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Radius Recycling Reports Q2 Results; American Battery Awarded Another $40.5 Million; Nexa Prices $600 Million Offering And More: Thursday's Top Mining Stories

Published 04/04/2024, 22:01
Updated 04/04/2024, 23:10
© Reuters. Radius Recycling Reports Q2 Results; American Battery Awarded Another $40.5 Million; Nexa Prices $600 Million Offering And More: Thursday's Top Mining Stories

Benzinga - by Austin DeNoce, Benzinga Staff Writer.

Top Stories for April 4, 2024:

  • Radius Recycling (NASDAQ:RDUS) reported a fiscal second-quarter loss of $34 million (per-share loss of $1.19), adjusted EBITDA of $3 million and per-share loss of $1.04 from continuing operations.

    • Ferrous sales dropped 15% quarter-over-quarter, nonferrous sales fell 3% but grew 7% year-over-year and finished steel sales rose 5% year-over-year but fell 11% quarter-over-quarter.

    The company initiated a plan to cut SG&A by 10% and improve production efficiency, aiming for $40 million in annual benefits and adding to a prior $30 million benefits plan.

  • American Battery Technology (NASDAQ:ABAT) was granted an additional $40.5 million through the 48C program for a new battery recycling facility in the U.S., adding to an initial $20 million tax credit for a Nevada project.

    • CEO Ryan Melsert mentioned extensive engagement with major automotive and battery manufacturers and plans for this new facility to increase domestic critical battery mineral manufacturing, leveraging the new government-supported investment.

    Also Read: Gold Fields Celebrates First Gold Pour At Salares Norte, Boosts Chilean Production Outlook

  • Nexa Resources (NYSE:NEXA) priced a $600-million offering of 6.75% senior unsecured notes guaranteed by two subsidiaries due in 2034, aiming for an April 9, 2024, closing.

    • The sale is targeting qualified institutional buyers and non-U.S. persons.

  • Large investors are showing a predominantly bearish stance on Newmont (NYSE:NEM), as revealed by Benzinga’s tracking of public options activities, which detected unusual activity of nine notable transactions.

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  • Deutsche Bank analyst Liam Fitzpatrick maintained Vale S.A. (NYSE:VALE) with a Hold and lowered his price target from $18 to $16.

    • Benzinga Mining is the bridge between mining companies and retail investors. Reach out to licensing@benzinga.com to get connected with the Benzinga community!

    Illustration created using artificial intelligence via MidJourney.

    © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

    Read the original article on Benzinga

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