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Happy Thursday, Zingers! Today we highlight three minerals Canada has added to its critical minerals list, explore why manganese prices are so high, dig into Nevada Copper’s bankruptcy and more.

Also, you can find the latest in Benzinga’s mining coverage here.

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TOP STORY

Canada Adds 3 New Minerals To Critical List For Economic, Energy Future

Briefly: Canada added high-purity iron, phosphorus and silicon metal to its critical minerals list.

Why it Matters: The newly included minerals are essential for modern technologies and industries.

Check Your Periodic Table: Silicon metal is crucial in producing chips and semiconductors. High-purity iron is key in producing green steel. Phosphorus is vital for food security through its use in fertilizers.

Company Benefits: The federal government has introduced various policies to benefit companies in the critical minerals sector.

Background: Canada first introduced its critical minerals list in March 2021 as part of the 2030 Emissions Reduction Plan, aiming to cut greenhouse gas emissions by 40-45% below 2005 levels by 2030 and achieve net-zero emissions by 2050.

Click here to read more.

ZINGERS

Codelco: Chile's state-owned mining company is targeting the start of lithium production at its Maricunga site by 2030.

Freeport-McMoRan (NYSE:FCX) is gearing up to increase copper production to meet growing global demand.

Nevada Copper (OTC:NEVDF), which has filed for bankruptcy, has secured a commitment from Elliott Investment Management, an activist investor with a strong interest in the sector.

DIGGING IN

Australia Mine Shutdown Sparks Manganese Price Rally

Briefly: Manganese, a crucial component in steelmaking and battery production, has emerged as an outperforming metal in 2024, driven by soaring demand and significant supply disruptions.

The Data: Year to date, manganese rallied almost 33%, making it one of the best critical mineral performers.

Supply Shock: The suspension of operations at a mine in Australia has caused a significant supply shock, further exacerbating the tightness in the global manganese market at a time when the demand for metal is soaring.

What Now: This disruption has prompted other manganese producers to capitalize on the high prices by selling lower-grade materials, providing short-term relief but insufficient to bridge the supply gap.

What Next: Supply constraints and elevated prices could persist until the Australia mine resumes operations.

Click here to read more.

ANALYST RATINGS

US Goldmining (NASDAQ:USGO) - Date: 06/5/2024, Analyst Firm: HC Wainwright & Co., Rating: Maintains Buy, Target: Raises from $23 to $23.50

US Gold (NYSE:CLF) - Date: 06/3/2024, Analyst Firm: HC Wainwright & Co., Rating: Reiterates Buy, Target: $11

INSIDER TRADES

Notable Purchases

Ryerson Holding Corp. (NYSE:RYI) - Purchase Date: 5/29/2024, Insider: Marie Karen Leggio (Director), Value: $49.98K, Delta Own: No previous shares

Cleveland-Cliffs (NYSE: CLF) - Purchase Dates: 6/12/2024, Insider: John Baldwin (Director), Value: $110.27K, Delta Own: 6.59%

Notable Sales

Vulcan Materials (NYSE:VMC) - Sell Date: 6/9/2024, Insider: David Clement (Senior Vice President), Value: $249.5K, Delta Own: -31.06%

Hycroft Mining (Nasdaq:HYMC) - Sell Date: 06/9/2024, Insider: David Thomas (General Manager), Value: $5.09K, Delta Own: -4.04%

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

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