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Happy Friday, Zingers! Today we look as the state of the gold mining M&A market, a labor strike at the biggest copper mine in the world, a potential partnerhip between Barrick and Panama on another big copper mine, and more.

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 Mining M&A Heats Up As Rising Metal Prices Boost Cash

Briefly: Gold mining companies are ramping up M&A activity as record gold prices boost the free cash flow they can use to make deals.

The Context: As older mines become depleted and mining costs rise, quickly adding ounces in the ground is tempting, but it also adds the risk of paying too much or having trouble incorporating assets.

The Latest: In the latest merger in the gold mining sector, Gold Fields Ltd. said it plans to buy Osisko Mining Inc. for $1.57 billion in cash, giving the acquirer full ownership of the Windfall gold project in Canada.

What Analysts Say: As gold companies rake in free cash flow from high gold prices, a big question this earnings season has been how they will allocate those funds

Click here to read more.

ZINGERS

Wealth Minerals (OTC: WMLLF) remains focused on lithium extraction in Chile to address the growing global need for this essential resource.

Barrick Gold Corp.’s (NYSE: GOLD) is open to partnering with the Panamanian government on the Cobre Panama mine.

American Battery Technology Co.’s (Nasdaq: ABAT) CEO spoke to Benzinga about the latest company milestones, the state of the market and what it means to be a metals supplier for the burgeoning green energy sector.

DIGGING IN

BHP Faces Prolonged Strike Threat At The Largest Global Copper Mine

Briefly: Mining giant BHP faces tensions in Chile after a miner’s union decided to strike.

The Situation: A strike threatens to undermine output at Escondida, the world’s largest copper mine, which produces 1.1 million metric tons annually.

Others Affected: Other owners of the mine include Rio Tint and a joint venture of Mitsubishi Corp, Mitsubishi Materials, and Nippon Mining & Metals.

The Context: The strike reignited memories from 2017 when a prolonged walkout severely impacted production and spiked global copper prices.

Click here to read more.

ANALYST RATINGS

Nucor (NYSE: NUE) - Date: 08/15/2024, Analyst Firm: Morgan Stanley, Rating: Upgrades to Overweight from Equal-Weight, Target: $187.00

United States Steel (NYSE: X) - Date: 08/15/2024, Analyst Firm: Morgan Stanley, Rating: Maintains Overweight, Target: $48.00

INSIDER TRADES

Notable Purchases

Idaho Strategic Resources Inc. (AMEX: IDR) - Purchase Date: 8/12/2024, Insider: Carolyn S. Turner (independent director), Value: $9.93K

United States Antimony Corp. (AMEX: UAMY) - Purchase Date: 8/13/2024, Insider: Michael A. McManus (independent director), Value: $51.70K, Delta Own: 162%

Notable Sales

Royal Gold (NASDAQ: RGLD) - Sell Dates: 8/11/2024, Insider: Ronald J. Vance (independent director), Value: $132.16K, Delta Own: -9.89%

Mosaic Co. (NYSE: MOS) - Sell Dates: 8/12/2024, Insider: Walter F. Precourt III (chief administrative officer), Value: $1.11M, Delta Own: -22.53%

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

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