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Happy Thursday, Zingers! Today we take a look at a controversial Rio Tinto lithium mine, Brazil’s plans to be a rare earth elements powerhouse, Fortescue Metals stock slump and more.

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TOP STORY

Rio Tinto To Initiate Largest European Lithium Project By 2028

Briefly: Serbia is poised to grant Rio Tinto approval to develop Europe's largest lithium mine.

Why it Matters: The Jadar project, which was suspended in 2022, could start production by 2028, providing Europe with metal much needed for its electric vehicle industry.

Hit the Accelerator: The underground mine could produce 58,000 tons of refined battery-grade lithium carbonate annually, enough to supply 17% of Europe's EV production of approximately 1.1 million cars per year.

Economic Benefits: Serbia’s finance minister estimates the project could boost the country’s GDP between $10.7 and $12.7 billion annually.

Opposition: The project has faced opposition from environmentalists who raised alarms about potential water pollution and environmental degradation, citing Serbia’s already precarious ecological state.

Click here to read more.

ZINGERS

Agnico Eagle Mines (NYSE:AEM) has a new plan to increase gold production at Detour Lake in Ontario.

Fortescue Metals Group (OTC:FSUGY) is navigating a prolonged turbulence, with its stock down amid a thinning management team and weakening iron ore prices.

Snowline Gold Corp. (OTC:SNWGF) published an initial assessment for its Valley deposit within the Rogue project in Yukon Territory, Canada.

DIGGING IN

Brazil Implements Plan To Become A Key Rare Earth Elements Supplier

Briefly: As numerous countries rush to strengthen their REE supply chains, Brazil is presenting itself as a perfect provider of the metals essential for advanced technologies and the green energy transition.

Global Player: Brazil holds the world's third-largest REE reserves and has advanced in this sector, with the launch of commercial production at the Serra Verde mine in Goiás.

Supply Boost: The mine, one of the largest ionic clay rare earth deposits globally, targets an initial annual output of 5,000 tons of rare earth oxides.

What Now: Various challenges, such as environmental concerns and a slow permitting process, contribute to Brazil producing only a fraction of the REE it could contribute to the global market.

What Next: Accompanied by low labor costs, access to hydropower for clean energy, and $194 million in government support for strategic mineral projects, Brazil is on the way to stake its claim in a rapidly developing sector.

Click here to read more. 

ANALYST RATINGS

Newmont (NYSE:NEM) - Date: 06/17/2024, Analyst Firm: UBS, Rating: Upgrades from Neutral to Buy, Target: Raises from $40 to $50

Solitario Resources (AMEX:XPL) - Date: 06/10/2024, Analyst Firm: Roth MKM, Rating: Initiates at Buy, Target: $2

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: Ralph Michael (director), Value: $294.80K, Delta Own: 11.14%

Notable Sales

Cleveland-Cliffs (NYSE: CLF) - Sell Date: 6/10/2024, Insider: Douglas Taylor (director), Value: $535.22K, Delta Own: -26.37%

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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