Nippon Steel Acquisition Push; Hecla's 2023 Sustainability Highlights; BHP's Bid For Anglo American Faces Challenges And More: Monday's Top Mining Stories

Zinger Key Points
  • Nippon Steel intensifies efforts to secure $14.1 billion U.S. Steel acquisition despite opposition.
  • Hecla's 2023 sustainability report shows strong ESG performance and $855 million economic impact on local communities.

Top Stories for May 20, 2024:

1. Nippon Steel is intensifying efforts to secure its $14.1 billion acquisition of United States Steel X despite opposition from union leaders and the Biden administration. 

    Vice Chairman Takahiro Mori will visit Pittsburgh to meet with local staff and officials, while technical teams will assess U.S. Steel mills. 

    Although Nippon Steel aims to finalize the deal before the election, opposition from the United Steelworkers and President Joe Biden has created uncertainty. 

    Union President David McCall opposes the deal due to national defense concerns, which Nippon Steel denies.

    2. Hecla Mining HL released its 2023 Sustainability Report, detailing its environmental, social and governance (ESG) performance. 

      Despite operational disruptions from wildfires and weather events, the company focused on workforce safety, environmental stewardship and community well-being while increasing silver production. 

      Key highlights include an $855 million economic impact on local communities, over 40,000 hours of safety training and a 16% lower injury rate than the U.S. average

      Hecla also reported a 5% increase in women in professional roles, a 36% reduction in GHG emissions from the 2019 baseline and achieving net zero carbon emissions for the third consecutive year with carbon offset credits.

      Also Read: Silver Rockets To 11-Year Highs, Copper Hits Record Peak, Gold Approaches Historic Close: Mining Stocks’ Wild Ride

      3. BHP’s BHP $43 billion bid for Anglo American AAUKF faces challenges, with a looming May 22 deadline and no sign of reciprocation from Anglo. 

        Anglo is currently restructuring and divesting platinum, diamonds and coal assets, while accelerating its focus on copper. 

        Anglo's largest shareholders, BlackRock BLK and South Africa’s Public Investment Corporation could complicate the potential takeover.

        The takeover by BHP also endangers the $9 billion Woodsmith fertilizer mine in England, raising local job concerns.

        4. Jefferies initiated coverage on Steel Dynamics STLD with a Hold Rating and announced a price target of $150.

          The firm also initiated coverage on Nucor NUE with a Hold Rating and announced a price target of $190.

          Now Read: Zijin Mining Sets Ambitious 50% Growth Target For Copper Production By 2028

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