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Happy Friday! Today we look a Canadian rail strike that threatened mining, a major coal merger, a new union deal at the world’s largest copper mine, and more.

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

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TOP STORY

Canadian Government Intervenes To Avoid Economic Crisis, Orders Railways Back To Work

Briefly: The Canadian government has stepped in after a labor contract dispute brought the country's railway network to a halt.

What’s more: The stoppage, which began on Thursday, involved Canada’s major railways – Canadian National Railway and Canadian Pacific Kansas City – and threatened to cause significant economic damage, particularly for industries dependent on rail transport like agriculture and mining.

The Action: Labor Minister Steven MacKinnon ordered the rail companies and the Teamsters Canada Rail Conference into binding arbitration, citing the urgent need to restore Canada's vital supply chains.

What It Means: Per MacKinnon's request, the Canada Industrial Relations Board would order the railways to resume operation under the terms of the old collective agreement until the new deal is in place.

Click here to read more.

ZINGERS

Whitehaven Coal (OTC: WHITF) has announced the sale of a 30% stake in its Blackwater metallurgical coal mine in Australia.

Collective Mining (AMEX: CNL) is expanding its Guayabales project in Caldas, Colombia.

BHP Group (NYSE: BHP) has successfully negotiated a new deal with the union at Chile’s Escondida copper mine.

DIGGING IN

Consol Energy And Arch Resources To Merge In $5B Domestic Coal Entity

Briefly: Arch Resources and Consol Energy are nearing a merger to form a $5 billion coal mining company.

What’s more: The all-stock merger will create a company controlling 11 mines, including some of the largest, lowest-cost, and highest-calorie domestic assets.

Struggles: Both companies have experienced a challenging year, with Consol Energy's shares dropping by 5.8% and Arch Resources' shares declining by 24%,

What’s Next? Upon closing of the transaction, Core Natural Resources will trade under a new ticker. Arch stockholders will own approximately 45% of Core Natural Resources, and CONSOL stockholders will own approximately 55% on a fully diluted basis.

Click here to read more.

ANALYST RATINGS

Solitario Resources (AMEX: XPL) - Date: 08/21/2024, Analyst Firm: HC Wainwright & Co., Rating: Maintains Buy, Target: $1.10

Metals Acquisition Ltd. (NYSE: MTAL) - Date: 08/19/2024, Analyst Firm: Scotiabank, Rating: Maintains Sector Outperform, Target: $17.00

INSIDER TRADES

Notable Purchases

US GoldMining Inc. (NASDAQ: USGO) - Purchase Dates: 8/14-15/2024, Insider: Laura Schmidt (director), Value: $2.00K, Delta Own: New Position

United States Antimony Corp. (AMEX: UAMY) - Purchase Date: 8/14/2024, Insider: Rachel Hubert (controller), Value: $3.37K, Delta Own: New Position

Notable Sales

Royal Gold (NASDAQ: RGLD) - Sell Date: 8/20/2024, Insider: Ronald J. Vance (independent director), Value: $58.45K, Delta Own: -4.82%

Royal Gold (NASDAQ: RGLD) - Sell Date: 8/15/2024, Insider: Ronald J. Vance (independent director), Value: $67.50K, Delta Own: -5.49%

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

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