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Top Stories for April 4, 2024:
The company faced challenges in the quarter due to tight recycled metal supplies, adverse weather and low U.S. manufacturing activity.
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.
This award comes from a competitive process by the U.S. Department of Energy to support the company's efforts in low-cost, environmentally friendly lithium-ion battery recycling and the production of recycled battery materials.
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
The proceeds are mainly intended to fund a cash tender offer for existing notes due in 2027 and 2028, with any remainder for general corporate purposes.
The sale is targeting qualified institutional buyers and non-U.S. persons.
The sentiment among these investors is mixed, with 44% bullish and 55% bearish. The trading involved two puts worth $250,920 and seven calls valued at $805,535, suggesting an expected price range for Newmont of $30 to $42.50 in the coming three months.
Now Read: Will Copper Reach $10,000? ‘An Essential Metal That Faces An Uncertain Future’
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