Happy Thursday, Zingers! Today we delve into why the BHP-Anglo American deal didn’t work out. We also dig into a JPMorgan analysis on electric vehicle market implications for four key metals.

Also, did you miss us at PDAC 2024? Watch our exclusive interviews from Mining Into The Heart Of EV Innovation.

TOP STORY

Time Runs Out For BHP Deal

Briefly: BHP's bid for Anglo American failed to materialize owing to the deal's complexity, particularly regarding South African assets.

What Happened: Global miner BHP couldn’t reach an agreement to acquire Anglo American and failed to secure an extension for the $49 billion deal.

What Else: BHP's acquisition attempt was spurred by Anglo American’s extensive copper assets in South America, which are increasingly valuable in a world shifting toward electrification and renewable energy.

A Big But: Anglo American's South African assets were a significant hurdle in the negotiations because BHP’s planned divestitures made a potential deal more complex.

What Now: The outcome of South Africa’s election this week could have profound implications for the South African assets.

Click here to read more.

ZINGERS

GoldMining (AMEX:GLDG) has started drilling at its 100%-owned São Jorge Gold Project, a project in Pará State, Brazil, that covers 45,997 hectares in the Tapajos Gold District. 

Ivanhoe Electric (AMEX:IE) selected Fluor Enterprises to lead consulting for the Santa Cruz Copper Project’s preliminary feasibility study, with BBA USA handling mineral resources and mine engineering. 

McEwen Mining (NYSE:MUX) announced a public financing of $22 million to fund exploration and development at the Fox Complex in Ontario, focusing on exploration drilling and an underground access ramp. 

Eldorado Gold Corp. (NYSE:EGO) shares likely have more upside amid higher gold and copper prices as Skouries mine construction gains momentum, according to a RBC Capital Markets analyst.

Arafura Resources' (OTC:ARAFF) Nolans rare earths project has received conditional approval from Export Development Canada for $300 million in debt financing.

DIGGING IN

Hybrid Vehicle Adoption Implications For Metals Investors

Briefly: Hybrid vehicle adoption trends could impact lithium, rare earths, copper and aluminum markets in different ways

What Happened: JPMorgan outlined how hybrid electric vehicle adoption is poised to reshape the landscape for metals investors.

Lay of the Land: Copper stands out with a positive demand outlook, while lithium and rare earths face a more complex scenario. Aluminum demand is unlikely to see significant long-term changes.

What Now: For investors in certain ETFs, the evolving hybrid vehicle market presents both challenges and opportunities.

What Next: Monitoring the demand trends for these critical metals and adjusting portfolios accordingly could enhance investment returns.

Click here to read more.

UPGRADES AND DOWNGRADES

Radius Recycling (NASDAQ:RDUS) - Date: 05/30/2024, Industry: Metals & Mining, Analyst Firm: Seaport Global, Rating: Upgrade to Neutral

5E Advanced Materials (Nasdaq:FEAM) - Date: 05/23/2024, Industry: Metals & Mining, Analyst Firm: Maxim Group, Rating: Upgrade to Buy, Target: $4

INSIDER TRADES

Notable Purchases

Arcadium Lithium (NYSE: ALTM) - Purchase Dates: 5/23-28/2024, Insider: Pablo Marcet (Director), Value: $92K, Delta Own: 43.79%

U.S. Gold (NASDAQ: USAU) - Purchase Date: 5/21/2024, Insider: George Bee (CEO), Value: $19.88K, Delta Own: 0.85%

Notable Sales

Idaho Strategic Resources (AMEX:IDR) - Sell Dates: 05/22-27/2024, Insider: Grant Brackebush (Vice President), Value: $72.85K, Delta Own: -5.57%

Ivanhoe Electric (AMEX:IE) - Sell Date: 05/19/2024, Insider: Mark Gibson (Chief Geophysics Officer), Value: $304K, Delta Own: -8.76%

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