In this article, we will be covering the top 10 uranium-producing companies in the world. If you want to skip our detailed analysis of the global uranium market, you can go directly to Top 5 Uranium Producing Companies In The World.

Global Uranium Market: An Analysis

According to the World Nuclear Association, uranium is a heavy metal that has been used as an abundant source of concentrated energy for more than 60 years. Uranium has far-reaching significance in the modern world due to its applications in nuclear energy and various industrial sectors. Uranium is a critical element and it serves as the primary fuel for nuclear power plants around the world, providing clean, low-carbon electricity. According to a report by IndustryARC, the global uranium market is expected to grow at a compound annual rate (CAGR) of 4.3% from 2024 to 2030 to reach a value of $12.7 billion by the end of the forecasted period. The North American region dominates the uranium market due to the increasing domestic production of this critical element.

The demand for uranium continues to increase as the world seeks to reduce greenhouse gas emissions and transition to cleaner energy sources. Nuclear power is becoming an increasingly attractive option and this is driving up demand for uranium, which is used as fuel in nuclear reactors. Responsible extraction, processing, and utilization are important not only for meeting growing energy demands but also for promoting environmental sustainability and well-being.

Uranium is used in the production of radioisotopes, which have various medical, industrial, and scientific purposes across the globe such as cancer treatment, sterilization, and quality control in manufacturing processes. According to a research report by the World Nuclear Association, more than 40 million nuclear medicine procedures are performed annually and demand for radioisotopes is growing by as much as 5% annually.

Radioisotopes also play a crucial role in the growing of crops and breeding livestock. Radioisotopes are used in the production of high-yield, disease-resistant, and weather-resistant varieties of crops. According to a publication available on the International Atomic Energy Agency's website, isotopes and radiation can play a crucial role in identifying and reducing the genetic and environmental limitations of animal production. Various industries around the world that use uranium and radioisotopes are acting as drivers for the growth of the uranium market.

Key Players in the Uranium Market

With the expansion of the uranium market, companies engaged within this sector are expected to have access to significant growth opportunities owing to the heightened demand for resources and services related to uranium. Some of the most notable names in the global uranium market include Cameco Corporation (NYSE:CCJ), Uranium Energy Corp. (NYSE:UEC), and Centrus Energy Corp. (NYSE:LEU).

Centrus Energy Corp. (NYSE:LEU) is an American company that supplies nuclear fuel and services for the nuclear power industry. The company supplies sources of enriched uranium to help meet the growing demand for clean, affordable, and carbon-free electricity. Centrus Energy Corp. (NYSE:LEU) is also one of the best uranium stocks to buy. On February 8, Centrus Energy Corp. (NYSE:LEU) reported strong earnings for the fiscal fourth quarter of 2023. The company reported earnings per share (EPS) of $3.58, surpassing EPS estimates by $2.82. Centrus Energy Corp. (NYSE:LEU) reported a revenue of $103.6 million and outperformed revenue estimates by $32.47 million.

Uranium companies are also increasing exploration and production efforts to address the growing demand for nuclear energy. Uranium Energy Corp. (NYSE:UEC) is a US-based uranium production and exploration company. On January 16, Uranium Energy Corp. (NYSE:UEC) announced that the company’s board of directors has approved restarting uranium production at its Christensen Ranch In-Situ Recovery operations in Wyoming. The recovered uranium will be processed at the fully operational Irigaray Central Processing Plant, which has a current licensed capacity of 2.5 million pounds of U3O8 (triuranium octoxide) per year. While Uranium Energy Corp. (NYSE:UEC) will provide further information on the anticipated volumes for the first year of production in the coming months, production is expected in August 2024.

Some of the biggest uranium companies are also participating in collaborative initiatives to promote nuclear energy's role in decarbonization. Cameco Corporation (NYSE:CCJ) is a Canadian uranium company. As one of the world’s largest uranium-producing companies, it is a major provider of nuclear fuel solutions for the generation of safe, reliable, and carbon-free nuclear power across the globe. On December 3, 2023, Cameco Corporation (NYSE:CCJ) announced that it has joined Net Zero Nuclear, the initiative aiming to triple global nuclear capacity to achieve carbon neutrality by 2050 by calling for collaboration among governments and industry leaders. This initiative, supported by various organizations including the World Nuclear Association and the International Atomic Energy Agency, seeks to accelerate the growth of the global nuclear fleet and advance research and development into emerging nuclear technologies. By promoting nuclear energy's role in decarbonizing global energy systems, Net Zero Nuclear will ensure nuclear energy’s potential is fully realized while also removing barriers to its growth.

Tim Gitzel, Cameco Corporation (NYSE:CCJ) President and CEO, said:

“Increasingly, countries and companies around the world are counting on nuclear power to play a role in achieving their net-zero emissions targets while strengthening their energy security. Its importance as an essential source of sustainable, carbon-free, baseload electricity has never been greater.”

Now that we have looked at what’s going on in the global uranium market, let’s take a look at the top 10 uranium-producing companies in the world. You can also take a look at the countries that produce the best uranium in the world.

Top 10 Uranium Producing Companies In The World

A miner in a hard hat and apron holding a piece of uranium ore in the Athabasca Basin, Saskatchewan.

Methodology

In this article, we have listed the top 10 uranium-producing companies in the world. To collect data for our list, we consulted the World Nuclear Association. We used data obtained for the latest year in their dataset, updated in August 2023. This database provided us with a list of companies and information on their uranium production for the year 2022. The top 10 uranium-producing companies in the world are listed below in ascending order.

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Top 10 Uranium Producing Companies In The World10. General Atomics

Uranium Production (2022): 1,740 Tonnes

General Atomics is an American energy and defense company that ranks among the top 10 uranium-producing companies in the world. It specializes in research and technology development, including physics research in support of nuclear fission and nuclear fission energy. General Atomics also owns Heathgate Resources and its affiliate Quasar Resources. Quasar Resources owns the Four Mile uranium mine in Australia, which is one of the world’s largest uranium-producing mines. The Four Mile mine is operated by Heathgate Resources. With a 4% share in global uranium production, General Atomics produced 1,740 tonnes of uranium in 2022 through its affiliated companies.

9. ARMZ Uranium Holding Co.

Uranium Production (2022): 2,508 Tonnes

ARMZ Uranium Holding Co. is a Russian company. It operates the Mining Division of Rosatom State Atomic Energy Corporation and produces uranium in Russia. ARMZ Uranium Holding Co. is also one of the biggest companies in terms of in-situ uranium reserves. As one of the top uranium-producing companies in the world, ARMZ Uranium Holding Co. produced 2,508 tonnes of uranium in 2022 to account for about 5% of the global uranium supply.

8. BHP Group Limited (NYSE:BHP)

Uranium Production (2022): 2,813 Tonnes

BHP Group Limited (NYSE:BHP) is an Australian multinational mining and metals company. As a major resources company, it produces iron ore, coal, copper, gold, nickel, and uranium. BHP Group Limited (NYSE:BHP) has over 90 locations around the world. As one of the biggest uranium-producing companies in the world, BHP Group Limited (NYSE:BHP) produced 2,813 tonnes of uranium in 2022 to provide about 6% of the global uranium supply.

7. China National Nuclear Corporation (CNNC)

Uranium Production (2022): 3,247 Tonnes

The China National Nuclear Corporation is a Chinese state-owned enterprise. The corporation owns a complete uranium exploration, mining, and milling system. Accounting for 7% of the global uranium production, the China National Nuclear Corporation (CNNC) produced 3,247 tonnes of uranium in 2022.

6. Navoi Mining and Metallurgy Combinat

Uranium Production (2022): 3,300 Tonnes

Navoi Mining and Metallurgy Combinat is a state-owned company in Uzbekistan. It is one of Uzbekistan’s largest mining companies and it also ranks high among the world’s largest uranium and gold producers. The company’s most important ore deposits are located in the Kyzyl Kum Desert. In 2022, Navoi Mining and Metallurgy Combinat produced 3,300 tonnes of Uranium. It ranks 6th on our list of the top 10 uranium-producing companies in the world.

Click to continue reading and see Top 5 Uranium Producing Companies In The World.

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Disclosure: None. Top 10 Uranium Producing Companies In The World is published on Insider Monkey.

REE Automotive Ltd.

REE Automotive and Knapheide Debut Full Vehicle Solution 1

REE Automotive’s first Class 4 P7-C demo electric chassis cab to arrive in the U.S. has been upfitted with Knapheide’s KUV body

REE Automotive and Knapheide Debut Full Vehicle Solution 3

REE Automotive’s first Class 4 P7-C demo electric chassis cab to arrive in the U.S. has been upfitted with Knapheide’s KUV body

REE Automotive and Knapheide Debut Full Vehicle Solution 4

REE Automotive’s first Class 4 P7-C demo electric chassis cab to arrive in the U.S. has been upfitted with Knapheide’s KUV body

REE Automotive and Knapheide Debut Full Vehicle Solution 2

REE Automotive’s first Class 4 P7-C demo electric chassis cab to arrive in the U.S. has been upfitted with Knapheide’s KUV body

• REE Automotive’s first Class 4 P7-C demo electric chassis cab to arrive in the U.S. has been upfitted with Knapheide’s KUV body

• The vehicle will travel to NTEA Work Truck Week in Indianapolis to be showcased at Knapheide’s distributor event on March 5, 2024

QUINCY, Ill., Feb. 22, 2024 (GLOBE NEWSWIRE) — REE Automotive Ltd. (Nasdaq: REE), an automotive technology company and provider of full by-wire electric trucks and platforms, today announced that its first demo P7-C fully by-wire chassis cab has arrived in the U.S. and has completed its upfitting at Knapheide in Quincy, Illinois. Knapheide, North America’s most popular manufacturer of work truck bodies and truck beds, upfitted the P7-C with its KUV body, known to create optimized organization for the technician by dividing the storage space into manageable compartments that are externally accessible from either side of the body. By working together, REE and Knapheide will allow fleets the flexibility they need when selecting a body for their fully by-wire electric vehicles.

“With REE’s first of its kind fully by-wire vehicle technology and Knapheide’s proven excellence with work truck bodies, we believe that REE and Knapheide will be able to provide the right body and equipment solutions for vocational fleets across North America,” said Tali Miller, Chief Business Officer of REE Automotive. “Once upfitted, vocational fleets will be able to experience and drive REE vehicles on their routes and use it in their everyday activities. This is where we believe REE vehicles will really shine.”

“As the most popular choice in North America for work truck bodies, we are happy to work with REE and its Authorized Dealer Network to put our world class bodies on their fully-flat, full by-wire chassis,” said Chris Weiss, Vice President of Engineering for Knapheide. “We are committed to making the upfit process seamless for fleet owners and providing them with a tailored experience that will result in a customized vehicle solution they’re excited to drive.”

Photos of the full vehicle:

REE Automotive and Knapheide Debut Full Vehicle Solution 1

 

REE Automotive and Knapheide Debut Full Vehicle Solution 3

REE Automotive and Knapheide Debut Full Vehicle Solution 4

 

REE Automotive and Knapheide Debut Full Vehicle Solution 2

To learn more about REE Automotive’s patented technology and unique value proposition that position the company to break new ground in e-mobility, visit www.ree.auto.

About REE AutomotiveREE Automotive (Nasdaq: REE) is an automotive technology company that allows companies to build electric vehicles of various shapes and sizes on their modular platforms. With complete design freedom, vehicles Powered by REE™ are equipped with the revolutionary REEcorner™, which packs critical vehicle components (steering, braking, suspension, powertrain and control) into a single compact module positioned between the chassis and the wheel. As the first company to certify a fully by-wire vehicle in the U.S., REE’s proprietary by-wire technology for drive, steer and brake control eliminates the need for mechanical connection. Using four identical REEcorners™ enables REE to make the industry’s flattest EV platforms with more room for passengers, cargo and batteries. REE platforms are future proofed, autonomous capable, offer a low TCO, and drastically reduce the time to market for fleets looking to electrify. To learn more visit www.ree.auto.

Media ContactMalory Van GuilderSkyya PR for REE Automotive +1 651-335-0585ree@skyya.com

Investor ContactKamal HamidVP Investor Relations | REE Automotive+1 303-670-7756investors@ree.auto

Caution About Forward-Looking StatementsThis communication includes certain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding REE or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. For example, REE is using forward looking statements when it discusses the potential benefits of the P7-C upfitted with Knapheide’s KUV vehicles, the types of activities that may be performed during REE’s demo program and the overall potential benefits of REE’s platforms. In addition, any statements that refer to plans, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “aim” “anticipate,” “appear,” “approximate,” “believe,” “continue,” “could,” “estimate,” “expect,” “foresee,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “would”, “designed,” “target” and similar expressions (or the negative version of such words or expressions) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements in this communication may include, among other things, statements about REE’s strategic and business plans, technology, relationships and objectives, including its ability to meet certification requirements, the impact of trends on and interest in our business, or product, intellectual property, REE’s expectation for growth, and its future results, operations and financial performance and condition.

These forward-looking statements are based on REE’s current expectations and assumptions about future events and are based on currently available information as of the date of this communication and current expectations, forecasts, and assumptions. Although REE believes that the expectations reflected in forward-looking statements are reasonable, such statements involve an unknown number of risks, uncertainties, judgments, and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. These factors are difficult to predict accurately and may be beyond REE’s control. Forward-looking statements in this communication speak only as of the date made and REE undertakes no obligation to update its forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur.

Uncertainties and risk factors that could affect REE’s future performance and could cause actual results to differ include, but are not limited to: REE’s ability to commercialize its strategic plan, including its plan to successfully evaluate, obtain regulatory approval, produce and market its P7 lineup; REE’s ability to maintain and advance relationships with current Tier 1 suppliers and strategic partners; development of REE’s advanced prototypes into marketable products; REE’s ability to grow and scale manufacturing capacity through relationships with Tier 1 suppliers; REE’s estimates of unit sales, expenses and profitability and underlying assumptions; REE’s reliance on its UK Engineering Center of Excellence for the design, validation, verification, testing and homologation of its products; REE’s limited operating history; risks associated with building out of REE’s supply chain; risks associated with plans for REE’s initial commercial production; REE’s dependence on potential suppliers, some of which will be single or limited source; development of the market for commercial EVs; risks associated with data security breach, failure of information security systems and privacy concerns; risks related to lack of compliance with Nasdaq’s minimum bid price requirement; future sales of our securities by existing material shareholders or by us could cause the market price for the Class A Ordinary Shares to decline; potential disruption of shipping routes due to accidents, political events, international hostilities and instability, piracy or acts by terrorists; intense competition in the e-mobility space, including with competitors who have significantly more resources; risks related to the fact that REE is incorporated in Israel and governed by Israeli law; REE’s ability to make continued investments in its platform; the impact of the COVID-19 pandemic, interest rate changes, the ongoing conflict between Ukraine and Russia and any other worldwide health epidemics or outbreaks that may arise and adverse global conditions, including macroeconomic and geopolitical uncertainty; the global economic environment, the general market, political and economic conditions in the countries in which we operate; the ongoing military conflict in Israel; fluctuations in interest rates and foreign exchange rates; the need to attract, train and retain highly-skilled technical workforce; changes in laws and regulations that impact REE; REE’s ability to enforce, protect and maintain intellectual property rights; REE’s ability to retain engineers and other highly qualified employees to further its goals; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in REE’s annual report filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 28, 2023 and in subsequent filings with the SEC.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/dc0f6f47-6784-48a7-ae13-6571bde24346

https://www.globenewswire.com/NewsRoom/AttachmentNg/3e54e263-ecf8-4b2f-ab84-a1e886633a4e

https://www.globenewswire.com/NewsRoom/AttachmentNg/04ad1afa-8bfe-485a-a2fb-d93ac42aad08

https://www.globenewswire.com/NewsRoom/AttachmentNg/39662972-c313-4284-9ee4-5b0b1d59c940

Goliath Resources Limited

TORONTO, Feb. 21, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to announce it has been selected by the PDAC 2024 technical committee to display its core. PDAC’s Core Shack provides a unique venue at the world’s premier mining convention to display core from new or ongoing projects that are generating exciting drill results. The latest discoveries from around the world are featured along with maps, charts and technical information.

Goliath is focused on further expanding its new high-grade gold Surebet Discovery at its 100% controlled Golddigger Property located in the Golden Triangle, British Columbia. The Company has drilled over 65,000 meters of diamond drilling to date, 2021-2023. Goliath has demonstrated the new Surebet Discovery is an extensive structurally controlled mineralized system over a 1.8 sqkm area (>336 NFL fields). To put this significant mineralized zone into size and scale, during PDAC 2024, look at the CN Tower in Toronto and more than triple that for Surebet’s length and width. This new discovery has exceptional continuity and gold recoveries of 92.2% using gravity and flotation only at a 327 micron crush (no deleterious elements and no cyanide required to recover the gold).

To learn more about Goliath’s exciting new Surebet discovery, we would like to cordially invite you to visit us at the PDAC Core Shack, Session A, Booth # 3104 in the Investors Exchange, Level 800, at the Metro Toronto Convention Centre, South Building on Sunday, March 3rd – Monday, March 4th; the Company will be exhibiting both days from 10:00 am – 5:00 pm.

About Goliath Resources Limited

Goliath Resources Limited is an explorer of precious metals in the prolific Golden Triangle of northwestern British Columbia and Abitibi Greenstone Belt of Quebec. All its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada. The new high-grade gold Surebet discovery at its 100% controlled Golddigger Property located in the Golden Triangle, British Columbia is its flagship project.

About PDAC 2024

PDAC 2024: The World’s Premier Mineral Exploration & Mining Convention is the leading event for people, companies and organizations connected to mineral exploration. This annual convention in Toronto, Canada is known for attracting up to 30,000 attendees from over 130+ countries for its educational programming, networking events and outstanding business opportunities.

Since it began in 1932, the PDAC Convention has grown in size, stature and influence. Today, it is the event of choice for the world’s mineral industry hosting more than 1,100 exhibitors and 700 speakers. Visit PDAC’s website for registration/ticketing information.

Qualified Person

Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.

For more information please contact: Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1-416-488-2887roger@goliathresources.com www.goliathresourcesltd.com

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

* Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and AuEq metal values are calculated using: AuEq metal values are calculated using: Au 1924.79 USD/oz, Ag 22.76 USD/oz, Cu 3.75 USD/lbs, Pb 2128.75 USD/ton and Zn 2468.50 USD/ton on December 23, 2023. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of Company to complete the financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.

The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment.  In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal. 

The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.

Highlights include 29m at 2.40g/t PGM+Au, 0.10% Ni (including 3m at 1.41g/t Rhodium), and 22m at 1.82g/t PGM+Au, 0.14% Ni

VANCOUVER, BC, Feb. 21, 2024 /CNW/ – Bravo Mining Corp. (TSX.V: BRVO) (OTCQX: BRVMF), ("Bravo" or the "Company") announced that it has received assay results from seven diamond drill holes ("DDH") from the North Sector at its 100% owned Luanga palladium + platinum + rhodium + gold + nickel project ("Luanga" or "Luanga PGM+Au+Ni Project"), located in the Carajás Mineral Province, state of Pará, Brazil.

"Results continue to extend PGM+Au+Ni mineralization at depth, now in the North Sector, with mineralization extending from ~100m to ~200m below surface, which is still relatively shallow when compared to the greater than 400m depths demonstrated in the Central Sector," said Luis Azevedo, Chairman and CEO of Bravo. "Again, assay grades and mineralized thicknesses typically  improve at depth, as can be seen in Figures 1 and 2. We also see early evidence of copper sulphides in greater concentration relative to nickel sulphides, as well as localized high-grade rhodium, in the North Sector."

Highlights Include:

• Drilling in the North Sector continues to improve in grade and thickness below the limits of the current Mineral Resource Estimate ("MRE"), for example:

  • DDH23LU224 on Section 1 (28.9m at 2.44g/t PGM+Au, 0.10% Ni) is significantly thicker and higher-grade compared to up dip hole DDH23LU202 (10.0m at 0.80g/t PGM+Au, 0.12% Ni).

  • DDH23LU219 on Section 2 (22.4m at 1.82g/t PGM+Au and 9.1m at 2.22g/t PGM+Au) is also a significant improvement over historic drill hole PPT-LUAN-FD0002 up dip (11.7m at 1.08g/t PGM+Au and 20.0m at 0.77g/t PGM+Au respectively).

• The North Sector drilling is at an earlier stage as compared to the Central Sector, where mineralization has been extended to depths of more than 400m. The potential to define and extend existing mineralization below depths as shallow as 100m is now being demonstrated.

• Results in the North Sector continue to support the potential for future growth in Luanga's MRE.

• Narrow zones of copper sulphides and localized high-grade rhodium have also been intersected in the North Sector.

• Bore-hole Electromagnetic ("EM") survey team working in parallel with exploration drilling.

HOLE-ID	From	To	Thickness(m)	Pd	Pt	Rh	Au	PGM + Au	Ni* (%) Sulphide	TYPE
	(m)	(m)		(g/t)	(g/t)	(g/t)	(g/t)	(g/t)
DDH23LU216	229.50	230.50	1.00	0.53	2.24	1.13	0.01	3.92	0.01	FR
DDH23LU219	236.93	259.30	22.37	1.16	0.52	0.10	0.04	1.82	0.14	FR
And	271.50	280.65	9.15	1.48	0.65	0.08	0.01	2.22	0.06	FR
DDH23LU221	259.00	264.00	5.00	3.27	1.96	0.26	0.01	5.50	0.17	FR
And	271.00	275.00	4.00	0.92	1.33	0.19	0.13	2.58	0.11	FR
DDH23LU224	118.20	147.15	28.95	1.02	1.09	0.27	0.01	2.40	0.10	FR
Including	124.20	127.20	3.00	0.67	1.28	1.41	0.01	3.36	0.03	FR

Notes:	All 'From', 'To' depths, and 'Thicknesses' are downhole. 'NA' Not applicable for Oxide material.
	Given orientation of drilling and mineralization, intercepts are estimated at 140% of true thickness.
	Type: Ox = Oxide. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.
	* Bravo's nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historical total nickel assays.

Luanga Drilling Update

Results from seven diamond drill holes have been received from the North Sector. All the drill holes herein reported are angled holes (60 degrees) towards a 090° azimuth. Together, this set of drill holes comprise a total of 2,204 metres of diamond drilling.

Section 1 (Figure 1) in the North Sector shows DDH23LU224 which was drilled to test below DDH23LU202. PGM+Ni mineralization intersected in DDH23LU224 (28.9m at 2.44g/t PGM+Au, 0.10% Ni) is significantly thicker and higher-grade compared to the up-dip intersection in DDH23LU202 (10.0m at 0.80g/t PGM+Au, 0.12% Ni), and is less than 150m from surface. This bodes well for future growth in the MRE at relatively shallow depths. The zone of disseminated nickel sulphides in DDH23LU202 was not repeated in DDH23LU224; however, narrow zones of higher-grade nickel sulphide mineralization observed in DDH23LU224 are now associated with increasing levels of copper mineralization at depth.

Figure 1: North Sector (Section 1 on Figure 3). PGM+Au mineralization significantly wider and higher-grade at depth. (CNW Group/Bravo Mining Corp.)

Section 2 (Figure 2), in the North Sector, also shows evidence of increasing widths and grades at relatively shallow depths. DDH23LU219 (22.4m at 1.82g/t PGM+Au and 9.1m at 2.22g/t PGM+Au) is also a significant improvement over the up-dip intercept in historic drill hole PPT-LUAN-FD0002 (11.7m at 1.08g/t PGM+Au and 20.0m at 0.77g/t PGM+Au respectively) and, as with Section 1, these results bode well for future MRE growth at relatively shallow depths.

Figure 2: North Sector (Section 2 on Figure 3). Deeper drilling at North Sector, showing increasing widths and grades. (CNW Group/Bravo Mining Corp.)

Drill Results Status Update

A total of 260 drill holes have been completed by Bravo to date, for 56,147.80 metres, including 8 metallurgical holes (not subject to routine assaying). Results have been reported for 227 Bravo drill holes to date. Assay results for 25 Bravo drill holes that have been completed are currently outstanding (excluding the metallurgical holes).

Drilling of priority HeliTEM (airborne electromagnetics) targets is now accompanied by a borehole EM survey team, on site at Luanga, progressing in parallel with drilling.

Complete Table of Recent Intercepts.

HOLE-ID	From	To	Thickness (m)	Pd	Pt	Rh	Au	PGM + Au	Ni* (%) Sulphide	Cu (%) Sulphide	TYPE
	(m)	(m)		(g/t)	(g/t)	(g/t)	(g/t)	(g/t)
DDH23LU214	187.60	188.60	1.00	0.01	<0.01	<0.01	<0.01	0.01	0.89		FR
DDH23LU216	229.50	230.50	1.00	0.53	2.24	1.13	0.01	3.92	0.01		FR
DDH23LU218	43.90	58.90	15.00	0.13	0.47	0.07	0.01	0.68	NA		FR
And	273.35	277.25	3.90	0.27	0.09	0.04	0.01	0.41	0.34		FR
And	293.65	295.65	2.00	0.39	0.13	0.02	0.01	0.55	0.44		FR
And	310.80	313.80	3.00	0.23	0.07	0.01	<0.01	0.31	0.32		FR
DDH23LU219	197.75	218.70	20.95	0.33	0.56	0.02	0.01	0.93	0.03		FR
And	236.93	259.30	22.37	1.16	0.52	0.10	0.04	1.82	0.14		FR
And	271.50	280.65	9.15	1.48	0.65	0.08	0.01	2.22	0.06		FR
DDH23LU221	259.00	264.00	5.00	3.27	1.96	0.26	0.01	5.50	0.17		FR
And	271.00	275.00	4.00	0.92	1.33	0.19	0.13	2.58	0.11		FR
And	279.00	300.00	21.00	0.07	0.06	0.01	0.01	0.14	0.27		FR
DDH23LU224	0.00	6.34	6.34	0.17	0.50	0.07	<0.01	0.75	NA	NA	Ox
And	118.20	147.15	28.95	1.02	1.09	0.27	0.01	2.40	0.10	0.02	FR
Including	124.20	127.20	3.00	0.67	1.28	1.41	0.01	3.36	0.03	0.01	FR
And	153.90	155.90	2.00	0.26	0.31	0.04	0.20	0.81	0.21	0.51	FR
And	223.90	228.90	5.00	0.36	0.21	<0.01	0.14	0.70	0.18	0.74	FR
And	275.15	277.15	2.00	0.67	0.26	<0.01	0.04	0.98	0.12	0.13	FR
DDH23LU226	No significant results

Notes:	All 'From', 'To' depths, and 'Thicknesses' are downhole. 'NA' Not applicable for Oxide material.
	Given orientation of drilling and mineralization, intercepts are estimated at 140% of true thickness.
	Type: Ox = Oxide. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.
	* Bravo's nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historical total nickel assays

Figure 3: Location of Bravo Drilling and Sections Reported in this News Release (CNW Group/Bravo Mining Corp.)

About Bravo Mining Corp.

Bravo is a Canadian and Brazil-based mineral exploration and development company focused on advancing its Luanga PGM+Au+Ni Project in the world-class Carajás Mineral Province of Brazil.

The Luanga Project is situated on mature freehold farming land and benefits from being in a location close to operating mines and a mining-experienced workforce, with excellent access and proximity to existing infrastructure, including road, rail, and clean renewable hydro grid power. A fully funded 63,000m infill, step out and exploration drilling and trenching program is well advanced for 2024. Bravo's current Environmental, Social and Governance activities includes planting more than 18,000 high-value trees in the project area, hiring and contracting locally, and ensuring protection of the environment during its exploration activities.

Technical Disclosure

Technical information in this news release has been reviewed and approved by Simon Mottram, F.AusIMM (Fellow Australia Institute of Mining and Metallurgy), President of Bravo Mining Corp. who serves as the Company's "qualified person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Mottram has verified the technical data and opinions contained in this news release.

Forward Looking Statements

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "wider", "high-grade", "improve", "growth", "extend", "greater", "extended", "increasing", "potential", "significant", "indicative", "continue", "bodes well", variants of these words and other similar words, phrases, or statements that certain events or conditions "may" or "will" occur. This news release contains forward-looking information pertaining to the Company's ongoing drill program and the results thereof; comparisons to historical and prior Bravo drilling; the potential for extensions to mineralization at depth; the potential for greater thicknesses and/or higher grades at depth; the implications of higher copper grades in certain areas and the importance of locally high rhodium grades in the North Sector; and the Company's plans in respect thereof. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, unexpected results from exploration programs, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the assay results confirm that the interpreted mineralization contains significant values of nickel, PGMs and Au; that the mineralization remains open to depth, that PGM and/or Ni grades and mineralized thicknesses are improving to depth; that final drill and assay results will be in line with management's expectations; that activities will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the Luanga Project will not be materially affected by potential supply chain disruptions; and general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Schedule 1: Drill Hole Collar Details

HOLE-ID	Company	East (m)	North (m)	RL (m)	Datum	Depth (m)	Azimuth	Dip	Sector
DDH23LU214	Bravo	659230.64	9343275.01	218.241	SIRGAS2000_UTM_22S	275.05	90.00	-60.00	North
DDH23LU216	Bravo	659663.76	9342656.37	267.133	SIRGAS2000_UTM_22S	301.80	90.00	-60.00	North
DDH23LU218	Bravo	659726.12	9342474.99	262.304	SIRGAS2000_UTM_22S	358.70	90.00	-60.00	North
DDH23LU219	Bravo	659244.09	9342922.21	224.865	SIRGAS2000_UTM_22S	300.20	90.00	-60.00	North
DDH23LU221	Bravo	659900.38	9342124.99	249.794	SIRGAS2000_UTM_22S	367.80	90.00	-60.00	North
DDH23LU224	Bravo	659755.41	9342616.02	270.122	SIRGAS2000_UTM_22S	350.60	90.00	-60.00	North
DDH23LU226	Bravo	659242.68	9343373.55	220.017	SIRGAS2000_UTM_22S	250.15	90.00	-60.00	North

Schedule 2: Assay Methodologies and QAQC

Samples follow a chain of custody between collection, processing, and delivery to the SGS Geosol laboratory in Parauapebas, state of Pará, Brazil. The drill core is delivered to the core shack at Bravo's Luanga site facilities and processed by geologists who insert certified reference materials, blanks, and duplicates into the sampling sequence. Drill core is half cut and placed in secured polyurethane bags, then in security-sealed sacks before being delivered directly from the Luanga site facilities to the Parauapebas SGS Geosol laboratory by Bravo staff. Additional information about the methodology can be found on the SGS Geosol website (SGS) in their analytical guides. Information regarding preparation and analysis of historic drill core is also presented in the table below, where the information is known.

Quality Assurance and Quality Control ("QAQC") is maintained internally at the lab through rigorous use of internal certified reference materials, blanks, and duplicates. An additional QAQC program is administered by Bravo using certified reference materials, duplicate samples and blank samples that are blindly inserted into the sample batch. If a QAQC sample returns an unacceptable value an investigation into the results is triggered and when deemed necessary, the samples that were tested in the batch with the failed QAQC sample are re-tested.

Bravo SGS Geosol
Preparation	Method	Method	Method	Method
For All Elements	Pt, Pd, Au	Rh	Sulphide Ni, Cu	Trace Elements
PRPCLI (85% at 200#)	FAI515	FAI30V	AA04B	ICP40B

Bravo Mining Corp. Logo (CNW Group/Bravo Mining Corp.)

SOURCE Bravo Mining Corp.

Cision

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BHP Group BHP reported underlying attributable profit from continuing operations of $6.6 billion in the first half of fiscal 2024 (ended Dec 31, 2023). The figure was in line with the year-ago comparable period as gains from higher revenues (reflecting improved iron ore and copper prices) and disciplined cost control were offset by higher input and labor costs.Underlying earnings per share were $1.29 in the first half of fiscal 2024 compared with $1.30 in the prior-year period. Earnings per American Depositary Share (ADS) were $2.59 for the first half of fiscal 2024 compared with $2.60 in the first half of the previous fiscal. BHP’s ADS represents two fully-paid ordinary shares.In the period under discussion, BHP’s attributable profit (for total operations) slumped 86% year over year to $927 million. The figure included an exceptional loss of around $5.6 billion. This included a $2.47 billion impairment of the carrying value of the Nickel West operations and West Musgrave project (Western Australia Nickel) and a $3.17 billion charge related to the Samarco dam failure. BHP had reported an attributable profit of $6.5 billion in the first half of fiscal 2023.

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Revenues in the first half of fiscal 2024 totaled $27.2 billion, up 6% year over year. Results benefited from higher iron ore and copper prices and contribution from new mines, Prominent Hill and Carrapateena. These were partially offset by weaker results at New South Wales Energy Coal (NSWEC) owing to a 65% plunge in realized prices that offset a 43% improvement in sales volumes.The Iron ore segment’s revenues were up 18.9% year over year to $14.1 billion driven by higher iron ore prices. The Copper segment reported revenues of $7.7 billion, up 18.5% year over year on higher copper prices. Revenues in the Coal segment slumped 32% year over year to $3.8 billion, reflecting lower prices.Profit from operations was $4.8 billion in the first half of fiscal 2024compared with $10.8 billion in the last fiscal year’s comparable period. The 56% downfall was mainly attributed to higher input and labor costs.Underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) from continuing operations improved 5% year over year to $13.9 billion. The underlying EBITDA margin was 53.3% compared with 53.5% in last year’s comparable period.For the Iron ore segment underlying EBITDA increased 26.5% year on year to $9.7 billion and the Copper segment’s underlying EBITDA was up 23% to $3.5 billion. The Coal segment’s underlying EBITDA was $0.97 billion, which marked a substantial drop from $2.6 billion in the first half of fiscal 2022.

Financial Position

As of Dec 31, 2023, BHP Group had cash and cash equivalents of $10.3 billion, down from $12.4 billion as of Jun 30, 2023. In the half year ended Dec 31, 2023, the company generated $8.9 billion of net operating cash flow, higher than the $6.8 billion recorded in the prior-year comparable period. The improved results were attributed to higher underlying EBITDA and lower income tax and royalty-related taxation payments, partially offset by an increase in working capital. Free cash flow for the period under discussion was $3.8 billion. Net debt was $12.6 billion at the end of the first half of fiscal 2024, higher than $11.2 billion at the beginning of the period. Despite the increase, the figure remains within BHP’s targeted range of between $5 and $15 billion.BHP’s board has announced an interim dividend of 72 cents per share, which is equivalent to a total payout of $3.6 billion (payout ratio of 56%).Capital and exploration spending was $4.7 billion in the first half of fiscal 2024, which was 57% higher year over year reflecting the company’s stepped-up investment in growth. This includes expenditure for Jansen and Copper South Australia. BHP has earmarked capital and exploration expenditure of $10 billion for both fiscal 2024 and fiscal 2025 and $11 billion per year thereafter.

FY24 Production Guidance

BHP’s iron ore production guidance for fiscal 2024 is 254-264.5 Mt. WAIO's production is expected to be between 250 Mt and 260 Mt (282 Mt and 294 Mt on a 100% basis).BHP expects copper production within 1,720-1,910 kt in fiscal 2024. Production guidance for metallurgical coal had been earlier lowered to 23-25 Mt from the previously stated 28 -31 Mt. The company expects energy coal production to be near the upper end of its range of 13Mt to 15 Mt. Nickel production is expected to be between 77 kt and 87 kt.

Cost Guidance for FY24

Unit cost guidance for WAIO is $17.40-$18.90 per ton. Escondida unit cost is estimated to be $1.40-$1.70 per pound. Spence unit costs are expected to range between $2.00 per pound and $2.30 per pound. BMA unit cost is expected to be between $110 per ton and $116 per ton. This is higher than the company’s previous projection in the range of $95 per ton and $105 per ton.

Price Performance

BHP Group's shares have fallen 9.4% over the past year compared with the industry’s 0.7% decline.

Zacks Investment Research

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Zacks Rank & Stocks to Consider

BHP currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the basic materials space are Carpenter Technology Corporation CRS, Ecolab Inc. ECL and Alpha Metallurgical Resources, Inc. AMR. Each of these companies currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Carpenter Technology’s 2024 earnings is pegged at $3.96 per share. The consensus estimate for 2024 earnings has moved 11% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 14.3%. CRS shares have gained 33.8% in a year.The Zacks Consensus Estimate for Ecolab’s 2024 earnings is pegged at $6.39 per share, indicating an increase of 22.7% from the prior year’s reported number. It has an average trailing four-quarter earnings surprise of 1.7%. ECL shares have gained 36% in a year.Alpha Metallurgical Resources has an average trailing four-quarter earnings surprise of 9.6%. The Zacks Consensus Estimate for AMR’s 2024 earnings is pegged at $43.05 per share. Earnings estimates have moved 48% north in the past 60 days. AMR shares rallied 122% last year.

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BHP Group Ltd. Chief Executive Officer Mike Henry discusses the mining giant’s financial results, demand and supply of nickel, and how the state of China’s economy is affecting the company’s iron ore business. He speaks on “Bloomberg Markets: China Open.”

(Bloomberg) — BHP Group Ltd.’s first-half net income slumped 86% from the year before, after oversupply in the nickel market forced the world’s biggest miner to write down the value of key assets.

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The company announced last week it would take a $2.5 billion impairment on the value of its Australian nickel assets, which could be mothballed later this year following a review.

Global supplies of the metal — which has become key to the energy transition due to its use in electrification and batteries — ballooned after Indonesia quickly ramped up production, causing benchmark prices to crater and the closure of at least six nickel projects in Australia in the past year.

“There’s going to be a multi-year period of over-supply in nickel” that could last until the end of this decade, Chief Executive Officer Mike Henry said in a Bloomberg Television interview Tuesday after BHP announced its results. “The consideration that we need to give to nickel is what we do with our business in the intervening period, given that it’s currently loss-making and it has been for some time.”

The company reported that underlying attributable profit from continuing operations in the six months to Dec. 31 was steady at $6.57 billion, slightly below the estimate from analysts. Still, it was the massive slump in net income that was the biggest focus for investors, along with the cut in its interim dividend to 72 cents a share, down from 90 cents in the previous six months.

Read More: Top Miner BHP Takes $2.5 Billion Nickel Hit After Price Fall

BHP’s Sydney-based shares fell as much as 1% on Tuesday before trading down 0.2% to A$45.97 at 12:51 p.m. local time.

See-sawing demand for commodities in recent years has whiplashed BHP’s earnings, a trend that started during the pandemic and has continued due to the deteriorating outlook for China’s economy and particularly its metals-intensive construction and property sectors. Last year, just 12 months after posting its highest-ever profit as prices soared, the company reported its lowest annual profit in three years.

BHP said Tuesday all its assets were on track to meet full-year output and cost targets, with demand from top customer China “healthy” despite weakness in its housing sector. The six-month reporting period “had its challenges,” it said in a statement, referring to its nickel assets, which “offset an otherwise solid operation performance and overall healthy commodity prices.”

In a move aimed at supporting its flailing domestic industry, Australia last week added nickel to its Critical Minerals List, which will allow miners and downstream stakeholders of the metal to access the A$6 billion ($3.9 billion) available via the Critical Minerals Facility – a government fund aimed at ensuring Australia is at the forefront of the green metals transition.

Government Support

Prime Minister Anthony Albanese said in an interview on Monday that his government was looking at “how we can provide further support with a smart, targeted and time-limited policy” for the nickel sector.

Still, BHP’s Henry said Tuesday that federal tax credits and royalty relief at state level may not be enough to stop it shutting down its Nickel West operations, which haven’t been profitable since 2018.

“Given the current nickel price uncertainty, a large capital outlay is hard for BHP to justify” and avoid putting its Australian nickel assets on care and maintenance, RBC Capital Markets analyst Kaan Peker said in answer to emailed questions. The company will be looking for “additional government incentives associated with building downstream processing infrastructure associated in nickel, which the Australian government now deems to be a critical mineral,” he added.

Read More: BHP Nickel Supply Warning to Raise Questions on Strategy: Reaction

Beyond nickel, iron ore remains the company’s most important revenue earner. Prices of the steelmaking material surged 28% over the reporting period and remain historically high, and that has prompted major producers including BHP to consider development of once-stranded deposits.

BHP and its investors will also be watching whether China’s once insatiable demand for metals can be revived.The nation’s construction sector is expected to ramp up next month, and there will be a focus on whether Beijing will inject further fiscal stimulus to effectively counter steep declines from the crash in the metals-intensive housing market.

“In the near term, the economic outlook for the developed world is expected to improve modestly after a difficult year for both steel and non-ferrous metals demand,” BHP said in the statement. “China and India are expected to remain relative sources of stability for commodity demand.”

The company also said last week it would nearly double the provision set aside to cover damages from the 2015 Samarco dam failure in Brazil to $6.5 billion.

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(Bloomberg) — Anglo American Platinum Ltd. has proposed a restructuring that may affect 3,700 jobs across its South African operations, as plummeting metal prices squeeze profits.

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That’s a blow for what has long been one the country’s biggest export industries and is another setback for South Africa’s ruling African National Congress ahead of key elections later this year. The potential cuts impact about 17% of the workforce at the company known as Amplats, plus more than 600 firms whose contracts with the miner are to be reviewed.

In December, the company’s parent Anglo American Plc warned that returns for miners of platinum-group metals were at the lowest level in 30 years. Despite taking steps last year to reposition the business, Amplats Chief Executive Officer Craig Miller said it’s clear they don’t go far enough.

“It is apparent that further measures to create critical resilience and greater competitiveness are needed to sustain the business,” Miller said in a statement Monday. “These actions are necessary to enable the continued employment of thousands of workers and contractors.”

Acting Chief Financial Officer Sayurie Naidoo said Amplats is targeting annual savings of 5 billion rand ($263 million).

Read More: Anglo American Plunges as It Slashes Production to Cut Costs

The price of PGMs — used to curb emissions from gasoline and diesel vehicles — has nosedived since the start of last year due to auto industry destocking and a subdued global economy.

That’s a rapid reversal of fortunes for Amplats and its Johannesburg-based peers. Just two years ago, the firms were declaring bumper earnings as automaker demand pushed the price of rhodium and palladium – metals produced alongside platinum – to record levels.

“The outlook for automotive demand is likely to be flat,” so “prices will probably hover around current levels” this year, Miller said in an interview.

Amplats said profit tumbled 73% to 13 billion rand last year, from 49.2 billion rand in 2022. The company slashed its dividend by 81% to 21.30 rand per share. The miner’s shares steadied in Johannesburg trading, after falling 24% this year.

Read More: Anglo Consults South Africa as It Weighs Platinum, Iron Job Cuts

Impala Platinum Holdings Ltd. and Northam Platinum Holdings Ltd. have also flagged a slump in earnings, with the former offering voluntary redundancies. Four month ago, Sibanye Stillwater Ltd. said it was entering talks with labor unions over a restructuring that could impact more than 4,000 workers at its platinum mines.

At Amplats, most of the jobs at risk are at the Amandelbult mine – where production fell 11% in 2023 – and in its processing division, which is due to mothball one of the firm’s smelters this year, according to Miller.

The job losses come just before a crucial election, which could see the ruling ANC lose its outright majority for the first time since the end of White-minority rule in 1994. South Africa’s unemployment rate, including people who were available for work but not looking for a job, stood at 41.2% in the quarter ended Sept. 30.

Amplats said the so-called section 189A process, which is a precursor for the restructuring, involves a consultation period with labor unions and affected employees and will be facilitated by the Commission for Conciliation, Mediation and Arbitration. Only when the consultation process is concluded will the final number of affected jobs be known, the company said.

Read More: Anglo CEO Says He Can Run Sprawling Miner Better Than Activist

(Updates with comment CFO in fifth paragraph and from CEO in 10th. An earlier version of this story corrected the number of jobs at risk in headline and first paragraph.)

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By Sameer Manekar and Melanie Burton

(Reuters) -BHP Group on Tuesday logged first-half underlying profit that slightly beat analyst expectations, buoyed by strong iron ore prices, and said inflationary impacts were receding.

The world's largest listed miner was cautiously optimistic on a demand recovery in the developed world in the next 12 months but said it was not yet clear how effective stimulus policies have been in China, its biggest customer.

It was more bullish on India, which it said "has considerable positive momentum behind it".

BHP said it expects a "more balanced global economy and evidence that the worst of the general inflationary wave is behind us will have a positive impact on our industry in calendar year 2024."

For the first-half, BHP's strong revenue growth of 6% was underpinned by higher iron ore and copper prices and contributions from new projects, but was partially offset by lower energy coal prices.

BHP said underlying profit attributable to shareholders was $6.60 billion for the six months ended Dec. 31, unchanged from the previous year, but topping an LSEG estimate of $6.42 billion.

It declared an interim dividend of $0.72 per share, compared with $0.90 per share a year earlier. That beat Citi's expectation of $0.68, and a Visible Alpha consensus of $0.70.

"(The) market should take a modestly higher dividend than expected as a reflection of BHP’s improving confidence regarding (the) outlook on commodity demand/prices," analysts at Citi wrote.

Shares in BHP edged down 0.3% to A$45.91 amid a sour tone in resources stocks.

NICKEL

BHP, which announced a $2.5 billion impairment charge for its Western Australia Nickel business last week, said it sees the nickel industry facing "a difficult multi-year run," amid a flood of new supply coming out of Indonesia.

"Our base case is that the market may rebalance by the late 2020s," BHP said.

BHP operates a nickel smelter and a refinery in Western Australia, employing 3,000 people, and has warned that the slump in nickel prices could slow development of its West Musgrave copper nickel project.

"You should be expecting that to be a decision in months, not years," said Henry. "Clearly we weren’t expecting the nickel market to plunge as quickly and as significantly as it has," he told analysts at a results briefing.

While it welcomed Australia's moves to shore up the nickel sector though a production tax credit, BHP said that should not take the focus of ensuring "the right policy settings are in place to drive long term competitive positioning of Australia as a nation."

The company wants the government to improve industrial relations policies, fiscal settings and permitting requirements, CEO Mike Henry said, but added that might not be enough for miners that have already put their operations into care and maintenance.

"Given just how significant the challenges in the nickel market are today, that may not be enough to alter course."

($1 = $1.0000)

(Reporting by Sameer Manekar and Himanshi Akhand in Bengaluru; Additional reporting by Melanie Burton; Editing by Chris Reese, Leslie Adler and Sonali Paul)

Stocks in Europe rode out Friday on a positive note, with the FTSE 100 rising as data showed UK shoppers returned to the high street in January. Stocks were lower across the pond on fresh inflation data.

• By the end of the day, the FTSE 100 (^FTSE) had risen 1.5% led by miners Glencore (GLEN.L), Anglo American (AAL.L) and Antofagasta (ANTO.L).

• Over in Europe, the DAX (^GDAXI) was 0.3% higher and the CAC (^GDAXI) rose 0.3%.

• US indices fell on news that US wholesale inflation accelerated in January.

• The S&P 500 (^GSPC) was slightly lower, the Dow (^DJI) fell 0.1% and the Nasdaq (^IXIC) fell 0.1%, having started the day in the green.

• The US producer price index rose 0.3% from December to January. It fell 0.1% from November to December. Measured year over year, producer prices rose by a mild 0.9% in January.

• The moves higher in Europe follow data from the ONS which showed UK retail sales staged a strong recovery in January. It was a particularly strong month for supermarkets, and a fall in gas prices meant stronger sales at the pump.

• On Thursday, data showed the UK had fallen into a recession — two consecutive quarters of negative growth — in the third quarter. Strong retail sales might suggest the gloomy data on that front will be short-lived.

Follow for live updates throughout the day:

LIVE COVERAGE IS OVER9 updates

• Fri, February 16, 2024 at 11:35 AM ESTLucy Harley-McKeownThat’s all from me

  Thanks for reading — head over to our US site for more market moving stories.

• Fri, February 16, 2024 at 6:29 AM ESTLucy Harley-McKeownAnd here’s a chart
• Fri, February 16, 2024 at 6:27 AM ESTLucy Harley-McKeownMiners on the up

  Miners are leading the FTSE 100 higher this morning with gains from Glencore (GLEN.L), Anglo American (AAL.L) and Antofagasta (ANTO.L).

  Susannah Streeter from Hargreaves Lansdown has some commentary on this:

  ‘’Copper prices have lifted away from three-month lows after the dollar dipped back. This was prompted by more sluggish retail sales figures indicating interest rate cuts could be closer on the horizon.

  A weaker dollar increases the purchasing power of large consumers of imported commodities likes copper, and that is expected to push up demand, benefitting mining companies with large copper production operations. However, the downbeat outlook for China is limiting gains.’’

• Fri, February 16, 2024 at 4:40 AM ESTLucy Harley-McKeownFull take on NatWest

  Here’s Yahoo Finance UK’s full take on NatWest: NatWest shares jump on biggest profit since 2007

• Fri, February 16, 2024 at 4:01 AM ESTLucy Harley-McKeownNatwest beats on profit as it confirms a new CEO

  Natwest (NWG.L) saw its pre-tax profits soar last year, off the back of high interest rates. It also confirmed caretaker CEO Paul Thwaite for the top job.

  Shares were around 2.6% higher by mid-morning as the lender said bumper profits came due to an increased yield from loans and mortgages compared with payouts. The Bank of England has held interest rates at 5.25% as it tries to stabilise the economy. Natwest’s net interest income was up 12% to £11bn.

  More on that later…

• Fri, February 16, 2024 at 3:49 AM ESTLucy Harley-McKeownIn UK politics…

  If you’ve been keeping an eye on British politics you might have known there were two by-elections yesterday. Results, which came in overnight, spelt bad news for PM Rishi Sunak as both Wellingborough and Kingswood swung to Labour.

  Both by-elections had turnouts of less than 40%.

  Politico’s morning newsletter Playbook had an interesting take on Reform UK’s polling: “Its 13 percent in Wellingborough and 10.4 percent in Kingswood mark the first time the start-up party’s national poll rating has been made flesh, in a truly ominous sign for the Tories’ electoral prospects.”

• Fri, February 16, 2024 at 3:27 AM ESTLucy Harley-McKeownUS stocks

  Shrugging off the aforementioned retail sales data, there was also a sunny mood among the major US indexes. The S&P 500 (^GSPC) finished Thursday 0.6% higher, the Dow (^DJI) was up 0.9% and the Nasdaq (^IXIC) rose 0.3%.

  Here’s our US team’s take:

  Stocks have put an early-week rout in the rearview mirror, recouping all of the steep losses booked on Tuesday after a hot inflation print dented hopes for interest rate cuts. Comments from Federal Reserve policymakers playing down the data helped soothe nerves.

  But investors are still wondering whether the rout was a one-off, with some seasonal weakness playing a part, or the start of a bigger pullback. Many Wall Street strategists have pointed out that there were signs of resilience even as stocks tumbled.

• Fri, February 16, 2024 at 3:23 AM ESTLucy Harley-McKeownOvernight in Asia

  Asian stocks clocked strong gains overnight on Friday, with Hong Kong’s Hang Seng (^HSI) up 2.5% by the close, the SSE Composite (000001.SS) rising 1.3% and Japan’s Nikkei (^N225) ending the week 0.9% higher.

  The moves higher came after the retail sales data released in the US revealed shoppers leaving the high street in January. The measure fell by the most in 10 months somewhat alleviating stress caused by the hotter-than-expected inflation report earlier in the week.

• Fri, February 16, 2024 at 3:06 AM ESTLucy Harley-McKeownGood morning!

  Hello from London, it’s been a big week of news for markets — with the UK slipping into a recession and inflation staying put, and dampened hopes of a rate cut any time soon. I’ve got a coffee in hand, so let’s get to it.

Watch: PM suffers double blow as Labour wins Kingswood and Wellingborough by-elections

Download the Yahoo Finance app, available for Apple and Android.

By Melanie Burton

MELBOURNE (Reuters) -BHP Group will record another $3.2 billion impairment in relation to its Brazilian Samarco dam failure, and a $2.5 billion impairment charge for its Western Australia Nickel business, the world's biggest listed miner said on Thursday.

BHP flagged the two-non cash impairments ahead of its half year results next week where its earnings are expected to have broadly held up against the same time last year, underpinned by strong iron ore prices.

Last month a federal judge in Brazil ruled that BHP and Vale and their joint venture, Samarco, must pay up to 47.6 billion reais ($9.67 billion) in damages for the 2015 dam collapse, in a decision still subject to appeal.

The collapse in the southeastern city of Mariana caused a giant mudslide that killed 19 people and severely polluted the Rio Doce river, compromising the waterway to its outlet in the Atlantic Ocean.

The additional $3.2 billion income statement charge will raise BHP Brasil's provision for the Samarco dam failure to $6.5 billion as at Dec. 31, 2023, BHP said.

"The first thing to note is they are book writedowns not cash writedowns.. Nickel West wasn't contributing anything to their profits," said head of research Hayden Bairstow at Argonaut Securities in Perth. The writedowns are unlikely to impact dividend payments which stem from its iron ore unit.

The miner last month flagged a potential writedown at its Western Australian nickel operations as a jump in nickel supply from Indonesia has led to a swathe of writedowns and restructures across the sector. It has an arrangement to supply nickel to Tesla from the operations.

"Due to the deterioration in the short-term and medium-term outlook for nickel, BHP has lowered its nickel price assumptions," the miner said. "These unfavourable operating conditions are expected to endure for a considerable time."

BHP produced 80,000 tonnes of nickel in the financial year ending June but the division contributed -1% to its underlying earnings.

BHP said it would record a $2.5 billion non-cash impairment, including closure and rehabilitation provisions of approximately $900 million, which would reduce the carrying value of its Nickel West assets to minus $300 million.

The operations are now under review with the potential to be placed on care and maintenance.

BHP's Kambalda concentrator will be placed into care and maintenance in June after its supplier, mining company Wyloo, decided to suspend its Cassini and Northern Operations mines, which feed the plant, from late May.

It is also assessing development plans for its West Musgrave nickel project which is 21% complete.

BHP will report first-half results on Tuesday, Feb. 20.

(Reporting by Melanie Burton in Melbourne and Sameer Manekar in Bengaluru;Editing by Shinjini Ganguli, Aurora Ellis and Michael Perry)

Highlights include 42m at 2.97g/t PGM+Au, 0.30% Ni including 26m at 4.31g/t PGM+Au, 0.38% Ni, 37m at 2.04g/t PGM+Au, 0.26% Ni, and 27m at 1.80g/t PGM+Au, 0.20% Ni

VANCOUVER, BC, Feb. 13, 2024 /CNW/ – Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF), ("Bravo" or the "Company") announced that it has received assay results from nine diamond drill holes ("DDH") from the Central Sector of its 100% owned Luanga palladium + platinum + rhodium + gold + nickel project ("Luanga" or "Luanga PGM+Au+Ni Project"), located in the Carajás Mineral Province, state of Pará, Brazil.

"The Phase 2 drill program has been completed as planned, with Phase 3 now well underway. Results continue to extend PGM+Au+Ni mineralization at depth, as far as ~400m below surface in the Central Sector or approximately double the typical depth of Bravo's maiden mineral resource estimate," said Luis Azevedo, Chairman and CEO of Bravo. "Furthermore, assay grades and mineralized thicknesses typically continue to improve at depth, as can be seen in Figure 2, indicating potential for significant resource growth."

Highlights Include:

• Drilling in the Central Sector, such as DDH23LU223 (42m at 2.97g/t PGM+Au, 0.30% Ni including 26m at 4.31g/t PGM+Au, 0.38% Ni), extend known mineralization to approximately 400m below surface.

• Results support the potential for future growth in Luanga's Mineral Resource Estimate ("MRE").

• Additional drill results from the North Sector are pending.

• Trenching of near surface mineralization and testing of geophysical anomalies is underway.

HOLE-ID	From	To	Thickness (m)	Pd	Pt	Rh	Au	PGM + Au	Ni* (%) Sulphide	TYPE
	(m)	(m)		(g/t)	(g/t)	(g/t)	(g/t)	(g/t)
DDH23LU211	263.05	290.30	27.25	1.23	0.40	0.14	0.03	1.80	0.20	FR
Including	278.83	285.30	6.47	2.30	0.90	0.39	0.04	3.63	0.18	FR
DDH23LU223	447.80	489.10	42.10	2.08	0.68	0.13	0.08	2.97	0.30	FR
Including	463.90	487.90	26.00	3.03	0.99	0.19	0.10	4.31	0.38	FR
And	611.30	611.80	0.50	1.19	4.46	1.55	0.03	7.23	0.02	LS/FR
DDH23LU227	145.55	182.80	37.25	1.45	0.45	0.07	0.06	2.04	0.26	FR
DDH23LU228	45.10	81.10	36.00	0.98	0.36	0.05	0.06	1.43	0.22	FR
Including	63.10	81.10	18.00	1.48	0.53	0.07	0.07	2.15	0.26	FR
DDH23LU230	33.80	69.00	35.20	0.97	0.50	0.09	0.08	1.59	0.14	FR
Including	64.00	69.00	5.00	2.40	1.87	0.09	0.29	4.65	0.12	FR

Notes:	All 'From', 'To' depths, and 'Thicknesses' are downhole. 'NA' Not applicable for Oxide material.
	Given orientation of drilling and mineralization, intercepts are estimated at 105-130% of true thickness.
	Type: Ox = Oxide. LS = Low Sulphur. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.
	* Bravo's nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historical total nickel assays.

Luanga Drilling Update

Results from nine diamond drill holes have been received from the Central Sector. All the drill holes herein reported are angled holes (60 to 65 degrees) towards a 330° direction. Together, this set of drill holes comprise a total of 3,001 metres of diamond drilling.

Section 1 (Figure 1) in the Central Sector shows DDH23LU223 (42m at 2.97g/t PGM+Au, 0.30% Ni including 26m at 4.31g/t PGM+Au, 0.38% Ni), which lies down dip from previously reported DDH23LU204 (49m at 3.12g/t PGM+Au, 0.33% Ni), extending known mineralization to approximately 400m below surface, or approximately double the typical depth extent of the maiden MRE announced October 22, 2023.

Figure 1: Central Sector (Section 1 on Figure 4) – Mineralization defined to approximately 400m below surface. (CNW Group/Bravo Mining Corp.)

Section 2 (Figure 2) shows DDH23LU211 (27m at 1.80g/t PGM+Au, 0.20% Ni), drilled at the northern extent of the Central Sector to testing the potential for higher-grade zones at depth, as observed in nearby sections. Drill hole DDH23LU211 not only intersects significantly higher grade than DDH23LU117 approximately 100m above (up dip), but over a much greater width, with the added presence of nickel sulphides. Again, this bodes well for the further definition of high-grade zones and for future MRE growth.

Figure 2: Central Sector (Section 2 on Figure 4) – Mineralized widths and grades improving at depth. (CNW Group/Bravo Mining Corp.)

Section 3 (Figure 3) shows DDH23LU215 (30m at 1.73g/t PGM+Au, 0.25% Ni), drilled on the next section north of Section 1 (Figure 1) in the Central Sector. DDH23LU215 defines the continuation of mineralization a further 100m down dip, also now reaching approximately 400m below surface, further supporting the potential for future MRE growth in the Central Sector.

Figure 3: Central Sector (Section 3 on Figure 4). Mineralization defined to approximately 400m below surface. (CNW Group/Bravo Mining Corp.)

Drill Results Status Update

A total of 257 drill holes have been completed by Bravo to date, for 55,683.25 metres, including 8 metallurgical holes (not subject to routine assaying).

Results have been reported for 220 Bravo drill holes to date. Assay Results for 29 completed Bravo drill holes are currently outstanding (excluding the metallurgical holes).

Complete Table of Recent Intercepts.

HOLE-ID	From	To	Thickness (m)	Pd	Pt	Rh	Au	PGM + Au	Ni* (%) Sulphide	TYPE
	(m)	(m)		(g/t)	(g/t)	(g/t)	(g/t)	(g/t)
DDH23LU200	500.85	515.60	14.75	0.73	0.22	0.03	0.03	1.01	0.06	FR
DDH23LU211	0.00	2.00	2.00	0.37	0.43	0.07	0.02	0.89	NA	Ox
And	109.40	110.40	1.00	<0.01	0.01	<0.01	13.20	13.22	0.02	FR
And	263.05	290.30	27.25	1.23	0.40	0.14	0.03	1.80	0.20	FR
Including	268.05	275.05	7.00	1.08	0.23	0.05	0.02	1.39	0.30	FR
Also Including	278.83	285.30	6.47	2.30	0.90	0.39	0.04	3.63	0.18	FR
DDH23LU213	275.20	278.20	3.00	2.23	1.11	0.36	0.09	3.79	0.04	FR
DDH23LU217	316.80	324.80	8.00	0.44	0.42	0.10	0.01	0.97	0.10	FR
DDH23LU223	368.50	371.50	3.00	0.64	0.20	<0.01	0.08	0.93	0.22	FR
And	447.80	489.10	42.10	2.08	0.68	0.13	0.08	2.97	0.30	FR
Including	463.90	487.90	26.00	3.03	0.99	0.19	0.10	4.31	0.38	FR
And	534.90	553.90	19.00	0.35	0.24	<0.01	0.04	0.63	0.03	FR
And	611.30	611.80	0.50	1.19	4.46	1.55	0.03	7.23	0.02	LS/FR
DDH23LU227	69.45	71.40	1.95	0.10	0.05	<0.01	1.41	1.55	0.12	FR
And	145.55	182.80	37.25	1.45	0.45	0.07	0.06	2.04	0.26	FR
And	182.80	218.80	36.00	0.24	0.23	<0.01	0.03	0.50	0.01	FR
DDH23LU228	0.00	4.20	4.20	0.31	0.14	0.33	0.05	0.82	NA	Ox
And	22.63	41.10	18.47	0.54	0.21	0.03	0.13	0.90	0.16	FR
And	45.10	81.10	36.00	0.98	0.36	0.05	0.06	1.43	0.22	FR
Including	63.10	81.10	18.00	1.48	0.53	0.07	0.07	2.15	0.26	FR
And	111.10	143.30	32.20	0.27	0.25	<0.01	0.05	0.57	0.02	FR
DDH23LU229	0.00	29.90	29.90	0.36	0.34	0.01	0.01	0.72	NA	Ox
And	53.45	56.20	2.75	0.18	0.61	0.23	0.01	1.04	0.01	LS/FR
DDH23LU230	14.34	20.35	6.01	0.52	0.21	0.04	0.02	0.80	NA	Ox
And	33.80	69.00	35.20	0.97	0.50	0.09	0.08	1.59	0.14	FR
Including	64.00	69.00	5.00	2.40	1.87	0.09	0.29	4.65	0.12	FR

Notes:	All 'From', 'To' depths, and 'Thicknesses' are downhole. 'NA' Not applicable for Oxide material.
	Given orientation of drilling and mineralization, intercepts are estimated at 105-130% of true thickness.
	Type: Ox = Oxide. LS = Low Sulphur. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.
	* Bravo's nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historical total nickel assays

Figure 4: Location of Bravo Drilling and Sections Reported in this News Release (CNW Group/Bravo Mining Corp.)

About Bravo Mining Corp.

Bravo is a Canadian and Brazil-based mineral exploration and development company focused on advancing its Luanga PGM+Au+Ni Project in the world-class Carajás Mineral Province of Brazil.

The Luanga Project is situated on mature freehold farming land and benefits from being in a location close to operating mines, with excellent access and proximity to existing infrastructure, including road, rail, and clean renewable hydro grid power. A fully funded 63,000m infill, step out and exploration drilling and trenching program is well advanced for 2024. Bravo's current Environmental, Social and Governance activities includes replanting high-value trees in the project area, hiring and contracting locally, and ensuring protection of the environment during its exploration activities.

Technical Disclosure

Technical information in this news release has been reviewed and approved by Simon Mottram, F.AusIMM (Fellow Australia Institute of Mining and Metallurgy), President of Bravo Mining Corp. who serves as the Company's "qualified person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Mottram has verified the technical data and opinions contained in this news release.

For further information about Bravo, please visit www.bravomining.com

Forward Looking Statements

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "indicating", "potential", "significant", "indicative", "continue", "bodes well", variants of these words and other similar words, phrases, or statements that certain events or conditions "may" or "will" occur. This news release contains forward-looking information pertaining to the Company's ongoing drill program and the results thereof; comparisons to historical and prior Bravo drilling; the potential for extensions to mineralization at depth; the potential for greater thicknesses and/or higher grades at depth; and the Company's plans in respect thereof. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, unexpected results from exploration programs, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the assay results confirm that the interpreted mineralization contains significant values of nickel, PGMs and Au; that the mineralization remains open to depth, that Ni grades are improving to depth; that a zone of higher grade mineralization may be present in the Central Sector; that the presence of magmatic Ni sulphides may be indicative of zones of potential economic interest; that the geophysical anomalies identified are related to mineralization of potential economic interest; that final drill and assay results will be in line with management's expectations; that activities will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the Luanga Project will not be materially affected by potential supply chain disruptions; and general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Schedule 1: Drill Hole Collar Details

HOLE-ID	Company	East (m)	North (m)	RL (m)	Datum	Depth (m)	Azimuth	Dip	Sector
DDH23LU200	Bravo	658370.94	9340243.96	252.332	SIRGAS2000_UTM_22S	585.00	330.00	-60.00	Central
DDH23LU211	Bravo	659920.87	9341462.81	193.544	SIRGAS2000_UTM_22S	350.00	330.00	-65.00	Central
DDH23LU213	Bravo	659963.90	9341587.16	206.658	SIRGAS2000_UTM_22S	329.90	330.00	-60.00	Central
DDH23LU217	Bravo	659521.16	9341055.16	201.160	SIRGAS2000_UTM_22S	440.15	330.00	-60.00	Central
DDH23LU223	Bravo	658510.69	9340208.35	263.969	SIRGAS2000_UTM_22S	625.35	330.00	-60.00	Central
DDH23LU227	Bravo	658414.93	9340570.24	284.676	SIRGAS2000_UTM_22S	235.15	330.00	-60.00	Central
DDH23LU228	Bravo	658470.81	9340774.32	253.951	SIRGAS2000_UTM_22S	175.25	330.00	-60.00	Central
DDH23LU229	Bravo	658323.11	9340729.79	258.325	SIRGAS2000_UTM_22S	85.15	330.00	-60.00	Central
DDH23LU230	Bravo	658324.78	9340628.10	267.988	SIRGAS2000_UTM_22S	175.35	330.00	-60.00	Central

Schedule 2: Assay Methodologies and QAQC

Samples follow a chain of custody between collection, processing, and delivery to the SGS Geosol laboratory in Parauapebas, state of Pará, Brazil. The drill core is delivered to the core shack at Bravo's Luanga site facilities and processed by geologists who insert certified reference materials, blanks, and duplicates into the sampling sequence. Drill core is half cut and placed in secured polyurethane bags, then in security-sealed sacks before being delivered directly from the Luanga site facilities to the Parauapebas SGS Geosol laboratory by Bravo staff. Additional information about the methodology can be found on the SGS Geosol website (SGS) in their analytical guides. Information regarding preparation and analysis of historic drill core is also presented in the table below, where the information is known.

Quality Assurance and Quality Control ("QAQC") is maintained internally at the lab through rigorous use of internal certified reference materials, blanks, and duplicates. An additional QAQC program is administered by Bravo using certified reference materials, duplicate samples and blank samples that are blindly inserted into the sample batch. If a QAQC sample returns an unacceptable value an investigation into the results is triggered and when deemed necessary, the samples that were tested in the batch with the failed QAQC sample are re-tested.

Bravo SGS Geosol
Preparation	Method	Method	Method	Method
For All Elements	Pt, Pd, Au	Rh	Sulphide Ni, Cu	Trace Elements
PRPCLI (85% at 200#)	FAI515	FAI30V	AA04B	ICP40B

Bravo Mining Corp. Logo (CNW Group/Bravo Mining Corp.)

SOURCE Bravo Mining Corp.

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2024/13/c5760.html

BHP Group Limited; YWCA Saskatoon

SASKATOON, Saskatchewan, Feb. 13, 2024 (GLOBE NEWSWIRE) — BHP and YWCA Saskatoon are pleased to announce a $500,000 investment from BHP to YWCA's Hope Lives Here campaign. In 2022, YWCA Saskatoon’s Crisis Shelter & Residence turned away a staggering 4,253 women and children in need. Hope Lives Here is the organization’s largest capital campaign ever. With a fundraising goal of $19 million, the campaign is funding a new transitional housing wing that will more than double YWCA Saskatoon’s capacity to provide women and children with a safe place to stay. It will also contribute to funding much needed existing facility repairs and renovations.

BHP’s investment will go toward YWCA Saskatoon’s Employment and Learning Centre, a place where clients have access to programs and services that help them obtain sustainable employment. This generous gift will contribute directly to building a stronger, healthier community through helping women and families access the resources, programs and services needed to help them build stable foundations.

YWCA Saskatoon gave their heartfelt thanks to BHP for this extremely generous donation.

“From providing safe shelter, to our comprehensive employment programs, this transformational gift from BHP will directly contribute to helping YWCA Saskatoon serve women and families in need, giving hope to those who need it most,” said Cara Bahr, CEO of YWCA Saskatoon. “We are so very grateful for their generosity.”

“The YWCA Saskatoon is providing critical work that creates positive and lasting impact for so many in our city,” said Karina Gistelinck, Asset President of BHP Potash. “Access to training and courses opens doors and a new world of opportunity. Through the Employment and Learning Centre the YWCA is playing an important role in bringing access to people when it is most needed.”

Since 2015, BHP has contributed over $50 million to community organisations and initiatives in Saskatchewan. These contributions are driven by BHP’s fundamental belief that success is achieved through community partnerships that create lasting mutual benefit.

ABOUT THE YWCA SASKATOON

YWCA Saskatoon is an inclusive community-based organization that provides preventative and emergent services to women and their families. Their mission lies in empowering women and girls through programs and advocacy that advance reconciliation, independence, wellness and equal opportunity.

ABOUT BHP

BHP is a global resources company with its Canadian operational headquarters in Saskatoon, Saskatchewan and global business development headquarters in Toronto. BHP has a global workforce of approximately 80,000 people working in locations across Canada, Australia, Asia, the UK, US and Latin America. BHP produces commodities essential for global decarbonization, economic development and food security including copper, nickel, iron ore, metallurgical coal and is developing the Jansen potash project in Saskatchewan, Canada. Further information on BHP can be found at: bhp.com

MEDIA INQUIRIES

YWCA SaskatoonCarla HuntingtonVP, Development & EngagementYWCA Saskatoon306.986.2870

BHPMegan HjulforsMedia RelationsBHP403.605.2314

Germany would wreck its economy if it copied Britain and left the EU, the country’s finance minister has claimed.

Christian Lindner said that the EU’s single market is of “utmost importance” for Germany.

In an interview with Bloomberg TV, he said that leaving the EU “would ruin our economy. This is why we have to tell people, OK, you maybe are not in line with government policies but this is no reason for changing the complete system and for changing what our wealth is based on”.

The comments come amid calls for a “Dexit” from the right-wing Alternative for Germany party. The party’s leader, Alice Weidel, has said that Britain was “dead right” to leave the European Union and that Germany could hold its own vote.

Last month, she told the Financial Times: “If a reform [of the EU] isn’t possible, if we fail to rebuild the sovereignty of the EU member states, we should let the people decide, just as Britain did.”

06:14 PM GMTSigning off

Thanks for joining us today. We’ll be back tomorrow morning ahead of the opening of the London Stock Exchange. In the meantime, I’ll leave you with some of our business stories elsewhere on The Telegraph website from this afternoon:

• Mike Lynch faces $4bn claim in Autonomy fraud case

• Quantum supercomputer to tackle train delays in UK trial

• Give Bud Light a second chance after trans row, says Trump

06:10 PM GMTArm bigger than all but three FTSE 100 companies after shares rocket

The British semiconductor champion Arm has eclipsed the value of all but two FTSE 100 companies as shares rallied after it posted booming sales. Matthew Field reports:

Shares in Arm were changing hands for more than $158 on Monday, up 33pc on its closing price on Friday, valuing the business at over $155bn (£123bn).

The jump in its valuation means Arm is now behind only Shell and AstraZeneca in the values of FTSE 100 companies, which are worth £162bn and £147bn respectively.

Arm’s stock has more than doubled so far this year as investors flock to the microchip designer and its value has soared 159pc since the company went public on New York’s NASDAQ exchange in September.

The company’s skyrocketing share price has seen its overall value climb above HSBC, Unilever and BP as investors buy into claims it stands to benefit from a groundswell of interest in artificial intelligence (AI).

Despite efforts from Rishi Sunak to lure the business back to the Square Mile, Arm opted for a bumper New York float which valued the business at around $55bn.

Last week, Arm reported an increase in revenues of 14pc to $824m. Rene Haas, Arm’s chief executive, told investors the company was seeing “strong momentum and tailwinds from all things AI”.

Technology shares in the US have driven the S&P 500 to record highs this year, prompting some analysts to warn of an AI-driven bubble.

Richard Windsor, an independent analyst, said after Arm’s results the company had benefited from comparisons to US rival Nvidia which would continue “as long as the AI bubble does not pop”. Nvidia overtook the value of Amazon on Monday with a price tag of $1.8 trillion.

He added: “The market loves anything that has exposure to the current frenzy.”

The British chip designer’s processors are a global standard – Arm/Bloomberg05:00 PM GMTFootsie closes in the green

The FTSE 100 closed almost unchanged, up 0.01pc, while the FTSE 250 rose 0.74pc.

In the FTSE 100, the biggest riser was Burberry, up 5.07pc, followed by Frasers Group (the Sports Direct owner), up 4.98pc. The biggest faller was Rolls-Royce, down 2.83pc, followed by AstraZeneca, down 2.66pc.

Meanwhile in the FTSE 250, Jupiter Fund Management rose 8.31pc, followed by holiday firm TUI, up 5.65pc. The biggest faller was real estate investment trust Tritax Big Box, down 4pc, followed by investment manager Ashmore, down 3.22pc.

04:55 PM GMTUpper Crust owner buys Australian rival

The railway and airport food company behind Upper Crust has struck a deal to buy an airport bar and restaurant firm in Australia to further expand its global footprint.

SSP has agreed to take over Airport Retail Enterprises for an undisclosed sum.

It will see SSP add 1,500 staff and 62 sites across seven airports.

The deal will give SSP access to four new airports in Australia where it does not already have a presence – Canberra, Gold Coast, Townsville and Mount Isa.

The acquisition is expected to complete by the end of June.

SSP has been operating in Australia since 2007 and already runs 40 sites across seven airports and one railway station.

Patrick Coveney, chief executive of SSP Group, said: “The Asia Pacific region offers a significant opportunity to build returns and drive growth for the group.”

Customers at an Upper Crust in London last month – Hannah McKay/Reuters04:45 PM GMTLosses triple at company behind Zizzi

The owner of Zizzi has reported widened annual losses despite cheering higher sales.

Azzurri Group, which also runs the Coco di Mama food-to-go and Ask Italian chains, revealed that pre-tax losses widened to £16.4m, for the year to July 2 2023 – more than triple the £4.2m losses seen the previous year.

But it notched up a 9pc rise in total turnover to £257.8m, although it did not provide like-for-like figures.

The widened losses follow a hit from rising interest payments on debts after interest rates were hiked over the year, as well as increased investment in the business.

Azzurri said that underlying earnings before interest, tax and exceptional items rose 21pc to £14.3 million, when stripping out the prior year’s boost from the temporary VAT reduction.

Azzurri, which acquired Irish-based Mexican restaurant chain Boojum last June, added that Christmas trading since its year-end had been “exceptional”, with like-for-like sales growth in the “mid-teens”.

It forecast “strong” revenue growth and underlying profitability in the current financial year.

Azzurri said:

The positive trading momentum has continued into the current year with an exceptional performance over the Christmas period.

Overall, we remain confident of delivering another year of revenue and profit growth.

Sales at the owner of Zizzi rose 9pc – Tony Buckingham04:34 PM GMTNext-gen warships will need half the crew of current vessels

The next generation of British frigates will be crewed by as few as 50 sailors amid a recruitment crisis at the Royal Navy, according to defence contractor Babcock. Our industry editor, Matt Oliver, reports:

John Howie, the company’s corporate affairs chief, said technological advances were expected to bring crewing requirements even further down following significant reductions on the most recent vessels.

He said while the Type 31 frigates currently being built for the Navy require a core crew of about 105 sailors, the company believes the next generation – often referred to as Type 32 – should only require half that number.

It comes as the armed forces battle recruitment shortages, with the Navy reportedly considering plans to mothball the amphibious assault ships HMS Albion and HMS Bulwark owing to a lack of personnel.

Continue reading to find out how effectively the Navy is falling short of recruitment target…

Workers look on at HMS Venturer at Babcock International at Rosyth Dockyard, 2023 – Andrew Milligan/PA04:26 PM GMTGlencore to sell off stake in nickel mine amid flood of cheap foreign supplies

Glencore is to halt nickel production at a south Pacific mine after prices for the battery metal were pushed lower by a slowdown in electric vehicle sales and a glut in global supplies. Matt Oliver has the details:

On Monday the FTSE 100 commodities giant said the Koniambo mine and processing operation in New Caledonia, a French island territory between Australia and Fiji, was “unprofitable” and could no longer be sustained.

The company is now seeking to offload its stake in the troubled business, which it acquired as part of a £56bn merger with Xstrata more than a decade ago.

It comes after the price of nickel plunged from a peak of more than $100,000 a ton in 2022 to around just $16,000 a ton more recently, after production of the metal boomed in Indonesia and China.

Prices have also been hit by a slowdown in demand for electric cars.

With the slide causing trouble for New Caledonia’s nickel industry – an important part of the island’s economy – the French government has been trying to convince miners to continue their operations with a rescue package.

It had offered around €200m (£170m) in state support to Koniambo Nickel SAS (KNS), the joint venture in which Glencore owns a 49pc share. French mining group Société Minière du Sud Pacifique (SMSP) owns the rest.

However, Glencore said it had already sunk $4bn (£3bn) into the business and that it would remain unviable even with the French support.

The company said: “The furnaces will remain hot for six months, and the KNS team will support the critical activities required to maintain the integrity of the asset and keep the site secure.

“Glencore is appreciative of the French government’s efforts to revitalise and rescue the nickel industry in New Caledonia. However, even with the proposed assistance, KNS remains an unsustainable operation and Glencore cannot justify continuing to fund losses to the detriment of its shareholders.”

04:15 PM GMTGas supplies at risk of sabotage, warns Europe's biggest producer

Europe’s increased dependence on Norway’s oil and gas has made the country’s energy installations more at risk of attack, the head of one of the agencies charged with securing them said on Monday.

Norway overtook Russia in 2022 as Europe’s biggest supplier of natural gas as Moscow’s invasion of Ukraine upended decades-long energy ties and sent prices soaring.

“I am concerned about dependency, and there is no doubt that Europe has become more dependent on Norwegian gas,” Lars Christian Aamodt, head of the National Security Authority, said in an interview with Reuters.

“As soon as the dependency increases, so will the threat and the risk,” he said.

Mr Aamodt’s agency said European dependency on Norwegian oil and gas could rise further should conflicts in the Middle East disrupt the petroleum market.

In addition, Norwegian oil and gas installations could be hit by “accidents, physical sabotage and destructive cyberattacks”, a separate report from Norwegian authorities said.

Russian surveillance and mapping of Norwegian infrastructure is continuing as “business as usual”, Admiral Nils Andreas Stensoenes, head of the Norwegian Intelligence Service, told Reuters.

03:42 PM GMTMacquarie mulls TalkTalk investment

TalkTalk is in talks to sell a stake in its wholesale division to the Australian bank Macquarie, according to a report.

Sky News said that City sources have revealed that Macquarie was discussing investing £450m into PlatformX, the name for TalkTalk’s wholesale business, in exchange for 40pc or more.

The struggling telecoms firm has been preparing to split into three as it seeks to pay down debt. Last year, it sold its business telecoms division to a company controlled by its main shareholders for £95m.

TalkTalk, which began life as part of Carphone Warehouse, was taken private by Toscafund and Penta Capital in a £1.1bn deal three years ago. At the time, Ian West, a non-executive director at TalkTalk, said:

The independent TalkTalk directors have taken into account the risks associated in achieving TalkTalk’s strategic ambitions and the wide support that Toscafund would provide in this regard.

Macquarie and TalkTalk declinded to comment.

TalkTalk started life challenging BT as part of Carphone Warehouse – Andrew Milligan/PA03:25 PM GMTEuropean carmakers raise £4bn for gigafactories in race to cut reliance on China

Europe’s largest car manufacturers have borrowed €4.4bn (£3.75bn) to build three new battery factories in the EU as the bloc seeks to cut dependence on China. Michael Bow has the latest:

A joint venture between Mercedes-Benz and Fiat-owner Stellantis has borrowed the funds to build new electric vehicle (EV) “gigafactories” across the continent over the next few years.

Automotive Cells Company (ACC), which is also co-owned by France’s TotalEnergies, said the €4.4bn fundraise was one of Europe’s largest ever debt issues in the EV sector.

Read the full story here

03:05 PM GMTBlackstone to create UK property giant amid bet on growing demand for warehouses

The merger of two warehouse landlords will create one of the UK’s largest owners of industrial property, under plans by private equity firm Blackstone.

Blackstone will merge St Modwen and Industrials REIT with assets from 25 other deals into a new company called Indurent, a memo to staff has revealed.

With more than 200 properties and 26 million square feet, it would become one of the largest owners of British commercial properties.

Blackstone is betting that firms shortening their supply chains and relying less on China will continue to drive up warehouse rents.

02:51 PM GMTFamilies could see £380 fall in energy bills in year from April

Typical households may see significant reductions in their energy bills over the next year, according to projections by BFY Group.

The utility consultant predicts the price cap will fall to £1,630 by April. But with prices expected to fall further, the average family is expected to pay £1,550 in the year to follow.

Energy costs for this summer and the coming winter have fallen by around 40pc in the last 90 days, according to BFY Group.

02:20 PM GMTScrap stamp duty on shares to boost sluggish London Stock Exchange, Hunt told

Investment Bank Peel Hunt has urged the Chancellor to abandon stamp duty on shares to attract more investors and companies to list in London.

The UK has one of the highest levels of tax on stock transactions, which analyst Charles Hall claimed was a “pernicious tax that is having a material impact on UK equity markets.”

Share transactions are taxed at 0.5pc in the UK, despite trading venues in the US, Germany and Australia having no equivalent charge.

Mr Hall said that scrapping the levy would prove cost-effective over time.

He said: “Whilst this would reduce tax in the very short term, it would materially raise tax due to enhanced economic activity and increases in other taxes.”

01:18 PM GMTBrexit condemned UK economy to lower growth and higher inflation, claims Goldman Sachs

The British economy has grown 5pc less than it otherwise would have since the EU referendum as a result of Brexit, analysts at Goldman Sachs have claimed.

In a note to clients, analysts said: “The UK has significantly underperformed other advanced economies since the 2016 EU referendum, with lower growth and higher inflation.”

They added: “The evidence points to a significant long-run output cost of Brexit. Our analysis suggests that the drop in trade has been roughly as expected, the underperformance in investment more pronounced than anticipated but the effect on overall immigration more muted.”

The analysts said that while the energy crisis and the pandemic were also behind lower growth, Brexit had played a significant role.

They highlighted that UK goods trade has underperformed other rich countries by 15pc since the referendum.

01:02 PM GMTLeaving the EU would be "ruinous" for the German economy, say its Finance Minister

Christian Lindner has warned that Germany’s economy would be ruined if it followed the UK out of the EU.

The Finance Minister’s warnings come after the far-right party Alternative for Germany said Brexit should be a “model for Germany” and suggested holding a referendum.

Mr Lindner told Bloomberg the single market was of “utmost importance” for Europe’s largest economy.

“It would ruin our economy (…) This is why we have to tell people, OK, you maybe are not in line with government policies but this is no reason for changing the complete system and for changing what our wealth is based on.”

12:51 PM GMTGerman offices suffer biggest hit to prices in 20 yearsGerman offices

German offices have suffered the sharpest decline in prices in at least two decades, as high interest rates and the shift to remote working throttle the commercial real estate market.

Prices fell by 13pc in the final three months of 2023 from a year earlier, figures from German banking association VDP show.

Across all of last year values dropped by a tenth, marking the most pronounced fall since records began in 2003.

Investors fear the deepening malaise in the sector could plunge banks into crisis, with scrutiny of German lenders intensifying.

A stand-off between buyers pushing for bigger discounts and reluctant sellers suggests prices have further to fall in 2024, according to VDP.

12:06 PM GMTShawbrook Bank owners considering London IPO in boost for beleaguered UK stockmarket

The owners of challenger Shawbrook Bank are reportedly exploring another public initial offering after its plans for a £2bn listing fell through in 2022.

Private equity firms BC Partners and Pollen Street Capital have put out feelers with City investors about a potential listing, in a story first reported by The Times.

Volatile markets and a dealmaking drought scuppered previous plans to sell or list the specialist lender two years ago.

11:43 AM GMTA Trump return to the White House could stoke inflation in the US, warns investorDonald Trump

Private bank and asset manager Pictet has warned that a return of Donald Trump to the White House could trigger a rise in inflation in the US and force the Fed to raise interest rates.

Xiao Cui, US economist, wrote in a note to clients: “Policy proposals from leading presidential candidates are both fiscally expansionary. More restrictive trade and immigration policies under Trump could be perceived as more inflationary.”

American voters will head to the polls in November in an unpredictable election that looks to be a repeat of 2020, with the incumbent Joe Biden again facing Mr Trump.

Ms Cui also highlighted that Mr Trump would not renominate Fed Chair Jay Powell when his term ends in 2026, leaving open the possibility that he would instead try to put an “unorthodox candidate” in charge of the world’s largest central bank.

11:31 AM GMTSantander cuts mortgage rates only three weeks after hiking

Santander is cutting rates on mortgages for borrowers looking to remortgage and for buy-to-let landlords.

The lender said residential borrowers would see cuts of 0.05pc and 0.16pc, while rates for property investors would be reduced by 0.05pc and 0.16pc.

It comes only three weeks after the bank became the first major lender to increase mortgage rates this year despite fierce competition in a sluggish market.

Justin Moy, managing director of EHF Mortgages, said the cuts suggested  that “we are currently in a yo-yo mortgage market.”

11:07 AM GMTSignificant job losses and store closures unavoidable for The Body Shop, experts warn

Struggling clean skincare retailer the Body Shop is expected to enter into administration this week, becoming the latest high street victim to succumb to high interest rates and low consumer spending.

The brand has more than 200 stores in the UK, meaning there could be significant redundancies.

Insolvency lawyer Gavin Kramer at Collyer Bristow warned: “It is an unfortunate reality that a business in this situation can seldom avoid significant job losses and store closures.”

He added: “Given its positive reputation, and the strong demand for ethically sourced consumer products, The Body Shop will hopefully, after entering administration, be able to find a buyer for at least some elements of the business, like its most profitable stores or its online retail business.”

10:52 AM GMTIMF's Georgieva warns over risk to global economy from Israel-Hamas war

Kristalina Georgieva, head of the International Monetary Fund, has warned unrest in the Middle East can hit global growth.

She told an audience in Dubai: “I fear most a longevity of the conflict because (if) it goes on and on, the risk of spillovers go up.”

Houthi attacks in the Red Sea in retaliation over Israel’s bombardment of Gaza are a key risk, she said.

Ms Georgieva said: “Right now we see a risk of spillover from the Suez Canal. But if there are other unintended consequences in terms of where the fighting goes, then it can become much more problematic for the world as a whole.”

10:28 AM GMTIMF head "very confident" on soft landing and imminent rate cuts

The International Monetary Fund’s chief, Kristalina Georgieva, has said the world economy will be able to recover from high interest rates without a significant downturn.

Ms Georgieva said: “We are very confident that the world economy is now poised for this soft landing we have been dreaming for.”

Speaking at the World Governments Summit in Dubai, the head of the world’s lender of last resort also said:

“I expect to see by mid-year interest rates going in the direction inflation has been going on for the last year”.

10:11 AM GMTWorst year for private equity since financial crisis

Private equity funds last year generated the lowest amount of cash for investors since the financial crisis, according to Raymond James Financial.

Limited partners received 11.2pc of funds’ net asset value, well below the 25pc median figure across the past 25 years and the lowest since 2009.

High interest rates, jittery markets and economic uncertainty mean private equity firms are struggling to sell their existing investments or do initial public offerings.

It means pension and sovereign wealth funds and other key investors are seeing far lower returns than in previous years.

10:02 AM GMTLondon rents show signs of slowing in January

Growing numbers of landlords in the capitals have had to reduce their asking prices after record rent increases have enticed many back into the market.

Estate agency Chestertons said there were 41pc more rental properties available in London than in January last year.

It comes as recent figures from Rightmove have found that the average time a property is listed on the market before getting snapped up has risen to 39 days, up from 33.

As a result, there has been a 76pc rise in investors reducing their asking rents from last year, the estate agent said.

Adam Jennings, head of lettings at Chestertons, said:

“We have seen a significant increase in landlords bringing their property to market as they have been attracted by the substantial rent increases over the last 18 months or so. This influx of properties has led to more choice for tenants and as a result, many landlords have decided to lower their rent expectations.”

09:28 AM GMTLabour vows to ‘modernise’ non-dom taxJohathan Reynolds

Labour has vowed to create a “modern” tax system for foreigners living in Britain receiving income from elsewhere to replace the “colonial-era” non-dom regime.

During a visit to India Shadow Business Secretary Jonathan Reynolds said the “the case for modernisation” is clear, in a story first reported by the Financial Times.

Mr Reynolds said Labour would aim to attract global talent who bring “ability” and “innovation”.

He warned however that “I don’t think we need to be supplicants”.

The non-dom scheme allows foreign nationals living in Britain to make money on capital abroad without paying tax on it for up to 15 year years.

Labour has long said it plans to scrap or significantly alter the scheme.

09:11 AM GMTAnnual pay rises to slow for the first since the pandemic

Employers’ expectations of how much they will have to increase pay over the next year have fallen for the first time since 2020.

Bosses in the private sector report they expect to increase pay by 4pc in 2024, down from 5pc.

Public sector workers will see a similar decline in wage growth, with bosses predicting wages will only rise 3pc – down from 5pc.

The survey by the Chartered Institute of Personnel and Development (CIPD) also showed that one in ten workplaces expect to reduce their headcount in the next three months, suggesting more workers will be faced with redunancy.

One in three are expecting to hire more people, however.

09:01 AM GMTNew FTSE 100 property giant created after Tritax buys rival

Property investment trust Tritax Big Box has put out an all-share bid for its smaller rival UK Commercial Property (UKCM), which will leapfrog it onto the FTSE 100.

The buyout means the firm will have a £6.3bn portfolio that generates more than £290m of rental income a year. Its market value is expected to surpass £4bn.

Tritax counts Amazon, Ocado and B&Q among the biggest tenants renting its distribution warehouses.

08:42 AM GMTUK stocks open higher ahead of crucial week

The benchmark British stock indices started the week higher, as investors brace for a flurry of crucial data that could determine the pace of rate cuts.

The bluechip FTSE 250 rose 0.7pc when markets opened, while the FTSE 100 received a 0.2pc boost.

It comes as figures on Tuesday and Wednesday will reveal whether wages and consumer prices are cooling as policymakers battle to bring inflation back to 2pc.

Traders are expecting pay rises to slow significantly while inflation is tipped to rise slightly to 4.1pc in January.

Should these figures come in higher, it will knock expectations that the Bank of England could soon start lowering interest rates from their 16-year-high of 5.25pc.

This week will also reveal whether the UK economy slipped into recession at the end of the year.

08:23 AM GMTWatch: Angry mob sets Waymo driverless car ablaze in San Francisco

A crowd vandalised a car and set it on fire with fireworks in the most destructive attack on driverless vechicles so far in the US over the weekend.

Read the full story here

08:12 AM GMTTUI shareholders to decide future of London listingTUI airplane

Europe’s largest travel operator could deliver another embarrasing blow to the struggling London Stock Exchange this week.

Shareholders will vote on Tuesday whether the travel agent, which is listed in London and Frankfurt, should abandon its UK listing.

The firm said in December it was considering the move.

It comes as the boss of IWG has branded Britain as being on “bit of a downer” and said the firm was still considering moving to the US.

08:04 AM GMTRecord drop deepens woes for Germany's office property market

The German market for office buildings has suffered its sharpest decline in two decades, as high interest rates and remote working have soured investor sentiment.

Prices fell by 13pc in the final three months of 2023 from a year earlier, figures from German banking association VDP show.

Across all of last year values dropped by a tenth, marking the most pronounced fall since records began in 2003.

Investors fear the deepening malaise in the sector could plunge banks into crisis, with scrutiny of German lenders intensifying.

07:54 AM GMTBitcoin on course for best week in more than a year

Bitcoin is flirting with a winning streak last seen more than a year ago after a sharp boost in early Asia trading.

It had risen by 1pc by 9.50am in Singapore on Monday morning, paving the way for a seventh day of gains.

The digital asset has attracted more than $9bn in inflows so far in 2024.

It remains about $20,000 below the record high the token hit in 2021, during a pandemic-era bull run oiled by ultra-low interest rates.

07:41 AM GMTFive things to start your day

Good morning,

The biggest stories to start your day:

1) Vodafone pays out more than $1bn in advisory fees since 2000 | Telecoms giant spends huge sums on bankers and lawyers as part of turnaround efforts

2) Labour donor urges party to borrow billions for green revolution | Entrepreneur Dale Vince argues that sustainable infrastructure will pay its own debt

3) Britain aims to revive plans for nuclear power station in Wales | Taxpayer-backed body looks to acquire Anglesey site in a bid to replace ageing reactors

4) EY borrowed $700m for failed spin-off plan | Debts at accountancy firm’s global operating business triple year-on-year to $983m

5) Buyout barons KKR set to win battle for British Gas smart meter installer | Majority of shareholders in Smart Metering Systems back takeover by US firm

What happened overnight

Markets across Asia – including Japan, China and Hong Kong – were broadly closed on Monday for Lunar New Year holidays.

By Pratima Desai

LONDON (Reuters) – Commodity trader Trafigura has delivered large amounts of zinc to London Metal Exchange warehouses in Singapore under lucrative rent-sharing deals, three sources familiar with the matter said, pushing stocks there back towards November's 20-year peak.

Two of the sources said London-listed miner Glencore was also delivering zinc to LME registered warehouses, but that the quantities are small. Reuters was not able to establish the exact amounts of zinc being delivered into the LME system by Trafigura and Glencore.

Trafigura and Glencore declined to comment in response to a request for comment.

"Trafigura is delivering (in Singapore) for rent deals," one of the sources said, adding that Glencore too had been sending zinc to LME warehouses in Singapore. "There's a lot more zinc waiting outside (the LME system)."

So-called "rent deals" are agreements under which LME warehouses share their fees or rental income with companies that deliver metal to them.

Weak demand for zinc – used to galvanise steel, particularly in top consumer China where the property slowdown has hit buying – makes rent deals possible, as less material is feeding through to consumers and more is in need of storage.

The firm that delivers the metal to a warehouse does not retain ownership under the rent deals, but still gets a share of the rent as long as the metal stays in the warehouse, and the fees are paid by the new owners of the metal.

After steady drawdowns in January, 41,150 tons of zinc have been delivered LME warehouses in Singapore since Feb. 1, taking the total to 198,275 tons on Friday. In November they reached their highest since 2003 at just over 200,000 tons.

Maximum rent LME warehouses can charge for zinc in Singapore is 53 U.S. cents a ton per day, which on 41,150 tons would yield around $21,800 a day in rental income.

Total zinc stocks in all LME locations on Friday amounted to 238,275 tons.

Visibility of surpluses is behind the climbing discount for the cash over the three-month contract at around $17 a ton compared with a $10 discount on Feb. 1.

Benchmark zinc prices on the LME fell to $2,278 a ton on Monday, the lowest since August last year.

(Reporting by Pratima Desai; Editing by Jan Harvey)

(Reuters) – Glencore said on Monday it will sell its stake in Koniambo Nickel SAS (KNS) in New Caledonia and that production at KNS's processing plant will be halted for six months while a new investor is sought for the loss-making business.

France has been negotiating to save New Caledonia's nickel industry and Paris said last week it had offered KNS state support worth around 200 million euros.

"Even with the French government's proposed assistance, high operating costs and current very weak nickel market conditions means KNS remains an unprofitable operation," Glencore said in a statement.

"Glencore will shortly initiate a process to identify a potential new industrial partner for KNS," it said.

The French government took note of Glencore's decision and would maintain its offer of state aid for KNS, a finance ministry official told reporters.

The government's position remained that an industrial player and not the state should invest in KNS and New Caledonia's other nickel processors, the official said, adding that Paris was not excluding at this stage the possibility of a Chinese investor.

Commodities miner and trader Glencore said last year it would only finance KNS, in which it has a 49% stake, until the end of February after pouring billions into the operation.

Glencore added in Monday's statement that it would fund KNS during the six-month period in which the company's plant will be placed in "care and maintenance".

The plant's furnaces will remain hot to maintain the viability of the site and all local KNS employees will be retained, it said.

The move to halt production should allow Glencore to avoid a negative impact on core earnings (EBITDA) of up to $400 million, with a full annual saving likely from 2025, Citi analysts said.

KNS is a joint venture between Glencore and Societe Miniere du Sud Pacifique SA (SMSP), the latter controlled by New Caledonia's northern province.

High costs and political tensions in New Caledonia, coupled with competition from Indonesia, have left the French territory's three processing plants on the verge of collapse.

The other two nickel processors are SLN, in which French miner Eramet has a majority stake, and Prony Resources, in which commodity merchant Trafigura has a minority stake.

The government aims to reach an agreement in the coming weeks on New Caledonia's nickel sector, the official said, declining to comment on terms discussed with SLN and Prony Resources.

(Reporting by Gus Trompiz in Paris, Clara Denina in London and Eva Mathews in Bengaluru; editing by Kirsten Donovan and Jason Neely)

(Bloomberg) — Glencore Plc plans to sell its stake in a nickel mine and a processing plant on the islands of New Caledonia following a dramatic slump in prices.

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The world’s top commodity trader will seek to sell its 49% stake in Koniambo Nickel SAS, according to a statement from KNS. The company would begin “without delay” to suspend operations at its ferronickel plant while a new investor is found.

It’s the latest casualty of a slump in nickel prices driven by a flood of new supply from Indonesia. The country’s production boom has already forced several mines in Australia to shutter, despite growing demand for the metal from the electric vehicle sector.

The French government, which controls New Caledonia, has been weighing a bailout for the islands’ nickel industry, which has long been beset by technical mishaps, high costs and social unrest. Relief on energy prices of about 200 million euros ($216 million) a year has been offered by Paris, Bloomberg reported last month.

“For over ten years, Glencore has been the primary funder of KNS without ever realizing a profit,” Glencore said in a separate statement. “Even with the French government’s proposed assistance, high operating costs and current very weak nickel market conditions means KNS remains an unprofitable operation.”

Glencore said last year it would stop funding Koniambo by the end of February. The firm had been looking to remain a shareholder, but had proposed mothballing the industrial plant and switching to nickel ore exports instead, Bloomberg reported last month.

Doing so would be controversial because of the local jobs lost. It would also further intensify Asia’s grip on the nickel supply chain after the massive expansion of processing capacity in China and Indonesia.

The plant will be kept under care and maintenance for six months, during which its employees would continue to be paid. Glencore shares rose as much as 1.5% in early London trading.

Read More: From Green Hype to Bailouts, the Nickel Industry Has Imploded

Rival commodity trader Trafigura Group and France’s Eramet SA also own stakes in nickel mines and plants in New Caledonia, which are facing similar cash crunches. Trafigura was asked by Paris to contribute more capital to Prony Resources Nouvelle-Caledonie, in which it has a 19% stake.

But the Switzerland-headquartered firm refused, forcing Prony to seek a new investor. France is preparing a bridging loan for the company, which owns the Goro mine and a processing plant on the islands.

Similar financing is being prepared for Societe Le Nickel, which is majority owned by Eramet SA.

(Updates with context throughout.)

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©2024 Bloomberg L.P.

This article will list the 26 Largest Mining Companies by Market cap. If you want to skip our overview of the mining sector, got to 5 Largest Mining Companies by Market cap.

In the dynamic realm of global resource extraction, the landscape is defined by the prowess of mining companies that play a pivotal role in meeting the world's insatiable demand for minerals and metals. This article delves into the financial echelons of the industry, exploring the 26 largest mining companies by Market cap. As economic engines and key contributors to various sectors, these companies wield considerable influence, shaping not only the landscape of mining but also impacting broader economic trends and sustainability initiatives.

Against a backdrop of geopolitical and market uncertainties, the mining industry has showcased resilience and adaptability, with major companies demonstrating commendable stability in the face of challenges. According to The Business research company, the year 2023 witnessed a rollercoaster of fortunes within the sector, as companies navigated through volatile conditions, experiencing both gains and losses in what felt like mere days. Despite this turbulence, the mining market is poised for expansion, reflecting a robust trajectory. Projections indicate a steady climb, with the market size expected to increase from $2138.73 billion in 2023 to $2276.8 billion in 2024, boasting a compound annual growth rate (CAGR) of 6.5%. Looking ahead, the industry is anticipated to maintain its upward trajectory, reaching $2825.81 billion in 2028 at a CAGR of 5.5%, underscoring the resilience and growth potential inherent in the mining sector.

Amidst the global shift towards renewable energy and the move away from traditional fossil fuels, there has been a notable increase in the need for essential minerals such as lithium, copper, and cobalt. These minerals have become crucial components in the renewable energy sector, particularly in the manufacturing of lithium-ion batteries. Lithium, often referred to as the "new white gold," is highly valued for its high energy density and extended lifespan within these batteries. The worldwide push towards electric vehicle (EV) adoption, driven by the imperative to reduce carbon emissions, has thrust lithium into prominence. According to forecasts by the International Energy Agency, demand for lithium is expected to surge more than 40 times between 2020 and 2040, primarily driven by EVs and battery storage requirements. Similarly, cobalt, another essential element in lithium-ion batteries, is prized for its ability to enhance battery durability and capacity, underscoring the critical role of these minerals in advancing the clean energy transition.

Now let's take a look at the 26 Largest Mining Companies by Market cap, that are dominating this industry.

26 Largest Mining Companies by Market cap

Drills extracting gold from a gold mine, revealing the company's gold mining operation.

Methodology

In compiling this article, we've curated a list of the world's biggest mining companies, shortlisting them based on their market capitalization as of the time of writing. These industry leaders have demonstrated exceptional financial strength and market presence, reflecting their integral roles in the dynamic and evolving landscape of global resource extraction. Let’s delve into the profiles of these companies to gain valuable insights into their market dynamics, strategic initiatives, and contributions to the mining sector's growth and sustainability.

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26 Largest Mining Companies by Market cap26. The Mosaic Company (NYSE:MOS)

Market cap: $9.834B

The Mosaic Company (NYSE:MOS) is a leading producer of phosphate and potash crop nutrients. In the twelve months ending September 30, 2023, Mosaic Co. (NYSE:MOS) reported revenue of $15.03 billion, down -18.70% year-over-year. Revenue for the quarter ending September 30, 2023, was $3.55 billion, marking a -33.66% decrease year-over-year.

25. Sociedad Química y Minera de Chile S.A. (NYSE:SQM)

Market cap: $11.566B

Sociedad Quimica y Minera de Chile S.A. (NYSE:SQM) is a producer of potassium nitrate, iodine, and lithium derivatives. It also manufactures specialty plant nutrients and industrial chemicals. In the third quarter of 2023, Sociedad Quimica y Minera de Chile S.A. (NYSE:SQM) reported sales of USD 1,831.2 million, revenue of USD 1,840.3 million, and net income of USD 479.4 million, compared to USD 2,947.9 million, USD 2,958.3 million, and USD 1,099.9 million respectively, in the same period a year ago.

24. Gold Fields Limited (NYSE:GFI)

Market cap: $12.399B

Gold Fields Limited (NYSE:GFI) is a South Africa-based gold producer with nine operating mines across Australia, Peru, South Africa, and Ghana, including the Asanko JV, along with two projects in Canada and Chile. The company, Gold Fields Limited (NYSE:GFI), boasts a total attributable annual gold-equivalent production of approximately 2.40 million ounces (Moz), with gold mineral reserves totaling 46.1 Moz and gold mineral resources of 42.3 Moz (excluding mineral resources).

23. Albemarle (NYSE:ALB)

Market cap: $13.587B

Albemarle Corp. (NYSE:ALB) is a specialty company focused on developing, manufacturing, and marketing chemicals for various industries such as consumer electronics, petroleum refining, utilities, packaging, construction, transportation, pharmaceuticals, crop production, food safety, and custom chemistry services. The company operates through three segments: Lithium, Bromine Specialties, and Catalysts. The Lithium segment is involved in the development and manufacturing of basic lithium compounds, while the Bromine Specialties segment focuses on bromine and bromine-based products used in fire safety solutions and other specialty chemical applications. In 2023, Albemarle Corp. (NYSE:ALB) reported a revenue of $8.8 billion.

22. Cameco Corporation (NYSE:CCJ)

Market cap: $19.414B

Cameco Corporation (NYSE:CCJ) supplies uranium for electricity generation, operating through Uranium, Fuel Services, and Westinghouse segments. The Uranium segment engages in exploration, mining, milling, purchase, and sale of uranium concentrate. Cameco (NYSE:CCJ) reported revenue of 2.27 billion CAD for the twelve months ending September 30, 2023, marking a 25.37% year-over-year growth. In the quarter ending September 30, 2023, revenue reached 575.08 million CAD, reflecting a significant 47.96% year-over-year growth.

21. Teck Resources Limited (NYSE:TECK)

Market cap: $19.719B

Teck Resources Limited (NYSE: TECK), a Canadian mining company operating in North and South America, focuses on copper, zinc, steelmaking coal, and energy. In Q3 2023, its adjusted EBITDA reached $1.2 billion, driven by robust copper and steelmaking coal prices, alongside increased base metals sales. However, steelmaking coal sales totaled 5.2 million tonnes, below the company's forecast of 5.6 to 6.0 million tonnes. Teck Resources (NYSE: TECK) emphasizes restructuring as a top priority following an underwhelming Q3 performance.

20. Antofagasta Plc (LSE:ANTO.L)

Market cap: $20.543B

Antofagasta Plc is a holding company, which engages in copper mining, transport, and water distribution businesses. In 2023, Chilean miner Antofagasta Plc applied for an environmental permit to extend operations at its Zaldivar copper mine through 2051, with a planned investment of $1.2 billion. The company aims to prolong operations by 26 years, followed by a mine closure plan projected to last until 2054.

19. Wheaton Precious Metals Corp. (NYSE:WPM)

Market cap: $20.777B

Wheaton Precious Metals (NYSE:WPM), based in Vancouver, Canada, is a top-tier mining company globally. It operates key mines such as Salobo in Brazil, Antamina in Peru, and Penasquito in Mexico. In Q3 2023, Wheaton Precious Metals (NYSE:WPM) reported revenues of $223 million, with 65% from gold, 32% from silver, 2% from palladium, and 1% from cobalt. Moreover, operating cash flow reached $171 million, with net earnings of $116 million, while the production for the quarter totalled 4.83 gold equivalent tons, marking a 1.2% increase from Q3 2022.

18. Franco-Nevada Corporation (NYSE:FNV)

Market cap: $20.91B

One of the largest mining companies by market cap, Franco-Nevada Corporation (NYSE:FNV) is a Canada-based gold-focused royalty and streaming company with a diversified portfolio of cash-flow producing assets. The Company's business model provides investors with gold price and exploration optionality while limiting exposure to cost inflation. Franco-Nevada Corporation (NYSE:FNV) reported strong third-quarter results on Nov. 8, surpassing analyst expectations. It posted a net income of $175.1 million, and declared a quarterly dividend of 34 cents per share. Furthermore, revenue for the quarter was $309.5 million, up 1.7% year-over-year.

17. Agnico Eagle Mines Limited (NYSE:AEM)

Market cap: $23.382B

Agnico Eagle Mines Limited (NYSE: AEM) is one of the biggest players in the mining industry. It is indeed a prominent player in the mining industry, particularly in the field of gold mining. Founded in 1957, the company has established itself as a leader with operations spanning across Canada, Finland, and Mexico. As of the twelve months ending September 30, 2023, Agnico Eagle Mines (NYSE:AEM) reported a revenue of $6.255 billion. This figure represents a significant increase of 17.84% compared to the previous year, indicating robust growth in the company's operations. It owns two major mines in North America: Canadian Malartic and Detour Lake. These mines collectively contribute around 1.2 million ounces of gold annually to the company's production output. Moreover, within the Canadian Malartic complex, the Odyssey mine is anticipated to become Canada's largest underground gold mine, consolidating Agnico Eagle Mines' position as a leader in the sector.

16. Nutrien Ltd. (NYSE:NTR)

Market cap: $24.287B

Nutrien (NYSE:NTR), headquartered in Saskatoon, Canada, is a leading fertilizer company globally. It dominates potash production worldwide and is among the top-three producers of nitrogen fertilizer, with 2,000+ retail outlets across North America, South America, and Australia.

In terms of financial performance, Nutrien (NYSE:NTR) reported revenue of $30.93 billion USD for the twelve months ending September 30, 2023. However, this figure reflects a notable decline of -17.79% year-over-year. Similarly, the company's revenue for the quarter ending September 30, 2023, stood at $5.63 billion USD, marking a substantial decrease of -31.23% compared to the previous year.

Regarding corporate developments, there were discussions about a potential acquisition of Nutrien by BHP, a major mining company. However, it appears that these plans have been put on hold or abandoned for the time being.

15. Posco Holdings Inc (NYSE:PKX)

Market cap: $25.851B

Posco Holdings Inc (NYSE:PKX), formerly Pohang Iron and Steel Company, is a leading South Korean conglomerate primarily focused on steel production. It operates world-class steel mills in Pohang and Gwangyang.

In 2023, the Posco's (NYSE:PKX) earnings nearly halved from the previous year, with net profit at 1.83 trillion won ($1.37 billion), down 48.5%. Sales declined 9% to 77.13 trillion won, while operating income fell 27.2% to 3.53 trillion won. The decline is attributed to lower steel prices globally and domestically, along with sluggish performance in its future materials division.

14. Anglo American plc (LSE:AAL.L)

Market cap: $29.39B

Anglo American plc, a London-based multinational mining corporation, is a key player in diamond extraction, copper, platinum group metals (PGMs), iron ore, coal, and nickel. Notable operations include the Minas-Rio iron ore mine in Brazil, the Los Bronces and Collahuasi copper mines in Chile, and the Mogalakwena and Amandelbult PGM mines in South Africa.

In Q3 2023, Anglo American reported a 42% increase in copper production, driven by higher output from the Quellaveco mine in Peru. Despite mining challenges at the Mogalakwena site, Platinum Group Metals production remained stable. However, iron ore production decreased by 4% due to scheduled maintenance at the Minas-Rio plant. The company's diverse portfolio and global presence highlight its resilience in the mining industry.

13. Barrick Gold Corporation (NYSE:GOLD)

Market cap: $26.01B

Barrick Gold Corporation (NYSE:GOLD), headquartered in Canada, holds a prominent position as a global gold mining company and stands among the leading gold producers worldwide, with a strong focus on production.

In the third quarter of 2023, the company reported robust financial performance, with net earnings reaching $368 million. Furthermore, Barrick Gold (NYSE:GOLD) demonstrated an increase in gold production, reaching 32.4 tons, compared to 31.5 tons in the same quarter of 2022.

This consistent growth in production and solid financial results underscore Barrick Gold's significant presence and success in the dynamic and competitive gold mining industry.

12. Newmont Corporation (NYSE:NEM)

Market cap: $38.424B 

Newmont Corp. (NYSE:NEM) stands as a prominent gold producer, primarily focused on gold production. The company operates across various geographical segments, including North America, South America, Australia, and Africa.

For the year 2023, Newmont Corp (NEM:NYSE). reported a revenue of $11.6 billion and possesses assets valued at $38.4 billion. This financial performance underscores Newmont's substantial presence and contributions in the global gold production sector.

11. Amman Mineral Internasional Tbk (Jakarta:AMMN.JK)

Market cap: $35.02B

Amman Mineral International is one of the largest mining companies in the world. In 2023, the shares of Amman Mineral International, the Indonesian company, experienced a remarkable surge of 269% since its debut in Jakarta in July, culminating in a market capitalization exceeding $30 billion by the end of the year.

Amman Mineral Internasional Tbk achieved a significant milestone on July 7 by successfully raising 10.73 trillion rupiah, equivalent to $714.38 million, through its initial public offering (IPO). This IPO stands as the largest in Indonesia for the year, marking a substantial financial achievement for the company.

The funds raised are earmarked for various projects, notably including the development of a $980 million copper smelter. This strategic allocation of resources positions Amman Mineral Internasional to advance key initiatives and bolster its presence in the mining and smelting sectors. ($1 = 15,020.0000 rupiah.)

10. Grupo México SAB de CV (MX:GMEXICOB)

Market cap: $38.991B

Grupo México SAB de CV is a major mining company specializing in copper extraction and processing, with operations in Mexico, Peru, and the US. It owns Buenavista del Cobre, one of the world's largest copper mines. Grupo México's mining division, GMexico Minería, also produces silver, gold, zinc, and lead.

In Q3 2023, the company reported revenues of $10.96 billion, reflecting a 17.1% increase from the same period in 2022.

9. Zijin Mining Group Limited (Shanghai:601899.SS)

Market cap: $44.547B 

Zijin Mining Group Co., Ltd. operates as an exploration company, specializing in the exploration, mining, and smelting processing of various metal mineral resources, including gold, copper, and zinc. The company's business activities encompass the exploration or acquisition of mineral resources, mining development resources, and the smelting and processing stages to enhance the industrial chain.

Additionally, Zijin Mining is involved in technology research and construction, creating a synergy between mining and finance, trade, and logistics. Founded by Jing He Chen on July 15, 1986, the company is headquartered in Longyan, China.

In 2023, Zijin Mining Group reported a substantial revenue of $40.3 billion, underscoring its significant presence and operations in the exploration and mining sector.

8. Saudi Arabian Mining Co (Saudi:1211.SR)

Market cap: $49.42B 

The Saudi Arabian Mining Company, commonly known as Ma'aden, stands as a significant state-owned enterprise contributing substantially to Saudi Arabia's thriving mining sector. Ma'aden's core operations revolve around the exploration and extraction of various minerals, including gold, phosphate, aluminium, and industrial minerals. Notable projects in its portfolio include the Mahd Ad Dahab and Bulghah gold mines, as well as the Al Jalamid phosphate mine.

Ma'aden extends its influence into the realm of aluminium production through its subsidiary, Ma'aden Aluminium. This subsidiary manages the Ras Al Khair Aluminium Smelter, a colossal integrated aluminium production complex recognized as one of the world's largest. In financial terms, Ma'aden has demonstrated robust performance, with a revenue trend indicating a notable 25% annual increase over three years. This growth significantly surpasses that of many pre-profit companies.

7. Freeport-McMoRan Inc (NYSE:FCX)

Market cap: $54.663B

Headquartered in Phoenix, Arizona, Freeport-McMoRan Inc (NYSE: FCX) specializes in the extraction of copper, gold, and molybdenum. The cornerstone of its operations is the Grasberg mine in Indonesia, renowned as one of the largest copper and gold mines on a global scale. In addition to its international presence, Freeport-McMoRan (NYSE: FCX) operates several significant mines in North America, notably the Morenci mine in Arizona, which harbors one of the largest copper reserves in the United States.

In the third quarter of 2023, the company achieved noteworthy production figures, extracting 1.1 billion pounds of copper, 16.62 tons of gold, and 20 million pounds of molybdenum. Reflecting this operational success, Freeport-McMoRan reported a revenue of $5.842 billion for the same period, exhibiting growth compared to the $5.003 billion revenue recorded in the third quarter of 2022.

6. Fortescue Metals (ASX:FMG.AX)

Market cap: $56.774B

Fortescue (ASX:FMG.AX), one of the largest Australian mining companies, is renowned for its focus on iron ore mining through its subsidiary, Fortescue Metals Group. In the fiscal year 2023, the company reported a substantial revenue of US$16.9 billion, accompanied by a profit margin of 28%, which experienced a decline from 36% in the previous fiscal year (FY 2022). This decrease in profit margin was primarily attributed to elevated expenses incurred during the period.

Earlier reports from Fortescue (ASX:FMG.AX) revealed that iron ore shipments reached 48.7 million metric tons in the quarter ending on December 31, contributing to a first-half total of 94.6 million tons – the second highest ever recorded. Additionally, Fortescue adjusted its fiscal 2024 shipments forecast for the Iron Bridge magnetite project. The company identified the need to address a leaking high-pressure water pipeline, incurring an additional estimated cost of $100 million. Despite these challenges, Fortescue remains a prominent player in the global mining industry, navigating operational complexities and contributing significantly to the iron ore market.

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Disclosure: None. Top 26 Largest Mining Companies by Market cap is originally published on Insider Monkey.

(Bloomberg) — Train drivers at BHP Group Ltd.’s Pilbara iron ore operations in Western Australia have voted to strike on Friday morning for 24 hours, potentially cutting supply to the producer’s Australian export hubs.

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Workers plan to carry out a stoppage under a campaign aimed at securing better working conditions and pay in an enterprise agreement, according to the Mining and Energy Union. The previous agreement, which covers about 580 drivers, shunters and trainees, was negotiated in 2014.

“Pilbara iron ore mine operators have had it their own way for a long time,” the union’s Secretary Greg Busson said in a statement. The workers had “been very patient and given BHP every opportunity to address their concerns,” he added.

There are approximately 150 rail employees on-shift at any one time. Workers who strike will not be paid for those hours.

BHP is “currently reviewing a revised set of claims provided by union representatives,” a company spokesperson told Bloomberg. “We believe that agreement can be reached without the need for protected action. We have contingency plans in place if action goes ahead.”

BHP shares closed 0.5% lower to A$46.07 in Sydney on Monday.

In Australia, industrial action is a legal right under the Fair Work Act 2009. It can be triggered when bargaining for a new enterprise agreement fails or an existing agreement is out-of-date, according to the Fair Work Commission.

A typical train iron ore train comprises of four locomotives pulling around 270 cars carrying 38,000 tons of iron ore, according to the company’s website.

(Updates with BHP comment in fifth paragraph.)

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LONDON (Reuters) -Global miner Anglo American on Thursday reported a 24% rise in copper production last year to 826,000 metric tons, lower than a previously forecast range of 830,000-870,000 tons.

The company left its 2024 copper output guidance at 730,000-790,000 tons. The metal is used for electric vehicles and renewable infrastructure, key planks of the energy transition.

Analysts have forecast a copper deficit from this year after Panama ordered the closure of a First Quantum mine with capacity of 350,000 tons per year and as major producers including Anglo, Glencore, Codelco and Vale Base Metals expect lower supply from their operations.

London-listed Anglo in December announced $1.8 billion of spending cuts by 2026, which it is prepared to deepen in the event of worsening demand for the metals it mines.

"Various operational challenges remain, but 2024 guidance -which has been reiterated – is achievable," Jefferies analysts said in a note.

Production of rough diamonds at the company's De Beers unit fell 8% to 31.9 million carats in 2023. Diamond demand in major consumer China dropped last year as an economic slowdown curbed appetite for luxury items.

"Whilst there has been some improvement coming into 2024, the prospects for economic growth in many major economies remain uncertain and it may take some time for rough diamond demand to fully recover, which has led to the Group currently assessing its carrying value of De Beers," Anglo said in a statement.

Iron ore production rose by 1%, while platinum group metals (PGMs) registered a 5% output drop, it said.

(Reporting by Clara DeninaEditing by David Goodman and Mark Potter)

Wallbridge Mining Company Limited

Figure 1.

Wallbridge’s Detour-Fenelon Gold Trend land package

Figure 2.

Fenelon Gold Project, Plan View, 2023 Exploration Drill Program

Figure 3.

Fenelon Gold Project, Plan View, Top 400m Vertical Depth. 2023 Resource Drill Program

TORONTO, Feb. 07, 2024 (GLOBE NEWSWIRE) — Wallbridge Mining Company Limited (TSX:WM, OTCQX:WLBMF) (“Wallbridge” or the “Company”) today announced final results from the 2023 drill program that add near-surface mineralization adjacent to the Fenelon mineral resource and expand the mineralized area to the north and east at its 100%-owned Fenelon Gold project (“Fenelon”). After a short winter break, one drill rig has been mobilized and drilling has commenced.

Highlights

• Exploration drilling completed in 2023 has intercepted significant gold mineralization 1 km to the north (Target F1) and 2.5 km to the east (Target F5) of the Fenelon deposit, which remains open both laterally and at depth.

• Results, such as 17.05 g/t Au over 2.75 m in hole FA-23-569, 80.51 g/t Au over 0.50 m in hole FA-23-566, and 4.36 g/t Au over 7.50 m in hole FA-23-568, demonstrate the potential to add near-surface, high-quality gold ounces proximal to the currently defined limits of the Fenelon resource.

• The 2024 drill program has commenced at Fenelon with the objective to expand the limits of near-surface gold resources in the vicinity of the 2023 Preliminary Economic Assessment (“PEA”) mine design, offering the potential to improve the project’s overall economics.

“The positive results of the 2023 program demonstrate the ability to add near-surface gold mineralization in close proximity to the Fenelon resource, and to confirm the presence of new areas of prospective gold mineralization within a few kilometres of the deposit,” said Attila Péntek, Wallbridge’s Vice President, Exploration.

“This is in line with our stated goal to upgrade known gold resources and test priority grassroots exploration targets in 2024.”

Resource Step-out Drilling

Nine drill holes totaling 3,156 metres, including extensions to two previously drilled holes, targeted near-surface Area 51 gold zones adjacent to the PEA mine design which, due to lower drilling density, are not included in the current design.

The drilling mainly focused on the MIB (five holes) and Andromeda (four holes) mineralized zones within Area 51 (Figure 3). In both zones, positive drilling results, presented below, successfully expanded zones of known gold mineralization, further supporting the potential to increase gold resources. Additionally, follow-up infill sampling in hole FA-22-507 returned a new significant intercept in the Enterprise zone:

Andromeda (Area 51):
FA-23-569:	17.05 g/t Au over 2.75 metres;
	1.37 g/t Au over 28.50 metres, including
	3.71 g/t Au over 4.00 metres, and
	3.06 g/t Au over 4.20 metres;
	11.81 g/t Au over 0.65 metres;
FA-23-570:	0.97 g/t Au over 13.60 metres, including
	2.28 g/t Au over 2.90 metres;
	1.36 g/t Au over 7.50 metres, including
	3.21 g/t Au over 2.30 metres;
	12.04 g/t Au over 1.00 metre;
FA-23-571:	2.01 g/t Au over 5.00 metres;
FA-23-572:	13.78 g/t Au over 1.00 metres;
MIB (Area 51):
FA-23-566:	80.51 g/t Au over 0.50 metre;
	29.42 g/t Au over 0.50 metre;
FA-23-568:	4.36 g/t Au over 7.50 metres, including
	17.55 g/t Au over 1.50 metres;
FA-23-568:	5.90 g/t Au over 1.80 metres;
FA-21-291:	23.20 g/t Au over 0.50 metres;
Enterprise (Area 51):
FA-22-507:	2.34 g/t Au over 6.00 metres;

Exploration Drilling

An additional five holes totalling 2,660 metres were drilled in the fall of 2023 to follow-up on the discovery of two new gold zones, Targets F1 and F5, which were first reported on May 8, 2023. The results for these and the remaining holes from the earlier program are reported below.

In Target F1, drilling continued to delineate the geometry of the newly discovered Jeremie Diorite body and the gold mineralization originally intersected in hole FA-23-546, which yielded 0.96 g/t Au over 21.05 metres. Hole FA-23-565 intersected Area 51-style gold mineralization, returning 8.71 g/t Au over 0.60 metre along strike of the original intersection in hole FA-23-546.

At Target F5, east of the Fenelon deposit, the drill holes continued to test favorable host rocks and gold-bearing structures encountered by previous drill programs. Hole FA-23-551, previously reported, intersected several instances of gold mineralization over a 150-metre corridor, including 14.90 g/t Au over 0.50 metre. Hole FA-23-563, reported below, intersected a wide zone of low-grade gold mineralization along a NW-SE trending structure, parallel to one of the main structural orientations at the Fenelon deposit. This gold zone, associated with strong alteration within and around an intermediate intrusion, yielded an average of 0.52 g/t Au over 18.45 metres. Additional gold mineralization was intersected in holes FA-23-562 and FA-23-563 in Target F5 and in hole FA-23-555A in Target F7, 1 km further east, as reported in Table 1.

Today, the Company reports final assay results for 24 drill holes, which include 9 resource step-out delineation holes and 15 first pass exploration holes to test new targets, along with infill sample results for 1 drill hole.

Wallbridge Mining Company Limited-1

Figure 1. Wallbridge’s Detour-Fenelon Gold Trend land package

Wallbridge Mining Company Limited-2

Figure 2. Fenelon Gold Project, Plan View, 2023 Exploration Drill Program

Wallbridge Mining Company Limited-3

Figure 3. Fenelon Gold Project, Plan View, Top 400m Vertical Depth. 2023 Resource Drill Program

Table 1. Wallbridge Fenelon Gold Property, Recent Drill Assay Highlights (1)
Drill Hole	From	To	Length	Au	Au Cut(2)	Zone/Corridor
	(m)	(m)	(m)	(g/t)	(g/t)
2023 Resource Drill Results (3)
Area 51 Infill Drilling- Andromeda
FA-23-569	51.25	54.00	2.75	17.05	17.05	Area 51
FA-23-569	99.50	128.00	28.50	1.37	1.37	Area 51
Including…	99.50	103.50	4.00	3.71	3.71	Area 51
And…	123.80	128.00	4.20	3.06	3.06	Area 51
FA-23-569	200.50	202.00	1.50	3.61	3.61	Area 51
FA-23-569	400.00	400.65	0.65	11.81	11.81	Area 51
FA-23-570	172.40	186.00	13.60	0.97	0.97	Area 51
Including…	172.40	175.30	2.90	2.28	2.28	Area 51
FA-23-570	244.50	252.00	7.50	1.36	1.36	Area 51
Including…	247.70	250.00	2.30	3.21	3.21	Area 51
FA-23-570	263.50	264.50	1.00	12.04	12.04	Area 51
FA-23-571	66.00	71.00	5.00	2.01	2.01	Area 51
FA-23-572	104.20	109.50	5.30	1.05	1.05	Area 51
FA-23-572	406.50	407.50	1.00	13.78	13.78	Area 51
Area 51 Infill Drilling- MIB
FA-23-566	63.00	64.50	1.50	4.35	4.35	Area 51
FA-23-566	113.50	114.00	0.50	80.51	65.00	Area 51
FA-23-566	149.50	151.00	1.50	3.45	3.45	Area 51
FA-23-566	243.00	243.50	0.50	29.42	29.42	Area 51
FA-23-566	263.50	265.30	1.80	3.01	3.01	Area 51
FA-23-567	No Significant Mineralization
FA-23-568	154.00	161.50	7.50	4.36	4.36	Area 51
Including…	154.00	155.50	1.50	17.55	17.55	Area 51
FA-23-568	199.70	201.50	1.80	5.90	5.90	Area 51
FA-21-271 EXT	No New Significant Mineralization
FA-21-291 EXT	437.00	437.50	0.50	23.20	23.20	Area 51
Area 51 Infill Sampling- Enterprise
FA-22-507 (Infill)	452.00	458.00	6.00	2.34	2.34	Area 51
2023 Exploration Drill Results (4)
Target F1
FA-23-557	305.00	306.50	1.50	0.97	0.97	New Zones
FA-23-557	343.00	344.50	1.50	2.20	2.20	New Zones
FA-23-558	141.00	142.00	1.00	1.55	1.55	New Zones
FA-23-558	434.00	435.00	1.00	1.08	1.08	New Zones
FA-23-558	444.00	444.50	0.50	7.19	7.19	New Zones
FA-23-558	490.00	491.40	1.40	2.23	2.23	New Zones
FA-23-560	328.10	328.65	0.55	1.82	1.82	New Zones
FA-23-561	358.00	358.80	0.80	1.34	1.34	New Zones
FA-23-565	273.50	274.10	0.60	8.71	8.71	New Zones
FA-23-573	No Significant Mineralization
Target F2/3- West
FA-23-550	No Significant Mineralization
FA-23-553	No Significant Mineralization
Target F5
FA-23-562	558.50	560.00	1.50	1.33	1.33	New Zones
FA-23-563	212.00	213.50	1.50	3.18	3.18	New Zones
FA-23-563	268.55	287.00	18.45	0.52	0.52	New Zones
Including…	275.00	281.00	6.00	0.90	0.90	New Zones
Target F6- East
FA-23-554	No Significant Mineralization
FA-23-555A	160.00	162.50	2.50	0.99	0.99	New Zones
FA-23-556A	No Significant Mineralization
Target F8
FA-23-559	No Significant Mineralization
Target SLDZ
FA-23-564	No Significant Mineralization
Note: True widths are typically estimated to be 50-80% of the reported core length intervals.
(1) Table includes only assay results received since the latest press release dated June 06, 2023.
(2) Au cut at: 100 g/t Au for the Tabasco/Contact /Cayenne zones; 65 g/t Au for the Area 51 zones.
(3) Resource drill hole intercepts are based on a metal factor (Au grade * intercept thickness) of at least 5 g/t*m.
(4) Exploration drill hole intercepts are based on a metal factor (Au grade * intercept thickness) of at least 1 g/t*m.

Assay QA/QC and Qualified Persons

Drill core samples from the ongoing drill program on the Detour-Fenelon Gold Trend Property are cut and bagged either on-site or by contractors and transported to SGS Canada Inc. for analysis. Samples, including standards and blanks for quality assurance and quality control, were prepared and analyzed at the SGS laboratories. Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to 85% passing 75 microns. 50g samples are analyzed by fire assay and AAS or ICP. Samples >10g/t Au are automatically analyzed by fire assay with gravimetric finish or screen metallic analysis. To test for coarse free gold and additional quality assurance and quality control, Wallbridge requests screen metallic analysis for samples containing visible gold. These and future assay results may vary from time to time due to re-analysis for quality assurance and quality control.

The Qualified Person responsible for the technical content of this press release is Christopher Kelly, M.Sc., P.Geo., Senior Geologist of Wallbridge.

About Wallbridge Mining

Wallbridge is focused on creating value through the exploration and sustainable development of gold projects along the Detour-Fenelon Gold Trend in Québec’s Northern Abitibi region while respecting the environment and communities where it operates.

Wallbridge’s most advanced projects, Fenelon Gold (“Fenelon”) and Martiniere Gold (“Martiniere”) incorporate a combined 3.05 million ounces of indicated gold resources and 2.35 million ounces of inferred gold resources. Fenelon and Martiniere are located within an 830 square kilometre exploration land package controlled by Wallbridge.

Wallbridge has reported a positive Preliminary Economic Assessment (“PEA”) at Fenelon that estimates average annual gold production of 212,000 ounces over 12 years.

Wallbridge also holds a 15.9% interest in the common shares of Archer Exploration Corp. (“Archer”) as a result of the sale of the Company’s portfolio of nickel assets in Ontario and Québec.

For further information please visit the Company’s website at https://wallbridgemining.com/ or contact:

Wallbridge Mining Company Limited

Attila Péntek, Ph.D., P.Geo.

Vice President, Exploration

Email: apentek@wallbridgemining.com

Victoria Vargas, B.Sc. (Hon.) Economics, MBA

Investor Relations Advisor

Email: vvargas@wallbridgemining.com

Cautionary Note Regarding Forward-Looking Information

The information in this document may contain forward-looking statements or information (collectively, “FLI”) within the meaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections, and interpretations as at the date of this document.

All statements, other than statements of historical fact, included herein are FLI that involve various risks, assumptions, estimates and uncertainties. Generally, FLI can be identified by the use of statements that include, but are not limited to, words such as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, "potential", “targets” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved.”

FLI in this document may include, but is not limited to: statements regarding the Shelf Prospectus,the effectiveness and timing thereof and any future offerings; the Company’s exploration plans; the future prospects of Wallbridge; statements regarding the results of the Fenelon preliminary economic assessment; the potential future performance of Archer common shares; future drill results; the Company’s ability to convert inferred resources into measured and indicated resources; parameters and methods used to estimate the MRE’s at the Fenelon and Martiniere properties (collectively the “Deposits”); the prospects, if any, of the Deposits; future drilling at the Deposits; and the significance of historic exploration activities and results.

FLI is designed to help you understand management’s current views of its near- and longer-term prospects, and it may not be appropriate for other purposes. FLI by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such FLI. Although the FLI contained in this document is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such FLI, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not undertake, and assumes no obligation, to update or revise any such FLI contained in this document to reflect new events or circumstances. Unless otherwise noted, this document has been prepared based on information available as of the date of this document. Accordingly, you should not place undue reliance on the FLI, or information contained herein.

Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in FLI.

Assumptions upon which FLI is based, without limitation, include: the results of exploration activities, the Company’s financial position and general economic conditions; the ability of exploration activities to accurately predict mineralization; the accuracy of geological modelling; the ability of the Company to complete further exploration activities; the legitimacy of title and property interests in the Deposits; the accuracy of key assumptions, parameters or methods used to estimate the MREs and in the PEA; the ability of the Company to obtain required approvals; geological, mining and exploration technical problems; and failure of equipment or processes to operate as anticipated. Risks and uncertainties about Wallbridge's business are discussed in the disclosure materials filed with the securities regulatory authorities in Canada, which are available at www.sedarplus.ca.

Cautionary Notes to United States Investors

Wallbridge prepares its disclosure in accordance with NI 43-101 which differs from the requirements of the U.S. Securities and Exchange Commission (the "SEC"). Terms relating to mineral properties, mineralization and estimates of mineral reserves and mineral resources and economic studies used herein are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended. NI 43-101 differs significantly from the disclosure requirements of the SEC generally applicable to US companies. As such, the information presented herein concerning mineral properties, mineralization and estimates of mineral reserves and mineral resources may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.

Photos accompanying this announcement are available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/cbe40eb7-db4f-41c3-aa1c-40720a61a38chttps://www.globenewswire.com/NewsRoom/AttachmentNg/27bfa98d-2c5f-423f-ba5c-a30962f7d253https://www.globenewswire.com/NewsRoom/AttachmentNg/69b20357-ba4f-4e49-a380-b87db969d0bb

Atico Mining Corporation

Image 1

Image 1

VANCOUVER, British Columbia, Feb. 05, 2024 (GLOBE NEWSWIRE) — Atico Mining Corporation (TSX.V: ATY | OTCQX: ATCMF) (“Atico” or the “Company”) is pleased to announce additional positive results for the exploration program initiated in 2023 being carried out in an area of historical mining to expand tonnage at the El Roble mine. In addition, the Company reports the results for seven diamond drill core holes (see first table below), which included 4.45m of 5.17% Cu, 10.47g/t Au and 4.90m of 9.35% Cu, 2.94 g/t Au.

“We are pleased to report that our mine vicinity drill campaign continues to intercept new mineralization and extend the main historic massive sulphide body at the El Roble deposit. While, this area was mined by operators previous to Atico obtaining control of the mine on November 22, 2013, these results are intercepting additional high-grade mineralization beyond the previously outlined mineralized shell which remains open at depth and along strike,” said Fernando E. Ganoza, CEO. “These strong assay results continue to increase confidence in our view that additional high-grade copper and gold mineralization remains both within the historically defined bodies and beyond the previously outlined mineralized shell and are open at depth and along strike. Final results for the remaining drill holes from the current exploration program initiated in 2023 will be available within following weeks at which time the Company plans to update the resource estimate. A new drill program is planned to continue exploration in this vicinity during 2024.”

Exploration Drilling Results Include:

Hole	From (m)	To (m)	Interval (m)	Cu (%)	Au (g/t)
ATD-0206	163.5	189.45	25.95	2.09	3.43
including	168	170.2	2.2	11.58	8.63
including	173.1	181.5	8.4	0.57	2.52
including	185	189.45	4.45	5.17	10.47
and	192.25	193.1	0.85	7.57	4.62
ATD-0207	133	144.6	11.6	4.14	1.38
including	136	140.9	4.9	9.35	2.94
and	156.5	159.7	3.2	1.78	7.86
ATD-0208	186.8	199.3	12.5	0.98	4.35
including	186.8	191.4	4.6	1.96	9.27
ATD-0209	189.4	206.5	17.1	1.15	1.94
ATD-0210	159	171.3	12.3	1.11	1.33
ATD-0211	34.1	44.9	10.8	4.39	1.29
including	35.5	37.2	1.7	8.46	1.43
including	39.3	44.9	5.6	5.33	1.91
ATD-0212	22	40.5	18.5	2.29	1.05
including	22	25	3	8.24	3.7
including	27.1	29.6	2.5	2.51	1.09
including	37.5	39.1	1.6	2.34	1.09

True widths are dependent on uncertainties in the local strike and dip of the mineralization and are estimated to be between 90% and 95% of the drill intercept.

Image 1.

Atico Mining Corporation

Exploration Drilling Program

The goal of the current surface and underground drilling program at the El Roble mine is to define zones of mineralization within the extent of main historic massive sulphide body that were not exploited by previous operators and also to expand the historically identified resource. During the first quarter of 2023, the Company began a drill program to test the main mineralized body and the immediately adjacent area. A total of 7,880 meters of drilling were completed during this program, of which final results for the remaining drill holes are still pending and will be reported as soon as the assay results for mineralized intercepts are received.

El Roble Mine

The El Roble mine is a high grade, underground copper and gold mine with nominal processing plant capacity of 1,000 tonnes per day, located in the Department of Choco in Colombia. Its commercial product is a copper-gold concentrate.

Since obtaining control of the mine on November 22, 2013, Atico has upgraded the operation from a historical nominal capacity of 400 tonnes per day.

El Roble has Proven and Probable reserves of 1.00 million tonnes grading 3.02% copper and 1.76 g/t gold, at a cut-off grade of 1.3% copper equivalent with an effective date of September 30, 2020. Mineralization is open at depth and along strike and the Company plans to further test the limits of the deposit.

On the larger land package, the Company has identified a prospective stratigraphic contact between volcanic rocks and black and grey pelagic sediments and cherts that has been traced by Atico geologists for ten kilometers. This contact has been determined to be an important control on VMS mineralization on which Atico has identified numerous target areas prospective for VMS type mineralization occurrence, which is the focus of the current surface drill program at El Roble.

Qualified Person

Garth Graves, P. Geo.

Garth Graves, P. Geo., consultant geologist for Atico Mining Corporation and a qualified person in accordance with National Instrument 43-101 has reviewed and approved the technical information contained in this news release.

About Atico Mining Corporation

Atico is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company generates significant cash flow through the operation of the El Roble mine and is developing its high-grade La Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more information, please visit www.aticomining.com.

ON BEHALF OF THE BOARD

Fernando E. GanozaCEOAtico Mining Corporation

Trading symbols: TSX.V: ATY | OTCQX: ATCMF

Investor RelationsIgor DutinaTel: +1.604.633.9022

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 release.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ‘‘U.S. Securities Act’’), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

Cautionary Note Regarding Forward Looking Statements

This announcement includes certain “forward-looking statements” within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation the use of net proceeds, are forward-looking statements. Forward- looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company’s mineral projects; uncertainty of meeting anticipated program milestones for the Company’s mineral projects; and other risks and uncertainties disclosed under the heading “Risk Factors” in the prospectus of the Company dated March 2, 2012 filed with the Canadian securities regulatory authorities on the SEDAR website at www.sedar.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f5dae5ad-36fa-4b20-b641-67d52ca50108

Key Insights

• Institutions' substantial holdings in Harmony Gold Mining implies that they have significant influence over the company's share price

• The top 6 shareholders own 53% of the company

• Insiders have sold recently

To get a sense of who is truly in control of Harmony Gold Mining Company Limited (JSE:HAR), it is important to understand the ownership structure of the business. With 55% stake, institutions possess the maximum shares in the company. In other words, the group stands to gain the most (or lose the most) from their investment into the company.

Given the vast amount of money and research capacities at their disposal, institutional ownership tends to carry a lot of weight, especially with individual investors. Hence, having a considerable amount of institutional money invested in a company is often regarded as a desirable trait.

Let's take a closer look to see what the different types of shareholders can tell us about Harmony Gold Mining.

View our latest analysis for Harmony Gold Mining

ownership-breakdownWhat Does The Institutional Ownership Tell Us About Harmony Gold Mining?

Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it's included in a major index. We would expect most companies to have some institutions on the register, especially if they are growing.

As you can see, institutional investors have a fair amount of stake in Harmony Gold Mining. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of Harmony Gold Mining, (below). Of course, keep in mind that there are other factors to consider, too.

earnings-and-revenue-growth

Since institutional investors own more than half the issued stock, the board will likely have to pay attention to their preferences. It would appear that 5.0% of Harmony Gold Mining shares are controlled by hedge funds. That catches my attention because hedge funds sometimes try to influence management, or bring about changes that will create near term value for shareholders. Looking at our data, we can see that the largest shareholder is Public Investment Corporation Limited with 13% of shares outstanding. The second and third largest shareholders are African Rainbow Minerals Limited and Van Eck Associates Corporation, with an equal amount of shares to their name at 12%.

On further inspection, we found that more than half the company's shares are owned by the top 6 shareholders, suggesting that the interests of the larger shareholders are balanced out to an extent by the smaller ones.

Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. Quite a few analysts cover the stock, so you could look into forecast growth quite easily.

Insider Ownership Of Harmony Gold Mining

The definition of an insider can differ slightly between different countries, but members of the board of directors always count. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO.

Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.

Our information suggests that Harmony Gold Mining Company Limited insiders own under 1% of the company. Keep in mind that it's a big company, and the insiders own R131m worth of shares. The absolute value might be more important than the proportional share. Arguably, recent buying and selling is just as important to consider. You can click here to see if insiders have been buying or selling.

General Public Ownership

With a 15% ownership, the general public, mostly comprising of individual investors, have some degree of sway over Harmony Gold Mining. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run.

Public Company Ownership

Public companies currently own 12% of Harmony Gold Mining stock. This may be a strategic interest and the two companies may have related business interests. It could be that they have de-merged. This holding is probably worth investigating further.

Next Steps:

It's always worth thinking about the different groups who own shares in a company. But to understand Harmony Gold Mining better, we need to consider many other factors. For example, we've discovered 1 warning sign for Harmony Gold Mining that you should be aware of before investing here.

If you would prefer discover what analysts are predicting in terms of future growth, do not miss this free report on analyst forecasts.

NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.

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.

In this piece, we will take a look at the 11 best aluminum and aluminum mining stocks to buy. If you want to skip our introduction of the aluminum market and the coverage of some recent developments, then you can take a look at the 5 Best Aluminum and Aluminum Mining Stocks To Buy.

Aluminum is one of the most important raw materials on Earth. The modern day transportation industry is built on the back of the shiny metal as its light weight and high strength make it suitable for applications that require cost efficiency such as aircraft. Making a steel aircraft is likely to scare engineers when they look at engine fuel consumption and other constraints such as take off weight.

Since its demand depends on industrial output, aluminum market prices depend on investor perceptions of global economic activity. If they believe that conditions are ripe for growth, then prices will appreciate as aluminum firms scurry to add capacity. On the supply side, the aluminum industry depends on a handful of countries to continue stable production. If for any reason production is halted, then prices jump as well.

As part of our coverage of 15 Largest Aluminum Producing Countries In The World, Insider Monkey discovered that as of December 2022, the People's Republic of China was the world's largest aluminum producer. China produced 40 million tons of aluminum in 2022, and the second biggest aluminum producer was the Republic of India whose four million tons placed it at a distant second.

Looking at global aluminum demand, our look at the top fifteen largest consumers of aluminum shows that while China was the largest producer, it was South Korea that led the pack as it consumed nearly 43 kilograms of aluminum per person in 2022. Interestingly though, if you check out Aluminum Consumption By Country: Top 15 then you'll find that while China produced the most aluminum, it was Canada that was the world's largest aluminum supplier as Canadian aluminum exports touched $8.31 billion in 2021.

Shifting gears, the aluminum industry is made of large and small companies that have to invest substantial capital in mining facilities. Some of the biggest aluminum companies in the world are spread all over China, Japan, and Australia. These include Rio Tinto Group (NYSE:RIO), the Saudi Arabian Mining Company, and Vedanta Aluminum. This shows that despite the fact that Canada was the world's largest aluminum exporter in 2021, the aluminum companies themselves are not limited to one continent.

In terms of dollar value, the global aluminum industry was worth $255 billion as 2022 ended. Analysts believe that from there onward until 2029, the sector will grow at a compounded annual growth rate (CAGR) of 6.1% until 2029 for an estimated worth of $255 billion.

Additionally, since it's literally the building block of modern day construction and transportation, aluminum is also one of the oldest post industrial revolution industries. One of the oldest companies in the world is Alcoa Corporation (NYSE:AA) which was set up in 1886. Alcoa sells bauxite and aluminum, and January 2024 has seen the firm post its fourth quarter of 2023 earnings results. The results saw Alcoa meet analyst revenue estimates and beat them for earnings per share by posting $2.6 billion and -$0.56 (analyst estimates had penciled in an 84 cent loss). Consequently, the shares proceeded to appreciate by double digit percentages in the stock market in the days following the earnings release. Alcoa's earnings saw the firm's management share that raw material costs were favorable during the fourth quarter but higher energy costs continued to be a headwind.

According to Alcoa's chief financial officer Molly Beerman:

Fourth quarter 2023 adjusted EBITDA increased as improved raw material costs and shipment volumes offset energy and price-mix challenges. In addition, favorable production costs, including recognition of the full-year benefit for Section 45X of the Inflation Reduction Act at Warrick and Massena more than offset higher other expenses. Alumina segment EBITDA increased $31 million sequentially, primarily on lower raw material costs and lower production costs in Brazil and Australia. We also saw a substantial benefit from lower raw material costs in the Aluminum segment, which combined with favorable production costs, primarily 45X, to offset the impact of higher energy costs and lower value-add product premiums.

The higher enerminugy costs included a second year of unfavorable legislative changes in Norway’s CO2 compensation arrangement. Outside the segments, transformation demolition costs were lower, but inter-segment eliminations and other corporate costs were unfavorable. Let’s look at cash movements within the fourth quarter on the next slide. The cash balance increased $18 million in the quarter to $944 million. The largest source of cash was working capital reduction of $222 million, which more than offset the largest use of cash, capital expenditures at $188 million, higher EBITDA of $89 million, various other items totaling $97 million and net non-controlling interest contributions of $18 million, mostly offset all other uses of cash. Moving on to other key financial metrics.

With these details in mind, let's take a look at the best aluminum and aluminum mining stocks to buy. Some top picks are Constellium SE (NYSE:CSTM), Alcoa Corporation (NYSE:AA), and Crown Holdings, Inc. (NYSE:CCK).

11 Best Aluminum and Aluminum Mining Stocks To Buy

An airplane hangar filled with components, showing the enormous scale of the company's maintenance & overhaul services.

Our Methodology

To make our list of the best aluminum and aluminum mining stocks, we ranked companies that mine the material or produce end products such as ingots by the number of hedge funds that had bought their shares during Q3 2023. The top stocks were selected as the best aluminum stocks.

For these best aluminum and aluminum mining stocks, we have also mentioned hedge fund sentiment. Hedge funds’ top 10 consensus stock picks outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). That’s why we pay very close attention to this often-ignored indicator.

11 Best Aluminum and Aluminum Mining Stocks To Buy11. Glencore plc (OTC:GLNCY)

Number of Hedge Fund Investors In Q3 2023: N/A

Glencore plc (OTC:GLNCY) is one of the biggest metal companies in the world that also produces and sells aluminum. It scored a big alumina related win in December 2023 by buying $1.1 billion in ownership interests for a Brazilian alumina refinery. The firm joins Constellium SE (NYSE:CSTM), Alcoa Corporation (NYSE:AA), and Crown Holdings, Inc. (NYSE:CCK) in our list of the best aluminum stocks to buy.

10. Kaiser Aluminum Corporation (NASDAQ:KALU)

Number of Hedge Fund Investors In Q3 2023: 10

Kaiser Aluminum Corporation (NASDAQ:KALU) is an aluminum end product company that sells coils, rods, bars, and other associated products. The firm announced a 77 cent dividend in January 2024, but the stock has struggled this year and is down by more than 7% year to date.

By the end of last year's third quarter, ten out of the 910 hedge funds covered by Insider Monkey's research had held a stake in Kaiser Aluminum Corporation (NASDAQ:KALU). Ken Fisher's Fisher Asset Management was the firm's biggest hedge fund shareholder courtesy of its $12.3 million stake.

9. Tredegar Corporation (NYSE:TG)

Number of Hedge Fund Investors In Q3 2023: 11

Tredegar Corporation (NYSE:TG) is another aluminum end product company that sells products for construction, transportation, energy transmission, and other use cases. 2023 ended on a positive note for the firm as the International Trade Commission (ITC) announced that it is opening an investigation into illicit aluminum importation imports.

During 2023's September quarter, 11 out of the 910 hedge funds profiled by Insider Monkey had bought the firm's shares. Tredegar Corporation (NYSE:TG)'s largest stakeholder among these is Mario Gabelli's GAMCO Investors as it owns 4.2 million shares that are worth $23.1 million.

8. Luxfer Holdings PLC (NYSE:LXFR)

Number of Hedge Fund Investors In Q3 2023: 13

Luxfer Holdings PLC (NYSE:LXFR) manufactures industrial grade cylinders with aluminum alloys. Its shares are down by 7% year to date and the firm has not beaten analyst EPS in any of its four latest quarters.

Insider Monkey took a look at 910 hedge fund holdings for their third quarter of 2023 investments and found that 19 had invested in the firm. Luxfer Holdings PLC (NYSE:LXFR)'s biggest investor in our database is Wilmot B. Harkey and Daniel Mack's Nantahala Capital Management through its $27.6 million investment.

7. Century Aluminum Company (NASDAQ:CENX)

Number of Hedge Fund Investors In Q3 2023: 19

Century Aluminum Company (NASDAQ:CENX) is an American aluminum products company headquartered in Chicago, Illinois. Its shares soared by 14% in January 2024 after B. Riley upgraded the shares to Buy from Hold and increased the share price target to $14 from an earlier $10.

19 out of the 910 hedge funds surveyed by Insider Monkey were Century Aluminum Company (NASDAQ:CENX)'s shareholders during Q3 2023. Ken Fisher's Fisher Asset Management was the largest shareholder as it owned $16.8 million worth of shares.

6. Reliance Steel & Aluminum Co. (NYSE:RS)

Number of Hedge Fund Investors In Q3 2023: 25

Reliance Steel & Aluminum Co. (NYSE:RS) is headquartered in Arizona, and it makes and sells thousands of metal based products for industrial use cases. The stock is rated Buy on average and analysts have set an average share price target of $297.

For their September quarter of 2023 shareholdings, 23 out of the 910 hedge funds part of Insider Monkey's database were Reliance Steel & Aluminum Co. (NYSE:RS)'s shareholders. Daniel Yacktman's Yacktman Asset Management was the largest shareholder since it held $322 million worth of shares.

Alcoa Corporation (NYSE:AA), Reliance Steel & Aluminum Co. (NYSE:RS), Constellium SE (NYSE:CSTM), and Crown Holdings, Inc. (NYSE:CCK) are some top hedge fund aluminum stock picks.

Click here to continue reading and check out 5 Best Aluminum and Aluminum Mining Stocks To Buy.

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Disclosure: None. 10 Best Aluminum and Aluminum Mining Stocks To Buy is originally published on Insider Monkey.

(Bloomberg) — Glencore Plc is cutting its production target for cobalt this year in response to weak market conditions, which prompted the miner to stockpile metal that’s proving tough to sell.

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The company will produce between 35,000 to 40,000 tons of the battery metal this year, down as much as 42% from a production target set in December 2022, it said on Thursday. It also expects to incur higher production costs at its copper mines, due partly to its stockpiling of unsold cobalt.

Glencore was overtaken by China’s CMOC Group as the world’s top cobalt producer last year, and the sharp cut to its output target marks a major revision to a planned expansion that could have helped it to regain its crown. Cobalt production fell 6% to 41,300 tons in 2023, while copper output fell 5% and zinc was 2% lower.

Read More: Chinese Miner Takes Glencore’s Cobalt Crown as Output Jumps 170%

The cobalt market has been swamped by rising supply from CMOC Group in the Democratic Republic of Congo, as well as surging output in Indonesia. Demand for cobalt has also been under pressure due to a slowdown in the electric-vehicle market and sluggish sales of consumer electronics.

Glencore will trim cobalt output by reducing operating rates at the Mutanda mine in Congo, it said. That will also have an impact on copper production, it said.

The commodity giant also said it expects its trading business to have generated $3.5 billion in adjusted pretax earnings last year, narrowing previous guidance of $3.5 billion to $4 billion.

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(Adds analyst comment in paragraph 3, background)

LONDON, Feb 1 (Reuters) – Miner and trader Glencore on Thursday reported lower copper, nickel and cobalt production in 2023 and signalled a further decline in output this year.

Copper, nickel and cobalt are materials used for electric vehicles, a key plank of the energy transition.

"Production challenges have become common in the industry, and a lack of supply growth in most commodities in mining should lead to a squeeze higher in prices over the next 12+ months," Jefferies analysts said.

"Higher prices over time should offset the negative impact of declining volumes for Glencore," they added.

The London-listed company reiterated its expectation that 2023 profits from its trading division would be $3.5 billion, above its long-term guidance range between $2.2 billion and $3.2 billion.

Glencore said it produced 1.01 million metric tons of copper in 2023, down 5% from 2022 and compared to its previous guidance of 1.04 million tons.

It now expects copper production of between 950,000 and 1.01 million tons this year, reflecting the sale of its Cobar mine in Australia.

Analysts have forecast a copper deficit from this year on signs that supply may not be as robust as previously thought after Panama ordered the closure of First Quantum's 350,000 ton-a-year mine and major producers Anglo American , Codelco and Vale Base Metals lowered their guidance.

Glencore produced 97,600 tons of nickel in 2023, lower than its revised October guidance, partly due to a maintenance shutdown of its Murrin Murrin mine in Australia. It expects 2024 production of about 80,000 to 90,000 tons.

Other producers including the world's largest listed miner BHP have put nickel projects on ice to counter falling prices for the metal.

Glencore's cobalt production stood at 41,300 tons in 2023. The company expects this to be between 35,000 and 40,000 tons this year. (Reporting by Clara Denina; editing by Jason Neely and Jamie Freed)

LONDON (Reuters) – Miner and trader Glencore on Thursday reported lower copper, nickel and cobalt production in 2023 and signalled a further decline in output this year.

Copper, nickel and cobalt are materials used for electric vehicles, a key plank of the energy transition.

"Production challenges have become common in the industry, and a lack of supply growth in most commodities in mining should lead to a squeeze higher in prices over the next 12+ months," Jefferies analysts said.

"Higher prices over time should offset the negative impact of declining volumes for Glencore," they added.

The London-listed company reiterated its expectation that 2023 profits from its trading division would be $3.5 billion, above its long-term guidance range between $2.2 billion and $3.2 billion.

Glencore said it produced 1.01 million metric tons of copper in 2023, down 5% from 2022 and compared to its previous guidance of 1.04 million tons.

It now expects copper production of between 950,000 and 1.01 million tons this year, reflecting the sale of its Cobar mine in Australia.

Analysts have forecast a copper deficit from this year on signs that supply may not be as robust as previously thought after Panama ordered the closure of First Quantum's 350,000 ton-a-year mine and major producers Anglo American, Codelco and Vale Base Metals lowered their guidance.

Glencore produced 97,600 tons of nickel in 2023, lower than its revised October guidance, partly due to a maintenance shutdown of its Murrin Murrin mine in Australia. It expects 2024 production of about 80,000 to 90,000 tons.

Other producers including the world's largest listed miner BHP have put nickel projects on ice to counter falling prices for the metal.

Glencore's cobalt production stood at 41,300 tons in 2023. The company expects this to be between 35,000 and 40,000 tons this year.

(Reporting by Clara Denina; editing by Jason Neely and Jamie Freed)

Most readers would already be aware that Antofagasta's (LON:ANTO) stock increased significantly by 27% over the past three months. Since the market usually pay for a company’s long-term fundamentals, we decided to study the company’s key performance indicators to see if they could be influencing the market. Specifically, we decided to study Antofagasta's ROE in this article.

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. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.

View our latest analysis for Antofagasta

How Do You Calculate Return On Equity?

The formula for return on equity is:

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

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

18% = US$2.1b ÷ US$12b (Based on the trailing twelve months to June 2023).

The 'return' is the yearly profit. So, this means that for every £1 of its shareholder's investments, the company generates a profit of £0.18.

What Has ROE Got To Do With Earnings Growth?

Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company’s earnings growth potential. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don’t share these attributes.

A Side By Side comparison of Antofagasta's Earnings Growth And 18% ROE

At first glance, Antofagasta seems to have a decent ROE. On comparing with the average industry ROE of 11% the company's ROE looks pretty remarkable. Probably as a result of this, Antofagasta was able to see an impressive net income growth of 26% over the last 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 20% in the same 5-year period.

past-earnings-growth

The basis for attaching value to a company is, to a great extent, tied to its earnings growth. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. 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 Making Efficient Use Of Its Profits?

Antofagasta's significant three-year median payout ratio of 77% (where it is retaining only 23% of its income) suggests that the company has been able to achieve a high growth in earnings despite returning most of its income to shareholders.

Besides, Antofagasta has been paying dividends for at least ten years or more. This shows that the company is committed to sharing profits with its shareholders. Existing analyst estimates suggest that the company's future payout ratio is expected to drop to 42% over the next three years. Still forecasts suggest that Antofagasta's future ROE will drop to 8.8% even though the the company's payout ratio is expected to decrease. This suggests that there could be other factors could driving the anticipated decline in the company's ROE.

Conclusion

On the whole, we feel that Antofagasta's performance has been quite good. Especially the high ROE, Which has contributed to the impressive growth seen in earnings. Despite the company reinvesting only a small portion of its profits, it still has managed to grow its earnings so that is appreciable. With that said, the latest industry analyst forecasts reveal that the company's earnings growth is expected to slow down. 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 (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.

Freeport-McMoRan and Southern Copper have seen their stocks gain 17% and 20%, respectively, since their mid-October lows. Expect more of the same if copper keeps pushing higher.

Traction Uranium Corp.

Results from the gravity survey on the Hearty Bay project has identified several zones of possible alteration near head of mineralized boulder train. This has set the stage for the upcoming drill program this winter.

Figure 1

Gravity Anomalies Up-Ice from the two Radioactive Boulder Trains. The blue colours are gravity lows, possible areas of alteration associated with uranium mineralization. Note that the historic drilling did not test these areas.

CALGARY, Alberta, Jan. 30, 2024 (GLOBE NEWSWIRE) — Traction Uranium Corp. (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) (the “Company” or “Traction”) is pleased to announce that the 2024 winter gravity survey at the Hearty Bay project has been completed. A total of 2155 stations were measured, the grid starting at the head of the two radioactive boulder trains and covering both up-ice directions and to the east, which is interpreted to be an older ice direction based on glacial features to the south.

The survey has identified a number of gravity lows, several located northeast (up-ice) of the boulder train, but slightly more east than where the historic drilling was targeting. These targets are up to 500m long with the three anomalous areas on the east side lining up along a possible north-south fault system. This gives Traction and F3 excellent targets for the upcoming sonic drill program. This appears to be intersected by a north-west trending feature marked by gravity lows and a distinctive magnetic signature. This complex setting, nicely defined by the new gravity survey, will hopefully lead Traction and F3 to discovering the source of the radioactive boulder trains (boulders grading up to 8.23% U3O8) that has eluded exploration programs in the past.

The upcoming drill program is slated to start near the end of February – early March and will consist of approximately 2,000 metres.

Qualified Person

The technical content of this news release has been reviewed and approved by Ken Wheatley, M.Sc, P. Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. The information provides an indication of the exploration potential of the Company’s properties but may not be representative of expected results.

About Traction Uranium Corp.

Traction Uranium Corp. (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) is in the business of mineral exploration and the development of discovery prospects in Canada, including its three uranium projects in the world-renowned Athabasca Region.

We invite you to find out more about our exploration-stage activities across Canada’s Western region at www.tractionuranium.com.

Gravity Anomalies Up-Ice from the two Radioactive Boulder Trains. The blue colours are gravity lows, possible areas of alteration associated with uranium mineralization. Note that the historic drilling did not test these areas.

Figure 1. Gravity Anomalies Up-Ice from the two Radioactive Boulder Trains. The blue colours are gravity lows, possible areas of alteration associated with uranium mineralization. Note that the historic drilling did not test these areas.

On Behalf of The Board of DirectorsLester Esteban Chief Executive Officer +1 (604) 425-2271 info@tractionuranium.com

Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are “forward-looking statements.” These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The CSE has neither approved nor disapproved the information contained herein.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7b888123-1dbb-4b95-abae-0ecbacf91b7d