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Happy Thursday, Zingers! Today we’re diving offshore Japan for a discovery of millions of tons of rare earths, examining BHP’s carbon emissions, tracking an acquisition in the uranium patch and more.

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

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TOP STORY

Japan Discovers 200 Million Tons Of Rare Earth Metals Near Remote Island

Briefly: Japanese researchers uncovered over 200 million tons of rare earth metals in the seabed near the remote island of Minamitorishima.

What Happened: The team, comprised of experts from the University of Tokyo and the Nippon Foundation, revealed that depths of about 5,500 meters contain substantial amounts of cobalt, nickel, copper, and manganese.

Why It Matters: Nickel, copper, cobalt and manganese are essential for producing lithium-ion batteries for electric vehicles and other advanced technologies.

What’s Next: The International Seabed Authority is currently developing regulations for deep-sea mining activity and aims to complete them by 2025.

Deep Dive: Deep sea nodules form when iron and manganese oxides dissolved in seawater precipitate around small objects on the seabed.

Click here to read more.

ZINGERS

Denison Mines Corp. (AMEX:DNN) recently earned a strong buy recommendation from a technical analyst.

Lundin Mining (OTC:LUNMF) announced a $350 million investment to boost its ownership in a copper-molybdenum mine in Chile to 70%.

Paladin Energy (OTC:PALAD) is acquiring Fission Uranium Corp. (OTC:FCUUF) for $833 million an all-stock transaction.

DIGGING IN

BHP Group Anticipates Uptick In 2024 Carbon Emissions

Briefly: Leading global miner BHP Group Ltd. has announced an anticipated increase in operational carbon emissions for 2024.

What Happened: Vice president for climate Graham Winkleman revealed the news during an investor briefing on Wednesday.

What Else: BHP has also indicated that it might need to build a carbon offset portfolio to meet its goals, despite its current stance against relying on carbon offsets to achieve its 2030 targets.

The Context: The company has faced growing pressure from investors to provide a clearer plan for reducing emissions from its customers, particularly in the steelmaking sector, which accounts for approximately 7% of global carbon emissions.

What Next: Despite this setback, BHP remains committed to reducing its operational greenhouse gas emissions by at least 30% from 2020 levels by 2030.

Click here to read more. 

ANALYST RATINGS

United States Steel (NYSE:X) - Date: 06/26/2024, Analyst Firm: BMO Capital, Rating: Upgrades from market perform to outperform, Target: $43

Commercial Metals Co. (NYSE:CMC) - Date: 06/26/2024, Analyst Firm: B of A Securities, Rating: Maintains Buy, Target: $70

INSIDER TRADES

Notable Purchases

Arcadium Lithium (NYSE:ALTM) - Purchase Date: 6/20/2024, Insider: John Stephen Morris Turner (director), Value: $16.15K, Delta Own: 4.73%

Dakota Gold (AMEX:DC) - Purchase Dates: 6/20/2024, Insider: James McCoy Berry (vice president exploration), Value: $49.60K, Delta Own: 7.88%

Notable Sales

McEwen Mining (NYSE:MUX) - Sell Date: 6/20/2024, Insider: Carmen L. Diges (general counsel), Value: $161.10K, Delta Own: -48.01%

Idaho Strategic Resources (AMEX:IDR) - Sell Dates: 06/12-13/2024, Insider: Grant Brackebush (vice president), Value: $129.92K, Delta Own: -9.83%

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

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