Vancouver, Kelowna, Delta, BC – November 10, 2022 (Investorideas.com Newswire) Investorideas.com, a global investor news source covering mining and metals stocks releases today’s edition of Exploring Mining Podcast, featuring stock news from TSX, TSXV, CSE, ASX, NASDAQ, NYSE companies plus interviews with CEO’s and leading experts.
Exploring Mining has been selected by Feedspot panelist as one of the Top 25 Mining Podcasts on the web.
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Exploring Mining Podcast 308 – News from (NYSE: MT) (TSX: NCM) (NYSE: CCJ) (NYSE: CDE)
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ArcelorMittal (NYSE:MT) has reported its third quarter results for 2022. Highlights include a net income of $1 billion for the quarter – down from $3.9 billion in the previous quarter, which was influenced “by a negative price-cost effect, energy costs headwinds and a 5.6% sequential decrease in steel shipments.” The company’s CEO, Aditya Mittal, said:
“The strong market conditions enjoyed for much of the past two years deteriorated in the third quarter as seasonally lower shipments, a reduction in exceptional price levels, destocking and higher energy costs combined to put profits under pressure. The business responded quickly to the changing environment, cutting higher cost capacity to manage addressable demand and reduce fixed costs, and reducing European gas consumption by 30%.”
Newcrest Mining Limited (TSX:NCM) has announced that it is proceeding with the West Dome Stage 8 cutback at its Telfer operation, with the Newcrest Board having approved a total investment of $150 million USD inclusive of mine operating costs and $51 million of capitalised production stripping. The cutback, according to the press release, “underpins continuity of operations at Telfer, with the mine now expected to extend operations into early FY25.” The company’s Managing Director and CEO, Sandeep Biswas, said:
“We are delighted to further extend the life of our Telfer operation, highlighting our ability to maximise the full potential of our assets through our strong technical expertise. Telfer is strategically positioned in the highly prospective Paterson Province and we are continuing to progress several potential options to expand the resource base in the open pits and underground to unlock additional value.”
Cameco Corporation (NYSE:CCJ) has reported that the first pounds of uranium ore from the McArthur River mine have now been milled and packaged at the Key Lake mill following their transition back into normal operations. Production had been paused for four years since January 2018 due to “persistent weakness in the global uranium market.” Cameco President and CEO Tim Gitzel said:
“McArthur River and Key Lake are among the best and most prolific uranium assets on the planet, and after building homes for these pounds in our long-term contract portfolio, we are delighted to have them back in production. Market conditions have continued to strengthen since we announced their planned restart, with growing geopolitical uncertainty adding to energy security concerns worldwide, and the ongoing global emphasis on decarbonization and electrification only gaining momentum.”
Coeur Mining, Inc. (NYSE:CDE) has reported its third quarter 2022 financial results. Highlights include a revenue of $183 million, and gold and silver production totalling 83,438 ounces and 2.4 million ounces, respectively. Mitchell J. Krebs, the company’s President and CEO, said:
“Coeur experienced another steady operational quarter, and we are on-track to deliver a strong fourth quarter from each of our four operations. While financial results were negatively impacted by lower average realized prices, lower grades at Palmarejo, and ongoing inflationary pressures, we are well-positioned to achieve our full-year 2022 production and cost guidance thanks to a tremendous effort and effective cost management by our site operating teams.”
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