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Happy Thursday, Zingers! Today we look into a call to revive the U.S. Bureau of Mines, a South American copper deal, Barrick Gold’s operations in Mali, and more.

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TOP STORY

Mining Trade Groups Call For Revival Of The Bureau Of Mines

Briefly: As the demand for critical minerals such as lithium and copper surges, mining trade groups in the U.S. are advocating for the revival of the long-defunct Bureau of Mines.

USBM Background: The bureau was established in 1910, under the Interior Department with a mission to ensure the nation had adequate supplies of nonfuel minerals for security and other needs.

Time to Bring Back USBM? Today, some agencies are campaigning to bring the bureau back, with a campaign to start this month.

What Now: Trade groups argue that a revived bureau could provide a unified approach to critical minerals policy, encompassing permitting, research funding and industry grants.

What next: Despite the push, trade groups acknowledge that success is unlikely before the next Congress, which will run from 2025 to 2027.

Click here to read more.

ZINGERS

Barrick Gold (NYSE:GOLD) is ramping up its exploration efforts in Mali, focusing on its Loulo-Gounkoto mining complex.

Pure American Uranium (OTC:PAUIF) is accelerating its growth strategy following the completion of a mineral resource estimate for its Cebolleta project in New Mexico.

Silvercorp Metals’ (AMEX:SVM) planned acquisition of Adventus Mining has encountered a potential roadblock due to a legal challenge regarding an environmental permit.

DIGGING IN

Codelco Eyes $500M Stake In Teck's Quebrada Blanca Copper Mine

Briefly: Chile's state-owned copper giant, Codelco, is considering acquiring a 10% stake in Teck Resources Quebrada Blanca copper mine in Chile from Ecuadorian state mining firm Enami for around $500 million.

Why it Matters: Buying a piece of the Quebrada Blanca mine could boost Codelco's domestic copper output and help Enami fortify its balance sheet.

Who Else: Teck Resources has been the majority owner since 2007 and holds a 60% stake. Sumitomo Metal Mining and Sumitomo Corporation together own 30%. Enami has the remaining 10%.

Financial Challenges: Enami lost $200 million in 2023. It’s financial position hinders development the Paipote smelter.

Click here to read more.

ANALYST RATINGS

Eagle Materials (NYSE:EXP) - Date: 07/11/2024, Analyst Firm: Citigroup, Rating: Maintains Buy, Target: $297

Gatos Silver (NYSE:GATO) - Date: 07/10/2024, Analyst Firm: CIBC, Rating: Maintains Outperformer, Target: $16

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

Newmont Corp. (NYSE:NEM) - Sell Dates: 06/30/2024, Insider: Thomas Palmer (CEO), Value: $547.69K, Delta Own: -3.77%

Warrior Met Coal (NYSE:HCC) - Sell Date: 7/02/2024, Insider: Walter Scheller (CEO), Value: $1.74M, Delta Own: -6.37%

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

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