Foremost Lithium Reports Drilling Progress; Barrick Gold Withdraws From Silver Project; Cleveland-Cliffs Raises Prices And More: Wednesday's Top Mining Stories
Portfolio Pulse from Austin DeNoce
Foremost Lithium Resource & Technology (FMST) reports significant drilling progress in Manitoba, aiming for an updated resource estimate. Barrick Gold (GOLD) exits the El Quevar silver project agreement with Golden Minerals (AUMN), effective April 20, 2024. Cleveland-Cliffs (CLF) increases steel prices by $60 per net ton. Freeport-McMoRan (FCX) announces a 15-cents-per-share dividend, payable on May 1, 2024.
March 27, 2024 | 9:46 pm
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NEUTRAL IMPACT
Barrick Gold withdraws from the El Quevar silver project agreement with Golden Minerals, effective April 20, 2024.
Barrick Gold's withdrawal from the El Quevar project might reflect a strategic shift or reallocation of resources. The immediate impact on GOLD's stock price is uncertain, as the market may view this as either positive or negative.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Golden Minerals views Barrick Gold's withdrawal from the El Quevar project positively, noting the project's potential for silver and gold prospects.
Golden Minerals' positive outlook on the El Quevar project's potential for silver and gold prospects following Barrick Gold's withdrawal could be seen favorably by investors, potentially boosting AUMN's stock price in the short term.
CONFIDENCE 70
IMPORTANCE 65
RELEVANCE 70
POSITIVE IMPACT
Cleveland-Cliffs raises its spot market base prices for steel products by $60 per net ton, effective immediately.
Cleveland-Cliffs' decision to increase steel prices could reflect strong market demand or cost pressures. This price hike is likely to positively impact CLF's revenue and could lead to a short-term increase in its stock price.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Freeport-McMoRan declares a 15-cents-per-share dividend, payable on May 1, 2024, to shareholders of record as of April 15, 2024.
Freeport-McMoRan's dividend declaration could be seen as a sign of financial health and confidence in its future prospects, potentially attracting investor interest and positively impacting FCX's stock price in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Foremost Lithium reports significant drilling progress at the Zoro Lithium Property, with potential for resource scale growth.
The reported drilling progress and potential for a significant resource scale growth at the Zoro Lithium Property could attract investor interest, potentially driving up FMST's stock price in the short term.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90