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Compañía de Minas (NYSE:BVN) 株価情報, 空売り情報

Compañía de Minas

Buenaventura Mining Co

Compañía de Minas Buenaventura SAA is a Peruvian precious metals producing company with experience in mine exploration, development, construction and operation activities.

Compañía de Minas Buenaventura SAA

BAVARIAN NORDIC A S by Bavarian Nordic A/S

Bavarian Nordic AS

BevCanna Enterprises Inc

BAVARIAN NORDIC R/I S/ADR by Bavarian Nordic A/S

Scotiabank analyst Tanya Jakusconek upgrades Compañía de Minas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BVN#NYSE">BVN</a>) from Sector Underperform to Sector Perform and maintains the price target from $15 to $15.

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Scotiabank Upgrades Compañía de Minas to Sector Perform, Maintains Price Target to $15

Buenaventura Mining Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BVN#NYSE">BVN</a>) reported quarterly earnings of $0.93 per share. The company reported quarterly sales of $331.100 million which beat the analyst consensus estimate of $263.025 million by 25.88 percent. This is a 56.70 percent increase over sales of $211.300 million the same period last year.

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Buenaventura Mining Co Q3 2024 GAAP EPS $0.93, Sales $331.100M Beat $263.025M Estimate

Morgan Stanley analyst Carlos De Alba maintains Compañía de Minas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BVN#NYSE">BVN</a>) with a Overweight and lowers the price target from $21 to $18.

Morgan Stanley Maintains Overweight on Compañía de Minas, Lowers Price Target to $18

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Shares of companies within the broader metals and mining sector are trading lower amid overall market weakness. Weakness may be due to August's ISM Manufacturing PMI data indicating an economic contraction and pending non-farm payrolls data that may determine the size of future rate cuts.

Scotiabank analyst Tanya Jakusconek maintains Compañía de Minas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BVN#NYSE">BVN</a>) with a Sector Underperform and lowers the price target from $16 to $15.

Scotiabank Maintains Sector Underperform on Compañía de Minas, Lowers Price Target to $15

Franco-Nevada Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fnv#NYSE">FNV</a>) reported adjusted earnings of 75 cents per share in second-quarter 2024, missing the Zacks Consensus Estimate of 78 cents. The bottom line decreased 21% year over year.
The company generated revenues of $260 million in the reported quarter, down 21.2% year over year. The downside was driven by lower contributions from Antapaccay, Candelaria and Energy assets, partially offset by record gold prices. In the June-end quarter, 74.2% of revenues were sourced from Precious Metal assets (60.3% gold, 10.8% silver and 3.1% platinum group metals).
The company sold 82,350 Gold Equivalent Ounces (GEOs) from precious metal assets in the reported quarter, down from the prior-year quarter&#39;s 132,033 GEOs.
In the reported quarter, adjusted EBITDA was down 19.5% year over year to $222 million. The adjusted EBITDA margin was 85.3% in the quarter under review compared with the prior-year quarter&#39;s 83.5%.
<div class="chart_embed">
<h3>Franco-Nevada Corporation Price, Consensus and EPS Surprise</h3>
<h3><img alt="Franco-Nevada Corporation Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/46/1723643011.png" style="height:281px; width:620px" title="" /></h3>
Franco-Nevada Corporation price-consensus-eps-surprise-chart | Franco-Nevada Corporation Quote
</div>
<h3>Financial Position</h3>
The company had $1.44 billion cash in hand at the end of the second quarter of 2024, up from $1.42 billion as of the end of 2023. It recorded an operating cash flow of $373 million in the first half of 2024, down from $472 million in the prior-year period.
Franco-Nevada is debt-free and uses its free cash flow to expand its portfolio and pay out dividends. FNV now has an available capital of $2.4 billion.
<h3>Other Updates</h3>
On Aug 13, 2024, FNV announced that it acquired a 1.8% net smelter return royalty on Newmont&#39;s Yanacocha operations in Peru from Buenaventura (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bvn#NYSE">BVN</a>). The transaction strengthens Franco-Nevada&#39;s portfolio with immediate gold equivalent ounces and long-term growth prospects.
This transaction is valued at $210 million in cash at closing, plus a $15-million contingent payment in shares.
<h3>Price Performance</h3>
Franco-Nevada&#39;s shares have lost 10.8% in the past year against the industry&#39;s growth of 34.3%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/f1/74326.jpg?v=2080571887" />
Image Source: Zacks Investment Research
<h3>Zacks Rank</h3>
FNV currently flaunts a Zacks Rank #1 (Strong Buy).
<h3>Peer Performances</h3>
Agnico Eagle Mines Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aem#NYSE">AEM</a>) reported adjusted earnings of $1.07 per share in the second quarter of 2024, up from 65 cents in the year-ago quarter. The bottom line topped the Zacks Consensus Estimate of 93 cents.
The company generated revenues of $2.08 billion, up nearly 21% year over year. The top line surpassed the Zacks Consensus Estimate of $1.72 billion.
Kinross Gold Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kgc#NYSE">KGC</a>) reported adjusted earnings of 14 cents per share, in line with the prior-year quarter. The bottom line beat the Zacks Consensus Estimate of 13 cents.
Revenues rose nearly 12% year over year to $1.22 billion in the second quarter. It topped the Zacks Consensus Estimate of $1.02 billion.
<a href="https://www.zacks.com/stock/news/2322161/franco-nevada-fnv-q2-earnings-miss-revenues-decline-y-y?cid=CS-BENZ-FT-analyst_blog|earnings_article-2322161">To read this article on Zacks.com click here.</a>

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Franco-Nevada Q2 Earnings Miss, Revenues Decline Y/Y

Pan American Silver Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/paas#NYSE">PAAS</a>) reported adjusted earnings per share of 11 cents for second-quarter 2024, missing the Zacks Consensus Estimate of 15 cents. PAAS had posted adjusted earnings per share of 8 cents in the year-ago quarter.
Including one-time items, Pan American Silver reported a loss of 6 cents per share in the quarter compared with the year-ago quarter&#39;s loss of 9 cents.
PAAS&#39;s revenues improved 7.3% year over year to $686 million in the quarter under review. The top line beat the Zacks Consensus Estimate of $682 million. The average realized silver price in the quarter increased 20% year over year to $28.14 per ounce. The average realized gold price increased 18.3% year over year to $2,336 per ounce.
<div class="chart_embed">
<h3>Pan American Silver Corp. Price, Consensus and EPS Surprise</h3>
<h3><img alt="Pan American Silver Corp. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/b9/1723473279.png" style="height:285px; width:620px" title="" /></h3>
Pan American Silver Corp. price-consensus-eps-surprise-chart | Pan American Silver Corp. Quote
</div>
<h3>Operational Update</h3>
Silver production in the quarter was 4.57 million ounces, down 24.2% year over year. Gold production was 220.4 thousand ounces in the reported quarter, reflecting a year-over-year decline of 11.2%.
The Silver segment&#39;s cash costs were $14.49 per ounce in the second quarter, up 56% from the year-ago period. The segment&#39;s all-in sustaining costs (AISC) rose 21.5% year over year to $19.07 per ounce in the quarter.
The Gold segment&#39;s cash costs were $1,186 per ounce, reflecting a 13.5% increase from the year-ago quarter. The segment&#39;s AISC costs amounted to $1,584 per ounce in the April-June period, representing a year-over-year rise of 18%.
Pan American Silver reported mine-operating earnings of $117 million in the quarter compared with the $88 million reported in the prior-year quarter.
<h3>Financial Position</h3>
At the end of second-quarter 2024, Pan American Silver had cash and short-term investment balances of $368.6 million. It has $750 million available in its revolving credit facility. Total debt amounted to $809.5 million. Net cash generated from operations was $163 million in the second quarter compared with $117 million in the prior-year period.
<h3>Guidance</h3>
PAAS reaffirmed its production guidance for 2024. The silver production is expected between 21 million and 23 million ounces. The company expects gold production between 880,000 ounces and 1000,000 ounces.
The Silver segment&#39;s AISC per ounce is estimated between $16.00 and $18.50. The Gold segment&#39;s AISC per ounce is forecast between $1,475 and $1,575.
<h3>Price Performance</h3>
PAAS shares have gained 24.2% in the past year compared with the industry&#39;s growth of 26.3%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/dd/74029.jpg?v=872010519" />
Image Source: Zacks Investment Research
<h3>Zacks Rank</h3>
Pan American Silver currently carries a Zacks Rank #3 (Hold).
<h3>How Did PAAS&#39; Peers Fare in Q2?</h3>
Hecla Mining (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hl#NYSE">HL</a>) reported earnings per share of 2 cents in the second quarter, beating the Zacks Consensus Estimate of 1 cent. The bottom line moved down 33% from the year-ago quarter.
Hecla Mining witnessed a 38% increase in revenues to $246 million, which beat the consensus estimate of $209 million. The company reported 4.5 million ounces of silver production in the second quarter of 2024. This marked a 16% year-over-year improvement, reflecting a solid performance at Keno Hill.
Buenaventura Mining (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bvn#NYSE">BVN</a>) posted earnings per share of 28 cents in the second quarter, missing the Zacks Consensus Estimate of earnings of 34 cents. BVN had reported a loss of 3 cents per share in the year-ago quarter.
The company witnessed a 60% year-over-year increase in revenues to $277 million, which beat the consensus estimate of $252 million.
<h3>Mining - Silver Stock Awaiting Results</h3>
Avino Silver (AMEX:ASM), scheduled to release second-quarter 2024 earnings on Aug 13, has a four-quarter trailing average negative surprise of 50%.
The Zacks Consensus Estimate of ASM&#39;s earnings is pegged at 2 cents. The company posted break-even results in the second quarter of 2023. The consensus estimate for revenues is pegged at $13.05 million, indicating an increase of 46.4% from the year-ago quarter&#39;s reported number.
<a href="https://www.zacks.com/stock/news/2320905/pan-american-silver-paas-q2-earnings-lag-estimates-rise-y-y?cid=CS-BENZ-FT-analyst_blog|earnings_article-2320905">To read this article on Zacks.com click here.</a>

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PAAS

Pan American Silver Q2 Earnings Lag Estimates, Rise Y/Y

Buenaventura Mining Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BVN#NYSE">BVN</a>) reported quarterly earnings of $0.28 per share which missed the analyst consensus estimate of $0.29 by 3.45 percent. This is a 1033.33 percent increase over losses of $(0.03) per share from the same period last year. The company reported quarterly sales of $277.10 million which beat the analyst consensus estimate of $257.17 million by 7.75 percent. This is a 59.90 percent increase over sales of $173.30 million the same period last year.

Buenaventura Mining Co Q2 EPS $0.28 Misses $0.29 Estimate, Sales $277.10M Beat $257.17M Estimate

Hecla Mining (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hl#NYSE">HL</a>) reported a silver production of 4.5 million ounces in the second quarter of 2024. The silver production grew 6% sequentially, reflecting the consistent, strong performance at Greens Creek, a full quarter of production at Lucky Friday with record throughput, and higher throughput at Keno Hill. Gold production rose 2% to 37,324 ounces from the first quarter of 2024.
Lead production was 13,586 tons, up 12% on a sequential basis. Zinc output came in at 16,191 tons in the quarter under review, fairly flat from the first quarter of 2024.
<h3>Mine Performances</h3>
The Lucky Friday mine produced 1.3 million ounces of silver in the second quarter, up 23% quarter over quarter. This is a full quarter of production compared with the first quarter.
In the second quarter of 2024, Keno Hill produced 900,440 ounces of silver, which was up 39% sequentially. The improvement was attributable to higher throughput (up 47%).
The Greens Creek mine produced 2.2 million ounces of silver in the second quarter of 2024, a 9% sequential increase attributed to slightly lower throughput and a 6% decrease in grades. Gold production at Greens Creek was 14,137 ounces, down 3% sequentially. The mine achieved a throughput of 2,481 tons per day in the quarter.
The Casa Berardi mine produced 23,187 ounces of gold in the second quarter of 2024, up 5% from the first quarter of 2024. The mine operated at an average of 4,033 tons per day in the quarter.
<h3>Guidance</h3>
According to the company, it is on track to produce 17 million ounces of silver in 2024. It produced 14.3 million ounces of silver in 2023.
<h3>Price Performance</h3>
Shares of Hecla Mining have gained 3.7% in a year compared with the industry&#39;s 57.3% growth.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/00/71076.jpg?v=4682740" />
Image Source: Zacks Investment Research
<h3>Zacks Rank</h3>
Hecla Mining currently flaunts a Zacks Rank #1 (Strong Buy).
<h3>Q2 Production Performances of Other Mining-Silver Stocks</h3>
Fortuna Mining Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/fsm#NYSE">FSM</a>) reported gold equivalent production of 116,570 ounces in the second quarter of 2024. This reflects a 4% increase from the first quarter of 2024. Gold production was 92,716 ounces and silver production was 990,574 ounces, marking a 44% year-over-year increase and a 22% decrease, respectively.
FSM produced 13 million pounds of Zinc, down 7% from the second quarter of 2023. Lead production increased 3% year over year to 10.5 million pounds.
Endeavour Silver Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/exk#NYSE">EXK</a>) reported silver equivalent production of 2,156,453 ounces in the second quarter of 2024, down 5% year over year. EKX produced 1,312,572 ounces of silver in the quarter, down 12% from the second quarter of 2023. Gold production increased 7% year over year to 10,549 ounces.
<h3>Another Mining-Silver Stock to Consider</h3>
Another top-ranked Mining-Silver stock is Buenaventura Mining (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bvn#NYSE">BVN</a>). It flaunts a Zacks Rank #1 at present.
The Zacks Consensus Estimate for Buenaventura&#39;s 2024 earnings is pegged at $1.41 per share. The consensus estimate for 2024 earnings has moved 41% north in the past 60 days. BVN shares have gained 5.4% in a year.
<a href="https://www.zacks.com/stock/news/2300178/hecla-mining-s-hl-q2-silver-output-rises-6-sequentially?cid=CS-BENZ-FT-analyst_blog|company_news_corporate_actions-2300178">To read this article on Zacks.com click here.</a>

Hecla Mining's Q2 Silver Output Rises 6% Sequentially

Morgan Stanley analyst Carlos De Alba has upgraded Freeport-McMoRan Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>), Alcoa Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>), and Compañía de Minas Buenaventura SAA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BVN#NYSE">BVN</a>) to Overweight, citing persistent copper supply challenges and positive developments <a href="https://www.benzinga.com/topic/copper">within these companies</a>.
<h2 class="wp-block-heading">Freeport-McMoRan</h2>
De Alba upgrades Freeport stock to Overweight. He expects the company to benefit from higher copper and gold prices, with a 26% upside to a $62 price target. FCX's delivery of the PT-FI smelter and the expected Grasberg mine agreement extension support this outlook. Trading at 6.8x 2025 EBITDA and 19.0x EPS, FCX is in a strong position to gain, the analyst says.
Also Read: <a href="https://www.benzinga.com/news/earnings/24/06/39368979/freeport-mcmoran-stock-dips-while-market-gains-key-facts">Freeport-McMoRan Stock Dips While Market Gains: Key Facts</a>
<h2 class="wp-block-heading">Alcoa</h2>
Alcoa is upgraded to Overweight due to a tighter bauxite and alumina market. The company's productivity measures aim to boost EBITDA by ~$645 million annually by 2025. Alumina prices are expected to stay high due to supply disruptions and increased demand from China, De Alba states. Alcoa's 2024-2025 EBITDA forecast is $2 billion, with a price target of $50, indicating a 30% upside.
<h2 class="wp-block-heading">Buenaventura</h2>
BVN is upgraded to Overweight due to operational improvements and Antofagasta's strategic investment. Gains at silver mines Uchuchacua and Yumpag, along with higher gold and silver prices, will reduce leverage concerns. The analyst&#8217;s price target is raised to $21, indicating a 20% upside.
<h2 class="wp-block-heading">Sector Outlook</h2>
De Alba sees good times ahead for the mining sector. This is due to decarbonization and electrification trends, geopolitical tensions, and supply chain issues.
Although the sector has underperformed compared to the S&amp;P 500 recently, it is expected to recover. It is trading close to 1SD below its historical EV/EBITDA multiple.
Morgan Stanley's team predicts stable global GDP growth starting in Q3 2024, with faster growth in Q2 2025. This supports mining stocks.
Morgan Stanley's positive outlook on Freeport, Alcoa, and Buenaventura is due to supply constraints, strategic moves, and favorable market conditions.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/news/24/06/39294066/freeport-mcmoran-plans-production-ramp-up-its-just-a-matter-of-time-new-ceo-says">Freeport-McMoRan Plans Production Ramp-Up: &#8216;It&#8217;s Just A Matter Of Time&#8217; New CEO Says</a></li>
</ul>
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Equities

Long Ideas

Copper Shortages Signal Bright Future For Freeport-McMoRan, Alcoa, Buenaventura: Morgan Stanley

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our <a href="https://www.benzinga.com/analyst-ratings/">analyst ratings page</a>.
<ul>
<li>Oppenheimer analyst Brian Nagel upgraded the rating for NIKE, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) from Perform to Outperform, while raising the price target from $110 to $120. Nike shares gained 0.8% to close at $95.57 on Thursday. <a href="https://www.benzinga.com/quote/NKE/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Morgan Stanley analyst Carlos De Alba upgraded Alcoa Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) from Equal-Weight to Overweight and boosted the price target from $36.5 to $50. Alcoa shares gained 4% to close at $38.98 on Thursday. <a href="https://www.benzinga.com/quote/AA/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>RBC Capital analyst Shagun Singh upgraded the rating for Outset Medical, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OM#NASDAQ">OM</a>) from Sector Perform to Outperform, while increasing the price target from $5 to $6. Outset Medical shares fell 1.5% to settle at $3.5850 on Thursday. <a href="https://www.benzinga.com/quote/OM/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Morgan Stanley analyst Carlos De Alba upgraded Freeport-McMoRan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>) from Equal-Weight to Overweight and boosted the price target from $49.5 to $62. Freeport-McMoRan shares gained 3.5% to close at $49.36 on Thursday. <a href="https://www.benzinga.com/quote/FCX/analyst-ratings">See how other analysts view this stock.</a></li>
<li>DA Davidson analyst Linda Bolton Weiser upgraded the rating for Prestige Consumer Healthcare Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBH#NYSE">PBH</a>) from Neutral to Buy, while raising the price target from $65 to $93. Prestige Consumer shares settled at $65.28 on Thursday. <a href="https://www.benzinga.com/quote/BVN/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/24/06/39431308/nvidia-applied-materials-and-2-other-stocks-insiders-are-selling">Nvidia, Applied Materials And 2 Other Stocks Insiders Are Selling</a>

This Nike Analyst Turns Bullish; Here Are Top 5 Upgrades For Friday

Morgan Stanley analyst Carlos De Alba upgrades Compañía de Minas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BVN#NYSE">BVN</a>) from Equal-Weight to Overweight and raises the price target from $19 to $21.

Morgan Stanley Upgrades Compañía de Minas to Overweight, Raises Price Target to $21

Compañia de Minas Buenaventura S.A.A. ("Buenaventura" or "the Company") (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BVN#NYSE">BVN</a>, Lima Stock Exchange: BUE.LM)))), Peru's largest publicly-traded precious metals mining company, is pleased to announce that ore treatment operations at its El Brocal processing plant has resumed. Ore treatment activities resumed operations at midnight on June 7, 2024 to begin processing the accumulated inventory at the mine site. El Brocal has accumulated approximately 220,000 tonnes of copper ore to date, the processing of which will gradually ramp to a rate of 15,000 tons per day, enabling recovery of ore processing which was halted during the suspension. The Company expects to achieve the budgeted production in 3Q24 to achieve its full year 2024 production guidance.

Buenaventura Resumes Ore Processing Operations At El Brocal Mine, Expects To Achieve The Budgeted Production In Q3 2024 To Achieve Its Full Year 2024 Production Guidance

Peru is targeting an ambitious increase in copper production, aiming to reach 4 million tons annually, driven by the expansion of its principal Cerro Verde mine and the development of other significant projects. Peruvian Minister of Energy and Mines, Rómulo Mucho, highlighted these plans as part of the country's strategy to bolster its position as a leading <a href="https://www.benzinga.com/topic/copper">copper</a> producer.
"The Ministry of Energy and Mines promotes sustainable mining projects in the country because mining is the main support of our economy," he <a href="https://www.gob.pe/institucion/minem/noticias/964955-minem-anuncia-aprobacion-de-la-expansion-de-la-minera-cerro-verde-y-el-proyecto-tantahuatay">said</a> at the annual meeting. "This activity generates large resources so that infrastructure and electrification projects, among others, can be carried out to improve the quality of life of Peruvians."
The Cerro Verde mine expansion, a $600 million project, is a key component of this plan. Located in the Arequipa region, Cerro Verde is responsible for nearly 19% of Peru's copper output and 34% of its molybdenum. The expansion will increase the average milling rate to 420,000 metric tons of ore per day from 2026 through 2044, significantly boosting production capacity. The mine is jointly owned by Freeport-McMoRan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>), Sumitomo Metal Mining (OTCPK: SMMYY), and Compañía de Minas Buenaventura (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BVN#NYSE">BVN</a>).
Now read: <a href="https://www.benzinga.com/m-a/24/05/39095107/glencore-postpones-coal-spinoff-discussions-until-teck-deal-closes">Glencore Postpones Coal Spinoff Discussions Until Teck Deal Closes</a>
Furthermore, Peru is advancing several other major projects. These include Newmont's Conga and Galeno, Rio Tinto and First Quantum Minerals&#8216; La Granja, and Southern Copper's Michiquillay. These initiatives are expected to elevate Peru&#8217;s annual copper production, bringing it closer to Chile's output levels.
Mucho also announced the approval of modified environmental impact assessments for key gold projects, such as the Tantahuatay project operated by Compañía Minera Coimolache and the Pucamarca project by Minsur. These approvals reflect Peru's broader commitment to supporting sustainable mining ventures that can contribute to economic growth and infrastructure development.
China's presence in Peru is also notable, particularly through its involvement in the Las Bambas project. MMG Ltd. is working to bring Las Bambas to its full production capacity, aiming for 400,000 tons per year while facing challenges from community protests.
Despite recent setbacks in the mining sector, such as BHP's <a href="https://www.benzinga.com/news/large-cap/24/05/39068033/time-runs-out-for-bhp-deal-49-billion-acquisition-of-anglo-american-proves-too-complex-to-solve">failed bid</a> to acquire Anglo American, copper remains in the spotlight due to its critical role in the global transition to renewable energy.
The failed acquisition, which prevented BHP from gaining control of around 15% of the global copper supply, is the second failed copper-oriented acquisition in the last 12 months. In April 2023, Teck Resources rejected Glencore's $23 billion bid, showing producers&#8217; reluctance to accept buyout bids.
This situation highlights the copper market's current undersupply, reinforcing the importance of increasing production to meet rising demand.
Also read: <a href="https://www.benzinga.com/news/24/05/39076300/copper-industry-sees-surge-in-demand-and-prices">Copper Industry Sees Surge in Demand and Prices</a>
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get started!
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Global

SMMYY

Peru To Support Copper Expansion, Targets 4 Million Tons Of Annual Production

Top Stories for May 23, 2024:
Foremost Lithium (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FMST#NASDAQ">FMST</a>): The Vancouver-based company completed its 2024 winter drilling program on its Zoro property, achieving over 5,800 meters across 21 diamond drill holes. 
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<li>Results show lithium mineralization continuity along Dyke 1, extending the mineralized body by 150 meters to over 400 meters, with potential for further expansion. Dyke 1 remains open in all directions.&nbsp;</li>
<li>Initial assays confirmed lithium presence, with more results pending. This expansion could lead to new resource calculations and further exploration.</li>
</ul>
<ol start="2"></ol>
TMC, The Metals Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMC#NASDAQ">TMC</a>): The company praised a decision from the U.S. House of Representatives about the fiscal year 2025 National Defense Authorization Act.
<ul>
<li>The legislation proposes allocating $2 million to study the feasibility of refining polymetallic nodule-derived intermediates into high-purity nickel, copper and cobalt domestically. </li>
<li>TMC&#8217;s U.S. subsidiary applied for a $9 million grant for feasibility work on a domestic refinery for these intermediates. </li>
<li>With commercial-scale nodule collection starting in Q1 2026 and a partnership with Pacific Metals, refining these intermediates in the U.S. could boost domestic production of clean energy, infrastructure and defense technologies.&nbsp;</li>
<li>The legislation, backed by the House Armed Services Committee, aims to strengthen supply chains and American manufacturing as per Executive Order 14017.</li>
</ul>
Also Read:<a href="https://www.benzinga.com/topic/mining"> </a><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/05/38944384/3-stocks-to-watch-as-copper-surges-to-record-highs-something-is-cooking-in-china">3 Stocks To Watch As Copper Surges To Record Highs: &#8216;Something Is Cooking In China&#8217;</a>
Buenaventura Mining Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BVN#NYSE">BVN</a>): The Lima, Peru-based company temporarily suspended operations at El Brocal&#8217;s processing plant due to unauthorized entry by a small group from the Huaraucaca Community. 
<ol start="3"></ol>
<ul>
<li>Underground mining is continuing, with ore stockpiled for later processing. </li>
<li>The company is in discussions with the community to resolve the issue and is prioritizing the safety of its employees and facilities.</li>
</ul>
BHP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>): The Melbourne, Australia-based company <a href="https://www.benzinga.com/news/large-cap/24/05/38968707/bhp-achieves-one-week-extension-after-launching-unsuccessful-third-bid-for-anglo-american">secured a one-week extension</a> for its proposed takeover of Anglo American (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AAUKF#OTC">AAUKF</a>).
<ol start="4"></ol>
<ul>
<li>The extension came hours before the May 22 deadline that would have required a formal bid or withdrawal for six months.&nbsp;</li>
<li>BHP&#8217;s proposals require Anglo American to demerge its South African assets, Anglo American Platinum and Kumba Iron Ore.</li>
</ul>
Now Read:<a href="https://www.benzinga.com/"> </a><a href="https://www.benzinga.com/markets/asia/24/05/38901601/zijin-mining-sets-ambitious-50-growth-target-for-copper-production-by-2028">Zijin Mining Sets Ambitious 50% Growth Target For Copper Production By 2028</a>
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get connected with the Benzinga community!
Image: Midjourney

AAUKF

FMST

Foremost Lithium Completes Winter Drilling Program; NDAA Proposes Refining Study; Buenaventura Suspends Plant Operations And More: Thursday's Top Mining Stories

Scotiabank analyst Tanya Jakusconek maintains Compañía de Minas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BVN#NYSE">BVN</a>) with a Sector Underperform and raises the price target from $15 to $16.

Scotiabank Maintains Sector Underperform on Compañía de Minas, Raises Price Target to $16

Scotiabank analyst Tanya Jakusconek maintains Compañía de Minas (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BVN#NYSE">BVN</a>) with a Sector Underperform and raises the price target from $13 to $15.

Scotiabank Maintains Sector Underperform on Compañía de Minas, Raises Price Target to $15

ATI (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ATI#NYSE">ATI</a>): The Dallas-based company <a href="https://www.benzinga.com/news/earnings/24/04/38515910/ati-q1-adj-0-48-beats-0-41-estimate-sales-1-04b-beat-1-03b-estimate">reported first-quarter (Q1)</a> revenue of $1.04 billion in 2024. Net income hovered at around $66 million (or 46 cents per share). 
<ul>
<li>Aerospace and defense sales rose to $616 million, driving a 7% year-over-year growth.&nbsp;</li>
<li>Adjusted net income was $68.4 million (48 cents per share), with adjusted EBITDA at $151 million, or 14.5% of sales.&nbsp;</li>
<li>The company highlighted strong demand for specialty alloys and significant improvements in cash flow in addition to completing $150 million in share repurchases.</li>
</ul>
Piedmont Lithium (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLL#NASDAQ">PLL</a>): The North Carolina-based company announced Q1 2024 shipments of about 15,500 dry metric tons (dmt) of spodumene concentrate. Piedmont also has a record quarterly production of 40,439 dmt at North American Lithium; it set a monthly record of 15,699 dmt in March. 
<ul>
<li>The company is targeting full-year shipments of approximately 126,000 dmt, predominantly in the second half of 2024 as it ramps up to full production.&nbsp;</li>
<li>Piedmont is aiming to focus on contract customers to minimize dependence on the fluctuating spot market.</li>
</ul>
Also Read:<a href="https://www.benzinga.com/topic/mining"> </a><a href="https://www.benzinga.com/news/large-cap/24/04/38500350/first-quantum-minerals-closes-ravensthorpe-nickel-mine-cuts-330-jobs">First Quantum Minerals Closes Ravensthorpe Nickel Mine, Cuts 330 Jobs</a>
Buenaventura (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BVN#NYSE">BVN</a>): Peru&#8217;s largest publicly-traded precious metals mining company reported an EBITDA of $94.4 million. That&#8217;s up from $51.6 million in Q1 2023. 
<ul>
<li>Net income of $67.1 million, slightly down from $72.8 million. </li>
<li>The company&#8217;s cash position stood at $174 million, with a net debt of $525.3 million, resulting in a leverage ratio of 1.87x. </li>
<li>Key developments included receiving the final operating permit for the Yumpag mine, anticipated to produce 6.5 to 7.2 million silver ounces in 2024, and $29.4 million in dividends from Cerro Verde.&nbsp;</li>
<li>Q1 CAPEX for the San Gabriel project was $38.4 million.</li>
</ul>
American Battery Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABAT#NASDAQ">ABAT</a>): Scott Smith, a former Tesla executive, is now at American Battery Technology. 
<ul>
<li>American Battery named Smith vice president of financial planning and analysis to support the company&#8217;s strategic growth and lead investor relations. </li>
<li>Smith was the former Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) head of financial planning and analysis in Europe and recently moved from Berlin to the Reno headquarters.</li>
<li>He brings extensive experience in financial operations and market expansions, crucial to the company's expanding recycling and lithium manufacturing operations.</li>
</ul>
Now Read:<a href="https://www.benzinga.com/"> </a><a href="https://www.benzinga.com/m-a/24/04/38469869/elliott-managements-1b-anglo-american-stake-ups-ante-as-mining-megamerger-collapses">Elliott Management&#8217;s $1 Billion Anglo American Stake Ups Ante As Mining Megamerger Collapses</a>
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get connected with the Benzinga community!

ABAT

TSLA

ATI Reports Q1 Earnings; Piedmont Lithium Boosts Production; Buenaventura Announces Q1 Results And More: Tuesday's Top Mining Stories

Buenaventura Mining Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BVN#NYSE">BVN</a>) reported quarterly earnings of $0.24 per share. This is a 4 percent decrease over earnings of $0.25 per share from the same period last year. The company reported quarterly sales of $246.800 million which beat the analyst consensus estimate of $239.658 million by 2.98 percent. This is a 33.05 percent increase over sales of $185.500 million the same period last year.

Buenaventura Mining Co Q1 2024 GAAP EPS $0.24 Down From $0.25 YoY, Sales $246.800M Beat $239.658M Estimate

Newmont Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>), the world&#8217;s largest gold miner, saw its share price spike 13% on Thursday after the Denver-based company posted <a href="https://www.benzinga.com/news/earnings/24/04/38438315/why-gold-miner-newmont-shares-are-surging-today">stronger-than-expected earnings</a>.
This ignited a broad-based rally in the gold mining industry, despite the overall <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38439796/stocks-drop-tech-tumbles-with-metas-weak-outlook-q1-stagflation-fears-gold-miners-advance-">weak investor sentiment elsewhere.</a>
Newmont is currently on track to achieve its best-performing session since April 2020, when the mining giant rallied following a major volatility event due to the Covid-19 pandemic.
Chart: Newmont Eyes Top-Performing Session Since April 2020
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="495" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25132249/image-216-1024x495.png" alt="" class="wp-image-309347" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25132249/image-216-1024x495.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25132249/image-216-300x145.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25132249/image-216-768x372.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25132249/image-216-1536x743.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/04/25132249/image-216.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
<h3 class="wp-block-heading">Newmont Sharply Beats Estimates, Declares First Quarter Dividend</h3>
<ul>
<li>Newmont reported earnings per share (EPS) of $0.55 in Q1 2024, marking a 38% increase from the corresponding quarter of the previous year and surpassing Street&#8217;s consensus estimates of $0.36 by a significant 54%, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro platform</a>. </li>
<li>Revenue for the quarter amounted to $4.02 billion, indicating a 50% rise from Q1 2023 and surpassing forecasts of $3.66 billion by a noteworthy 10% margin.</li>
<li>Newmont delivered $288 million in dividends to shareholders and declared a dividend of $0.25 per share of common stock for the first quarter of 2024.</li>
<li>Newmont reported gold Costs Applicable to Sales (CAS) per ounce of $1,057 and gold All-In Sustaining Costs (AISC) per ounce of $1,439, both notably lower than the average realized gold price of $2,090 per ounce. This stark contrast indicates wide profit margins for the company.</li>
<li>&#8220;Newmont delivered a strong first quarter operational performance, producing 2.2 million gold equivalent ounces and generating over $1.4 billion in cash from operations before working capital changes,&#8221; Tom Palmer, Newmont&#8217;s president and CEO, stated. </li>
</ul>
See Also: <a href="https://www.benzinga.com/news/earnings/24/04/38438315/why-gold-miner-newmont-shares-are-surging-today">Why Gold Miner Newmont Shares Are Surging Today</a>
<h3 class="wp-block-heading">Gold Miners Rally In Response To Newmont&#8217;s Results</h3>
Newmont&#8217;s remarkable Q1 earnings report catalyzed a significant rally in gold mining stocks, drawing investors to the industry in anticipation of potentially positive results from other players.
Additionally, miners showed a positive response to the rise in gold prices, with the precious metal gaining 0.7% to $2,330 per ounce, buoyed by escalating stagflationary worries triggered by the latest <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38434513/us-growth-slows-in-q1-yet-inflation-acceleration-signals-stagflation-the-worst-poss">gross domestic product report.</a>
The VanEck Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDX#NYSE">GDX</a>) rose 3.1%, while junior gold miners, as tracked by the VanEck Junior Gold Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GDXJ#NYSE">GDXJ</a>) rose 1.8%. 
The top-performing North American gold miners on Thursday included:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>1-Day %</td>
<td>Market Cap</td>
</tr>
<tr>
<td>Newmont Corporation</td>
<td>13.06%</td>
<td>$ 50.54B</td>
</tr>
<tr>
<td>Buenaventura Mining Company Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BVN#NYSE">BVN</a>)</td>
<td>6.75%</td>
<td>$ 4.30B</td>
</tr>
<tr>
<td>DRDGOLD Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRD#NYSE">DRD</a>)</td>
<td>4.73%</td>
<td>$ 705.14м</td>
</tr>
<tr>
<td>AngloGold Ashanti plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AU#NYSE">AU</a>)</td>
<td>4.29%</td>
<td>$ 9.57B</td>
</tr>
<tr>
<td>Coeur Mining, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDE#NYSE">CDE</a>)</td>
<td>3.52%</td>
<td>$ 1.88B</td>
</tr>
<tr>
<td>K92 Mining Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KNT#NYSE">KNT</a>)</td>
<td>2.69%</td>
<td>$ 1.31B</td>
</tr>
<tr>
<td>OceanaGold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OGC#NYSE">OGC</a>)</td>
<td>2.31%</td>
<td>$ 1.61B</td>
</tr>
<tr>
<td>Calibre Mining Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CXB#NYSE">CXB</a>)</td>
<td>2.19%</td>
<td>$ 1.07B</td>
</tr>
<tr>
<td>Royal Gold, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RGLD#NYSE">RGLD</a>)</td>
<td>1.91%</td>
<td>$ 8.12B</td>
</tr>
<tr>
<td>Agnico Eagle Mines Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEM#NYSE">AEM</a>)</td>
<td>1.90%</td>
<td>$ 32.36B</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 1:45 p.m. EDT </figcaption></figure>
Now Read: <a href="https://www.benzinga.com/m-a/24/04/38405991/equinox-gold-snaps-up-greenstone-gold-mines-for-995m-in-incredibly-rare-deal">Equinox Gold Snaps Up Greenstone Gold Mines For $995M In &#8216;Incredibly Rare&#8217; Deal</a>
Image: Shutterstock

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Gold Glitters On Stagflation Tailwinds: Newmont Soars 13% In Biggest Post-Covid Gain, Leads Mining Sector Surge

Warning: BVN is at high risk of cutting its dividend

Compania de Minas Buenaventura SAA (BVN) has released an update. Compañía de Minas Buenaventura, Peru's largest publicly-traded precious metals min...

Buenaventura Posts Strong Q3 2024 Metal Production

Scotiabank analyst Tanya Jakusconek maintained a Sell rating on Compania de Minas Buenaventura SAA (BVN – Research Report) today and set a price ta...

Compania de Minas Buenaventura SAA (BVN) Receives a Sell from Scotiabank

Reports Q3 revenue $331.1 M vs. $211.3M last year. Q3 consolidated silver production increased by 2.5M Oz, zinc production increased by 96% YoY, an...

Buenaventura reports Q3 EPS 93c, consensus 28c

Compañía de Minas Buenaventura GAAP EPS of $0.93, revenue of $331.1M

Compañía de Minas Buenaventura S.A.A. 2024 Q3 - Results - Earnings Call Presentation

Compañía de Minas Buenaventura S.A.A. (BVN) Q3 2024 Earnings Call Transcript

Compania de Minas Buenaventura SAA ( ($BVN) ) has released its Q3 earnings. Here is a breakdown of the information Compania de Minas Buenaventura S...

Buenaventura's Strong Q3 2024 Financial Performance

Scotiabank upgraded Buenaventura (BVN) to Sector Perform from Underperform with an unchanged price target of $15. Based on updated capital and oper...

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