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Happy Thursday, Zingers! Today we look at how gold’s record rally has given a shine to mining stocks, a junior’s partnership with one of the biggest mining companies in the world and a $750 million funding deal for a project in Ecuador.

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

And, if you work in the mining sector and are interested in working with Benzinga, you can get in touch at [email protected].

TOP STORY

Gold Miners Hit 27-Month Peak as Rate Cut Expectations Boost Precios Metal

Briefly: Gold reached new all-time highs Tuesday, with the commodity rising above $2,460 per ounce, driven by heightened investor convictions that the Fed will cut interest rates at its September meeting.

The Spark: Jerome Powell’s comments onMonday appear to have dispelled the last doubts about the start of rate cuts after the Fed chair confidently welcomed the latest inflation reports for the second quarter.

Quotable: "We've had now three better readings. And if you average them, it's a pretty good pace," Powell said.

What Next: A Bank of America analyst said the “sharp and sustained” rally in gold will increase focus on capital allocation in the sector.

Click here to read more.

ZINGERS

Fortescue (OTC:FSUMF) has hit the brakes on ambitious plans to transform into a green hudrogen leader.

Rio Tinto (NYSE:RIO) reviewed the first half of the year and evaluated progress across key projects such as Simandou in Guinea, Oyu Tolgoi in Mongolia and Jadar in Serbia.

SolGold (OTC:SLGGF) has secured $750 million in funding for its Cascabel project in Ecuador.

DIGGING IN

American Pacific CEO Discusses Rio Tinto Partnership, Junior Mining Trends

Briefly: Benzinga spoke with co-founders, CEO Warwick Smith and Eric Saderholm, the company’s managing director of exploration, about the state of the commodity markets, policy issues and the company’s future.

Quotable:Smith: “We focus on high-grade assets in the western U.S. that are attractive to major mining companies.”

Quotable: Saderholm: “At big companies, you don't get the opportunities to work in many places or build projects from the ground up. You often inherit projects rather than create them.”

What Now: The company is drilling in Alaska, where a partner is spending C$17 million (US$12.4 million), as well as in Montana, where American Pacific is spending a couple of million of its own money.

Click here to read more.

ANALYST RATINGS

Golden Minerals (AMEX:AUMN)- Date: 07/16/2024, Analyst Firm: HC Wainwright & Co., Rating: Maintains Buy, Target: $3.10

Coeur Mining (NYSE:CDE)- Date: 07/12/2024, Analyst Firm: BMO Capital, Rating: Maintains Outperform, Target: $6.75

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 Date: 6/20/2024, Insider: James McCoy Berry (vice president exploration), Value: $49.60K, Delta Own: 7.88%

Notable Sales

Dakota Gold (AMEX:DC) - Sell Dates: 07/10/2024, Insider: Patrick Shay Malone (SVP & CAO), Value: $66.15K, Delta Own: -10.55%

Metallus (NYSE:MTUS) - Sell Dates: 07/15/2024, Insider: Kristopher R. Westbrook (CFO), Value: $271.58K, Delta Own: -4.65%

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

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