Century Aluminum And Cleveland-Cliffs Selected For DOE Funding; Newmont Sells Akyem Gold Mine And More: Monday's Top Mining Stories
Portfolio Pulse from Austin DeNoce
The U.S. Department of Energy selected Century Aluminum (CENX) and Cleveland-Cliffs (CLF) for funding to support decarbonization and new facilities, aiming to bolster the U.S. economy and green energy transition. Newmont Corporation (NEM) plans to sell its Akyem gold mine in Ghana, with Citigroup (C) handling the sale, as part of a strategy to raise funds post-Newcrest Mining acquisition. Ivanhoe Electric (IE) secured a 60% stake in the Samapleu-Grata Nickel-Copper Project, indicating strong future prospects for copper concentrate production.
March 25, 2024 | 9:18 pm
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POSITIVE IMPACT
Century Aluminum selected for DOE funding to build a new aluminum smelter, potentially doubling the industry size and supporting the green energy transition.
The DOE funding and the construction of a new smelter are significant developments for Century Aluminum, likely to enhance its market position and contribute positively to its stock in the short term.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Cleveland-Cliffs selected for DOE funding for decarbonization projects, expected to save $450 million annually and secure existing and new jobs.
The DOE funding for decarbonization projects is a positive development for Cleveland-Cliffs, likely to reduce costs significantly and support its stock price in the short term.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Ivanhoe Electric secures a 60% stake in the Samapleu-Grata Nickel-Copper Project, indicating strong future prospects for copper concentrate production.
Securing a significant stake in the Samapleu-Grata Project is a positive move for Ivanhoe Electric, likely to enhance its production capabilities and positively impact its stock in the short term.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 85
NEUTRAL IMPACT
Newmont Corporation plans to sell its Akyem gold mine in Ghana, part of a strategy to raise funds and optimize financials post-Newcrest Mining acquisition.
The sale of the Akyem gold mine is part of Newmont's broader financial strategy. While it could provide a cash influx, the impact on the stock price is uncertain due to the strategic nature of asset sales.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 80