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Happy Friday, Zingers! Today we look at a potential sale of Brazilian assets by BHP, why Glencore decided to keep its coal business, a nickel discovery in Alaska, and more.

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

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TOP STORY

BHP Considers Divesting Brazilian Assets Attained From Oz Minerals: Report

Briefly: BHP Group is considering a sale of the Brazilian copper and gold assets acquired through last year’s $6.3 billion takeover of Oz Minerals, Bloomberg reported.

What Happened: The assets reportedly up for sale include an untapped gold deposit and four small high-grade copper mines located in the state of Pará.

Why It Matters: Situated in the Carajás mineral district, Pedra Branca’s reserves are estimated at five million tons, grading at 2.1% copper and 0.5 grams per tonne of gold, translating to 104,000 tons of contained copper and 89,000 ounces of contained gold.

The Context: BHP's potential divestiture of these assets is part of a broader strategic review to optimize its portfolio following an unsuccessful $49 billion bid for Anglo American.

Click here to read more.

ZINGERS

Alaska Energy Metals (OTC: AKEMF) has made a major nickel find in Alaska, which also includes valuable deposits of copper, cobalt, platinum, and palladium.

US Strategic Metals, a private company, has received a non-binding letter of interest from the Export-Import Bank of the United States for a potential $400 million debt funding package for the company’s flagship cobalt mining project.

Volt Lithium (OTC: VLTLF) has introduced an innovative method for extracting lithium from oil field brines, positioning the company at the forefront of sustainable and efficient lithium production.

DIGGING IN

Glencore Votes Against Spinning Off Coal, Remains Open To More Acquisitions

Briefly: Glencore decided not to spin off its coal business.

What happened? Following an acquisition of Teck's coal assets, most shareholders preferred maintaining the lucrative unit.

The Context: While coal prices subsided from an initial shock in 2022, they remained elevated compared to the long-term average.

What Next? In the latest briefing, CEO Gary Nagle mentioned that the company would consider buying more steelmaking coal assets if the price is right.

Click here to read more.

ANALYST RATINGS

Martin Marietta Materials Inc. (NYSE:MLM) - Date: 08/09/2024, Analyst Firm: Truist Securities, Rating: Maintains Buy, Target: $700.01

Coeur Mining (NYSE:CDE) - Date: 08/9/2024, Analyst Firm: Roth MKM, Rating: Reiterates Buy, Target: $7.25

INSIDER TRADES

Notable Purchases

Cleveland-Cliffs Inc. (NYSE: CLF) - Purchase Date: 7/31/2024, Insider: John Baldwin (director), Value: $116.24K, Delta Own: 6.60%

Kaiser Aluminum Corp. (NASDAQ: KALU) - Purchase Date: 7/28/2024, Insider: Keith Harvey(CEO), Value: $199.87K, Delta Own: 2.56%

Notable Sales

Nucor Corp. (NYSE: NUE) - Sell Dates: 7/30/2024, Insider: Daniel Needham (executive vice president), Value: $1.38M, Delta Own: -8.01%

Steel Dynamics Inc. (NASDAQ: STLD) - Sell Dates: 7/29/2024, Insider: Gabriel Shaheen (director), Value: $236.85K, Delta Own: -2.21%

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

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