Happy Friday, Zingers! Welcome back to our weekly mining industry treasure trove. Today, we're digging into why President Biden wants 25% tariffs on certain Chinese steel and aluminum imports, McEwen Mining’s latest acquisition, Barrick Gold’s disappointing estimates and more.

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PRICE CHECK

Precious Metals:

• Gold: 2,393.11 (+0.65%)

• Silver: 28.63 (+1.37%)

• Platinum: 935.47 (-0.80%)

• Palladium: 1,030.25 (-0.23%)

Industrial Metals:

• Copper: 9,651.83 (+2.32%)

• Iron Ore: 107.95 (+0.61%)

• Nickel: 18,209.00 (+1.95%)

• Aluminum: 2,614.67 (+1.07%)

Energy Materials:

• Coal: 120.00 (-0.29%)

• Uranium: 89.25 (+0.00%)

Intraday prices as of 12:00 pm EST 04/19/2024.

ZINGERS

Piedmont Lithium (NASDAQ:PLL) received approval from the North Carolina state government for a mining permit for its Carolina Lithium project.

Royal Gold Inc (NASDAQ:RGLD) issued its 2024 guidance, forecasting sales volumes, depreciation and amortization expense (DD&A) and tax rates.

Vale’s (NYSE:VALE) first-quarter performance featured a 15% year-over-year increase in iron ore sales, with production up 6%.

McEwen Mining (NYSE:MUX), a Nevada-based gold and silver producer, announced an acquisition of junior gold miner Timberline Resources.

Barrick Gold Corp (NYSE:GOLD) reported worse-than-estimated Q1 2024 gold production, citing ongoing challenges from 2023.

TOP STORY

Biden To Announce Tariff Hikes On Chinese Steel, Aluminum Imports

Briefly: President Joe Biden floated the possibility of 25% tariffs on certain Chinese steel and aluminum imports.

So Basically: The proposed move is part of an effort to protect American manufacturing jobs and counteract what the administration views as unfair trade practices related to China’s industrial expansion.

Specifically: Biden’s proposal includes elevating Section 301 tariffs on a variety of Chinese steel and aluminum items, which currently attract lower tariffs of 0% or 7.5%, to the uniform rate of 25%.

So Then: In his speech to unionized steelworkers, Biden also emphasized the importance of keeping U.S. Steel under American control, and suggested he would block the proposed acquisition by Japan’s Nippon Steel.

So What? Although Chinese steel and aluminum imports represent a small fraction of the U.S. market — totaling approximately $1.7 billion in 2023 — these measures aim to preempt a surge in these imports, and to protect U.S. producers from unfair competitive pressures.

Click here to read more.

UPGRADES AND DOWNGRADES

Sandstorm Gold (NYSE:SAND) - Date: 04/18/2024, Industry: Metals, Analyst Firm: Scotiabank, Ratings: Maintains Sector Perform, Target: $6.25

Arch Resources (NYSE:ARCH) - Date: 04/18/2024, Industry: Energy, Analyst Firm: Citigroup, Ratings: Downgrade to Neutral, Target: $170

Barrick Gold (NYSE:GOLD) - Date: 04/17/2024, Industry: Metals, Analyst Firm: BMO Capital, Ratings: Maintains Outperform, Target: $26

INSIDER TRADES

Notable Purchases

U.S. Gold (NASDAQ:USAU) - Purchase Date: 04/14/2024, Insider: Luke Norman (Director), Value: $20.95K, Delta Own: +1.45%

Rise Gold (OTCQX:RYES) - Purchase Date: 04/08/2024, Insider: Daniel Oliver (Director), Value: $256.50K, Delta Own: +36.93%

Notable Sales

Riley Exploration Permian (AMEX:REPX) - Sell Date: 04/07/2024, Insider: Bryan Lawrence, Value: $17.86M, Delta Own: -54.59%

Perpetua Resources (NASDAQ:PPTA) - Sell-Options Date: 04/11/2024, Insider: Alan Haslam, Value: $118.07K, Delta Own: N/A

Go Deeper: Learn where the insiders are buying and selling.