Benzinga - by Austin DeNoce, Benzinga Staff Writer.
Top Stories for May 22, 2024:
1. Cleveland-Cliffs (NYSE:CLF) refutes allegations from the U.S. Steel (NYSE:X) Board, stating that the company announced an "unclosable deal" that it is now blaming on Cleveland-Cliffs.
They present evidence countering its claims of misinformation, highlighting union endorsement and national security concerns echoed by government officials, including President Joe Biden.
Cliffs reiterated its unwavering position on the importance of union support and maintaining U.S. Steel’s American ownership.
Criticism was directed toward U.S. Steel’s strategic review process, with Cleveland-Cliffs disavowing responsibility for the deal's failure and attributing it to U.S. Steel’s mismanagement.
2. ArcelorMittal (NYSE:MT), with partners Mitsubishi Heavy Industries, BHP (NYSE:BHP) and Mitsubishi Development, has initiated a pilot carbon capture unit at ArcelorMittal Gent in Belgium.
The unit aims to test feasibility for potential full-scale deployment, potentially capturing a significant portion of site emissions.
This collaboration seeks to integrate MHI’s carbon capture technology into steel production, contributing to global decarbonization efforts.
Also Read: Nickel Crisis Fuels Unrest In New Caledonia, Pushes Prices Above $20,000 Per Ton
3. U.S. GoldMining (NASDAQ:USGO) is preparing for the 2024 field season at the Whistler Gold-Copper Project in Alaska.
The primary objectives include confirming and extending high-grade mineralization at the Whistler Deposit, conducting step-out drilling at Raintree West and exploring the broader Whistler Orbit for potential new mineralized intrusive centers.
Additionally, the project stands to benefit from the recent surge in gold, copper and silver prices.
4. Southern Copper’s (NYSE:SCCO) long-delayed $1.4 billion Tia Maria copper mine project in Peru is expected to break ground by the end of 2024 or in the first half of 2025, after years of community protests and opposition over environmental concerns that had stalled the project.
The company states that social conditions have improved, and it now has the necessary licenses and authorizations to proceed with the 120,000 tons per year mine.
Now Read: Silver Rockets To 11-Year Highs, Copper Hits Record Peak, Gold Approaches Historic Close: Mining Stocks’ Wild Ride
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