Biden's $475M For Mining Aims To Power Communities 'Hit Hardest By Our Evolving Energy Landscape'
Portfolio Pulse from Stjepan Kalinic
The Biden administration announced a $475 million funding allocation for clean energy projects in the mining sector, targeting companies like Freeport-McMoRan (FCX), Barrick Gold (GOLD), and Newmont (NEM). This initiative aims to support communities affected by the energy transition, with each company pursuing unique projects and strategies. Freeport-McMoRan is focusing on a geothermal and battery storage project in Arizona, Barrick Gold is expanding into copper mining in Africa and the Middle East, and Newmont is streamlining operations post-Newcrest acquisition.

March 25, 2024 | 2:18 pm
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POSITIVE IMPACT
Freeport-McMoRan is set to benefit from the Biden administration's clean energy funding, focusing on a geothermal and battery storage project in Arizona.
The funding aligns with Freeport-McMoRan's commitment to sustainable mining and energy use, potentially enhancing its market position and investor appeal.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Barrick Gold is expanding into copper mining in Africa and the Middle East, aiming to transform regions with projects like the Kibali mine.
The Biden administration's funding could support Barrick Gold's expansion and sustainability goals, potentially improving its competitive edge.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Newmont is focusing on streamlining operations and reducing debt post-Newcrest acquisition, with strategic divestitures like the Akyem gold mine.
The funding could facilitate Newmont's strategic goals of debt reduction and operational optimization, potentially boosting investor confidence.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 70