Benzinga - by Austin DeNoce, Benzinga Staff Writer.
Top Stories for March 18, 2024:
1. BHP Group Ltd (NYSE:BHP) reportedly cut about a quarter of its contractor workforce (around 100 people) at its West Musgrave project in Western Australia.
This decision comes amid considerations to freeze its nickel division due to falling prices and is part of BHP’s ongoing review of the mine’s development timeline and capital spending.
The company has recently faced challenges in the nickel sector, including a $2.5 billion non-cash impairment charge related to the division.
The project, previously owned by Oz Minerals, was projected to cost $1.12 billion and start production by the second half of 2025.
CEO Mike Henry emphasized the company’s focus on resolving these ongoing issues while acknowledging the challenges of winding down operations.
2. United States Steel Corporation (NYSE:X) forecasts first-quarter earnings per share of 80 cents to 84 cents and adjusted EBITDA around $425 million.
CEO David B. Burritt highlighted strong steel demand and a focus on customer satisfaction as key factors in this performance, which aligns with previous expectations.
The company sees balanced markets in its North American flat-rolled steel segment and improved results from higher spot orders in the Mini Mill segment.
Europe is expected to perform better due to commercial and energy advantages and cost management, despite challenges in the tubular segment from softer demand and price pressures.
U.S. Steel is progressing with strategic investments, including $20 million of anticipated construction costs for the upcoming Big River Steel dual coating line and a new mini mill.
Also Read: ‘Cliffs CEO Weighs Lowball Bid For U.S. Steel With Union Backing’ – Bloomberg News
3. Buenaventura (NYSE:BVN) Peru’s largest publicly-traded precious metals miner, received the final operating permit from the Peruvian Ministry of Energy and Mines for its Yumpag mine.
This permit allows Yumpag to start production at a rate of 1,000 tons per day, aiming for a 2024 production target of 6.5 million to 7.2 million ounces of silver.
CEO Leandro Garcia highlighted this as a significant achievement, showcasing the company’s efficiency in timely project and regulatory management.
Garcia also emphasized Yumpag’s potential in contributing to Buenaventura’s growth and commitment to responsible resource management.
4. Piedmont Lithium (NASDAQ:PLL) appointed Dawne Hickton to its Board of Directors effective March 14, 2024.
Chairman Jeff Armstrong said Hickton is known for her leadership in aerospace, energy and metals, and will bring valuable manufacturing expertise to Piedmont.
5. BofA Securities analyst Lawson Winder maintained Alcoa Corporation (NYSE:AA) with a Neutral and raised his price target from $31 to $32.
Now Read: Alcoa Seals $2.2B Deal To Acquire Alumina Limited, Amplifying Market Presence
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