Benzinga - by Austin DeNoce, Benzinga Staff Writer.
Top Stories for Feb. 29, 2024:
1. Jefferies analyst Matthew Murphy initiated coverage on Royal Gold (NASDAQ: RGLD) with a Hold rating and announced a Price Target of $117.
2. Golden Minerals Company (NYSE: AUMN) stopped mining operations at its Velardeña Properties in Mexico.
After restarting operations in late December 2023, the initial performance of the mine and processing plant over the first months did not achieve the projected results.
The company is now exploring potential alternatives, including a sale of the properties or winding up of some of its Mexico operations.
3. The world’s largest global mining company BHP Group (NYSE: BHP) has started restructuring its global operations, starting in Australia, where it is facing a slowdown in the nickel market.
Management is looking to cut costs and improve productivity overall, but particularly in Australia following concerns over wage inflation.
CEO Mike Henry believes the nickel industry in the region needs more than Australian federal tax credits and royalty relief to stop the shutdown of its Western Australia site.
In light of the situation, Australian Prime Minister Anthony Albanese stated that the government is considering "providing further support with a smart, targeted and time-limited policy."
4. Board Member James Donald Hoffman of Reliance (NYSE: RS) made an insider sale of 40,000 shares on Wednesday, Feb. 28 for a total of $12,917,867.
5. ArcelorMittal (OTC: AMSYF), the largest steel producer in Europe and among the largest in the Americas, published its 2023 annual report.
The company reported $68.3 billion in revenue, produced 58.1 million metric tons of crude steel, 42 million metric tons of iron ore and shipped 55.6 million metric tons of steel in 2023.
This compared to the previous year’s $79.8 billion in revenue, 59 million metric tons of crude steel, 45.3 million metric tons of iron ore and 55.9 million metric tons of steel shipped.
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