Alcoa Agrees To Buy Alumina Limited; Ferroglobe And Coreshell Explore EV Batteries; Nucor Insider Buys And More: Tuesday's Top Mining Stories


Top Stories for March 12, 2024:

1. Alcoa Corporation AA signed a deal to buy Alumina Limited AWCMF in an all-stock transaction valued at A$1.15 per share or $2.2 billion in total.

Post-transaction, Alumina shareholders will own 31.25% and Alcoa shareholders 68.75% of the merged entity. 

The deal also involves issuing CHESS Depositary Interests for Alumina shareholders to trade on the ASX, with Alcoa planning an ASX secondary listing and maintaining it for at least 10 years. 

Additionally, two Australian directors from Alumina will join Alcoa’s Board, and Alcoa will provide short-term liquidity support to Alumina if needed, with conditions for repayment by September 2025 if the transaction is incomplete. 

Allan Gray Australia, Alumina’s largest shareholder, supports the transaction.

2. Ferroglobe PLC GSM and Coreshell signed an agreement to produce the first battery-ready metallurgical silicon for low-cost, high-range EV batteries.

The goal is to overcome current cost and range limitations by replacing graphite with silicon. 

This partnership leverages Coreshell’s unique nanomaterial electrode coating to prevent silicon degradation and Ferroglobe’s cost-effective purification process for high-purity silicon. 

The companies' combined technologies expect to enhance EV batteries’ driving range by up to 30%, making electric vehicles more affordable and efficient.

CEO of Coreshell Jonathan Tan said, "Silicon stores 10 times the energy of graphite and it is available in sufficient quantity and quality. It is the only viable pathway to low-cost, long-range electric vehicle batteries that can be scaled rapidly using a 100% domestic supply chain." 

Also Read: Tesla’s German Factory Back Online After Arson Attack Disrupts Production

3. A number of executives at Nucor Corporation NUE made significant insider purchases. 

  • The Chief Operating Officer David Sumoski made an insider purchase of 1,345 shares for a total of $250,030.
  • Executive Vice President Chad Utermark made an insider purchase of 6,115 shares for a total of $1,136,426.
  • Executive Vice President Daniel Needham made an insider purchase of 2,324 shares for a total of $431,860.

4. B. Riley Securities analyst Lucas Pipes maintained Ramaco Resources METC with a Buy and lowered his price target from $32 to $25. Pipes maintained Alpha Metallurgical AMR with a Buy and lowered his price target from $406 to $381.

Now Read: Gold Shines Brighter Than AI-Driven Semiconductor Stocks: 7 Mining Stocks To Watch With The Ore At Record Highs

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