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Key Insights

Freeport-McMoRan's estimated fair value is US$94.42 based on 2 Stage Free Cash Flow to Equity
Freeport-McMoRan is estimated to be 45% undervalued based on current share price of US$51.51
The US$55.24 analyst price target for FCX is 41% less than our estimate of fair value

Today we will run through one way of estimating the intrinsic value of Freeport-McMoRan Inc. (NYSE:FCX) by taking the expected future cash flows and discounting them to today's value. We will take advantage of the Discounted Cash Flow (DCF) model for this purpose. There's really not all that much to it, even though it might appear quite complex.

We would caution that there are many ways of valuing a company and, like the DCF, each technique has advantages and disadvantages in certain scenarios. If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in the Simply Wall St analysis model.

Check out our latest analysis for Freeport-McMoRan

The Calculation

We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows. Generally the first stage is higher growth, and the second stage is a lower growth phase. In the first stage we need to estimate the cash flows to the business over the next ten years. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.

A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we discount the value of these future cash flows to their estimated value in today's dollars:

10-year free cash flow (FCF) forecast

	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034
Levered FCF ($, Millions)	US$4.03b	US$5.85b	US$6.27b	US$7.08b	US$7.68b	US$8.20b	US$8.64b	US$9.03b	US$9.38b	US$9.70b
Growth Rate Estimate Source	Analyst x6	Analyst x4	Analyst x1	Analyst x1	Est @ 8.54%	Est @ 6.69%	Est @ 5.40%	Est @ 4.49%	Est @ 3.86%	Est @ 3.42%
Present Value ($, Millions) Discounted @ 7.8%	US$3.7k	US$5.0k	US$5.0k	US$5.2k	US$5.3k	US$5.2k	US$5.1k	US$5.0k	US$4.8k	US$4.6k

("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF) = US$49b

We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 5-year average of the 10-year government bond yield of 2.4%. We discount the terminal cash flows to today's value at a cost of equity of 7.8%.

Terminal Value (TV)= FCF2034 × (1 + g) ÷ (r – g) = US$9.7b× (1 + 2.4%) ÷ (7.8%– 2.4%) = US$184b

Present Value of Terminal Value (PVTV)= TV / (1 + r)10= US$184b÷ ( 1 + 7.8%)10= US$87b

The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is US$136b. In the final step we divide the equity value by the number of shares outstanding. Compared to the current share price of US$51.5, the company appears quite good value at a 45% discount to where the stock price trades currently. Valuations are imprecise instruments though, rather like a telescope – move a few degrees and end up in a different galaxy. Do keep this in mind.

dcfThe Assumptions

We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows. Part of investing is coming up with your own evaluation of a company's future performance, so try the calculation yourself and check your own assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Freeport-McMoRan as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 7.8%, which is based on a levered beta of 1.176. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.

SWOT Analysis for Freeport-McMoRan

Strength

Debt is not viewed as a risk.

Weakness

Earnings declined over the past year.

Dividend is low compared to the top 25% of dividend payers in the Metals and Mining market.

Opportunity

Annual earnings are forecast to grow faster than the American market.

Trading below our estimate of fair value by more than 20%.

Threat

Annual revenue is forecast to grow slower than the American market.

Looking Ahead:

Whilst important, the DCF calculation shouldn't be the only metric you look at when researching a company. It's not possible to obtain a foolproof valuation with a DCF model. Rather it should be seen as a guide to "what assumptions need to be true for this stock to be under/overvalued?" For instance, if the terminal value growth rate is adjusted slightly, it can dramatically alter the overall result. What is the reason for the share price sitting below the intrinsic value? For Freeport-McMoRan, we've compiled three essential factors you should further research:

Risks: For example, we've discovered 2 warning signs for Freeport-McMoRan that you should be aware of before investing here.

Future Earnings: How does FCX's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart.

Other Solid Businesses: Low debt, high returns on equity and good past performance are fundamental to a strong business. Why not explore our interactive list of stocks with solid business fundamentals to see if there are other companies you may not have considered!

PS. Simply Wall St updates its DCF calculation for every American stock every day, so if you want to find the intrinsic value of any other stock just search here.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

(Bloomberg) — BHP Group Ltd. will close its loss-making nickel business in Australia until at least early 2027, after a global glut of the metal spread havoc through the market.

Most Read from Bloomberg

The company will place its Nickel West business on “care and maintenance” from October due to low prices of the metal used in electric-vehicle batteries, it said in a statement Thursday. It will also halt the development of its West Musgrave nickel mine.

BHP plans to spend A$450 million ($304 million) a year to support a potential restart should market conditions and the outlook for nickel improve.

Nickel prices have crashed in recent years as new, low-cost production from Indonesia floods the global market. Benchmark futures on the London Metal Exchange have slumped about 20% since hitting a peak in May, when several mine closures prompted a bump higher. LME nickel traded around $16,960 a ton on Thursday.

The overall price slump has damaged prospects for established producers. Anglo American Plc is the process of looking to either sell or shut its nickel unit, while Glencore has moved to halt operations on the islands of New Caledonia.

Traditionally, nickel has been split into two categories: low grade for making stainless steel, and high grade for batteries. A huge Indonesian expansion of low-grade production led to a surplus, and — crucially — processing innovations have allowed that glut to be refined into a high-quality product.

That upended long-held views on the commodity by many in the industry. BHP previously sought to make nickel a key pillar of its pivot away from fossil fuels.

Market Outlook

BHP and other Australian producers have historically been major suppliers of the forms of refined nickel that underpin prices on the LME. The country accounted for 72% of the nickel in the exchange’s warehousing network in January 2023.

By June this year that share had slipped to 29%, with a steady stream of deliveries of Russian and Chinese metal helping to fuel to a 45% decline in prices over the period. The market is now bracing for a further wave of deliveries from newly built metal refineries in Indonesia that could drag prices lower still.

BHP said Thursday it has a constructive view of nickel from 2030 onwards as demand continues to grow, though it will need to see a sustainable deficit in the market before restarting operations.

The suspension comes after BHP in February announced a $3.5 billion impairment to the Nickel West asset and launched a strategic review. BHP’s Australian nickel business includes open-cut and underground mines, concentrators, and a smelter in Kalgoorlie. It also includes a refinery in Kwinana as well as the West Musgrave project it inherited when it bought Oz Minerals Ltd. last year.

(Updates with LME nickel prices in fourth paragraph.)

Most Read from Bloomberg Businessweek

MELBOURNE (Reuters) — Australia's BHP Group will temporarily suspend its Nickel West operations and West Musgrave project from October, the miner said on Thursday, as it reels from a plunge in metal prices and an oversupply in the global market.

The world's largest listed miner intends to review its decision to temporarily suspend its Western Australia nickel operations by February 2027.

"We have not been able to overcome the substantial economic challenges driven by a global oversupply of nickel," said Geraldine Slattery, BHP's Australia president.

BHP will invest around $300 million every year after a transition period to support a possible re-start of the nickel business.

Nickel prices have recovered from three year lows below $16,000 touched at the start of the year, but they are still down by more than a quarter from year ago levels.

Global nickel producers have been squeezed by Indonesia's emergence as a supply powerhouse and by the move away from using nickel in batteries, which have contributed to a 40% price slump in the metal over the past year to around $16,800 a metric ton.

A tonne of nickel powder made by BHP Group sits in a warehouse at its Nickel West division, south of Perth

Australia has been trying to develop a processing industry to add value to mineral resources like copper, nickel and rare earths that are key to the transition away from fossil fuels, including moving downstream into battery chemicals production.

But producers are facing structural issues such as low prices and high construction and labour costs.

Australian battery metals producer IGO also said on Thursday it has paused a study to develop a plant to make precursor materials for battery chemicals amid low nickel prices.

BHP will release its quarterly production report next Wednesday.

(Reporting by Melanie Burton in Melbourne and Rishav Chatterjee in Bengaluru; Editing by Subhranshu Sahu and Keith Weir)

The latest trading session saw Southern Copper (SCCO) ending at $114.59, denoting a -1.5% adjustment from its last day's close. The stock trailed the S&P 500, which registered a daily loss of 0.88%. Meanwhile, the Dow gained 0.08%, and the Nasdaq, a tech-heavy index, lost 1.95%.

Prior to today's trading, shares of the miner had gained 7.65% over the past month. This has outpaced the Basic Materials sector's loss of 2.77% and the S&P 500's gain of 5.11% in that time.

The investment community will be paying close attention to the earnings performance of Southern Copper in its upcoming release. On that day, Southern Copper is projected to report earnings of $1.16 per share, which would represent year-over-year growth of 65.71%. Meanwhile, our latest consensus estimate is calling for revenue of $2.93 billion, up 27.14% from the prior-year quarter.

SCCO's full-year Zacks Consensus Estimates are calling for earnings of $4.33 per share and revenue of $11.46 billion. These results would represent year-over-year changes of +39.23% and +15.77%, respectively.

Investors might also notice recent changes to analyst estimates for Southern Copper. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 5.43% upward. Southern Copper is currently a Zacks Rank #2 (Buy).

In terms of valuation, Southern Copper is presently being traded at a Forward P/E ratio of 26.87. Its industry sports an average Forward P/E of 16.12, so one might conclude that Southern Copper is trading at a premium comparatively.

Meanwhile, SCCO's PEG ratio is currently 1.18. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. The Mining – Non Ferrous industry had an average PEG ratio of 0.79 as trading concluded yesterday.

The Mining – Non Ferrous industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 66, finds itself in the top 27% echelons of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow SCCO in the coming trading sessions, be sure to utilize Zacks.com.

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Southern Copper Corporation (SCCO) : Free Stock Analysis Report

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Zacks Investment Research

Teck Resources Ltd

VANCOUVER, British Columbia, July 11, 2024 (GLOBE NEWSWIRE) — Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) today announced that it has completed the sale of its remaining 77% interest in the steelmaking coal business to Glencore plc. Teck received total cash proceeds of US$7.3 billion, subject to customary closing adjustments.

About TeckTeck is a leading Canadian resource company focused on responsibly providing metals essential to economic development and the energy transition. Teck has a portfolio of world-class copper and zinc operations across North and South America and an industry-leading copper growth pipeline. We are focused on creating value by advancing responsible growth and ensuring resilience built on a foundation of stakeholder trust. Headquartered in Vancouver, Canada, Teck’s shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.

Investor Contact:Fraser PhillipsSenior Vice President, Investor Relations & Strategic Analysis604.699.4621fraser.phillips@teck.com

Media Contact:Dale SteevesDirector, Stakeholder Relations236.987.7405 dale.steeves@teck.com

The analysts covering Teck Resources Limited (TSE:TECK.B) delivered a dose of negativity to shareholders today, by making a substantial revision to their statutory forecasts for this year. Both revenue and earnings per share (EPS) forecasts went under the knife, suggesting analysts have soured majorly on the business.

Following the downgrade, the consensus from 14 analysts covering Teck Resources is for revenues of CA$14b in 2024, implying a noticeable 6.3% decline in sales compared to the last 12 months. Statutory earnings per share are anticipated to fall 16% to CA$2.60 in the same period. Before this latest update, the analysts had been forecasting revenues of CA$17b and earnings per share (EPS) of CA$3.68 in 2024. Indeed, we can see that the analysts are a lot more bearish about Teck Resources' prospects, administering a measurable cut to revenue estimates and slashing their EPS estimates to boot.

See our latest analysis for Teck Resources

earnings-and-revenue-growth

Analysts made no major changes to their price target of CA$74.24, suggesting the downgrades are not expected to have a long-term impact on Teck Resources' valuation.

Taking a look at the bigger picture now, one of the ways we can understand these forecasts is to see how they compare to both past performance and industry growth estimates. We would highlight that sales are expected to reverse, with a forecast 8.4% annualised revenue decline to the end of 2024. That is a notable change from historical growth of 8.9% over the last five years. Compare this with our data, which suggests that other companies in the same industry are, in aggregate, expected to see their revenue grow 15% per year. It's pretty clear that Teck Resources' revenues are expected to perform substantially worse than the wider industry.

The Bottom Line

The biggest issue in the new estimates is that analysts have reduced their earnings per share estimates, suggesting business headwinds lay ahead for Teck Resources. Unfortunately analysts also downgraded their revenue estimates, and industry data suggests that Teck Resources' revenues are expected to grow slower than the wider market. The lack of change in the price target is puzzling in light of the downgrade but, with a serious decline expected this year, we wouldn't be surprised if investors were a bit wary of Teck Resources.

So things certainly aren't looking great, and you should also know that we've spotted some potential warning signs with Teck Resources, including recent substantial insider selling. For more information, you can click here to discover this and the 2 other warning signs we've identified.

Of course, seeing company management invest large sums of money in a stock can be just as useful as knowing whether analysts are downgrading their estimates. So you may also wish to search this free list of stocks with high insider ownership.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

The most recent trading session ended with Freeport-McMoRan (FCX) standing at $51.51, reflecting a -0.16% shift from the previouse trading day's closing. The stock exceeded the S&P 500, which registered a loss of 0.88% for the day. Meanwhile, the Dow experienced a rise of 0.08%, and the technology-dominated Nasdaq saw a decrease of 1.95%.

The the stock of mining company has risen by 4.86% in the past month, leading the Basic Materials sector's loss of 2.77% and undershooting the S&P 500's gain of 5.11%.

The investment community will be paying close attention to the earnings performance of Freeport-McMoRan in its upcoming release. The company is slated to reveal its earnings on July 23, 2024. The company's earnings per share (EPS) are projected to be $0.40, reflecting a 14.29% increase from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $6.22 billion, indicating an 8.4% increase compared to the same quarter of the previous year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $1.69 per share and a revenue of $25.31 billion, representing changes of +9.74% and +10.75%, respectively, from the prior year.

Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Freeport-McMoRan. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 1.19% fall in the Zacks Consensus EPS estimate. Freeport-McMoRan is holding a Zacks Rank of #3 (Hold) right now.

In the context of valuation, Freeport-McMoRan is at present trading with a Forward P/E ratio of 30.5. This denotes a premium relative to the industry's average Forward P/E of 16.12.

Meanwhile, FCX's PEG ratio is currently 2.15. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. By the end of yesterday's trading, the Mining – Non Ferrous industry had an average PEG ratio of 0.79.

The Mining – Non Ferrous industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 66, finds itself in the top 27% echelons of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

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Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report

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Zacks Investment Research

Antofagasta's (LON:ANTO) stock up by 1.5% over the past week. Since the market usually pay for a company’s long-term financial health, we decided to study the company’s fundamentals to see if they could be influencing the market. In this article, we decided to focus on Antofagasta's ROE.

ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. Put another way, it reveals the company's success at turning shareholder investments into profits.

Check out our latest analysis for Antofagasta

How Do You Calculate Return On Equity?

Return on equity can be calculated by using the formula:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

So, based on the above formula, the ROE for Antofagasta is:

11% = US$1.3b ÷ US$12b (Based on the trailing twelve months to December 2023).

The 'return' is the profit over the last twelve months. That means that for every £1 worth of shareholders' equity, the company generated £0.11 in profit.

Why Is ROE Important For Earnings Growth?

So far, we've learned that ROE is a measure of a company's profitability. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.

Antofagasta's Earnings Growth And 11% ROE

To begin with, Antofagasta seems to have a respectable ROE. And on comparing with the industry, we found that the the average industry ROE is similar at 9.5%. This certainly adds some context to Antofagasta's exceptional 23% net income growth seen over the past five years. We reckon that there could also be other factors at play here. Such as – high earnings retention or an efficient management in place.

We then compared Antofagasta's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 13% in the same 5-year period.

past-earnings-growth

Earnings growth is a huge factor in stock valuation. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Antofagasta is trading on a high P/E or a low P/E, relative to its industry.

Is Antofagasta Efficiently Re-investing Its Profits?

Antofagasta has a significant three-year median payout ratio of 73%, meaning the company only retains 27% of its income. This implies that the company has been able to achieve high earnings growth despite returning most of its profits to shareholders.

Moreover, Antofagasta is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Our latest analyst data shows that the future payout ratio of the company is expected to drop to 42% over the next three years. Regardless, the ROE is not expected to change much for the company despite the lower expected payout ratio.

Conclusion

Overall, we are quite pleased with Antofagasta's performance. We are particularly impressed by the considerable earnings growth posted by the company, which was likely backed by its high ROE. While the company is paying out most of its earnings as dividends, it has been able to grow its earnings in spite of it, so that's probably a good sign. That being so, a study of the latest analyst forecasts show that the company is expected to see a slowdown in its future earnings growth. Are these analysts expectations based on the broad expectations for the industry, or on the company's fundamentals? Click here to be taken to our analyst's forecasts page for the company.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Alphamin Resources Corp.

GRAND BAIE, MAURITIUS, July 10, 2024 (GLOBE NEWSWIRE) — Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX)( “Alphamin” or the “Company”), is pleased to provide the following update for the quarter ended June 2024:

Record tin production of 4,027 tonnes, up 28% from the prior quarter
Tin sales of 3,245 tonnes, with increased tin stocks from the expansion expected to clear in Q3
EBITDA3 guidance of US$54,2m, up 4% from the prior quarter

Operational and Financial Summary for the Quarter ended June 20241

__________________________________________________________________________________________

1Information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information relates. Tin production includes tin produced at Mpama South since 14 May 2024. 2Q2 2024 EBITDA and AISC represent management’s guidance. 3This is not a standardized financial measure and may not be comparable to similar financial measures of other issuers.See “Use of Non-IFRS Financial Measures” below for the composition and calculation of this financial measure.

Operational and Financial Performance

The new Mpama South processing facility has been producing tin concentrate to sales specification since 14 May 2024 and achieved commercial production on 17 May 2024. Accordingly, AISC and EBITDA includes Mpama South from 17 May 2024. Tin sales lagged production resulting in a limited contribution from the expansion to EBITDA during the quarter. AISC guidance of US$15,576/t is inclusive of the incremental Mpama South production costs – the quarter-on-quarter increase in AISC is as a result of the impact of the higher tin price on royalties, export charges, net smelter returns and marketing fees.

Contained tin production of 4,027 tonnes for the quarter ended June 2024 was 28% above the prior period. This increase is a result of the Mpama South expansion. With only half of the quarter benefiting from the expansion, we expect Q3 to deliver a further increase in tin production.

Due to the expansion from mid-May 2024, ore processed increased by 52% to 166,675 tonnes and the tin grade of the feed ore reduced to 3,2%. This is in line with expectations as the expansion targets a doubling of processing volumes and a reduction in the overall tin grade to ~3%.

The Mpama South facility was originally targeted to produce at a metallurgical recovery of 70% on the basis of a 2% tin feed grade, which should result in a combined recovery of ~73% going forward. The new plant outperformed during Q2 and achieved recoveries in excess of 70% at an average feed grade of 2,2%.

Tin sales decreased by 21% to 3,245 tonnes – the comparative quarter recorded exceptionally high sales volumes as the quarter cleared the backlog from low Q4 2023 sales due to poor road conditions. The current quarter’s delay in tin sales should clear during Q3 2024.

EBITDA for Q2 2024 is estimated at US$54,2m (Q1 2024: US$52,1m). The EBITDA variance compared to the prior quarter was impacted by a 21% reduction in tin sales volumes and benefited from a positive tin price variance of 20%. The additional tin production from the expansion should translate into higher sales volumes from Q3 2024 and accordingly contribute to EBITDA. The lag in tin sales compared to production in Q2 2024 impacted EBITDA by approximately US$15m.

Alphamin’s unaudited consolidated financial statements and accompanying Management’s Discussion and Analysis for the quarter ended 30 June 2024 are expected to be released on or about 23 August 2024.

Qualified Person

Mr. Clive Brown, Pr. Eng., B.Sc. Engineering (Mining), is a qualified person (QP) as defined in National Instrument 43-101 and has reviewed and approved the scientific and technical information contained in this news release. He is a Principal Consultant and Director of Bara Consulting Pty Limited, an independent technical consultant to the Company._________________________________________________________________________________________

FOR MORE INFORMATION, PLEASE CONTACT:

Maritz Smith CEO Alphamin Resources Corp. Tel: +230 269 4166E-mail: msmith@alphaminresources.com

CAUTION REGARDING FORWARD LOOKING STATEMENTS

Information in this news release that is not a statement of historical fact constitutes forward-looking information. Forward-looking statements contained herein include, without limitation, statements relating to EBITDA and AISC guidance for Q2 2024; timing regarding the clearance of the backlog in tin sales; expectations regarding Mpama South plant recoveries and expectations regarding a further increase in tin production in Q3 2024; expectations regarding an increase to processing volumes and a reduction in the tin grade processed. Forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Although Alphamin has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to: ongoing processing recoveries at the Mpama South plant and the availability of ore at expected quantities and grades, uncertainties regarding global supply and demand for tin and market and sales prices, uncertainties with respect to social, community and environmental impacts, uninterupted access to required infrastructure and third party service providers, uncertainties regarding the state of inbound and outbound roads and truck availabilities, adverse political events and risks of security related incidents which may impact the operation or safety of its people, uncertainties regarding the legislative requirements in the Democratic Republic of the Congo which may result in unexpected fines and penalties or the ability to continue with normal operations, impacts of the global Covid-19 pandemic or other health crises on mining operations and commodity prices as well as those risk factors set out in the Company’s annual Management Discussion and Analysis and other disclosure documents available under the Company’s profile at www.sedarplus.ca. Forward-looking statements contained herein are made as of the date of this news release and Alphamin disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

USE OF NON-IFRS FINANCIAL PERFORMANCE MEASURES

This announcement refers to the following non-IFRS financial performance measures:

EBITDA

EBITDA is profit before net finance expense, income taxes and depreciation, depletion, and amortization. EBITDA provides insight into our overall business performance (a combination of cost management and growth) and is the corresponding flow driver towards the objective of achieving industry-leading returns. This measure assists readers in understanding the ongoing cash generating potential of the business including liquidity to fund working capital, servicing debt, and funding capital expenditures and investment opportunities.

This measure is not recognized under IFRS as it does not have any standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers. EBITDA data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

CASH COSTS

This measures the cash costs to produce and sell a tonne of contained tin. This measure includes mine operating production expenses such as mining, processing, administration, indirect charges (including surface maintenance and camp and head office costs), and smelting, refining and freight, distribution and royalties. Cash Costs do not include depreciation, depletion, and amortization, reclamation expenses, capital sustaining, borrowing costs and exploration expenses. On mine costs, exclusive of stock movement, are calculated on a cost per tonne produced basis, off mine costs are calculated on a cost per tonne sold basis.

AISC

This measures the cash costs to produce and sell a tonne of contained tin plus the capital sustaining costs to maintain the mine, processing plant and infrastructure. This measure includes the Cash Cost per tonne and capital sustaining costs together divided by tonnes of contained tin produced. All-In Sustaining Cost per tonne does not include depreciation, depletion, and amortization, reclamation, borrowing costs, foreign exchange gains and losses, exploration expenses and expansion capital expenditures.

Sustaining capital expenditures are defined as those expenditures which do not increase payable mineral production at a mine site and excludes all expenditures at the Company’s projects and certain expenditures at the Company’s operating sites which are deemed expansionary in nature.

For Immediate Release

Chicago, IL – July 10, 2024 – Today, Zacks Equity Research discusses Southern Copper Corp. SCCO, Freeport-McMoRan Inc. FCX, Lundin Mining LUNMF, Coeur Mining CDE and Ero Copper ERO.

Industry: Mining – Non-Ferrous

Link: https://www.zacks.com/commentary/2298570/5-non-ferrous-metal-mining-stocks-to-watch-in-a-promising-industry

We suggest keeping a close eye on companies like Southern Copper Corp., Freeport-McMoRan Inc., Lundin Mining, Coeur Mining and Ero Copper. These companies are strategically focused on building reserves, technological investments, cost control and enhancing production efficiency, positioning them well to capitalize on the industry's growth potential.

About the Industry

Mining is a long, complex and capital-intensive process. Significant exploration and development to evaluate the size of the deposit, followed by the assessment of ways to extract and process ore efficiently, safely and responsibly, precede the actual mining operations. Miners continuously seek opportunities to grow their reserves and resources through targeted near-mine exploration and business development. They strive to upgrade and improve the quality of their existing assets internally and through acquisitions.

What's Shaping the Future of the Mining – Non Ferrous Industry?

Backed by these factors, silver prices are currently around $31 an ounce, yielding a 29.7% year-to-date gain. Silver prices have also gained support on expectations that China will unveil more stimulus measures and demand from the solar panel sector. Uranium prices are currently at $86 per pound, the highest in two weeks, amid robust demand and tight supply. The United States and 20 other countries intend to triple their nuclear power by 2050.

Meanwhile, investors continue to assess the impacts of the U.S. ban on Russian nuclear fuel imports may have on the global supply chains. Overall, industry players are dealing with depleting resources, declining supply in old mines and a lack of new mines. Development projects are inherently risky and capital-intensive. While demand has been strong, there will be an eventual deficit in metal supply, leading to a situation that will bolster metal prices. This, in turn, will favor the industry in the long haul.

Efforts Underway to Sustain Margins Amid High Costs: The industry has been facing a shortage of skilled workforce lately, which has hiked wages. Industry players have also been grappling with escalating production costs, including electricity, water and materials, as well as higher freight expenses and supply-chain issues. Since the industry cannot control the prices of its products, it focuses on improving sales volumes, increasing operating cash flows and lowering unit net cash costs. Industry participants are opting for alternative energy sources to minimize fuel-price volatility and secure supply. Miners are now committed to cost-reduction strategies and digital innovation to drive operating efficiencies.

Strong Demand to Support Industry: The demand for non-ferrous metals will remain high in the future, given their wide use in primary sectors, including transportation, electricity, construction, telecommunication, energy and information technology. The demand for electric vehicles and renewable energy is expected to be a significant growth driver for metals like copper and nickel in the years to come. The plan to overhaul and upgrade the nation’s infrastructure, and promote green policies, per the U.S. Infrastructure Investment and Jobs Act, will also require a massive amount of non-ferrous metals.

Zacks Industry Rank Indicates Bright Prospects

Looking at the aggregate earnings estimate revisions, it appears that analysts are gradually gaining confidence in this group’s earnings growth potential. Since the beginning of this year, the industry’s earnings estimates for the current year have been revised upward by 15%.

Before we present a few stocks that you may want to consider for your portfolio, let us look at the industry’s recent stock-market performance and its valuation picture.

Industry Versus S&P 500 & Sector

The Zacks Mining- Non Ferrous Industry has outperformed its sector and the Zacks S&P 500 composite over the past 12 months. The stocks in this industry have collectively gained 45.4% in the past year compared with the Zacks Basic Materials sector’s rise of 3.4%. The S&P 500 has grown 27.7% in the said time frame.

Industry's Current Valuation

Based on the forward 12-month EV/EBITDA ratio, a commonly used multiple for valuing Mining- Non Ferrous stocks, we see that the industry is currently trading at 7.8X compared with the S&P 500’s 15.11X. The Basic Materials sector’s trailing 12-month EV/EBITDA is at 7.03X.

Over the last five years, the industry traded as high as 9.36X and as low as 3.35X, the median being 6.57X.

5 Mining – Non Ferrous Stocks to Keep a Tab on

Copper production from the Tucumã Operations is anticipated between 17,000 and 25,000 tons in the second half of 2024. For 2025, production is projected at 53,000-58,000, marking Tucumã’s first full year of production. The Caraíba mill expansion, which is expected to increase mill throughput capacity from 3.2 million tons per year to 4.2 million tons per year, was completed in December 2023.

The Xavantina operations achieved record gold production in the first quarter of 2024, driven by favorable grade reconciliations that have continued into the second quarter. Backed by this, ERO raised its guidance for 2024 gold production to 60,000-65,000 ounces from the prior stated 55,000-60,000 ounces. ERO is on track to double copper production to more than 100,000 tons in 2025. ERO shares have gained 41% in the past six months.

The Zacks Consensus Estimate for the Vancouver, Canada-based company’s fiscal 2024 earnings indicates year-over-year growth of 95.4%. The estimate has moved up 9% in the past 90 days. The company has a trailing four-quarter earnings surprise of 53.9%, on average. ERO currently sports a Zacks Rank #1 (Strong Buy).

You can see the complete list of today’s Zacks #1 Rank stocks here.

While maintaining a focus on growth plans and capital allocation, the company is committed to optimizing assets and operational efficiencies to drive down costs. Exploration efforts, with a $48-million budget for 2024, include drilling campaigns at Caserones, Josemaria, Chapada and Zinkgruvan, targeting various high-potential areas and extensions to existing deposits. LUNMF shares have gained 45.7% in the past six months.

The Zacks Consensus Estimate for Vancouver, Canada-based LUNMF’s fiscal 2024 earnings suggests a year-over-year improvement of 91%. The consensus estimate has moved up 42% in the past 90 days. It has a long-term estimated earnings growth rate of 48.1%. The company currently carries a Zacks Rank #2 (Buy).

The company’s capital investment program for this decade exceeds $15 billion and includes investments at the Buenavista Zinc, Pilares, El Pilar and El Arco projects in Mexico, and the Tia Maria, Los Chancas and Michiquillay projects in Peru. Given its constant commitment to increasing low-cost production and growth investments, the company is well-poised to continue delivering an enhanced performance. SCCO shares gained 41.3% in the last six months.

The Zacks Consensus Estimate for the Phoenix, AZ-based company’s fiscal 2024 earnings suggests year-over-year growth of 39%. The estimate has moved up 26% over the past 90 days. SCCO has a long-term estimated earnings growth rate of 22.8%. The company currently carries a Zacks Rank #2.

Production from Safford/Lone Star is approaching 300 million pounds of copper annually, ahead of the initial plan to produce more than 200 million pounds per year. FCX is ramping up underground production at Grasberg in Indonesia, increasing milling rates. It is on track with its smelter projects in Indonesia (the Manyar smelter and precious metals refinery projects) and achieved a 92% completion milestone at the end of the first quarter of 2024.

PT-FI completed a project to install additional milling facilities in December 2023 that would increase its milling capacity to roughly 240,000 metric tons of ore per day. The company’s focus on cost management and lowering debt levels is commendable. FCX shares have gained 23.8% in the past six months.

The Zacks Consensus Estimate for the company’s earnings for fiscal 2024 has moved up 3.6% over the past 60 days. The estimate indicates year-over-year growth of 11.7%. FCX has a trailing four-quarter earnings surprise of 23.5%, on average. It has a long-term estimated earnings growth rate of 14.2%. The Phoenix, AZ-based company currently carries a Zacks Rank #3 (Hold).

Once fully operational, throughput levels are estimated to be 2.5 times higher than in the past, making Rochester one of the world's largest open-pit heap leach operations. It is expected to be America's largest source of domestically produced and processed silver and will be a key driver of CDE's cash flow growth.

In June, the company reported results from its multi-year exploration drilling and development program at the Kensington underground gold mine, which is encouraging with high grades and wide intercepts encountered in Elmira South, and Upper and Lower Kensington. The findings affirm that the project is well-positioned for a return to a sustained period of free cash flow generation and to be an important contributor to Coeur’s U.S.-centric portfolio of long-lived mines in North America. Backed by these developments, the company’s shares have gained 139% in the past six months.

This Chicago, IL-based company explores, develops and produces gold, silver, zinc and lead properties, with five operations in the United States, Mexico and Canada. The Zacks Consensus Estimate for CDE’s fiscal 2024 earnings suggests a year-over-year improvement of 134.8%. The consensus estimate has moved up to an earnings per share of 8 cents from the expected loss of 5 cents 90 days ago. The company currently carries a Zacks Rank #3.

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.

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Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report

Southern Copper Corporation (SCCO) : Free Stock Analysis Report

Coeur Mining, Inc. (CDE) : Free Stock Analysis Report

Lundin Mining Corp. (LUNMF) : Free Stock Analysis Report

Ero Copper Corp. (ERO) : Free Stock Analysis Report

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Zacks Investment Research

Lundin Mining logo (CNW Group/Lundin Mining Corporation)

VANCOUVER, BC, July 10, 2024 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce the publication of its 2023 Sustainability Report (the "Report") which highlights the Company's material environment, health & safety, governance and social performance during the year.

Jack Lundin, President and CEO, commented "We are pleased to present our annual Sustainability Report, which highlights Lundin Mining's commitment to responsible and sustainable practices within the mineral resource industry. This report is integral to our Company's overall strategy for disciplined growth in the copper and base metals sector. Each year, we invest considerable effort into enhancing this document and demonstrating how we are improving the quality of our mining operations through important initiatives such as enhanced safety management standards, emissions reductions, and following best practices on tailings management across our global sites."

Since 2010, Lundin Mining has reported on the environmental, health & safety, governance and social issues that are of greatest interest to communities near its operations, employees, investors and other stakeholders in a comprehensive, stand-alone document. The 2023 Sustainability Report has been prepared in accordance with the Global Reporting Initiative ("GRI") Standards. The Report is available on Lundin Mining's website (lundinmining.com).

2023 Highlights Include:

Candelaria and Caserones, our two largest operations, achieved certification to The Copper Mark™ standard, the leading global assurance framework for social and environmental responsibility in the copper industry.
The Company advanced key greenhouse gas ("GHG") emission reduction initiatives, including Candelaria signing a new power purchase agreement ("PPA") where 80% of its electricity supply will come from renewable sources.
Scope 2 emissions reductions were further advanced by Caserones' and Zinkgruvan's investments in a 100%-renewable electricity supply, supported by an I-REC certificate and a Guarantee of Origin.
As of 2023, the active tailings facilities at Candelaria and Chapada fully conform to the Global Industry Standard on Tailings Management ("GISTM"). Neves-Corvo achieved 98% conformance in 2023. We are progressing toward full conformance at Neves-Corvo and the two active tailings facilities at our recently acquired Caserones Mine in 2024. Our active tailings facilities at Eagle and Zinkgruvan, which are classified as lower-consequence facilities, will conform with the GISTM in 2025, along with all other applicable inactive or closed facilities.
Direct community investments across our corporate and sites totalled approximately $6.1 million in 2023. These investments supported education, health, culture, community development and small business development.
Excellent safety performance with a Total Recordable Incident Frequency rate ("TRIF") of 0.43, a Company record. In addition, our All-Injury Frequency ("AIF") rate improved to 1.56, while the Lost Time Injury Frequency ("LTIF") also improved to 0.30.
The Visible Felt Leadership program provided opportunities for coaching and recorded 21,768 interactions across Lundin Mining.
Board composition exceeded targets with 37.5% of directors identified as visible minorities.
Transitioned to a new whistleblower management system, with better reporting practices, enabling the Company to address issues more effectively and implement meaningful changes.
Commenced the development of our Human Rights Guideline and finalized Candelaria human rights impact assessment.

Lundin Mining has filed its 2023 ESTMA Report and 2024 Modern Slavery Report which can be found on the Company's website (lundinmining.com).

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with operations and projects in Argentina, Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel.

The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on July 10, 2024 at 14:30 Pacific Time.

Cautionary Statement on Forward-Looking Information

Certain of the statements made and information contained herein is "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates, and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's integration of acquisitions and any anticipated benefits thereof; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking statements.

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, nickel, zinc, gold and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: global financial conditions, market volatility and inflation, including pricing and availability of key supplies and services; risks inherent in mining including but not limited to risks to the environment, industrial accidents, catastrophic equipment failures, unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; volatility and fluctuations in metal and commodity demand and prices; significant reliance on assets in Chile; reputation risks related to negative publicity with respect to the Company or the mining industry in general; delays or the inability to obtain, retain or comply with permits; risks relating to the development of the Josemaria Project; health and safety laws and regulations; risks associated with climate change; risks relating to indebtedness; economic, political and social instability and mining regime changes in the Company's operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; inability to attract and retain highly skilled employees; risks inherent in and/or associated with operating in foreign countries and emerging markets, including with respect to foreign exchange and capital controls; project financing risks, liquidity risks and limited financial resources; health and safety risks; compliance with environmental, unavailable or inaccessible infrastructure, infrastructure failures, and risks related to ageing infrastructure; changing taxation regimes; the inability to effectively compete in the industry; risks associated with acquisitions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time on integration; risks related to mine closure activities, reclamation obligations, environmental liabilities and closed and historical sites; reliance on key personnel and reporting and oversight systems, as well as third parties and consultants in foreign jurisdictions; information technology and cybersecurity risks; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade and continuity of mineral deposits including but not limited to models relating thereto; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore processing efficiency; community and stakeholder opposition; regulatory investigations, enforcement, sanctions and/or related or other litigation; financial projections, including estimates of future expenditures and cash costs, and estimates of future production may not be reliable; enforcing legal rights in foreign jurisdictions; risks associated with the use of derivatives; risks relating to joint ventures and operations; environmental and regulatory risks associated with the structural stability of waste rock dumps or tailings storage facilities; exchange rate fluctuations; compliance with foreign laws; potential for the allegation of fraud and corruption involving the Company, its customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; risks relating to dilution; risks relating to payment of dividends; counterparty and customer concentration risks; activist shareholders and proxy solicitation matters; estimation of asset carrying values; relationships with employees and contractors, and the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; conflicts of interest; existence of significant shareholders; challenges or defects in title; internal controls; risks relating to minor elements contained in concentrate products; the threat associated with outbreaks of viruses and infectious diseases; and other risks and uncertainties, including but not limited to those described in the "Managing Risks" section of the Company's MD&A and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2023, which are available on SEDAR+ at www.sedarplus.com under the Company's profile.

All of the forward-looking statements made in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecast or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.

Lundin Mining Publishes 2023 Sustainability Report (CNW Group/Lundin Mining Corporation)

SOURCE Lundin Mining Corporation

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2024/10/c5576.html

Teck Resources Ltd

VANCOUVER, British Columbia, July 10, 2024 (GLOBE NEWSWIRE) — Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) will release its second quarter 2024 earnings results before market open on Wednesday, July 24, 2024.

A webcast to review the results will be held as follows:

Date:	Wednesday, July 24, 2024
Time:	8:00 a.m. PT / 11:00 a.m. ET
Listen-Only Webcast:	here
Dial In for Investor & Analyst Q&A:	647.484.8814 or 1.844.763.8274
	Quote “Teck Resources”, to join the call
Alternate, pre-register to the call for Q&A:	registration link

An archive of the webcast will be available at teck.com within 24 hours.

Investor Contact:Ellen LaiCoordinator, Investor Relations604.699.4257ellen.lai@teck.com

Media Contact:Dale SteevesDirector, Stakeholder Relations236.987.7405dale.steeves@teck.com

OTTAWA, ON, July 9, 2024 /CNW/ – Northern Shield Resources Inc. ("Northern Shield" or the "Company") (TSXV: NRN) is pleased to announce that the Company has received certain refunds pertaining to its 2017 and 2018 Quebec Tax Return and Mining Tax Return. The total amount returned to the Company to date, including interest, amounts to $702,781. A further refund of approximately $70,000 is expected very shortly.

In 2023, the Court of Quebec ruled in the Company's favour in a case the Company initiated against the Quebec Revenue Agency with the practical consequence of the judgement being that Northern Shield's right to object to the notices of assessment in dispute had been restored. Northern Shield filed a Notice of Objection immediately after that ruling and the refund announced today is the result of the objection process running through to fruition.

A denial of tax credits had also previously been placed on the Company's 2016 Quebec Tax Return and Mining Tax Return which was eventually settled by Revenue Quebec in the Company's favour in 2021 after Northern Shield filed a Notice of Objection and subsequently commenced a judicial litigation case.

"This has been an exercise in patience and persistence. Although one does not embark on such a course without confidence of success, the six-year time frame to recover the monies rightfully owed to the Company, has tested all our patience. But persistence has paid off and we look forward to focussing on advancing our exploration projects."

–Ian Bliss President/CEO, Northern Shield

Northern Shield Resources

Northern Shield Resources Inc. is a Canadian-based company known as a leader in generating high-quality exploration targets that views greenfield exploration as an opportunity, an opportunity to find a Tier 1 asset, near surface, and at relatively low cost. We implement a model driven approach in exploration to reduce any risk associated with early-stage projects for ourselves, our shareholders, and the environment. This approach is what led us to firstly option the Root & Cellar Property from a Newfoundland based prospector, who found and exposed the mineralization, and then its advancement as a large alkaline-related gold-silver-tellurium and porphyry copper system.

Forward-Looking Statements Advisory

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Northern Shield Resources Inc.

Cision

View original content: http://www.newswire.ca/en/releases/archive/July2024/09/c1685.html

The prospects of the Zacks Mining – Non Ferrous industry appear promising at the moment, backed by the upward trajectory in metal prices. The demand for non-ferrous metals is expected to be supported by the energy-transition trend, which will buoy the industry.We suggest keeping a close eye on companies like Southern Copper Corporation SCCO, Freeport-McMoRan Inc. FCX, Lundin Mining LUNMF, Coeur Mining CDE and Ero Copper ERO. These companies are strategically focused on building reserves, technological investments, cost control and enhancing production efficiency, positioning them well to capitalize on the industry's growth potential.

About the Industry

The Zacks Mining – Non Ferrous industry comprises companies that produce non-ferrous metals, including copper, gold, silver, cobalt, molybdenum, zinc, aluminum and uranium. These metals are utilized by various industries, including aerospace, automotive, packaging, construction, machinery, electronics, transportation, jewelry, chemical and nuclear energy. Mining is a long, complex and capital-intensive process. Significant exploration and development to evaluate the size of the deposit, followed by the assessment of ways to extract and process ore efficiently, safely and responsibly, precede the actual mining operations. Miners continuously seek opportunities to grow their reserves and resources through targeted near-mine exploration and business development. They strive to upgrade and improve the quality of their existing assets internally and through acquisitions.

What's Shaping the Future of the Mining – Non Ferrous Industry?

Improving Metal Prices to Aid Industry: Copper prices have notched gains of more than 18.8% so far this year, aided by supply concerns and signs of improving demand from top consumer China. Gold has appreciated 14.5% so far this year. Gold prices are currently around $2,360 an ounce following key U.S. jobs data that showed a softening labor market, fueling expectations of interest rate cuts in September. Backed by these factors, silver prices are currently around $31 an ounce, yielding a 29.7% year-to-date gain. Silver prices have also gained support on expectations that China will unveil more stimulus measures and demand from the solar panel sector. Uranium prices are currently at $86 per pound, the highest in two weeks, amid robust demand and tight supply. The United States and 20 other countries intend to triple their nuclear power by 2050. Meanwhile, investors continue to assess the impacts of the U.S. ban on Russian nuclear fuel imports may have on the global supply chains. Overall, industry players are dealing with depleting resources, declining supply in old mines and a lack of new mines. Development projects are inherently risky and capital-intensive. While demand has been strong, there will be an eventual deficit in metal supply, leading to a situation that will bolster metal prices. This, in turn, will favor the industry in the long haul.Efforts Underway to Sustain Margins Amid High Costs: The industry has been facing a shortage of skilled workforce lately, which has hiked wages. Industry players have also been grappling with escalating production costs, including electricity, water and materials, as well as higher freight expenses and supply-chain issues. Since the industry cannot control the prices of its products, it focuses on improving sales volumes, increasing operating cash flows and lowering unit net cash costs. Industry participants are opting for alternate energy sources to minimize fuel-price volatility and secure supply. Miners are now committed to cost-reduction strategies and digital innovation to drive operating efficiencies.Strong Demand to Support Industry: The demand for non-ferrous metals will remain high in the future, given their wide use in primary sectors, including transportation, electricity, construction, telecommunication, energy and information technology. The demand for electric vehicles and renewable energy is expected to be a significant growth driver for metals like copper and nickel in the years to come. The plan to overhaul and upgrade the nation’s infrastructure, and promote green policies, per the U.S. Infrastructure Investment and Jobs Act, will also require a massive amount of non-ferrous metals.

Zacks Industry Rank Indicates Bright Prospects

The group’s Zacks Industry Rank, basically the average of the Zacks Rank of all the member stocks, indicates bright prospects for the near term. The Zacks Mining – Non Ferrous industry, an 11-stock group within the broader Zacks Basic Materials Sector, currently carries a Zacks Industry Rank #63, which places it in the top 25% of 250 Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.Looking at the aggregate earnings estimate revisions, it appears that analysts are gradually gaining confidence in this group’s earnings growth potential. Since the beginning of this year, the industry’s earnings estimates for the current year have been revised upward by 15%.Before we present a few stocks that you may want to consider for your portfolio, let us look at the industry’s recent stock-market performance and its valuation picture.

Industry Versus S&P 500 & Sector

One-Year Price Performance

Industry's Current Valuation

Enterprise Value/EBITDA (EV/EBITDA) Ratio (F12M)Enterprise Value/EBITDA (EV/EBITDA) Ratio (F12M)

Over the last five years, the industry traded as high as 9.36X and as low as 3.35X, the median being 6.57X.

5 Mining – Non Ferrous Stocks to Keep a Tab on

Ero Copper: The company has been progressing with its strategic initiatives, which will drive significant near-term growth. In June, the company received the operational license for the Tucumã Project, thus clearing the last remaining approval necessary for commercial operation. First concentrate is expected early in the third quarter of 2024. Copper production from the Tucumã Operations is anticipated between 17,000 and 25,000 tons in the second half of 2024. For 2025, production is projected at 53,000-58,000, marking Tucumã’s first full year of production. The Caraíba mill expansion, which is expected to increase mill throughput capacity from 3.2 million tons per year to 4.2 million tons per year, was completed in December 2023. The Xavantina operations achieved record gold production in the first quarter of 2024, driven by favorable grade reconciliations that have continued into the second quarter. Backed by this, ERO raised its guidance for 2024 gold production to 60,000-65,000 ounces from the prior stated 55,000-60,000 ounces. ERO is on track to double copper production to more than 100,000 tons in 2025. ERO shares have gained 41% in the past six months.The Zacks Consensus Estimate for the Vancouver, Canada-based company’s fiscal 2024 earnings indicates year-over-year growth of 95.4%. The estimate has moved up 9% in the past 90 days. The company has a trailing four-quarter earnings surprise of 53.9%, on average. ERO currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Price: ERO

Lundin Mining: The company increased its stake in the Caserones copper mine to 70% on Jul 2, 2024, resulting in an additional 120,000-130,000 tons of copper being added to its production profile on a 100% basis. This move adds a long-life asset in a tier-one jurisdiction strategically located in the Vicuña District, solidifying LUNMF’s position as a meaningful copper producer globally. While maintaining a focus on growth plans and capital allocation, the company is committed to optimizing assets and operational efficiencies to drive down costs. Exploration efforts, with a $48-million budget for 2024, include drilling campaigns at Caserones, Josemaria, Chapada and Zinkgruvan, targeting various high-potential areas and extensions to existing deposits. LUNMF shares have gained 45.7% in the past six months.The Zacks Consensus Estimate for Vancouver, Canada-based LUNMF’s fiscal 2024 earnings suggests a year-over-year improvement of 91%. The consensus estimate has moved up 42% in the past 90 days. It has a long-term estimated earnings growth rate of 48.1%. The company currently carries a Zacks Rank #2 (Buy).

Price: LUNMF

Southern Copper: The company has the largest copper reserve in the industry and operates world-class assets in investment-grade countries, such as Mexico and Peru. SCCO expects copper production to rise 4% year over year and reach 948,800 tons in 2024. The company expects this growth to be driven by the Pilares project running at full capacity and ramp up of the Buenavista zinc concentrators. The company’s capital investment program for this decade exceeds $15 billion and includes investments at the Buenavista Zinc, Pilares, El Pilar and El Arco projects in Mexico, and the Tia Maria, Los Chancas and Michiquillay projects in Peru. Given its constant commitment to increasing low-cost production and growth investments, the company is well-poised to continue delivering an enhanced performance. SCCO shares gained 41.3% in the last six months.The Zacks Consensus Estimate for the Phoenix, AZ-based company’s fiscal 2024 earnings suggests year-over-year growth of 39%. The estimate has moved up 26% over the past 90 days. SCCO has a long-term estimated earnings growth rate of 22.8%. The company currently carries a Zacks Rank #2.

Price: SCCO

Freeport-McMoRan: The company's efforts to expand reserves through exploration near existing mines will fuel growth. FCX is implementing the latest technologies and data analytics in leaching processes across its North America and South America operations. Initial results are providing incremental low-cost additions to FCX’s expected annual production and the potential to add to its reserves. Production from Safford/Lone Star is approaching 300 million pounds of copper annually, ahead of the initial plan to produce more than 200 million pounds per year. FCX is ramping up underground production at Grasberg in Indonesia, increasing milling rates. It is on track with its smelter projects in Indonesia (the Manyar smelter and precious metals refinery projects) and achieved a 92% completion milestone at the end of the first quarter of 2024. PT-FI completed a project to install additional milling facilities in December 2023 that would increase its milling capacity to roughly 240,000 metric tons of ore per day. The company’s focus on cost management and lowering debt levels is commendable. FCX shares have gained 23.8% in the past six months.The Zacks Consensus Estimate for the company’s earnings for fiscal 2024 has moved up 3.6% over the past 60 days. The estimate indicates year-over-year growth of 11.7%. FCX has a trailing four-quarter earnings surprise of 23.5%, on average. It has a long-term estimated earnings growth rate of 14.2%. The Phoenix, AZ-based company currently carries a Zacks Rank #3 (Hold).

Price: FCX

Coeur Mining: In April 2024, the company announced that its newly expanded Rochester silver and gold mine in Nevada achieved commercial production. The company expects 2024 production to be 4.8-6.6 million ounces of silver and 37,000-50,000 ounces of gold. Production is expected to gain from commissioning and ramp-up at Rochester. Once fully operational, throughput levels are estimated to be 2.5 times higher than in the past, making Rochester one of the world's largest open-pit heap leach operations. It is expected to be America's largest source of domestically produced and processed silver and will be a key driver of CDE's cash flow growth. In June, the company reported results from its multi-year exploration drilling and development program at the Kensington underground gold mine, which is encouraging with high grades and wide intercepts encountered in Elmira South, and Upper and Lower Kensington. The findings affirm that the project is well-positioned for a return to a sustained period of free cash flow generation and to be an important contributor to Coeur’s U.S.-centric portfolio of long-lived mines in North America. Backed by these developments, the company’s shares have gained 139% in the past six months.This Chicago, IL-based company explores, develops and produces gold, silver, zinc and lead properties, with five operations in the United States, Mexico and Canada. The Zacks Consensus Estimate for CDE’s fiscal 2024 earnings suggests a year-over-year improvement of 134.8%. The consensus estimate has moved up to an earnings per share of 8 cents from the expected loss of 5 cents 90 days ago. The company currently carries a Zacks Rank #3.

Price: CDE

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VANCOUVER, BC / ACCESSWIRE / July 8, 2024 / Commerce Resources Corp. (TSXv:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") announces that is has filed on SEDAR+ a technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") titled "Mineral Resource Estimate for the Ashram Rare Earth Element and Fluorspar Deposit, Nunavik, Québec, Canada". This filing follows the May 22, 2024 announcement of an updated mineral resource estimate for the Ashram Rare Earth Element and Fluorspar Deposit (the "Ashram Deposit" or "Ashram") with 73.2 Mt at 1.89% TREOǂand 6.6% CaF2 indicated, and 131.1 Mt at 1.91% TREO and 4.0% CaF2 inferred1.

The technical Report has been prepared by BBA Inc., with contributions from PLR Resources, DRA Global Limited and L3 Process Development, all consulting groups independent of the Company, in accordance with NI 43-101. The report is available on SEDAR+ and will shortly be available on the Company's website.

ǂ TREO = sum of all lanthanide oxides + yttrium oxide1 Ashram mineral resource estimate is reported at a cut-off of CAD 287 Net Metal Return (NMR) per tonne with an effective date of April 4, 2024. Mineral resources are not mineral reserves as they do not have demonstrated economic viability.

NI 43-101 DisclosurePatrik T. Schmidt, M.Sc., P.Geo., Dahrouge Geological Consulting Ltd., a Permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.

About the Ashram DepositThe Ashram Deposit is central to the Eldor Carbonatite Complex and bordered by an earlier staged calcio-carbonatite and various altered (fenitized) wallrock units. In contrast to its host rocks, the Ashram Deposit appears as a magnetic low and gravity high. Currently, the deposit geometry and geology can best be described as a moderate to steeply NE dipping ovoid, with simple rare earth mineralogy (monazite, bastnaesite, xenotime) that has an unusual enrichment in magnet feed elements (i.e. higher Nd+Pr Oxide/TREO). The Ashram Deposit is a single mineralized body outcropping at surface and has a drill delineated footprint of over 700 m along strike, 300 m across, and 600 m deep, and remains open at depth.

About Commerce Resources Corp.Commerce Resources Corp. is a junior mineral resource company focused on the development of the Ashram Rare Earth and Fluorspar Deposit located within their Eldor Property, in northern Quebec, Canada. The Ashram Deposit is characterized by simple rare earth (monazite, bastnaesite, xenotime) and gangue (carbonates) mineralogy, a large tonnage resource at favourable grade, and has demonstrated the production of high-grade (more than 30 – 45% TREO) mineral concentrates at high recovery (more than 60 – 75%) in line with active global producers. The Ashram Deposit also has a fluorspar component which makes it one of the largest potential sources of fluorspar in the world and could be a long-term supplier to the met-spar and acid-spar markets. The Company is positioning to be one of the lowest cost rare earth producers globally, with a specific focus on being a long-term supplier of mixed rare earth carbonate and/or NdPr oxide to the global market. Additionally, Commerce is committed to exploring the potential of other high-value commodities on the Property such as niobium and phosphate minerals, which may help advance Ashram by reducing costs through shared development.

For more information, please visit the corporate website at www.commerceresources.com or email info@commerceresources.com.

On Behalf of the Board of DirectorsCOMMERCE RESOURCES CORP."Chris Grove"Chris GroveCEO and PresidentTel: 604.484.2700Email: cgrove@commerceresources.comWeb: http://www.commerceresources.com

Forward Looking Statements This news release contains forward-looking statements, which includes any information about activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward looking statements in this news release include that Ashram has the potential to become one of the largest fluorspar sources in the world and a long-term supplier to the met-spar and acid-spar markets; that the Company is positioning to be one of the lowest cost rare earth element producers globally, with a focus on being a long-term global supplier of mixed rare earth carbonate and/or NdPr oxide; and that the Company may explore the potential of other high-value commodities on the Eldor property. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these events, activities or developments from coming to fruition include: that the Company may not be able to fully finance any additional exploration on the Ashram Project; that even if the Company is able raise capital, costs for exploration activities may increase such that the Company may not have sufficient funds to pay for such exploration or processing activities; the timing and content of the proposed drill program and any future work programs may not be completed as proposed or at all; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumptions based on limited test work and by comparison to what are considered analogous deposits that, with further test work, may not be comparable; testing of our process may not prove successful or samples derived from the Ashram Project may not yield positive results, and even if such tests are successful or initial sample results are positive, the economic and other outcomes may not be as expected; the anticipated market demand for rare earth elements and other minerals may not be as expected; the availability of labour and equipment to undertake future exploration work and testing activities; that mineral resource estimates may not be indicative of actual deposits; geopolitical risks which may result in market and economic instability; and despite the current expected viability of the Ashram Project, conditions changing such that even if metals or minerals are discovered on the Ashram Project, the project may not be commercially viable. The forward-looking statements contained in this news release are made as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.

SOURCE: Commerce Resources Corp.

View the original press release on accesswire.com

Southern Copper and gold stock Agnico eagle surged above early buy points on hopeful signs for U.S. and China policy.

Previously, we published a detailed report on the 3o Wealthiest People in Australia. In this article, will discuss the wealthiest person in Australia.

An Analysis of the Australian Economy

Australia, one of the leading mining countries in the world, is currently facing economic headwinds due to rampant inflation. According to a detailed report by KPMG, the Australian economy is currently reporting sluggish growth. GDP in the last quarter of 2023 slowed down to 0.2% from 0.3% in the preceding quarter. GDP growth rate is expected to reach 1.7% by December 2024 and 2.3% by December 2023. On the flip side, inflation is expected to reach 3.5% by the end of 2024 and decline to 2.7% by the end of 2025.

On June 27, the Deutsche Bank reported a higher-than-expected inflation rate of 4%, up from 3.6% in April. The industries most affected include housing, food and beverages, transport, and alcohol and tobacco each reporting price increases by 5.2%, 3.3%, 4.9%, and 6.7% respectively. Experts suggest that the Australian Reserve Bank must not go through with rate cuts anytime soon and instead raise rates until inflation subsides. HSBC is currently predicting a 30% chance of an interest rate rise by the end of this year by 25 basis points to 4.6%. You can also take a look at the wealthiest people in Czech Republic.

Is Mining the Largest Industry in Australia?

Mining is one of the largest industries by exports in Australia and contributed $2.4 trillion in export revenue over the past decade. The industry has generated 21% of economic growth in the country and has paid $252 billion in mining wages over the past decade. As of now, Australia has more than 100 prospective mining and processing projects worth $50 billion of investment that will provide almost 30,000 construction jobs and 20,000 operating jobs. The world is set to achieve zero net emissions by 2050, providing Australia with a generous opportunity, and given the time it takes to mine crucial minerals, the country must direct adequate investment right now.

On April 26, the Mineral Council of Australia published a detailed report on the feasibility of mining projects in Australia. According to the report, the country is currently missing out on $68 billion of potential investment as most mining projects are pulled out before execution amid environmental challenges. The report states that the risk attached to mining developments in Australia has significantly increased. Only 5% of projects get a favorable decision or go ahead, of those 20% of projects are executed, and 80% of them are abandoned altogether. One can deduce that while there are enough projects, there is not enough investment to complete them.

The Largest Mining Company in Australia

BHP Group Limited (NYSE:BHP) is one of the largest mining and iron ore companies in Australia, operating in more than 90 countries. The company mines copper, silver, zinc, uranium, gold, iron ore, nickel, and energy coal. The company mines copper for renewable energy, nickel for electric vehicles, metallurgical coal for steel, and potash for sustainable farming. You can also read our piece on the biggest iron ore mining companies in Australia.

In its operational review for the nine months ended March 31, 2024, BHP Group Limited (NYSE:BHP) reported that it is on track to meet copper, iron ore, and energy coal production for the year. It added that copper volumes increased by approximately 10% and Western Australia Iron Ore delivered strong growth in low-cost iron ore, despite heavy rainfalls. Increased copper production was primarily due to mining in areas of high-grade ores. Copper production in South Australia increased by 49%, as extra volume came from Prominent Hill and Carrapateena. During the nine months, the company spent $311 million on mineral exploration and evaluation and executed two major projects. The first project, known as the Jensen Stage 1, entailed the design, engineering, and construction of an underground mine containing potash. The second project, Jensen stage 2, entailed the development of more mining districts, the completion of a shaft hoist infrastructure, and the expansion of facilities to support more production capacity.

BHP Group Limited (NYSE:BHP) is working hard to revolutionize the mining process. On July 4, the company launched a project worth $250 million to install infrastructure that will facilitate the movement of trucks inside mines. The project will significantly reduce the fuel consumption of the company's extraction trucks allowing it to advance to its goal of reaching zero operational greenhouse gas emissions by 2050. The project will require an average of 112 people every day and a maximum of 160 people. As of now, BHP Group Limited (NYSE:BHP) has six autonomous trucks, and by 2025, it expects to have the largest fleet of autonomous equipment in South America.

Now that we have studied the Australian economy, let's take a look at the wealthiest person in Australia. You can also read our piece on the biggest precious metals and minerals companies in Australia in 2024.

The Wealthiest Person in Australia

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Our Methodology

To compile our list of the 30 wealthiest people in Australia, we utilized the real time billionaires data from Forbes and ranked the wealthiest people in Australia in ascending order of their net worths, as of July 6.

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The Wealthiest Person in Australia Gina Rinehart

Net Worth as of July 6, 2024: $31.3 Billion

Gina Rinehart is the wealthiest person in Australia with a net worth of $31.3 billion. She became the executive chairwoman of Hancock Prospecting in 1992. The company was in utter financial distress when Rinehart took over. She orchestrated a project, the Roy Hill mining project, that started shipments to Asia in 2015. She also invested in the earth minerals and gas sector and is one of the largest cattle producers in Australia. At the end of 2023, her company and Chilean mineral company SQM agreed to make a joint acquisition agreement of Azure Minerals. She is the 54th richest person in the world.

Interested to see other wealthy individuals in Australia? Head over to our free detailed report on the 30 Wealthiest People in Australia.

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Disclosure: None. This article is originally published on Insider Monkey.

By Divya Rajagopal

TORONTO (Reuters) -Shares of Canadian companies that mine critical minerals such as copper and uranium fell on the Toronto Stock Exchange (TSX)on Monday as investors assessed the potential impact of Canada's announcement last week that it would restrict large mergers and acquisitions in the sector.

Last Thursday, Industry Minister Francois-Philippe Champagne cleared London-listed Glencore's takeover of the coal unit of Teck Resources under strict conditions after taking into account the "net benefit" that the deal would carry for Canadians. But he added Canada in future would allow large mergers and acquisitions in the sector only under the "most exceptional circumstances."

Champagne said the ministry would set a high bar for clearing deals involving large Canadian companies in the critical minerals sector, reflecting the strategic importance of critical minerals and the need for Canada to protect its interests.

Dean McPherson, head of global mining at TSX, said the government's announcement was not a "positive development," describing the new policy as "concerning."

On Monday six critical mineral companies were among the top losers in opening trade on the Toronto Stock Exchange. Copper miners, including Capstone Copper Hudbay Minerals, Teck Resources, First Quantum Minerals, Ivanhoe Mines were all down by over 3% around 1 p.m. Eastern Time, while uranium miner Cameco Corp was down 2.13%.

"This updated policy significantly compresses M&A optionality and potentially restricts financing options for Canadian miners. As a result, we now anticipate most Canadian miners to trade at lower valuation multiples vs. global peers," said an analyst note led by Scotiabank analyst Orest Wowkodaw.

Canada has identified 31 minerals, including copper, uranium, lithium and nickel, that it considers critical for their strategic uses in modern technology and the transition from fossil fuels, such as in electric vehicle batteries.

"The door has not been closed but narrowed even further on investments in critical minerals," said Calvin Goldman, former head of Canada's Competition Bureau, who now runs an independent practice on advising clients in foreign investments. "So business community, get ready because you have to be fully prepared, as now they have to satisfy increasingly quiet strict criteria," Goldman added.

Under the Investment Canada Act, the government can reject a proposed acquisition or inbound foreign investment if the government believes the deal represents a threat to national security or if it fails to satisfy the criteria for bringing a "net benefit" to Canadians.

In the last two years, Canada has asked Chinese investors to divest from Canadian critical mining companies after a national security review, signaling that investments from certain countries such as China will come under tougher scrutiny.

Some of the largest investors in leading Canadian copper companies are Chinese. Teck Resources counts China Investment Corp as its biggest shareholder. First Quantum's largest shareholder is China's state-owned copper miner Jianxi Copper and Ivanhoe Mines has Hong Kong-headquartered CITC Metal Group has its leading shareholder.

(Reporting by Divya Rajagopal; Editing by Frank McGurty)

Announces the Exercise of Additional Share Purchase Warrants and the Closing of a Private Placement

ESTES PARK, CO / ACCESSWIRE / July 8, 2024 / Taranis Resources Inc. ("Taranis" or the "Company") (TSX.V:TRO)(OTCQB:TNREF) is providing an update on its 2024 exploration program at Thor.

Taranis has initiated its deep drilling program at Thor that is targeting magnetotelluric and magnetic targets identified in an airborne survey completed in 2022. The initial focus area is a series of deep anomalies below the Broadview Mine area of the Thor epithermal deposit.

Exercise of Additional Warrants

Pursuant to Taranis announcing the exercise of warrants in its May 2, 2024 and May 9, 2024 News Releases, Taranis is pleased to announce the exercise of a third tranche of warrants in the amount of $100,000 that will be used for ongoing exploration activities at Thor. Taranis has now received a total of $600,000 pursuant to the exercise of 3,000,000 share purchase warrants, all at a price of $0.20 per share.

Closing of Private Placements

Taranis also announces the closing of the following private placements, each as announced on May 2, 2024:

(a)		1,353,888 non-flow-through units (the "NFT Units") at a price of $0.27 per NFT Unit, for gross proceeds of $365,500; and

(b)		20,000 flow-through units (the "FT Units") at a price of $0.30 per FT Unit, for gross proceeds of $6,000.

(Taranis also received subscriptions for $200,000 for additional FT Units. These subscriptions are subject to the subscribers obtaining a waiver of certain Exchange Policies, and, if those waivers are granted, also subject to Taranis receiving disinterested shareholder approval for these subscriptions at its next Annual General Meeting, to be held in September 2024. Further information in this regard will be disseminated when it is available.)

Each NFT Unit consisted of one common share and one share purchase warrant (a "NFT Warrant"), with each NFT Warrant entitling the holder to purchase one additional common share at a price of $0.35 until July 3, 2026. Each FT Unit consisted of one flow-through common share and one share purchase warrant (a "FT Warrant"). Each FT Warrant entitles the holder to purchase one additional common share at a price of $0.35 until July 3, 2026.

All of the securities issued pursuant to these private placements, including any shares that may be issued pursuant to the exercise of either the NFT Warrants or the FT Warrants, are subject to a hold period in Canada until November 4, 2024.

About Taranis and Thor

Taranis Resources is a Canadian mineral exploration company. The Thor Project is located in southeast British Columbia and is comprised of 3,807 hectares of Mineral Tenures and 27 Crown Grant titles to precious and base minerals, many of which include surface rights. Taranis has completed upwards of 250 drill holes, linking all previously known mines into a single, near-surface epithermal deposit that has been recently updated into an NI 43-101 Mineral Resource Estimate (see Taranis News Release dated April 11, 2024).

Qualified Person

Exploration activities at Thor were overseen by John Gardiner (P. Geo.), who is a Qualified Person under the meaning of Canadian National Instrument 43-101. John Gardiner is a principal of John J. Gardiner & Associates, LLC which operates in British Columbia under Firm Permit Number 1002256. Mr. Gardiner has reviewed and approved the comments contained within this News Release.

For additional information on Taranis or its 100%-owned Thor project in British Columbia, visit www.taranisresources.com

Taranis currently has 98,960,915 shares issued and outstanding (112,009,803 shares on a fully-diluted basis).

TARANIS RESOURCES INC.

Per:		John J. Gardiner (P. Geo.),
		President and CEO

For further information contact:

John J. Gardiner681 Conifer LaneEstes Park, Colorado 80517Phone: (303) 716-5922 Cell: (720) 209-3049johnjgardiner@earthlink.net

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for the sale of securities, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

This News Release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from expected results.

SOURCE: Taranis Resources, Inc.

View the original press release on accesswire.com

Investors looking for stocks in the Mining – Non Ferrous sector might want to consider either Lundin Mining (LUNMF) or Freeport-McMoRan (FCX). But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.

The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.

Lundin Mining and Freeport-McMoRan are sporting Zacks Ranks of #2 (Buy) and #3 (Hold), respectively, right now. Investors should feel comfortable knowing that LUNMF likely has seen a stronger improvement to its earnings outlook than FCX has recently. But this is just one factor that value investors are interested in.

Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.

The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.

LUNMF currently has a forward P/E ratio of 13.95, while FCX has a forward P/E of 29.90. We also note that LUNMF has a PEG ratio of 0.29. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. FCX currently has a PEG ratio of 2.11.

Another notable valuation metric for LUNMF is its P/B ratio of 1.42. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, FCX has a P/B of 2.63.

These metrics, and several others, help LUNMF earn a Value grade of A, while FCX has been given a Value grade of C.

LUNMF has seen stronger estimate revision activity and sports more attractive valuation metrics than FCX, so it seems like value investors will conclude that LUNMF is the superior option right now.

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(Bloomberg) — Canada is making it harder for foreign firms to acquire its biggest mining companies, potentially taking some of the global industry’s attractive takeover targets off the table.

Most Read from Bloomberg

The Canadian government will only approve foreign takeovers of large Canadian mining companies involved in critical minerals production “in the most exceptional of circumstances,” according to the latest guidelines from Industry Minister Francois-Philippe Champagne. The directive issued on Thursday is part of a sweeping effort by Prime Minister Justin Trudeau’s government to protect Canada’s critical minerals sector and national security interests.

The move appears to insulate domestic companies from takeovers when the world’s biggest mining firms are hunting for metals that underpin the global transition away from fossil fuels. Industry giants such as Glencore Plc, BHP Group Ltd. and Rio Tinto Plc have been seeking to boost exposure to metals like copper as the appetite for large, transformational deals returns across the industry.

Canadian mining firms, in turn, have become appealing targets. Teck Resources Ltd. spent much of last year fending off Glencore’s $23 billion takeover attempt before the Swiss company opted instead to just buy the company’s steelmaking-coal business. The federal government approved the $6.9 billion deal on Thursday, while also setting new criteria for future foreign mining deals.

Canada and its Western allies have become increasingly concerned about securing critical minerals needed for goods ranging from electric vehicle batteries to electronics, prompting them to push to develop supply chains to loosen China’s global dominance over the industry.

“This high bar is reflective of the strategic importance of Canada’s critical minerals sector and how important it is that we take decisive action to protect it,” Champagne said in a statement. The government’s list of 34 critical minerals includes copper, zinc, potash and uranium.

A spokesperson for the government declined to comment further on what might constitute exceptional circumstances for transactions. The Mining Association of Canada declined to comment on the new directive.

Foreign takeovers of mining companies have been a touchy topic in Canada ever since a wave of deals 18 years ago took out some of the country’s biggest players, including nickel miner Inco Ltd. and aluminum producer Alcan Inc. When BHP proposed a takeover of Potash Corp. of Saskatchewan Inc. in 2010, then-Prime Minister Stephen Harper’s government blocked the deal on the grounds it wouldn’t be of “net benefit” to the country.

Teck is one of the few large Canadian metals producers that survived a wave of industry takeovers, even though it has long been coveted by foreign competitors for its copper and zinc assets spread across the Americas. The Vancouver-based company is widely expected to become an acquisition target when founder and top investor Norman Keevil gives up control of the company in the coming years.

“Essentially they are saying to Glencore, don’t bother coming back for the other half of Teck,” said Canadian mining financier Pierre Lassonde, who launched a competing bid for Teck’s coal assets last year. “It looks to me like Ottawa is prepared to ring-fence the Canadian critical metals industry with this new directive.”

Bloomberg has reported previously that Rio Tinto had looked in the past at Canadian copper miner First Quantum Minerals Ltd., among other potential deals, although Rio Chief Executive Officer Jakob Stausholm had so far rejected the idea.

Other big Canadian miners include fertilizer producer Nutrien Ltd. and uranium giant Cameco Corp., in addition to Ivanhoe Mines Ltd., which has large copper and zinc operations in the Democratic Republic of Congo.

The new directives go even further than a crackdown on foreign takeovers from state-owned entities that began in October 2022. Champagne’s ministry has thwarted several recent attempts by Chinese companies to make inroads in Canada’s critical minerals sector through takeovers or major investments. But Thursday’s comments signal that the federal government is wary of foreign takeovers even from companies in friendly nations.

Canada’s crackdown could also constrict access to capital for companies that rely on foreign investment to fund exploration and mining projects. The government is “limiting” funding to the industry with their “more aggressive statements,” said Shane Nagle, a metals and mining analyst with National Bank of Canada. “If that’s going to be challenging to do, they’ll just go elsewhere.”

–With assistance from Laura Dhillon Kane.

(Updates with additional details and background.)

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(Bloomberg) — Canada is making it harder for foreign firms to acquire its biggest mining companies, potentially taking some of the global industry’s attractive takeover targets off the table.

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–With assistance from Laura Dhillon Kane.

(Updates with additional details and background.)

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(Bloomberg) — Canada is making it harder for foreign firms to acquire domestic mining companies by imposing measures that could protect top takeover targets from large global rivals.

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The Canadian government will only approve foreign takeovers of Canadian mining companies “in the most exceptional of circumstances,” according to the latest guidelines from Industry Minister Francois-Philippe Champagne. The directive issued on Thursday is part of a sweeping effort by Prime Minister Justin Trudeau’s government to protect Canada’s critical minerals sector and national security interests.

Canadian mining firms, in turn, have become appealing targets. Teck Resources Ltd. spent much of last year fending off Glencore’s $23 billion takeover attempt before the Swiss company opted instead to just buy the company’s steelmaking coal business. The federal government approved the $6.9 billion deal on Thursday, while also setting new criteria for future foreign mining deals.

“This high bar is reflective of the strategic importance of Canada’s critical minerals sector and how important it is that we take decisive action to protect it,” Champagne said in a statement.

The new directives go even further than a crackdown on foreign takeovers from state-owned entities that began in October 2022. Champagne’s ministry has thwarted several recent attempts by Chinese companies to make inroads in Canada’s critical minerals sector through takeovers or major investments. But Thursday’s comments signal that the federal government is weary of foreign takeovers even from companies in friendly nations.

–With assistance from Laura Dhillon Kane.

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VANCOUVER, BC / ACCESSWIRE / July 5, 2024 / Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") is pleased to announce that a summer drill program has commenced, targeting further delineation of niobium and tantalum mineralization at the Mallard and Miranna Prospects on their Eldor Property, Quebec. Additionally, multiple geophysical anomalies commonly associated with this type of mineralization will be drill tested. The program is being managed by Dahrouge Geological Consulting Ltd. of Edmonton, AB with drilling operations being carried out by Avataa-Rouillier Drilling of Nunavik, Quebec.

A total of twenty (20) to thirty (30) NQ-size drill holes, for a minimum of 7,500 m, are planned for the program as announced in the news release dated May 29th, 2024. One of the main objectives for the 2024 drilling campaign will focus on completing several follow-up drill holes at the Mallard Prospect. The first drill hole of the 2021 drill program at Mallard – EC21-175 – returned the best niobium intercept to-date from the Property at 1.00% Nb2O5 over 17.1 m (and 136 ppm Ta2O5), within a larger interval of 0.82% Nb2O5 over 42.3 m (and 153 ppm Ta2O5; see news release dated November 1st, 2021).

The Company also intends to follow-up on the initial drill testing completed at the Miranna Prospect in 2021, where four (4) drill holes were designed to test the potential for niobium mineralization of the northwest-trending geophysical anomaly that defines Miranna. The Miranna Prospect is characterized by a strongly mineralized (niobium-tantalum-phosphate), glacially dispersed boulder train with an apex that correlates with a distinct magnetic high anomaly. (Figure 1‑1). Drillhole EC21-180 successfully achieved the Company's objective of identifying an area prospective for follow-up, confirming the presence of high-grade mineralization downhole, including 1.20% Nb2O5 over 3.1 m, within a larger interval of 0.72% Nb2O5 over 20.4 m (see news release dated December 8th, 2021).

The third objective is to follow up on several magnetic high anomalies that are characteristic of the niobium and tantalum mineralized carbonatites at the Eldor property (Figure 1‑1). Priority is given to those that are located between the Mallard and Miranna Prospects, and those that have a distinct mineralized and glacially dispersed boulder train.

Figure 1‑1: Priority target areas – 2024 drill program

NI 43-101 Disclosure

Patrik T. Schmidt, M.Sc., P.Geo., Dahrouge Geological Consulting Ltd., a Permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.

About Commerce Resources Corp.

Commerce Resources Corp. is a junior mineral resource company focused on the development of the Ashram Rare Earth and Fluorspar Deposit located within their Eldor Property, in northern Quebec, Canada. The Ashram Deposit is characterized by simple rare earth (monazite, bastnaesite, xenotime) and gangue (carbonates) mineralogy, a large tonnage resource at favourable grade, and has demonstrated the production of high-grade (more than 30 – 45% TREO) mineral concentrates at high recovery (more than 60 – 75%) in line with active global producers. The Ashram Deposit also has a fluorspar component which makes it one of the largest potential sources of fluorspar in the world and could be a long-term supplier to the met-spar and acid-spar markets. The Company is positioning to be one of the lowest cost rare earth producers globally, with a specific focus on being a long-term supplier of mixed rare earth carbonate and/or NdPr oxide to the global market. Additionally, Commerce is committed to exploring the potential of other high-value commodities on the Property such as niobium and phosphate minerals, which may help advance Ashram by reducing costs through shared development.

For more information, please visit the corporate website at www.commerceresources.com or email info@commerceresources.com.

On Behalf of the Board of DirectorsCOMMERCE RESOURCES CORP."Chris Grove"Chris GroveCEO and PresidentTel: 604.484.2700Email: cgrove@commerceresources.comWeb: http://www.commerceresources.com

Forward Looking Statements

This news release contains forward-looking statements, which includes any information about activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward looking statements in this news release include statements relating to the Company's plans for its intended diamond drill program at the Eldor property including, but not limited to, the intended plans for follow-up drill holes at the Mallard Prospect and Miranna Prospects; that Ashram has the potential to become one of the largest fluorspar sources in the world and a long-term supplier to the met-spar and acid-spar markets; that the Company is positioning to be one of the lowest cost rare earth element producers globally, with a focus on being a long-term global supplier of mixed rare earth carbonate and/or NdPr oxide; and that the Company may explore the potential of other high-value commodities on the Eldor property. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these events, activities or developments from coming to fruition include: that the Company may not be able to fully finance any additional exploration on the Ashram Project; that even if the Company is able raise capital, costs for exploration activities may increase such that the Company may not have sufficient funds to pay for such exploration or processing activities; the timing and content of the proposed drill program and any future work programs may not be completed as proposed or at all; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumptions based on limited test work and by comparison to what are considered analogous deposits that, with further test work, may not be comparable; testing of our process may not prove successful or samples derived from the Ashram Project may not yield positive results, and even if such tests are successful or initial sample results are positive, the economic and other outcomes may not be as expected; the anticipated market demand for rare earth elements and other minerals may not be as expected; the availability of labour and equipment to undertake future exploration work and testing activities; geopolitical risks which may result in market and economic instability; and despite the current expected viability of the Ashram Project, conditions changing such that even if metals or minerals are discovered on the Ashram Project, the project may not be commercially viable. The forward-looking statements contained in this news release are made as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.

SOURCE: Commerce Resources Corp.

View the original press release on accesswire.com

Canada's main stock index opened higher on Friday amid broader gains, after U.S. data showed an unexpected rise in unemployment rate, boosting hopes that the Federal Reserve could start trimming rates in September.

The TSX Composite Index sagged 104.62 points to begin Friday at 22,139.40.

The Canadian dollar gave back 0.20 cents to 73.25 cents U.S.

In corporate news, the federal government approved Switzerland-based miner Glencore's $6.93-billion takeover of Teck Resources' steelmaking coal unit with strict conditions to preserve jobs. Teck shares gained 99 cents, or 1.4%, to $69.94.

On the economic front, Statistics Canada the economy lost 1,400 jobs in June, boosting the unemployment rate 0.2 percentage points to 6.4%. Elsewhere, the seasonally-adjusted IVEY PMI leaped to 62.5 in June to 52.0 from 52.0 in May and 50.2 in June 2023. A reading above 50 indicates an increase in activity.

ON BAYSTREET

The TSX Venture Exchange slid 0.78 points to 579.10.

All but two of the 12 TSX subgroups were down in the first hour, with energy slumping 1.7%, industrials off 0.8%, and consumer discretionary stocks trailing 0.4%.

The two gainers proved to be gold, shining 1.5% brighter, and materials, stronger by 0.5%.

ON WALLSTREET

Stocks were mostly little changed, but the S&P 500 managed to tick higher as the benchmark index heads for yet another weekly gain during the holiday-shortened trading week.

The Dow Jones Industrials dipped 90.39 points to open Friday at 39,217.61.

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The much-broader index inched up 3.26 points to 5,540.28.

The NASDAQ pushed forward 75.52 points to 18,263.83.

The S&P 500's rally this year has grown to 16% with the benchmark on pace for its fourth positive week in the last five as investors bet any economic weakness later this year will be met with a Federal Reserve rate cut.

Widely monitored labour data released Friday morning reflected a 206,000 increase in nonfarm payroll adds in June and a slight uptick in the unemployment rate, which rose to 4.1%. Economists expected the jobless rate to remain steady at 4%.

The NASDAQ has improved 3.2%, and S&P 500 has climbed more 1.6% in the week. Both closed at all-time highs and notched new intraday records on Wednesday. The Dow has lagged this week, adding around 0.3%.

Nvidia shares dropped 0.6% following a rare Wall Street downgrade, which cited limited upside for the chipmaker. The stock is still up 2.6% for the week. Tesla rose 1%, adding to its whopping week-to-date gain of more than 25%.

Prices for the 10-year Treasury jumped, lowering yields to 4.31% from Wednesday’s 4.35%. Treasury prices and yields move in opposite directions.

Oil prices eked up 0.02 cents at $83.90 U.S. a barrel.

Gold prices bounced $17.60 to $2,387

(Bloomberg) — Shares of Teck Resources Ltd. jumped the most since April on the company’s plans to cut debt and return cash to shareholders thanks to proceeds from the sale of its steelmaking coal business to Glencore Plc.

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The Canadian mining company said it will buy back as much as $2 billion of B class shares, and distribute roughly $182 million to shareholders through a special dividend in September. It will also start a debt reduction program of up to $2 billion, which includes a cash tender offer to repurchase $1.25 billion in public notes.

The stock posted intraday gains of more than 5%.

Teck announced the moves Thursday after Canada’s federal government cleared the way for Glencore’s $6.9 billion acquisition of its coal assets. The transaction underscores the company’s pivot toward metals that will be critical for the energy transition, such as copper. The completion of the deal marks a new era for Teck, said Chief Executive Officer Jonathan Price.

The proceeds from the deal will also be used to fund Teck’s suite of copper projects. The company is pushing ahead on an extension at its Highland Valley copper mine in Canada, while advancing early-stage projects in Mexico and Peru. It’s also finishing construction on a major extension to its flagship Quebrada Blanca mine in Chile, which is expected to double the firm’s overall copper production.

The estimated capital cost for those projects is between $3.3 billion and $3.6 billion, Teck said.

The deal gives Teck a pathway to increase copper production by a further 30% as early as 2028, Price said in a statement.

“This transaction will enable us to reduce debt and retain significant cash to fund our near-term metals growth and maintain a resilient balance sheet, while also providing a significant return of cash to our shareholders,” said Price.

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Teck Resources Limited TECK has secured all necessary approvals for the sale of its remaining 77% stake in its steelmaking coal business, Elk Valley Resources (“EVR”), to Glencore plc GLNCY. The transaction is set to close on Jul 11, 2024, and will yield total cash proceeds of $6.9 billion (CAD $9.5 billion). The proceeds will be used to lower debt while returning cash to shareholders. This move should help the company expand its extensive copper portfolio and capitalize on the energy transition trend.On Nov 13, 2023, Teck Resources announced that it has agreed to sell its entire stake in its steelmaking coal business for an implied enterprise value of $9 billion. The majority of the sale (77%) was to be made to Glencore and 20% to Nippon Steel Corporation, which completed the acquisition of the 20% interest in EVR on Jan 3, 2024, with a payment of $1.3 billion in cash to TECK.POSCO PKX has taken up the remaining 3% interest in EVR. This was in exchange for Posco’s current 2.5% interest in Elkview Operations and its 20% interest in the Greenhills joint venture.

Proceeds to be Used in Debt Repayment, Share Buy Back & Copper Investment

From the sale proceeds, TECK will set aside $2 billion toward a debt reduction program. This includes the cash tender offer to purchase the $1.25 billion aggregate principal amount of Teck Resources’ outstanding public notes.The company also intends to repurchase up to $2 billion of Class B subordinate voting shares.Teck Resources is a significant copper producer in the Americas, with four operating mines in Canada, Chile and Peru, and copper development projects in North and South America. Its main projects are Highland Valley Copper in Canada, and Quebrada Blanca (‘QB’) and Carmen de Andacollo in Chile. The company also has an interest in Antamina copper/zinc mine in Peru. With the ramp-up of QB this year, TECK expects to double its annual copper production to approximately 600,000 tons.

For the long term, Teck Resources has a pipeline of brownfield and greenfield development options, including the Galore Creek project in B.C. and the potential expansion of Trail Operations to include an electric vehicle battery recycling facility.

Teck Resources plans to use the balance of its proceeds from the sale of the steelmaking unit to advance its copper projects including the Highland Valley Copper Mine Life Extension, Zafranal Project, San Nicolas Project and QB debottlenecking. The current estimated capital cost attributable to the company for these projects is in the range of $3.3-$3.6 billion. With this funding, it expects to increase copper production by 30% by 2028.The long-term outlook for copper is positive as demand for the metal is expected to grow, driven by electric vehicles, renewable energy and infrastructure investments. Yet, the fate of this metal’s supply remains uncertain and challenging, given the declining ore grades and the lack of major discoveries. Miners are, thus, focusing on increasing their exposure to future-facing commodities, such as copper and nickel, which are the key components for the green energy transition.

Preliminary Update on Q2

Teck Resources also provided unaudited second-quarter 2024 steelmaking coal sales volumes and realized prices. Steelmaking coal sales were 6.4 million tons, near the high end of the guided range of 6.0-6.4 million tons. Sales improved 10.3% year over year and were 7% higher sequentially.The realized steelmaking coal price averaged $237 per ton, lower than $264 in the year-ago quarter and $297 in the first quarter of 2024. The company expects to report a negative provisional pricing adjustment of $50 million in the second quarter.TECK is slated to report second-quarter 2024 results on Jul 24, 2024. The Zacks Consensus Estimate for the quarter’s earnings is 47 cents per share, indicating a year-over-year decline of 48%. The estimate for revenues is pinned at $2.93 billion, which indicates a year-over-year increase of 11.88%.

Price Performance

Shares of Teck Resources have risen 23% in the past year compared with the industry's 2.4% growth.

Zacks Investment Research

Image Source: Zacks Investment Research

Zacks Rank & A Stock to Consider

Teck Resources currently carries a Zacks Rank #3 (Hold). A better-ranked stock from the basic materials space is Ero Copper Corp. ERO, which sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Ero Copper’s 2024 earnings is pegged at $1.66 per share. The consensus estimate for 2024 earnings has moved 20.3% north in the past 60 days. ERO has a trailing four-quarter average earnings surprise of 53.9%. Its shares have risen 14.9% in a year.

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Futures tied to Canada's main stock index climbed on Friday as gold and copper prices rose, while investors awaited crucial domestic and U.S. employment data to gauge the trajectory of interest-rate cuts in both economies.

The TSX Composite Index gained 20.35 points to close Thursday at 22,244.02.

The Canadian dollar took on 0.03 cents to 73.48 cents U.S.

September futures were up 0.3% Friday.

In corporate news, the Canadian government approved Switzerland-based miner Glencore's $6.93-billion takeover of Teck Resources' steelmaking coal unit with strict conditions to preserve jobs.

On the economic front, Statistics Canada reports the economy lost 1,400 jobs in June, boosting the unemployment rate 0.2 percentage points to 6.4%.

Later this morning (about 10 a.m. EDT) IVEY School of Business releases its PMI report for June.

ON BAYSTREET

The TSX Venture Exchange regained 3.61 points to conclude Thursday at 579.88.

ON WALLSTREET

S&P 500 futures were little changed as investors readied for Friday’s closely watched jobs report.

Futures for the Dow Jones Industrials slid 26 points, or 0.1%, to 39,610.

Futures for the much-broader index eked up 0.25 points at 5,590.50.

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Futures for the NASDAQ Composite advanced 23 points, or 0.1% to 20,434.50.

The three major indexes are on track to finish the holiday-shortened trading week up. The NASDAQ gained 2.5% and S&P 500 has climbed more than 1.4% in the week. Both closed at all-time highs and notched new intraday records on Wednesday. The Dow has lagged this week, adding around 0.5%

Markets in the U.S. were closed for Independence Day.

Those moves come as traders geared up for the widely monitored labour data due Friday morning. Economists polled by Dow Jones are forecasting nonfarm payroll adds of 200,000 jobs in June and the unemployment rate to hold steady at 4%. They also expect hourly wages to climb 0.3% from May for an annualized gain of 3.9%.

The report comes as traders consider the latest economic data pointing to softening in the economy — and what it means for the Federal Reserve’s monetary policy decisions going forward.

ADP figures released Wednesday showed less private payroll growth than anticipated in June, while weekly jobless claims came in higher than economists forecast. On top of that, a reading of the service sector from the Institute for Supply Management unexpectedly indicated a contraction.

In Japan, the Nikkei 225 fell 1.28 points Friday, while the Hang Seng in Hong Kong sank 1.3%.

Oil prices edged up 0.01 cents to $83.89 U.S. a barrel.

Gold prices gathered $4.90 to $2,374.30

(Bloomberg) — Canada has approved Glencore Plc’s $6.9-billion acquisition of Teck Resources Ltd.’s metallurgical coal business, while the latter announced a $2 billion share buyback and pledged to boost copper output.

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Teck Chief Executive Officer Jonathan Price said the transaction with Glencore marked a new era as the company focused on metals for the energy transition.

“We will build on our core portfolio of strong, cash-generating assets through development of our near-term copper growth projects,” Price said in a statement. Completion would provide substantial funding, giving Teck a pathway to increase copper production by a further 30% as early as 2028, he said.

Earlier, the Canadian government approved the coal deal, although there were several stringent conditions to protect local jobs and the environment.

Industry Minister Francois-Philippe Champagne approved the Glencore transaction of the British Columbia-based business, Elk Valley Resources, late Thursday after sources told Bloomberg the announcement was imminent.

In the deal announced last fall, Swiss commodities trader Glencore will acquire a 77% stake in Teck’s coal business, while steelmakers Nippon Steel Corp. and Posco — which own minority stakes in Teck coal mines — will hold the rest.

In a statement, Champagne said the government had secured a commitment from Teck to reinvest a significant amount of the proceeds into its copper growth portfolio, positioning the company for leadership in critical minerals.

He also raised the bar for approval of any future foreign transactions involving large Canadian mining companies engaged in significant critical minerals operations. Moving forward, any such acquisitions will only be found to be in Canada’s interest in “the most exceptional of circumstances.”

“Today’s decision will result in a well-capitalized Teck that is better able to pursue its ambitions as a major Canadian mining player in critical minerals,” Champagne said.

The two companies spent much of last year in a bitter public fight after Teck rejected an unsolicited $23 billion offer from Glencore, which proposed creating two new metals- and coal-focused companies. The Glencore offer, while unsuccessful, was enough to disrupt an earlier plan by Teck to spin off its coal business.

For Teck, the ultimate deal ended its struggle to find a solution for its mines that produce steelmaking coal after years of studying various options, while securing the cash it needs to fund its metals business.

Champagne said Glencore made legally binding pledges to: establish and maintain a head office for Elk Valley Resources in Vancouver; maintain regional offices in Calgary and Sparwood, BC; ensure that a majority of its directors are Canadians and at least 66% of all executives and senior managers are Canadians — all for at least the next 10 years.

For the next five years, it must maintain “significant employment levels” at Elk Valley Resources, Champagne said.

Glencore has also made binding environmental commitments, he said, including taking responsibility for stewardship through to 2050 — even if it sells or disposes of the asset — and investing an additional C$350 million ($257 million) in rehabilitation and closure activities over five years.

Finally, Glencore agreed to maintain Teck’s “leading commitments” to Indigenous people, including honoring existing pledges to communities and boosting their participation in benefits from the business, including job and procurement opportunities.

“Canada welcomes foreign investment and acknowledges its importance to the mining sector,” said Champagne, though he warned: “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.”

In explaining his decision to raise the standard for approval of future acquisitions involving large Canadian critical minerals firms, he said it was spurred in part by the “circumstances that led to this transaction.”

“Canadians cannot ignore that we are in a world of geopolitical competition, with critical minerals at the very core of advanced industrial and defense policies,” he said.

Large mining takeovers by foreign companies have been a touchy topic in Canada ever since a wave of deals more than 15 years ago took out some of the country’s biggest players, including nickel miner Inco Ltd. and aluminum producer Alcan Inc. When BHP Group proposed a takeover of Potash Corp. of Saskatchewan in 2010, then-Prime Minister Stephen Harper’s government blocked the deal on the grounds that it wouldn’t be of “net benefit” to the country.

Teck’s BC coal mines have been under heightened scrutiny with pollution seeping into a watershed shared with Idaho and Montana becoming a sore spot for US relations — enough so that US President Joe Biden and Trudeau issued a joint statement last year committing to “reduce and mitigate” the impacts of water contamination in the region.

(Adds details of buyback)

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Teck Resources Ltd

VANCOUVER, British Columbia, July 04, 2024 (GLOBE NEWSWIRE) — Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) today announced the commencement of six separate offers (the “Offers”) to purchase for cash up to US$1,250,000,000 aggregate principal amount of its outstanding notes of the series listed in the table below (collectively, the “Notes”). Subject to the Maximum Purchase Condition (as defined below), the series of Notes that are purchased in the Offers will be based on the acceptance priority levels (each, an “Acceptance Priority Level”) set forth in the table below. If a given series of Notes is accepted for purchase pursuant to the Offers, all Notes of that series that are validly tendered will be accepted for purchase. No series of Notes will be subject to proration pursuant to the Offers.

The Offers are made upon the terms and subject to the conditions set forth in the Offer to Purchase dated July 4, 2024 relating to the Notes (the “Offer to Purchase”) and the notice of guaranteed delivery attached as Appendix A thereto (the “Notice of Guaranteed Delivery” and, together with the Offer to Purchase, the “Tender Offer Documents”). Capitalized terms used but not defined in this announcement have the meanings given to them in the Offer to Purchase.

AcceptancePriorityLevel(1)	Title of Security	CUSIP/ISIN	Par CallDate(2)	Maturity Date	PrincipalAmountOutstanding	ReferenceSecurity(3)	BloombergReferencePage	FixedSpread(3)
1	3.900% Notes due 2030	878742BG9 / US878742BG94	04/15/2030	07/15/2030	US$502,948,000	4.250% U.S. Treasury due June 30, 2029	FIT1	+60 bps
2	6.125% Notes due 2035	878742AE5 / US878742AE55	N/A	10/01/2035	US$336,272,000	4.375% U.S. Treasury due May 15, 2034	FIT1	+120 bps
3	6.000% Notes due 2040	878742AS4 / US878742AS42	02/15/2040	08/15/2040	US$473,186,000	4.625% U.S. Treasury due May 15, 2044	FIT1	+120 bps
4	6.250% Notes due 2041	878742AW5 / US878742AW53	01/15/2041	07/15/2041	US$396,064,000	4.625% U.S. Treasury due May 15, 2044	FIT1	+125 bps
5	5.200% Notes due 2042	878744AB7 / US878744AB72	09/01/2041	03/01/2042	US$395,177,000	4.625% U.S. Treasury due May 15, 2044	FIT1	+125 bps
6	5.400% Notes due 2043	878742AZ8 / US878742AZ84	08/01/2042	02/01/2043	US$367,054,000	4.625% U.S. Treasury due May 15, 2044	FIT1	+125 bps

(1)		Subject to the satisfaction or waiver of the conditions of the Offers described in the Offer to Purchase, if the Maximum Purchase Condition is not satisfied with respect to every series of Notes, Teck will accept Notes for purchase in the order of their respective Acceptance Priority Level specified in the table above (with 1 being the highest Acceptance Priority Level and 6 being the lowest Acceptance Priority Level). It is possible that a series of Notes with a particular Acceptance Priority Level will not be accepted for purchase even if one or more series with a higher or lower Acceptance Priority Level are accepted for purchase.
(2)		For each series of Notes in respect of which a par call date is indicated, the calculation of the applicable Total Consideration (as defined below) may be performed to either the maturity date or such par call date, in accordance with standard market convention.
(3)		The total consideration for each series of Notes (such consideration, the “Total Consideration”) payable per each US$1,000 principal amount of such series of Notes validly tendered for purchase will be based on the applicable Fixed Spread specified in the table above for such series of Notes, plus the applicable yield based on the bid-side price of the applicable U.S. Treasury reference security as specified in the table above, as quoted on the applicable Bloomberg Reference Page as of 2:00 p.m. (Eastern time) on July 15, 2024, unless extended with respect to the applicable Offer (such date and time with respect to an Offer, as the same may be extended with respect to such Offer, the “Price Determination Date”). The Total Consideration does not include the applicable Accrued Coupon Payment (as defined below), which will be payable in cash in addition to the applicable Total Consideration.

The Offers will expire at 5:00 p.m. (Eastern time) on July 15, 2024, unless extended or earlier terminated (such date and time with respect to an Offer, as the same may be extended with respect to such Offer, the “Expiration Date”). Notes may be validly withdrawn at any time at or prior to 5:00 p.m. (Eastern time) on July 15, 2024, unless extended with respect to any Offer.

For Holders who deliver a Notice of Guaranteed Delivery and all other required documentation at or prior to the Expiration Date, upon the terms and subject to the conditions set forth in the Tender Offer Documents, the deadline to validly tender Notes using the Guaranteed Delivery Procedures (as defined in the Offer to Purchase) will be the second business day after the Expiration Date and is expected to be 5:00 p.m. (Eastern time) on July 17, 2024, unless extended with respect to any Offer (the “Guaranteed Delivery Date”).

The Initial Settlement Date will be the second business day after the Expiration Date and is expected to be July 17, 2024. The Guaranteed Delivery Settlement Date will be the second business day after the Guaranteed Delivery Date and is expected to be July 19, 2024. Each of the Initial Settlement Date and the Guaranteed Delivery Settlement Date is herein referred to as a “Settlement Date.”

Upon the terms and subject to the conditions set forth in the Offer to Purchase, Holders whose Notes are accepted for purchase in the Offers will receive the applicable Total Consideration for each US$1,000 principal amount of such Notes in cash on the applicable Settlement Date. Promptly after 2:00 p.m. (Eastern time) on July 15, 2024, the Price Determination Date, unless extended with respect to any Offer, Teck will issue a press release specifying, among other things, the Total Consideration for each series of Notes validly tendered and accepted.

In addition to the applicable Total Consideration, Holders whose Notes are accepted for purchase will receive a cash payment equal to the accrued and unpaid interest on such Notes from and including the immediately preceding interest payment date for such Notes to, but excluding, the Initial Settlement Date (the “Accrued Coupon Payment”). Interest will cease to accrue on the Initial Settlement Date for all Notes accepted in the Offers, and Holders whose Notes are tendered pursuant to the Guaranteed Delivery Procedures and are accepted for purchase will not receive payment in respect of any interest for the period from and including the Initial Settlement Date. Under no circumstances will any interest be payable because of any delay in the transmission of funds to Holders by The Depository Trust Company (“DTC”) or its participants.

Teck’s obligation to complete an Offer with respect to a particular series of Notes validly tendered is conditioned on the satisfaction of conditions described in the Offer to Purchase, including that the aggregate principal amount purchased for the Offers (the “Aggregate Purchase Amount”) not exceed US$1,250,000,000 (the “Maximum Purchase Amount”), and on the Maximum Purchase Amount being sufficient to include the aggregate principal amount of all validly tendered Notes of such series (after accounting for all validly tendered Notes accepted for purchase that have a higher Acceptance Priority Level) (the “Maximum Purchase Condition”). Teck reserves the right, but is under no obligation, to increase or waive the Maximum Purchase Amount, in its sole discretion subject to applicable law, with or without extending the Withdrawal Date. No assurance can be given that Teck will increase or waive the Maximum Purchase Amount. If Holders tender more Notes in the Offers than they expect to be accepted for purchase based on the Maximum Purchase Amount and Teck subsequently accepts more than such Holders expected of such Notes tendered as a result of an increase of the Maximum Purchase Amount, such Holders may not be able to withdraw any of their previously tendered Notes. Accordingly, Holders should not tender any Notes that they do not wish to be accepted for purchase.

If the Maximum Purchase Condition is not satisfied with respect to each series of Notes, for (i) a series of Notes (the “First Non-Covered Notes”) for which the Maximum Purchase Amount is less than the sum of (x) the Aggregate Purchase Amount for all validly tendered First Non-Covered Notes and (y) the Aggregate Purchase Amount for all validly tendered Notes of all series having a higher Acceptance Priority Level as set forth in the table above (with 1 being the highest Acceptance Priority Level and 6 being the lowest Acceptance Priority Level) than the First Non-Covered Notes, and (ii) all series of Notes with an Acceptance Priority Level lower than the First Non-Covered Notes (together with the First Non-Covered Notes, the “Non- Covered Notes”), Teck may, at any time on or prior to the Expiration Time:

(a)	terminate an Offer with respect to one or more series of Non-Covered Notes for which the Maximum Purchase Condition has not been satisfied, and promptly return all validly tendered Notes of such series, and any other series of Non-Covered Notes, to the respective tendering Holders; or
(b)	waive the Maximum Purchase Condition with respect to one or more series of Non-Covered Notes and accept all Notes of such series, and of any series of Notes having a higher Acceptance Priority Level, validly tendered; or
(c)	if there is any series of Non-Covered Notes with a lower Acceptance Priority Level than the First Non-Covered Notes for which:
	(i)	the Aggregate Purchase Amount necessary to purchase all validly tendered Notes of such series, plus
	(ii)	the Aggregate Purchase Amount necessary to purchase all validly tendered Notes of all series having a higher Acceptance Priority Level than such series of Notes, other than any series of Non-Covered Notes that has or have not also been accepted as contemplated by this clause (c), is equal to, or less than, the Maximum Purchase Amount, accept all validly tendered Notes of all such series having a lower Acceptance Priority Level, until there is no series of Notes with a higher or lower Acceptance Priority Level to be considered for purchase for which the conditions set forth above are met.

It is possible that a series of Notes with a particular Acceptance Priority Level will fail to meet the conditions set forth above and therefore will not be accepted for purchase even if one or more series with a higher or lower Acceptance Priority Level are accepted for purchase.

For purposes of determining whether the Maximum Purchase Condition is satisfied, Teck will assume that all Notes tendered pursuant to the Guaranteed Delivery Procedures will be duly delivered at or prior to the Guaranteed Delivery Date and Teck will not subsequently adjust the acceptance of the Notes in accordance with the Acceptance Priority Levels if any such Notes are not so delivered. Teck reserves the right, subject to applicable law, to waive the Maximum Purchase Condition with respect to any Offer.

The Offers are subject to the satisfaction of these conditions and certain other conditions. Teck reserves the right, subject to applicable law, to waive any and all conditions to any Offer. If any of the conditions is not satisfied, Teck is not obligated to accept for payment, purchase or pay for, and may delay the acceptance for payment of, any tendered notes, in each event subject to applicable laws, and may terminate or alter any or all of the Offers. The Offers are not conditioned on the tender of any aggregate minimum principal amount of Notes of any series (subject to minimum denomination requirements as set forth in the Offer to Purchase).

Teck has retained BofA Securities, Inc. and RBC Capital Markets, LLC to act as the lead dealer managers (the “Lead Dealer Managers”) for the Offers and BMO Capital Markets Corp., TD Securities (USA) LLC, and CIBC World Markets Corp. to act as co-dealer managers (the “Co-Dealer Managers” and, together with the Lead Dealer Managers, the “Dealer Managers”) for the Offers. Questions regarding the terms and conditions for the Offers should be directed to BofA Securities, Inc. at (888) 292-0070 (toll-free) or (980) 387-3907 (collect), or RBC Capital Markets, LLC at (877) 381-2099 (toll-free) or (212) 618-7843 (collect).

Global Bondholder Services Corporation will act as the Information and Tender Agent for the Offers. Questions or requests for assistance related to the Offers or for additional copies of the Offer to Purchase may be directed to Global Bondholder Services Corporation in New York by telephone at +1 (212) 430-3774 (for banks and brokers only) or +1 (855) 654-2015 (for all others toll-free), or by email at contact@gbsc-usa.com. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offers. The Tender Offer Documents can be accessed at the following link: https://www.gbsc-usa.com/teck/.

If Teck terminates any Offer with respect to one or more series of Notes, it will give prompt notice to the Information and Tender Agent, and all Notes tendered pursuant to such terminated Offer will be returned promptly to the tendering Holders thereof. With effect from such termination, any Notes blocked in DTC will be released.

Holders are advised to check with any bank, securities broker or other intermediary through which they hold Notes as to when such intermediary would need to receive instructions from a beneficial owner in order for that Holder to be able to participate in, or withdraw their instruction to participate in the Offers before the deadlines specified herein and in the Offer to Purchase. The deadlines set by any such intermediary and DTC for the submission and withdrawal of tender instructions will also be earlier than the relevant deadlines specified herein and in the Offer to Purchase.

This announcement is for informational purposes only. This announcement is not an offer to purchase or a solicitation of an offer to sell any Notes or any other securities of Teck or any of its subsidiaries. The Offers are being made solely pursuant to the Offer to Purchase. The Offers are not being made to Holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, “blue sky” or other laws of such jurisdiction. In any jurisdiction in which the securities laws or “blue sky” laws require the Offers to be made by a licensed broker or dealer, the Offers will be deemed to have been made on behalf of Teck by the Dealer Managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

No action has been or will be taken in any jurisdiction that would permit the possession, circulation or distribution of either this announcement, the Offer to Purchase or any material relating to us or the Notes in any jurisdiction where action for that purpose is required. Accordingly, neither this announcement, the Offer to Purchase nor any other offering material or advertisements in connection with the Offers may be distributed or published, in or from any such country or jurisdiction, except in compliance with any applicable rules or regulations of any such country or jurisdiction.

Forward-looking StatementsThis news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as “forward-looking statements”). Forward-looking statements include: statements regarding the terms and timing for completion of the Offers, including the acceptance for purchase of any Notes validly tendered and the expected Expiration Date and settlement dates thereof; and the satisfaction or waiver of certain conditions of the Offers.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Teck to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that may cause actual results to vary include, but are not limited to, conditions in financial markets, investor response to the Offers, and other risk factors as detailed from time to time in Teck’s reports filed with Canadian securities administrators and the U.S. Securities and Exchange Commission.

Readers are cautioned against unduly relying on forward-looking statements. Forward-looking statements are made as of the date of the relevant document and, except as required by law, Teck undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information or future events or otherwise.

About Teck Teck is a leading Canadian resource company focused on responsibly providing metals essential to economic development and the energy transition. Teck has a portfolio of world-class copper and zinc operations across North and South America and an industry-leading copper growth pipeline. We are focused on creating value by advancing responsible growth and ensuring resilience built on a foundation of stakeholder trust. Headquartered in Vancouver, Canada, Teck’s shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.

Investor Contact:Fraser PhillipsSenior Vice President, Investor Relations and Strategic Analysis604.699.4621fraser.phillips@teck.com

Media Contact:Dale SteevesDirector, Stakeholder Relations 236.987.7405dale.steeves@teck.com

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