga.com/news/large-cap/24/05/39068033/time-runs-out-for-bhp-deal-49-billion-acquisition-of-anglo-american-proves-too-complex-to-solve">Time Runs Out For BHP Deal &#8211; $49-Billion Acquisition Of Anglo American Proves Too Complex To Solve</a>
This deal, structured on a cash-free, debt-free basis, is expected to finalize in the third quarter of this year. 
Glencore&#8217;s acquisition is aimed at bolstering its portfolio with Teck&#8217;s valuable metallurgical coal assets, essential for steel production.
The coal business has been one of Glencore&#8217;s most profitable divisions, driving record returns in recent years. The decision to potentially spin off this unit would be a strategic pivot for the company under Nagle's direction.
The pressure to spin off the coal business stems from growing environmental and social governance concerns. Activists and some investors argue that divesting from coal aligns with global efforts to reduce reliance on fossil fuels. Historically, Glencore has resisted pressure to divest, arguing that its management of these assets is more responsible than selling them off, particularly given the ongoing global reliance on coal.
The consultation with shareholders will be critical, especially considering the perspectives of Glencore&#8217;s largest stakeholders, including former CEO Ivan Glasenberg, the Qatar Investment Authority, and BlackRock Inc.
Previously, shareholders have expressed a preference for <a href="https://www.benzinga.com/m-a/24/03/37899805/investors-advocate-for-glencore-to-keep-coal-assets-despite-rising-emissions">retaining the coal assets</a>, recognizing the unit&#8217;s substantial contribution to Glencore&#8217;s overall profitability. Their support is crucial as it could sway the decision away from a spinoff.
Once the Teck acquisition closes, Glencore will initiate a consultation process with its shareholders to gauge their stance on the coal spinoff. Should a majority favor retaining the coal assets, Glencore will forgo a formal vote on the matter.
Now Read: <a href="https://www.benzinga.com/markets/equities/24/05/39061149/conocophillips-acquires-marathon-oil-in-all-stock-deal-at-14-7-premium-details">ConocoPhillips To Acquire Marathon Oil In All-Stock Deal At 14.7% Premium</a>
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com" target="_blank" rel="noreferrer noopener">licensing@benzinga.com</a> to get started!

Glencore Postpones Coal Spinoff Discussions Until Teck Deal Closes

The investment landscape for copper has been ignited by recent bullish predictions, particularly from prominent hedge fund <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37985516/not-just-nvidia-ai-is-also-fueling-global-copper-demand-analyst-reveals-3-top-stock">manager Pierre Andurand</a>. 
Andurand's <a href="https://www.ft.com/content/725234a6-9e6f-4a4a-9406-2bda667ca511">forecast</a> of copper prices reaching $40,000 per tonne underscored a compelling investment opportunity in copper miner stocks and the Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>).
Here are the drivers behind his optimistic outlook for copper. Benzinga will also touch upon the performance and holdings of the Global X Copper Miners ETF and examine technical indicators to present a comprehensive case for investors.
<h1 class="wp-block-heading">Copper Demand-Supply Dynamics</h1>
Copper, a critical metal in the energy transition, is poised for significant demand growth. Andurand&#8217;s prediction is based on the increasing electrification of the world, including:
<ul>
<li>electric vehicles</li>
<li>renewable energy infrastructure</li>
<li>military applications</li>
<li>data centers</li>
</ul>
As these sectors expand, the demand for copper is expected to double, outpacing supply, which traditionally takes about 15 years to develop new mines.
<h1 class="wp-block-heading">Pierre Andurand's Bullish Outlook For Copper</h1>
Andurand, known for his success in commodities trading, shifted his focus to copper after experiencing setbacks in the oil market.
His Commodities Discretionary Enhanced fund rebounded from a 55% loss last year and is now up 83% year-to-date, largely due to diversified commodity investments.
He believes current supply constraints and robust demand will propel copper prices to unprecedented heights.
<h1 class="wp-block-heading">COPX ETF Overview</h1>
The Global X Copper Miners ETF (COPX) offers a targeted investment in copper mining companies. With an expense ratio of 0.65%, the ETF has shown impressive returns:
<ul>
<li>3 Month Return: 32.70%</li>
<li>YTD Return: 27.36%</li>
<li>1 Year Return: 39.32%</li>
</ul>
<h1 class="wp-block-heading">Key Holdings</h1>
Global X Copper Miners ETF's portfolio includes leading copper miners, reflecting a diversified exposure to the industry (Company name, U.S.-listed ticker, allocation%):
<ol>
<li>First Quantum Minerals Ltd. (OTCPK:FQVLF) &#8211; 5.31%</li>
<li>KGHM Polska Miedz S.A. (OTCPK: KGHPF) &#8211; 5.30%</li>
<li>Boliden AB (OTCPK:BDNNY) (OTCPK: BLIDF) &#8211; 4.82%</li>
<li>Lundin Mining Corp. (OTCPK: LUNMF) &#8211; 4.72%</li>
<li>Teck Resources Limited Class B (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>) &#8211; 4.69%</li>
<li>BHP Group Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) &#8211; 4.64%</li>
<li>Glencore plc (OTCPK: GLCNF) (OTCPK: GLNCY) &#8211; 4.60%</li>
<li>Zijin Mining Group Co., Ltd. Class H (OTCPK: ZIJMF) (OTCPK: ZIJMY) &#8211; 4.58%</li>
<li>Antofagasta plc (OTCPK: ANFGF) &#8211; 4.54%</li>
<li>Freeport-McMoRan, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) &#8211; 4.51%</li>
</ol>
Also Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38292100/freeport-mcmoran-vs-teck-resources-which-copper-stock-has-more-upside">Freeport-McMoRan Vs. Teck Resources — Which Copper Stock Has More Upside?</a>
<h1 class="wp-block-heading">Charts Indicate Bullish Outlook For Global X Copper Miners ETF</h1>
The technical indicators for Global X Copper Miners ETF reveal a moderately bullish trend, with buying pressure suggesting a positive outlook.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="625" height="454" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/27075654/Screenshot-2024-05-27-at-3.57.03-PM.png" alt="" class="wp-image-357042" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/27075654/Screenshot-2024-05-27-at-3.57.03-PM.png 625w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/27075654/Screenshot-2024-05-27-at-3.57.03-PM-300x218.png 300w" sizes="(max-width: 625px) 100vw, 625px" /></figure>
<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">Chart: Benzinga Pro</a>
The Global X Copper Miners ETF share price is $48.66 while the 8-day simple moving average (SMA) is $49.98, which signals short-term bearishness.
However, the 20-day SMA at $48.35 and the 50-day SMA at $45.74 both indicate a bullish momentum. The 200-day SMA stands at $38.34, further reinforcing the bullish signal as the stock price remains well above it.
<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="625" height="454" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/27075708/Screenshot-2024-05-27-at-3.56.13-PM.png" alt="" class="wp-image-357043" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/27075708/Screenshot-2024-05-27-at-3.56.13-PM.png 625w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/05/27075708/Screenshot-2024-05-27-at-3.56.13-PM-300x218.png 300w" sizes="(max-width: 625px) 100vw, 625px" /></figure>
<a href="https://pro.benzinga.com/dashboard" target="_blank" rel="noreferrer noopener">Chart: Benzinga Pro</a>
The Moving Average Convergence Divergence (MACD) indicator is 1.21, suggesting bullishness, while the Relative Strength Index (RSI) at 53.65 indicates that the ETF is neither oversold nor overbought. 
Additionally, the Bollinger Bands support bullish signals as the ETF is trading within the upper range.
Given the bullish forecast for copper prices, driven by robust demand and constrained supply, copper miner stocks and the COPX ETF represent a compelling investment opportunity. 
Andurand's expertise and confidence in the market, coupled with strong ETF performance and supportive technical indicators, suggest that investors could consider taking exposure to this sector. 
As the world continues to electrify and transition towards renewable energy, the demand for copper is set to soar, making now an opportune time to invest in copper miners through Global X Copper Miners ETF.
Read Next: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37985516/not-just-nvidia-ai-is-also-fueling-global-copper-demand-analyst-reveals-3-top-stock">Not Just Nvidia, AI Is Also Fueling Global Copper Demand: Analyst Reveals 3 Top Stock Picks</a>
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Copper To $40,000 A Tonne, Says Hedge Fund Titan Pierre Andurand: What ETF Investors Should Watch

Holding 20% to 30% of the world&#8217;s nickel reserves, New Caledonia&#8217;s economy heavily relies on its production. 
However, concerns over supply disruptions from New Caledonia, combined with sanctions on Russian metal, have pushed prices on the London Metal Exchange back above $20,000 per ton for the first time since September.
Nickel is indispensable for manufacturing stainless steel and is crucial for low-carbon technologies such as electric vehicle (EV) batteries, wind turbines, and solar panels. 
See Also:<a href="https://www.benzinga.com/" target="_blank" rel="noreferrer noopener"> </a><a href="https://www.benzinga.com/markets/asia/24/05/38901601/zijin-mining-sets-ambitious-50-growth-target-for-copper-production-by-2028" target="_blank" rel="noreferrer noopener">Zijin Mining Sets Ambitious 50% Growth Target For Copper Production By 2028</a>
Despite its potential, the territory&#8217;s nickel industry is in crisis, with <a href="https://www.benzinga.com/news/24/01/36737765/nickels-nosedive-40-yearly-drop-puts-miners-in-a-tight-spot">prices falling</a> over 45% in 2023, <a href="https://www.benzinga.com/news/22/03/26197923/nickel-hits-limit-down-again-on-london-metal-exchange-falls-12-cnbc">plummeting</a> to around $19,000 per ton, below the estimated production cost of $22,000 per ton.
&#8220;Nickel is the curse of New Caledonia,&#8221; commodities economist Philippe Chalmin said <a href="https://www.bfmtv.com/economie/pour-le-specialiste-philippe-chalmin-le-nickel-caledonien-illustre-la-malediction-des-matieres-premieres_AV-202405150407.html">for</a> BFM TV, highlighting the territory&#8217;s overreliance on this single resource as the industry employs a quarter of the territory&#8217;s workforce.
Global nickel prices have been pressured by Indonesia's rapid production expansion, heavily financed by China. 
In contrast, New Caledonia's production has stagnated. Glencore&#8216;s (OTCPK: GLCNF) closure of the Koniambo Nickel plant has further strained local communities, particularly in the pro-independence Northern Province. 
French miner Eramet SA (OTCPK: ERMAF) has also significantly reduced its operations. 
Now Read: <a href="https://www.benzinga.com/news/24/05/38892646/thieves-are-stealing-copper-cables-from-tesla-charging-stations-amid-sky-high-prices-for-vital-metal">Thieves Are Stealing Copper Cables From Tesla Charging Stations Amid Sky-High Prices For Vital Metal</a>

Events

ERMAF

Nickel Crisis Fuels Unrest In New Caledonia, Pushes Prices Above $20,000 Per Ton

1. Anglo American rejected BHP Group's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) $39B bid, triggering a <a href="https://www.benzinga.com/m-a/24/05/38612588/potential-bidding-war-emerges-for-anglo-american-as-glencore-considers-offer">potential bidding war</a> with Glencore (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GLCNF#OTC">GLCNF</a>). 
Glencore&#8217;s interest arises amid BHP&#8217;s revised approach to divest South African assets.&nbsp;
Anglo holds crucial copper reserves in Chile and Peru, with Glencore's stake in Collahuasi adding intrigue.&nbsp;
However, Glencore&#8217;s $6.9 billion Teck coal acquisition and political and regulatory complexities in South Africa heighten the situation, including upcoming national elections, complicate the matter.&nbsp;
BHP faces a May 22 deadline for a new bid.
2. Gold Resource (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/GORO#AMEX">GORO</a>) reported Q1 results from its Don David Gold Mine in Oaxaca, Mexico, and provided a corporate update. 
Key achievements included the production and sale of 3,557 ounces of gold, 216,535 ounces of silver and significant amounts of zinc, copper and lead.&nbsp;
The company holds $5.7 million in cash with no debt and $13.6 million in working capital as of March 31, 2024.&nbsp;
Challenges such as reduced plant throughput and lower recoveries were managed, and base metal prices were below expectations.&nbsp;
A net loss of $4 million or 5 cents per share was recorded for the quarter, after expenses related to exploration and drilling.&nbsp;
The total cash cost per gold equivalent ounce was $1,667, and the all-in sustaining cost was $2,295.
Also Read:<a href="https://www.benzinga.com/topic/mining"> </a><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38591175/barrick-golds-golden-cross-opportunity-analyst-sees-ample-opportunity-for-catch-up-">Barrick Gold&#8217;s Golden Cross Opportunity — Analyst Sees &#8216;Ample Opportunity For Catch Up&#8217; Post Q1</a>
3. The U.S. Department of Commerce announced preliminary findings that aluminum extrusion producers from 14 countries, including China, India and Italy, sold products in the U.S. at less-than-fair value. 
The U.S. Aluminum Extruders Coalition and various unions support the imposition of duties to protect U.S. producers and workers.&nbsp;
These measures are crucial to counteract the widespread dumping practices harming U.S. industry, with ongoing efforts to ensure accurate final determinations of dumping margins.
Bonnell Aluminum, a subsidiary of Tredegar (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TG#NYSE">TG</a>), was pleased with the ruling to institute preliminary dumping duties on unfairly traded imports of aluminum extrusions.
4. Nexa Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEXA#NYSE">NEXA</a>) reported a quarterly loss of 15 cents per share, marking a 1400% increase in losses from the previous year. 
Despite this, their $580 million in quarterly sales exceeded expectations by 1.76% but showed a 13.08% decline from the prior year.&nbsp;
The company also faced two fatal incidents at its El Porvenir and Vazante mines.&nbsp;
Amid challenges like weak market conditions and fluctuating commodity prices, Nexa continued advancing key projects such as the Aripuanã ramp-up and the Cerro Pasco Integration Project, leading to a 59% increase in Mineral Reserves at the complex and a 10% year-over-year increase in overall Mineral Reserves, totaling 110 million tons.
Now Read:<a href="https://www.benzinga.com/"> </a><a href="https://www.benzinga.com/m-a/24/04/38380999/exclusive-why-this-uranium-bull-market-is-different-weve-really-got-to-start-developing-mines-says-m">EXCLUSIVE: Why This Uranium Bull Market Is Different — &#8216;We&#8217;ve Really Got To Start Developing Mines,&#8217; Says Madison Metals CEO</a>
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get connected with the Benzinga community!
Photo: Shutterstock

Anglo American Potential Bidding War; Gold Resource Q1 Results; US Acts Against Aluminum Dumping And More: Friday's Top Mining Stories

Anglo American (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/NGLOY#OTCQX">NGLOY</a>) could be at the center of a bidding war with commodities giant Glencore (OTCPK: GLCNF) after it rejected BHP&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) <a href="https://www.benzinga.com/news/large-cap/24/04/38459129/anglo-american-rejects-bhps-highly-unattractive-bid-sets-proposal-deadline-for-may-22">$39-billion offer</a>.
What Happened: According to sources cited <a href="https://www.reuters.com/markets/commodities/glencore-studying-an-approach-anglo-american-sources-say-2024-05-02/">by</a> Reuters, discussions within Glencore are internal and preliminary at this stage. 
With Glencore potentially entering the race and BHP contemplating an improved offer, Anglo American finds itself in a prime position to benefit from a potential bidding war.
BHP dispatched its executive team, including CEO Mike Henry, to South Africa to discuss its proposal. The company&#8217;s revised approach focuses on divesting Anglo&#8217;s South African assets in platinum and iron ore before a full takeover, which concerned local officials and shareholders.
See Also:<a href="https://www.benzinga.com/news/24/05/38568845/will-copper-enter-a-structural-deficit"> Will Copper Enter a Structural Deficit?</a>
Why It Matters: Anglo American owns extensive copper assets in Chile and Peru — key players in the global copper market. Copper is a critical metal for clean energy technologies and is experiencing heightened demand due to the green transition.
Furthermore, Glencore already co-owns the Collahuasi mine in Chile with Anglo American, which holds some of the world&#8217;s largest copper reserves. 
However, the company is finalizing a separate $6.9-billion acquisition of Teck's coal assets, adding a layer of complexity to its potential involvement.
The political and regulatory landscape in South Africa is complex, especially with upcoming national elections and heightened scrutiny on corporate restructuring.
Commenting on the matter, Hudbay Minerals (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HBM#NYSE">HBM</a>) CEO Peter Kukielski pointed at the growing valuation of copper assets as an argument for a stronger premium.
&#8220;The deal has increased the valuation of copper assets and underscores major mining companies&#8217; belief that copper prices will be significantly higher in the future,&#8221; Kukielski said for Reuters. Hudbay was among the few Canadian miners engaged in domestic acquisition last year, buying Copper Mountain in a $439 million all-share transaction.
What&#8217;s Next: BHP has a May 22 deadline to submit a new formal bid.
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get started!
Now Read:<a href="https://www.benzinga.com/markets/equities/24/05/38605805/peter-schiff-highlights-pandemic-darling-stocks-98-5-decline-to-make-a-point-about-mispriced-gol"> Peter Schiff Highlights Pandemic Darling Stock&#8217;s 98.5% Decline To Make A Point About Mispriced Gold Mining Stocks: &#8216;Same Situation Exists Today&#8217;</a>
Image: Flickr

NGLOY

Potential Bidding War Emerges For Anglo American As Glencore Considers Offer

Source: <a href="https://www.streetwisereports.com/article/2024/04/23/critical-minerals-co-upsizes-private-placement-featuring-glencore.html?utm_medium=feed">Streetwise Reports 04/23/2024</a>
Stillwater Critical Minerals Corp. is upsizing by more than 50% a private placement that also features a lead order from major Glencore Canada Corp. Find out how the market for one of its target metals, copper, is heating up.
Stillwater Critical Minerals Corp. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/pgezf#OTC">PGEZF</a>) announced it is upsizing by more than half a private placement that also features a lead order from major Glencore Canada Corp. due to strong investor demand.
The non-brokered private placement has been increased to 27.5 million units for gross proceeds of CA$3.85 million from the previously announced 17,857,143 units for gross proceeds of CA$2.5 million, a rise of 54%.
Glencore Canada, a wholly owned subsidiary of Glencore International Plc (OTC: <a class="ticker" href="https://www.benzinga.com/stock/glcnf#OTC">GLCNF</a>), has agreed to increase their current position by buying a further 15 million units of Stillwater stock for proceeds of CA$2.1 million. Glencore announced a 9.99% strategic equity investment in Stillwater in 2023.
According to the company, its 100%-owned flagship project, Stillwater West in Montana, is in &quot;one of the world&#39;s largest and highest-grade PGE-Ni-Cu regions adjacent to high-grade Sibanye-Stillwater&#39;s PGE Mines with over 14 Moz (million ounces) past Pd+Pt (palladium and platinum) production.&quot;
The latest private offering is expected to close on or about April 26 and is subject to customary conditions, such as acceptance by the TSX Venture Exchange.
Stillwater is a mineral exploration company focused on the Stillwater West critical minerals project.
A 2023 mineral resource estimate expanded the project&#39;s inaugural resource by 62%, the company said, and defined 1.6 billion pounds of nickel, copper and cobalt and 3.8 Moz (million ounces) palladium, platinum, rhodium, and gold in a constrained model totaling 255 million tonnes (Mt) at an average grade of 0.39% total estimated recovered nickel equivalent (or 1.19 grams per tonne palladium equivalent or Pd Eq).
The selective mining high-grade component yielded 11.6 Mt at 1.05% total nickel equivalent (or 3.24 grams per tonne total Pd Eq) as 0.56% nickel (Ni), 0.33% copper (Cu), 0.03% cobalt (Co) with 0.54 grams per tonne (g/t) Pd, 0.27 g/t Pt, 0.15 g/t gold (Au) and 0.019 g/t rhodium (Rh).
<h2>The Catalyst: New Copper Cycle on the Way?</h2>
So far this year, copper, a metal very important to the energy transition, has jumped more than 12%. It was US$4.53 on Monday afternoon.
&quot;Copper has traded in the (US)$3.13-3.90 range for most of the past two years, with the lows occurring in 2022, shortly after the Fed embarked upon monetary tightening in July of that year&quot; wrote expert Michael Ballanger of GGM Advisory Inc. &quot;Recently, however, the compelling fundamentals brought about by the looming structural supply deficit propelled copper to new recovery highs above (US)$4.00.&quot;
Despite some cooling due to slower-than-expected electric vehicle (EV) sales, the global copper market was worth US$304.1 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.1% from 2023 to 2032 to US$496.8 billion, Acumen Research and Consulting reported.
<blockquote class="callOut left">Technical Analyst Clive Maund noted the metals markets &quot;at large are entering a major bull market, with strong gains already being seen in copper, gold, and silver over the past month or two.&quot;</blockquote>
EVs use as much as four times the amount of copper internal-combustion engine cars do.
&quot;The increasing demand for copper could be met through developments in mining technology, well-organized designs for ore processing, and the discovery of new copper reserves&quot; Acumen&#39;s report noted. &quot;According to the United States Geological Survey (USGS), international copper reserves rose by approximately 720 million tons in 2017, and undiscovered copper reserves are estimated to be approximately 3,500 million tons.&quot;
Haywood Securities noted in a January 2024 report that based on the time it takes for new copper supply to come online, the market for the metal &quot;will be tightening for the foreseeable future [and] that could eventually lead to a new copper cycle.&quot; Haywood noted predictions are for a copper deficit this year, marked by supply shortfall of about 500,000 tons.
<h2>Company Rated a &#39;Buy&#39; for Potential Investors</h2>
Technical Analyst Clive Maund noted the metals markets &quot;at large are entering a major bull market, with strong gains already being seen in copper, gold, and silver over the past month or two.&quot;
But &quot;copper is a special case with a huge supply shortfall incoming due to the combination of an explosion in demand due to the expanding use of copper in batteries for EVs and power storage, etc., coupled with a supply shortfall due to the dearth of major new copper discoveries in recent years&quot; Maund wrote. &quot;It just so happens that Vortex is exploring for copper (and) gold in highly prospective areas.&quot;
A report from Couloir Capital last October rated the company as a &quot;Buy&quot; for potential investors and named a target price of CA$0.35 per share, pointing to Stillwater&#39;s plans to advance its Montana properties with an expanded resource and drill targets on Chrome Mountain and Iron Mountain.
Stillwater has several catalysts to report, according to its investor presentation, including pending drill results from Stillwater West and upcoming 2024 exploration plans.
<h2>Ownership and Share Structure</h2>
Management and insiders own approximately 20% of Stillwater, according to the company. Executive Chairman and Director Gregory Shawn Johnson owns 2.95%, President and CEO Micheal Victor Rowley owns 2.58%, Independent Director Gregor John Hamilton owns 1.64%, Independent Director Gordon L. Toll owns 0.51%, and Vice President of Exploration Daniel F. Grobler owns 0.21%, according to Reuters.
Institutions own approximately 25% of the company, high net-worth investors own about 27%, and Glencore Canada Corp. owns 9.99%. About 18% of the company&#39;s shares are in retail, Stillwater said.
There are 197.79 million shares outstanding with 162.25 million free float traded shares, while the company has a market cap of CA$30.66 million and trades in a 52-week range of CA$0.13 and CA$0.23.
Important Disclosures:
<ol>
<li>Stillwater Critical Minerals Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.</li>
<li>Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
</ol>

Penny Stocks

PGEZF

Critical Minerals Co. Upsizes Private Placement Featuring Glencore

Source: <a href="https://www.streetwisereports.com/article/2024/04/23/critical-minerals-co-upsizes-private-placement-featuring-glencore.html?utm_medium=feed">Streetwise Reports 04/23/2024</a>
Stillwater Critical Minerals Corp.&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/pgezf#OTC">PGEZF</a>) is upsizing by more than 50% a private placement that also features a lead order from major Glencore Canada Corp. Find out how the market for one of its target metals, copper, is heating up.
Stillwater Critical Minerals Corp.&nbsp;announced it is upsizing by more than half a private placement that also features a lead order from major Glencore Canada Corp. due to strong investor demand.
The non-brokered private placement has been increased to 27.5 million units for gross proceeds of CA$3.85 million from the previously announced 17,857,143 units for gross proceeds of CA$2.5 million, a rise of 54%.
Glencore Canada, a wholly owned subsidiary of Glencore International PLC&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/glcnf#OTC">GLCNF</a>), has agreed to increase their current position by buying a further 15 million units of Stillwater stock for proceeds of CA$2.1 million. Glencore announced a 9.99% strategic equity investment in Stillwater in 2023.
According to the company, its 100%-owned flagship project, Stillwater West in Montana, is in &quot;one of the world&#39;s largest and highest-grade PGE-Ni-Cu regions adjacent to high-grade Sibanye-Stillwater&#39;s PGE Mines with over 14 Moz (million ounces) past Pd+Pt (palladium and platinum) production.&quot;
The latest private offering is expected to close on or about April 26 and is subject to customary conditions, such as acceptance by the TSX Venture Exchange.
Stillwater is a mineral exploration company focused on the Stillwater West critical minerals project.
A 2023 mineral resource estimate expanded the project&#39;s inaugural resource by 62%, the company said, and defined 1.6 billion pounds of nickel, copper and cobalt and 3.8 Moz (million ounces) palladium, platinum, rhodium, and gold in a constrained model totaling 255 million tonnes (Mt) at an average grade of 0.39% total estimated recovered nickel equivalent (or 1.19 grams per tonne palladium equivalent or Pd Eq).
The selective mining high-grade component yielded 11.6 Mt at 1.05% total nickel equivalent (or 3.24 grams per tonne total Pd Eq) as 0.56% nickel (Ni), 0.33% copper (Cu), 0.03% cobalt (Co) with 0.54 grams per tonne (g/t) Pd, 0.27 g/t Pt, 0.15 g/t gold (Au) and 0.019 g/t rhodium (Rh).
<h2>The Catalyst: New Copper Cycle on the Way?</h2>
So far this year, copper, a metal very important to the energy transition, has jumped more than 12%. It was US$4.53 on Monday afternoon.
&quot;Copper has traded in the (US)$3.13-3.90 range for most of the past two years, with the lows occurring in 2022, shortly after the Fed embarked upon monetary tightening in July of that year&quot; wrote expert Michael Ballanger of GGM Advisory Inc. &quot;Recently, however, the compelling fundamentals brought about by the looming structural supply deficit propelled copper to new recovery highs above (US)$4.00.&quot;
Despite some cooling due to slower-than-expected electric vehicle (EV) sales, the global copper market was worth US$304.1 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.1% from 2023 to 2032 to US$496.8 billion, Acumen Research and Consulting reported.
<blockquote class="callOut left">Technical Analyst Clive Maund noted the metals markets &quot;at large are entering a major bull market, with strong gains already being seen in copper, gold, and silver over the past month or two.&quot;</blockquote>
EVs use as much as four times the amount of copper internal-combustion engine cars do.
&quot;The increasing demand for copper could be met through developments in mining technology, well-organized designs for ore processing, and the discovery of new copper reserves&quot; Acumen&#39;s report noted. &quot;According to the United States Geological Survey (USGS), international copper reserves rose by approximately 720 million tons in 2017, and undiscovered copper reserves are estimated to be approximately 3,500 million tons.&quot;
Haywood Securities noted in a January 2024 report that based on the time it takes for new copper supply to come online, the market for the metal &quot;will be tightening for the foreseeable future [and] that could eventually lead to a new copper cycle.&quot; Haywood noted predictions are for a copper deficit this year, marked by supply shortfall of about 500,000 tons.
<h2>Company Rated a &#39;Buy&#39; for Potential Investors</h2>
Technical Analyst Clive Maund noted the metals markets &quot;at large are entering a major bull market, with strong gains already being seen in copper, gold, and silver over the past month or two.&quot;
But &quot;copper is a special case with a huge supply shortfall incoming due to the combination of an explosion in demand due to the expanding use of copper in batteries for EVs and power storage, etc., coupled with a supply shortfall due to the dearth of major new copper discoveries in recent years&quot; Maund wrote. &quot;It just so happens that Vortex is exploring for copper (and) gold in highly prospective areas.&quot;
A report from Couloir Capital last October rated the company as a &quot;Buy&quot; for potential investors and named a target price of CA$0.35 per share, pointing to Stillwater&#39;s plans to advance its Montana properties with an expanded resource and drill targets on Chrome Mountain and Iron Mountain.
Stillwater has several catalysts to report, according to its investor presentation, including pending drill results from Stillwater West and upcoming 2024 exploration plans.
<h2>Ownership and Share Structure</h2>
Management and insiders own approximately 20% of Stillwater, according to the company. Executive Chairman and Director Gregory Shawn Johnson owns 2.95%, President and CEO Micheal Victor Rowley owns 2.58%, Independent Director Gregor John Hamilton owns 1.64%, Independent Director Gordon L. Toll owns 0.51%, and Vice President of Exploration Daniel F. Grobler owns 0.21%, according to Reuters.
Institutions own approximately 25% of the company, high net-worth investors own about 27%, and Glencore Canada Corp. owns 9.99%. About 18% of the company&#39;s shares are in retail, Stillwater said.
There are 197.79 million shares outstanding with 162.25 million free float traded shares, while the company has a market cap of CA$30.66 million and trades in a 52-week range of CA$0.13 and CA$0.23.
Important Disclosures:
<ol>
<li>Stillwater Critical Minerals Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.</li>
<li>Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
</ol>

Despite global efforts towards decarbonization, coal imports in China are on the rise, signaling persistent demand for the commodity. The surge in imports contradicts previous forecasts of a decline, demonstrating China&#8217;s continued reliance on coal for various industrial processes and electricity generation regardless of its strong push into<a href="https://www.benzinga.com/government/24/03/37961518/yellen-issues-warnings-on-chinas-green-energy-exports-it-hurts-american-firms-and-workers"> green energy exports</a>.
According to data compiled by Kpler, <a href="https://www.reuters.com/markets/commodities/chinas-first-quarter-coal-imports-surge-defying-gloomy-forecasts-russell-2024-04-09/">per</a> Reuter's report, China imported 97.43 million metric tons of coal from the seaborne market during the first quarter of 2024, marking a significant increase of 16.9% compared to the same period in 2023.
One of the contributing factors to China&#8217;s increased coal demand is the steady growth in electricity generation, outpacing economic growth. 
The shift towards electrification in industrial processes and rising consumer demand for appliances like air conditioners are driving up electricity consumption. As a result, coal remains a crucial component in meeting the country&#8217;s growing energy needs.
Now read: <a href="https://www.benzinga.com/markets/commodities/24/04/38114381/critical-minerals-race-heats-up-us-eu-challenge-chinas-dominance">Critical Minerals Race Heats Up: US, EU Challenge China&#8217;s Dominance</a>
Moreover, favorable coal prices in the seaborne market make imports competitive against domestic supplies. Despite fluctuations, prices for thermal coal from key suppliers like Indonesia and Australia remain attractive, sustaining China&#8217;s reliance on imported coal. 
The outlook for domestic coal production in 2024 remains modest, with forecasts indicating marginal growth. China&#8217;s domestic output is expected to rise by only 0.8%, leaving room for continued reliance on imports to meet demand.
Meanwhile, <a href="https://news.bloomberglaw.com/banking-law/bmo-drops-anti-coal-policy-amid-wall-street-rebuke-of-esg">per</a> Bloomberg's report, BMO Bank, a subsidiary of The Bank of Montreal (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BMO#NYSE">BMO</a>), dropped its policy restricting lending to the coal industry, signaling a shift in attitudes towards coal-related investments. Policy easing aligns with a broader trend of financial institutions reevaluating their stance on fossil fuel investments.
Furthermore, Glencore (OTCPK: GLCNF), a major player in the coal industry, is facing pressure from shareholders to <a href="https://www.benzinga.com/m-a/24/03/37899805/investors-advocate-for-glencore-to-keep-coal-assets-despite-rising-emissions">maintain its coal assets</a> despite growing environmental concerns. The company&#8217;s plan to acquire a significant portion of Teck Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>) indicates a commitment to bolstering its coal capacity, emphasizing the financial viability of coal operations.
However, the surge in emissions linked to increased coal production has raised questions about the sustainability of such ventures. Still, Glencore&#8217;s consideration of consulting shareholders and their reluctance to spin off its coal assets indicate that, despite all of its cons, the coal industry is still a viable part of the current system.
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get started!
Also read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38145847/oil-at-100-gold-at-3-000-wall-street-veteran-sees-potential-1970s-economic-storm-po">Oil At $100, Gold At $3,000? Wall Street Veteran Sees Potential 1970s Economic Storm, Posing Risks To Biden&#8217;s Reelection</a>
Image generated using artificial intelligence via Midjourney.

Asia

China Defies Decarbonization Trend As Coal Imports Climb 16.9% In Q1 2024

Despite recording a significant rise in carbon emissions, investors are urging Glencore (OTCPK: GLCNF) to persist with coal production, citing financial viability and environmental considerations. The push comes amid a plan to acquire a large portion of Teck Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>), a Canadian miner with significant <a href="https://www.benzinga.com/markets/commodities/24/03/37834525/cleanup-costs-for-tecks-elk-valley-mining-may-slow-9b-asset-sale-to-glencore-wildsight-report">ecological problems</a>.
The <a href="https://www.benzinga.com/news/23/06/32815784/glencores-strategic-play-a-proposal-to-acquire-teck-resources-steelmaking-coal-business">acquisition</a>, valued at $6.9 billion, will see Glencore bolster its coal capacity, adding 20 million tons of steelmaking coal annually. Analysts project that this strategic move could generate between $5 billion to $6 billion in free cash flow, highlighting the financial appeal of maintaining coal operations.
However, the surge in emissions, up by 8.8% in 2023 primarily due to increased coal production, has raised concerns among shareholders. Glencore&#8217;s latest <a href="https://www.glencore.com/.rest/api/v1/documents/static/d09d8212-4a9f-4034-b2d4-49152e5a0aff/GLEN-2023-Annual-Report.pdf">report</a> indicates a deviation from its previous stance on emissions, and it is now open to consulting shareholders regarding the potential spinoff of coal assets.
The company's stance on coal production has evolved. Initially, management argued that abandoning coal would have little impact on its emissions. Yet, at the latest earnings report, Chief Executive Gary Nagle expressed openness to consulting shareholders on the possibility of spinning off its coal assets.
Now Read: <a href="https://www.benzinga.com/news/24/03/37874531/alaska-governor-wants-overhaul-of-mine-permitting-seeks-700b-in-economic-losses">Alaska Governor Wants Overhaul Of Mine Permitting, Seeks $700B In Economic Losses</a>
In contrast to Glencore&#8217;s intentions, several top investors have voiced opposition, according to Reuters, arguing for the need for a more gradual transition away from coal. They believe that a responsible wind-down of coal operations would better serve the interests of both shareholders and the environment, minimizing the impact on workers and communities.
"Companies need to have credible strategies that support real-world decarbonization," said Andrew Mason, head of active ownership at Glencore's shareholder Abrdn (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SLFPY#OTC">SLFPY</a>). Mason clarified that a timed phase-out would create a better transition with minimal impact on workers and communities.
Despite Glencore&#8217;s commitment to reducing emissions, including a 15% reduction target by 2026 and a 25% reduction target by 2030, the recent emission surge underscores challenges in aligning production with climate goals. The company&#8217;s emissions remain a contentious issue, particularly concerning Scope 3 emissions originating from customer usage of commodities like coal and oil. The move to withdraw the coal production cap coincides with activist campaigns urging Glencore to retain its coal division rather than divest it.
The new plan sets a 25% emission reduction deadline by 2030 and aims to achieve Net Zero by 2050. Still, moving the corporate goalposts is drawing criticism and raising questions about Glencore's commitment to climate action. Naomi Hogan, Company Strategy Lead at the Australasian Centre for Corporate Responsibility, <a href="https://www.accr.org.au/news/coal-miner-glencore-defies-investors-places-reckless-bet-against-the-energy-transition/">issued</a> a stark warning.
"To have the world's largest thermal coal exporter effectively walking away from Paris alignment is an enormous risk to Glencore's investors and a risk to all portfolios exposed to the systemic risks of climate change. It represents a reckless bet against an orderly and timely energy transition," she said.
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get started!
Also read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37868388/3-top-stock-picks-in-metals-mining-sector-to-consider-right-now">3 Top Stock Picks In Metals, Mining Sector To Consider Right Now</a>
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SLFPY

Investors Push For Glencore To Keep Coal Assets Despite Rising Emissions

Teck Resources Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>), Canada&#8217;s largest diversified miner, surpassed earnings estimates for the fourth quarter of 2023, propelled by robust steelmaking coal sales, record copper production and<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/02/36995232/positive-outlook-for-copper-miners-in-2024-freeport-has-11-upside-while-this-small-"> favorable copper prices</a>.
"We had strong fourth quarter performance across our business, generating adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $1.7 billion in the quarter, returning cash to shareholders and advancing ramp-up of our Quebrada Blanca operations, resulting in Teck's record quarterly copper production," <a href="https://www.teck.com/news/news-releases/2024/teck-reports-unaudited-fourth-quarter-results-for-2023">said</a> President and CEO Jonathan Price, noting a positive development regarding germanium, a rare metal the firm produces in its Trail Operations facility in British Columbia.
&#8220;We have always been able to sell the production that we generate from that facility,&#8221; he said, clarifying pricing improved owing to Chinese restrictions.
Now Read:<a href="https://www.benzinga.com/news/24/01/36594874/canada-wants-to-increase-critical-mineral-production-but-chinas-involvement-raises-concerns"> Canada Wants To Increase Critical Mineral Production, But China&#8217;s Involvement Raises Concerns</a>
Higher copper prices, with a 2% increase in realized copper prices, contributed to Teck&#8217;s overall positive financial results. 
Total copper output was 296,000 tons for the fourth quarter of 2023, up from 270,000 tons in the same period the previous year. Zinc production also witnessed a significant uptick, with zinc in concentrate reaching 182,000 tons, up from 143,000, and refined zinc production totaling 70,000 tons, up from 46,000.
Teck&#8217;s strategic priorities for 2024 include securing growth in its copper portfolio. The company plans to extend the life of its British Columbia HVC mine and initiate the permitting process for San Nicolas in Mexico. Despite the strong performance, Teck maintained its copper guidance for the year at 465,000 to 540,000 tons and zinc guidance at 565,000 to 630,000 tons.
The management noted progress with the planned separation of base metals and steelmaking coal businesses. The sale of the coal unit to Glencore PLC (OTCPK: GLCNF),<a href="https://www.benzinga.com/news/23/06/32815784/glencores-strategic-play-a-proposal-to-acquire-teck-resources-steelmaking-coal-business"> announced last year</a> for $9 billion, is expected to close by the third quarter of 2024. The deal, subject to approval from the Canadian government, marked a strategic shift towards focusing on its copper business.
&#8220;The regulatory process is still going well, we are still confident of closing that transaction no later than the third quarter of 2024. So, all on track at this stage,&#8221; Price said.
Following the earnings results, Teck announced a dividend of $0.125, to be paid on March 28, to shareholders of record at the market close on March 15. In addition, Teck's board has authorized a stock buyback of up to $500 million. 
These actions align with Teck's Capital Allocation Framework, which envisions a minimum of 30% of available cash flow for distributions to shareholders.
Also Read:<a href="https://www.benzinga.com/news/24/02/37264366/rio-tintos-management-greenlights-worlds-largest-global-mining-project"> Rio Tinto&#8217;s Management Greenlights World&#8217;s Largest Global Mining Project</a>

Earnings

Global

Teck Resources Achieves Record Copper Production, Targets To Close Glencore Deal By Q3

Peru has given the greenlight for a $2 billion expansion at the Antamina copper and zinc mine. 
One of the largest Peruvian mines boasts ownership from prominent companies such as Glencore PLC (OTCPK: GLCNF), BHP Group Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>), Teck Resources (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TECK#NYSE">TECK</a>) and Mitsubishi Corporation (OTCPK: MTSUY) and provides a significant contribution to Peru's economy and global copper supply.
The expansion project, approved through a Modification of the Environmental Impact Study (MEIA), aims to extend the mine&#8217;s productive lifespan from 2028 to 2036.
"The MEIA is an important milestone for Antamina and the Peruvian mining industry, and reaffirms our commitment to the country and the Ancash region,&#8221; <a href="https://www.antamina.com/noticias/gobierno-peruano-aprueba-modificacion-estudio-de-impacto-ambiental-meia-antamina/">said</a> Victor Gobitz, CEO of Compañía Minera Antamina, the mine's operator.
&#8220;This approval broadens our horizon and allows us to continue working hand in hand with the authorities and communities to deploy a mature public and private institutional framework, which seeks to transform economic resources from mining into sustainable development for all." 
Now Read: <a href="https://www.benzinga.com/news/24/02/37070772/new-gold-to-implement-plan-to-boost-gold-copper-production">New Gold To Implement Plan To Boost Gold, Copper Production</a>
Situated in the Andes, around 270 kilometers north of Lima, the Antamina mine ranks among the world's top copper mines, producing 560,000 tons in 2022. However, in 2023, the production slowed to 435,000 tons.
The project plans to expand Antemina's area by 25% and deepen the open pit by 150 meters. The expected ore extraction will be up to 173,000 tons a day, with a waste movement of up to 742,000 tons.
The site will also receive a replacement for the primary ore crushing station and a new Waste 2 rock crusher. Two new tunnels will provide smother circulation of ore and waste, while the waste storage will increase by 26%. Dam storage capacity will expand to 1,572 million tons from the current 1,100 million tons.
With falling production and a shortage of new projects, Peru is looking to defend its position as the second-largest copper mining country by improving bureaucracy and expanding existing projects. The Antamina approval arrived days after President Dina Boluarte appointed Romulo Mucho, a veteran mining engineer, as the new energy and mining minister, <a href="https://www.reuters.com/world/americas/perus-president-replaces-economy-energy-ministers-2024-02-13/">per</a> Reuter's report.
As the world transitions toward the low-carbon economy, extending the operational life of projects such as Antamina will prove crucial to help alleviate supply constraints and meet the <a href="https://www.benzinga.com/markets/commodities/23/12/36259547/copper-shortage-first-quantums-cobre-panama-mine-shuts-down-threatening-supply-balance">growing demand for copper</a>, supporting vital industries and infrastructure projects.
Also Read: <a href="https://www.benzinga.com/markets/latin-america/24/02/37187380/exclusive-argentina-lithium-spearheads-eco-friendly-extraction-innovations-in-northwest-arg">Argentina Lithium Spearheads Eco-Friendly Extraction Innovations In Northwest Argentina</a>
Photo: Shutterstock

MTSUY

Mining Milestone: Peru Gives Nod To Expansion Of Key Copper, Zinc Mine

Glencore PLC&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/glcnf#OTC">GLCNF</a>) reportedly plans to build a pilot project for an electric vehicle (EV) battery recycling plant outside Italy while eyeing the island of Sardinia for a larger facility.
The company&#39;s decision to relocate the testing and demonstration plant away from Portovesme in Sardinia would allow for faster project commissioning, according to Reuters.
In a letter sent by Glencore&#39;s Sardinian unit to Italy&#39;s environment and industry ministries, the company said it expects new European Union regulations on critical raw materials for decarbonization to accelerate the permitting process for its hub project.
As per the report, Glencore also confirmed it plans to continue restructuring its existing industrial activities in Portovesme.
In September, Glencore, along with&nbsp;Li-Cycle Holdings Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/licy#NYSE">LICY</a>), unveiled plans for a two-phase approach to the Portovesme Hub project in Sardinia, Italy, to expedite the production<a class="editor-rtfLink" href="https://www.benzinga.com/news/23/09/34686142/li-cycle-and-glencore-speed-up-plans-for-european-recycling-hub" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">&nbsp;of battery-grade lithium carbonate</a>.
Last month, the commodity trader and miner reported its own sourced copper production of 735,800 tonnes in year-to-date FY23, down 5% Y/Y, due to the sale of Cobar in June 2023 and lower copper by-product production&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/10/35494633/commodity-trader-and-miner-glencore-posts-weak-9m-production-cuts-fy23-nickel-production-outlook" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">outside the Copper department</a>.
Price Action: GLCNF shares closed lower by 1.83% at $5.64 on Wednesday.
Photo Via Company

Equities

Media

LICY

Swiss Mining Company Glencore Plans EV Battery Recycling Factory Outside Of Italy: Report

Glencore PLC&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/glcnf#OTC">GLCNF</a>) provided production updates for&nbsp;<a class="editor-rtfLink" href="https://www.glencore.com/.rest/api/v1/documents/static/a69c4068-eef7-4db1-9042-ed53166c287c/GLEN_2023-Q3_ProductionReport.pdf" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">the nine months ended FY23</a>.
The commodity trader and miner reported its own sourced copper production of 735,800 tonnes in year-to-date FY23, down 5% Y/Y, due to the sale of Cobar in June 2023 and lower copper by-product production outside the Copper department.
Its own sourced zinc production fell 4% Y/Y to 672,100 tonnes owing to 2022 disposals of South American zinc operations and the closure of Matagami operations.
The company&#39;s own-sourced nickel production was down 16% Y/Y to 68,400 tonnes due to higher INO third-party production (vs. own-sourced), mainly on strike at Raglan mine in 2022.
FY23 Outlook: The company cut its nickel production guidance to 102kt (+/- 4kt) and Ferrochrome outlook by&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/calendars/guidance" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">8% to 1,200kt (+/- 30kt)</a>.
In the Marketing segment, the company continues to expect full-year 2023 Adjusted EBIT outcome above the top end of its $2.2-3.2 billion p.a. long-term guidance range, with a likely outcome within the&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/calendars/guidance" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">previously communicated $3.5-4.0 billion range.</a>
Gary Nagle, CEO said, &quot;Full year 2023 production guidance for copper, zinc, coal and cobalt remains in line with previous guidance, however nickel has been reduced to reflect, within the INO business, maintenance outages at the Sudbury smelter and a longer than expected recovery from 2022 strike action, together with a lower full-year revision for Koniambo.&quot;
&quot;Ferrochrome production has also been marked lower, due to additional smelter off-line days on account of electricity pricing and load curtailments in South Africa, however chrome ore mining production is expected to only be modestly below 2022 levels.&quot;
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/10/35282210/marathon-oil-plans-to-sell-part-of-alba-field-lng-produce-to-glencore" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Marathon Oil Plans To Sell Part Of Alba Field LNG Produce To Glencore</a>
Price Action: GLCNF shares traded higher by 1.87% at $5.45 on Friday.

Commodity Trader And Miner Glencore Posts Weak 9M Production, Cuts FY23 Nickel Production Outlook

Marathon Oil Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mro#NYSE">MRO</a>), through its wholly-owned subsidiaries,&nbsp;<a class="editor-rtfLink" href="https://ir.marathonoil.com/2023-10-16-Marathon-Oil-Announces-LNG-Sales-Agreement-for-Alba-Gas-in-E-G" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">inked&nbsp;</a>a five-year firm LNG deal with&nbsp;Glencore PLC&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/glcnf#OTC">GLCNF</a>) to sell a part of its natural gas produced from the Alba Field in Equatorial Guinea.
The financial terms of the deal, effective January 1, 2024, were not disclosed.
The pricing structure for the LNG sales agreement is related to the Dutch Title Transfer Facility (TTF) index, less a fixed transportation fee, offering Marathon Oil a significant incremental exposure to the European LNG market.
On a separate note, MRO plans to optimize its Equatorial Guinea integrated gas operations in 2024 by redirecting a portion of Alba Unit natural gas from the local methanol facility (MRO 45% working interest) to the LNG facility (MRO 56% working interest), owing to projected arbitrage between LNG and methanol pricing.&nbsp;
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/09/34589841/why-marathon-oil-stands-out-analyst-points-to-untapped-potential-in-equatorial-guinea-and-robust" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Why Marathon Oil Stands Out: Analyst Points To Untapped Potential In Equatorial Guinea And Robust FCF Estimates</a>
&quot;I&#39;m excited to announce this new sales agreement linked to the European LNG market, signaling the conclusion of the legacy Henry Hub linked contract. The timing of this new sales agreement, EG LNG&#39;s track record of reliable operations, and the plant&#39;s proximity to Europe resulted in tremendous demand and an extremely competitive process. At recent forward curve pricing, we expect to realize an approximate year-on-year EBITDA increase of over $300 million next year across our E.G. integrated gas business, reflecting our differentiated and increasing exposure to the global LNG market,&quot; stated Lee Tillman, chairman, president, and CEO.
Marathon Oil plans to issue its Q3 FY23&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/10/n35097460/marathon-oil-schedules-third-quarter-2023-earnings-release-and-conference-call" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">earnings results on November 1, 2023</a>.
Price Action: MRO shares are trading higher by 0.49% at $28.59&nbsp;premarket on the last check Tuesday.

Contracts

Marathon Oil Plans To Sell Part Of Alba Field LNG Produce To Glencore

Li-Cycle Holdings Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/licy#NYSE">LICY</a>) and&nbsp;Glencore International AG, a wholly-owned subsidiary of&nbsp;Glencore plc&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/glcnf#OTC">GLCNF</a>), have&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/23/09/b34680567/li-cycle-and-glencore-accelerate-operational-plans-for-european-recycling-hub" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">unveiled plans for a two-phase approach to the Portovesme Hub project in Sardinia, Italy</a>, to expedite the production of battery-grade lithium carbonate.
Li-Cycle is a lithium-ion battery resource recovery company, and Glencore is a producer, recycler, and marketer of nickel and cobalt.
Phase 1 is designed to process up to 11,000 tonnes of black mass annually and is expected to start operations in the first half of 2024.
The phase will help boost the recovery of lithium carbonate and strengthen Li-Cycle&#39;s first-mover advantage in Europe.&nbsp;
Phase 1 project is expected to produce up to 1,500 tonnes of lithium carbonate, as well as up to 3,000 tonnes of contained nickel and up to 500 tonnes of contained cobalt per year.
The company expects the Phase 2 facility to have 50,000 to 70,000 tonnes of black mass processing capacity, and to produce up to 16,500 tonnes of lithium carbonate, as well as up to 18,000 tonnes of contained nickel and 2,250 tonnes of contained cobalt per year.
The Portovesme Hub is being designed to be able to process all forms of lithium-ion based black mass, including lithium iron phosphate (LFP) materials.
The black mass processed at Phase 1 and Phase 2 is expected to be supplied from Li-Cycle&#39;s European Spoke recycling network and Glencore&#39;s commercial network.&nbsp;
Both phases will utilize existing infrastructure and equipment at Glencore&#39;s existing Portovesme metallurgical complex and leverage Li-Cycle&#39;s hydrometallurgical process to produce critical battery materials, including nickel, cobalt and lithium, from recycled battery content.
The full-scale Phase 2 Portovesme Hub is expected to advance to construction and begin commissioning in late 2026 to early 2027.
&quot;We are excited to accelerate our plans with Glencore to establish clean, post-processing refining capacity for recycled lithium-ion batteries in Europe,&quot; said Li-Cycle&#39;s Executive Chair and co-founder Tim Johnston.
Also Read:<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/07/33179816/li-cycle-inks-battery-recycling-mou-with-eve-energy" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">&nbsp;Li-Cycle Inks Battery Recycling MoU With EVE Energy</a>
Price Action: LICY shares are trading higher by 0.26% at $4.36 in premarket on the last check Monday.

Small Cap

General

Li-Cycle And Glencore Speed Up Plans For European Recycling Hub

PolyMet Mining Corp&nbsp;(AMEX: PLM) inked a&nbsp;<a class="editor-rtfLink" href="https://polymetmining.com/investors/news/" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">deal&nbsp;</a>with&nbsp;Glencore PLC&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/glcnf#OTC">GLCNF</a>)(OTC: <a class="ticker" href="https://www.benzinga.com/stock/glncy#OTC">GLNCY</a>) to sell its remaining 17.8% of shares for $2.11 in cash per share.
Glencore presently holds around 82.18% of PloyMet shares.
The deal represents a 167% premium over PLM&#39;s $0.79 per share price as of Friday, June 30, 2023, when the company received the binding offer from Glencore.
The transaction is expected to close shortly after the shareholder meeting in late Q3 or early Q4.
&quot;The necessary next step for advancement of the NewRange Copper Nickel joint venture and the development of strategic minerals vital to our economy&#39;s clean energy transformation. The Special Committee strived to maximize value for our Minority Shareholders in light of the uncertain permitting environment and associated judicial outcomes as well as the likely need for further substantial financing to meet the company&#39;s obligations to NewRange,&quot; said Al Hodnik, Lead Independent Director and Chair of the Independent Special Committee.
Price Action: PLM shares are trading higher by 2.96% at $2.09 on the last check Monday.

Asset Sales

PolyMet Accepts Glencore's Offer To Sell Remaining Shares

Mining giant&nbsp;Glencore plc&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/glcnf#OTC">GLCNF</a>) and automakers&nbsp;Stellantis NV&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/stla#NYSE">STLA</a>), and the battery unit of&nbsp;Volkswagen AG&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/vwagy#OTC">VWAGY</a>)&nbsp;PowerCo&nbsp;are expected to support a $1 billion mining deal in Brazil.
The Special Purpose Acquisition Company (SPAC), ACG Acquisition company, plans to acquire two mines in Brazil. The Atlantic Nickel nickel sulphide mine in Santa Rita and the Minera&ccedil;ao Vale Verde (MVV) copper mine in Serrote will be acquired on a cash- and debt-free basis from funds advised by&nbsp;Appian Capital Advisory LLP&nbsp;for an enterprise value of $1.0 billion.
The company, to be renamed ACG Electric Metals after the completion of transaction, will offer the investors exposure to long-term demand generated by the global energy transition, high-calibre management and governance.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/06/32714574/stellantis-galloo-plan-joint-venture-for-end-of-life-vehicle-recycling" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Stellantis, Galloo Plan Joint Venture For End-Of-Life Vehicle Recycling</a>
Both mines are long-life, low-cost and ranked within the first decile for carbon emissions amongst all nickel and copper producers worldwide. They have a combined 2022 Adjusted EBITDA of $260 million.
Critical minerals mined at the Brazilian sites will be refined in Europe and North America and then supplied to car manufacturers, fortifying the EV supply chain in Western countries.&nbsp;
The acquisition is supported by $100 million commitments to subscribe for ACG equity from each of Glencore, Stellantis and La Mancha, and a $100 million prepayment from PowerCo.
&quot;These high-quality mines will enable ACG&#39;s mission to be the green metals supplier of choice to western EV automakers. This acquisition establishes a solid platform for further growth and long-term shareholder value creation,&quot; said ACG CEO Artem Volynets.
Also Read:&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/markets/equities/23/05/32415957/stellantis-acquires-33-stake-in-hydrogen-mobility-firm-symbio" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Stellantis Acquires 33% Stake In Hydrogen Mobility Firm Symbio</a>
Price Action: STLA shares are trading higher by 1.60% at $16.50 in premarket on the last check Monday.

STLA

VWAGY

The Green Energy Race - Glencore, Stellantis, PowerCo To Back $1B SPAC Mining Deal In Brazil

Opinion

Press Releases

Pair of Rejected Bids Show Mining Giants Can't Easily Acquire Critical Battery Metals Assets

Nickel Prices Poised for Long-Term Rally, Canada Ripe to Benefit

CSE:FNI

FNICF

LISMF

TSX:RAMP

TSX:TECK

TSXV:LIS

TSXV:NNX

TSXV:RAMP

VALE

1. 앵글로 아메리칸(OTC:<a class="ticker" href="https://www.benzinga.com/stock/AAUKF#OTC">AAUKF</a>)이 BHP 그룹(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>)의 390억 달러의 인수 제의를 거절했다. 이로 인해 글렌코어(OTC:<a class="ticker" href="https://www.benzinga.com/stock/GLCNF#OTC">GLCNF</a>)와의 잠재적인 <a href="https://www.benzinga.com/m-a/24/05/38612588/potential-bidding-war-emerges-for-anglo-american-as-glencore-considers-offer">입찰 전쟁</a>이 일어나게 된다.
글렌코어의 관심은 남아프리카 자산 매각에 대한 BHP의 수정된 접근 방식 속에서 발생한다.
앵글로는 칠레와 페루에서 중요한 구리 매장량을 보유하고 있으며 콜라후아시(Collahuasi)에 대한 글렌코어의 지분이 흥미를 더하고 있다.
그러나 글렌코어의 69억 달러 규모의 테크 리소스(Teck Reseources) 석탄 인수와 다가오는 총선을 포함해 남아프리카공화국의 정치적 및 규제적 복잡성은 이 상황을 더 악화시킨다.
BHP는 새로운 입찰 마감일인 5월 22일을 앞두고 있다.
2. 골드 리소스(AMEX:<a class="ticker" href="https://www.benzinga.com/stock/GORO#AMEX">GORO</a>)는 멕시코 오악사카의 돈 다비드(Don David) 금광에서의 제 1분기 결산 결과와 기업 업데이트를 공표했다.
주요 성과에는 금 3,557온스, 은 216,535온스, 상당한 양의 아연, 구리 및 납의 생산 및 판매가 포함되었다.
2024년 3월 31일 기준 이 회사는 부채 없이 현금 570만 달러, 운전 자본 1,360만 달러를 보유하고 있다.
공장 생산량 감소, 회수율 감소 등의 문제는 잘 해결되었으며, 비철금속 가격은 예상보다 낮았다.
이번 분기에는 탐사 및 시추 관련 비용을 제외하고 400만 달러 또는 주당 5센트의 순손실이 기록되었다.
골드 등가 온스당 총 현금 비용은 1,667달러이며, 올인 지속 비용은 2,295달러였다.
3. 미국 상무부는 중국, 인도, 이탈리아 등 14개국 알루미늄 압출 생산업체가 미국에서 제품을 공정한 가격보다 낮은 가격에 판매했다는 예비 조사 결과를 발표했다.
미국 알루미늄 압출 생산자 연합과 다양한 노동 조합은 미국 생산자와 근로자를 보호하기 위한 이러한 조세의 부과를 지지한다.
이러한 조치는 덤핑 마진의 정확한 최종 결정을 보장하기 위한 지속적인 노력과 함께 미국 산업에 해를 끼치는 광범위한 덤핑 관행에 대응하는 데 중요하다.
트레데거(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TG#NYSE">TG</a>)의 계열사인 본넬 알루미늄(Bonnell Aluminum)은 알루미늄 압출물의 불공정한 무역 수입품에 대한 예비 덤프팅 조세 부과 판결에 만족했다.
4. 넥사 리소스(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEXA#NYSE">NEXA</a>)는 분기별 주당 15센트의 손실을 보고했는데, 이는 전년 대비 손실이 1400% 증가했다.
그럼에도 불구하고 분기 매출 5억 8천만 달러는 예상치를 1.76% 초과했지만, 전년 대비 13.08% 감소했다.
또한 이 회사는 엘뽀르베니르(El Porvenir) 광산과 바잔테(Vazante) 광산에서 두 건의 사망 사고에 직면했다.
약한 시장 여건과 원자재 가격 변동 등의 어려움 속에서도 넥사는 우리푸낭(Aripuanã) 증설 및 세로 파스코(Cerro Pasco) 통합 프로젝트와 같은 주요 프로젝트를 계속해서 추진했다. 이로 인해 단지의 광물 매장량은 59% 증가하고 전체 광물 매장량은 전년 대비 10% 증가하여 총 1억 1천만 톤에 달한다.
벤징가 마이닝은 채굴 기업과 소매 투자자 사이의 연결고리입니다. <a href="https://www.benzinga.com/">licensing@benzinga.com</a> 으로 연락하여 벤징가 커뮤니티와 관계를 맺어 보십시오. 
사진: 셔터스톡

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