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Happy Wednesday, Zingers! Given the Independence Day holiday tomorrow, we’re sending out the newsletter early this week.

Today we look into First Quantum’s plans for arbitration in Panama, report on miner complaints about permitting, look at a lithium deal 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

First Quantum To Launch Arbitration Over Cobre Panama Mine Closure

Briefly: Canadian miner First Quantum Minerals will initiate formal arbitration proceedings against Panama in July over the closure of the Cobre Panama mine last November.

What Happened: The closure of Cobre Panama significantly impacted the company, causing a major drop in its market value.

Why It Matters: With 3 billion tons of proven and probable reserves, Cobre Panama is one of the largest copper mines opened globally in the past decade.

What Now: The mine's shutdown also trapped 130,000 tons of copper concentrate, which First Quantum has been negotiating to sell.

Complication: Panama’s president-elect has refused talks with FQM unless the company drops its arbitration claims. The new administration will take office on July 1.

Click here to read more.

ZINGERS

Liontown Resources (OTC:LINRF) has signed a $250 million strategic partnership South Korean battery producer LG Energy Solution.

Trilogy Metals (AMEX:TMQ) was among potential developers poised to benefit from the Ambler Road, for which the Biden administration has officially halted plans.

Centrus Energy (AMEX:LEU) is expected to benefit from U.S. investment in domestically-supplied enriched uranium.

DIGGING IN

Experts Say US Permitting System Holding Back Domestic Battery Metals

Briefly: An executive from Glencore and other experts at a mining conference this month pointed to a sluggish permitting system for holding back the U.S. battery materials industry.

What They Said: "The U.S. is extremely lacking" upstream in mining, Ash Lazenby, a senior cobalt trader with mining giant Glencore,

What Else: The average timeline for drafting an environmental impact statement is now 4.5 years, and some take as long as seven years, said Richard Russell of the National Mining Association.

Legal Issues: The U.S. has a host of laws designed to protect the environment while projects are being constructed, but those laws have been used to keep projects from getting constructed at all, said Frank Macchiarola of the American Clean Power Association.

Click here to read more.

ANALYST RATINGS

Warrior Met Coal (NYSE:HCC) - Date: 07/01/2024, Analyst Firm: Benchmark, Rating: Reiterates Hold

Martin Marietta Materials (NYSE:MLM) - Date: 07/03/2024, Analyst Firm: Stifel, Rating: Maintains Buy, Target: $650.01

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

Consol Energy (NYSE:CEIX) - Sell Dates: 06/26-27/2024, Insider: James Brock (CEO), Value: $1.75M, Delta Own: -3.28%

Century Aluminum (NASDAQ:CENX) - Sell Date: 6/25/2024, Insider: Jesse Gary (CEO), Value: $972.60, Delta Own: -12.54%

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

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