Happy Thursday, Zingers! Today, we’re digging deep into why Barrick Gold CEO says mergers won't fix copper shortage, a new collaboration between Ivanhoe Electric and a BHP subsidiary, the impact of Q1 mining industry earnings and more.

Before we do, did you miss us at PDAC 2024? Watch our exclusive interviews from Mining Into The Heart Of EV Innovation.

Also, do you work in the mining sector and are you interested in working with Benzinga? Hop on a call with us to learn more.

PRICE CHECK

Precious Metals:

• Gold: 2,329.21 (+0.87%)

• Silver: 28.09 (+2.66%)

• Platinum: 983.13 (+0.68%)

• Palladium: 968.41 (+1.46%)

Industrial Metals:

• Copper: 9,739.75 (-1.56%)

• Iron Ore: 116.59 (-1.77%)

• Nickel: 18,974.20 (-0.31%)

• Aluminum: 2,535.82 (-0.60%)

Energy Materials:

• Coal: 107.50 (+1.42%)

• Uranium: 93.15 (-0.48%)

Intraday prices as of 12:00 pm EST 05/09/2024.

ZINGERS

U.S. Gold (NASDAQ:USAU) announced that its subsidiary, Gold King, received a Surface Gold Mine Permit from the Wyoming Department of Environmental Quality, moving them closer to project development.

Ivanhoe Electric (AMEX:IE) entered into a three-year Exploration Alliance Agreement with a subsidiary of BHP (NYSE:BHP) to jointly explore and potentially develop mining projects in Arizona, New Mexico and Utah.

Compass Minerals (NYSE:CMP) reported fiscal second-quarter results and detailed initiatives to enhance cash flow and reduce debt, including halting dividends to save about $25 million annually.

Idaho Strategic Resources (AMEX:IDR) reported a 76.5% increase in revenue, quarterly earnings of 17 cents per share and a 35-fold rise in net income for Q1 2024.

Alpha Metallurgical (NYSE:AMR) reported first-quarter net income of $127 million, or $9.59 per diluted share, adjusted EBITDA of $189.6 million and sales of $864 million.

TOP STORY

Barrick Gold CEO Says Mergers Won't Fix The Copper Shortage

Briefly: Barrick Gold CEO Mark Bristow says M&A won't solve copper shortage as he pushes for new mine development.

So Basically: In light of BHP‘s proposed $39 billion takeover of Anglo American, Bristow advocated for mining companies to focus on discovering and developing new copper deposits rather than pursuing consolidation.

Quoted: "You can consolidate, but it doesn't bolster the production profile. Consolidation often leads to production reduction," Bristow remarked to the Financial Times.

So Then: BHP has until May 22 to make a formal offer for Anglo American, which, if successful, would create one of the largest copper mining companies in the world.

But Still: The complexity of the transaction and Anglo’s significant assets in platinum and iron ore in South Africa make it a challenging pursuit for many companies.

So What? As global demand for copper is expected to surge, driven by the energy transition and expanding electric vehicle (EV) production, industry experts are calling for substantial increases in production capacity.

Click here to read more.

UPGRADES AND DOWNGRADES

Louisiana-Pacific (NYSE:LPX) - Date: 05/09/2024, Industry: Materials, Analyst Firm: BMO Capital, Ratings: Maintains Outperform, Target: $99

Ur-Energy (AMEX:URG) - Date: 05/09/2024, Industry: Uranium, Analyst Firm: Roth MKM, Ratings: Maintains Buy, Target: $2.10

Ero Copper (NYSE:ERO) - Date: 05/08/2024, Industry: Copper, Analyst Firm: CIBS, Ratings: Maintains Neutral, Target: $32

INSIDER TRADES

Notable Purchases

Energy Fuels (AMEX:UUUU) - Purchase Date: 05/06/2024, Insider: Benjamin Eshleman III (Director), Value: $29.60K, Delta Own: +2.75%

Rise Gold Corp (OTCQX:RYES) - Purchase Date: 05/06/2024, Insider: Benjamin Eshleman III (Director), Value: $217.1K, Delta Own: N/A

Notable Sales

Coeur Mining (NYSE:CDE) - Sell Date: 05/06/2024, Insider: Sebastian Edwards (Director), Value: $101.6K, Delta Own: -16.25%

Devon Energy (NYSE:DVN) - Sell Date: 05/06/2024, Insider: Tana Cashion (EVP), Value: $1.02M, Delta Own: -16.11%

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