American Battery Commercializes Recycling Tech; BHP's $42B Bid Rejected; Cleveland-Cliffs Praises Tin Tariffs And More: Monday's Top Mining Stories
Top Stories for May 13, 2024:
1. American Battery Technology (NASDAQ:ABAT) commercialized its unique, large-scale battery recycling technology, achieving operations at 115% of its designed capacity in Reno, Nevada.
This development marks the enhancement of U.S. battery metal production for strategic customers, supported by U.S. Department of Energy grants and 48C tax credits.
The technology enables high-yield, low-cost recovery of battery materials with minimal environmental impact, promoting the use of domestically sourced, IRA-compliant battery metals and reducing dependence on foreign entities.
2. BHP Group (NYSE:BHP) made a renewed takeover offer of over $42 billion to acquire Anglo American (OTC:AAUKF), aiming to boost its copper exposure amid rising demand for the metal due to global decarbonization efforts.
Despite BHP’s already significant presence in the copper market, including its major stake in Chile’s Escondida mine, the world’s largest copper mine, Anglo American rejected the bid.
Copper only makes up about 30% of Anglo American's production.
Also Read: Barrick Gold CEO Says Mergers Won’t Fix The Copper Shortage
3. Cleveland-Cliffs (NYSE:CLF) praised the International Trade Commission’s decision to maintain tariffs on tin mill products from Japan, differentiating Japan from other countries like China, which had tariffs rejected.
The U.S. has 12 existing antidumping orders on Japanese steel products, primarily produced by Nippon Steel.
Cleveland Cliffs’ CEO Lourenco Goncalves highlighted the decision as validation of Japan’s unfavorable trade practices with the U.S., emphasizing the strategic importance of American ownership in the steel industry to safeguard against foreign influence on U.S. trade laws.
4. Steel Dynamics (NASDAQ:STLD) declared a second quarter cash dividend of 46 cents per share, payable to shareholders on record as of June 30, 2024, with distribution around July 12, 2024.
5. Nucor (NYSE:NUE) announced that its Executive Vice President Douglas J. Jellison will retire on June 8, 2024, after more than 33 years with the company.
President of Nucor Tubular Products Randy J. Spicer took his place on May 12, 2024.
Now Read: New Mining Alliance Targets Copper Exploration In Arizona, New Mexico, And Utah
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