Latest news with #copper
Reuters
3 hours ago
- Business
- Reuters
Canada's Aura Minerals plans to raise over $196 million in US IPO
July 15 (Reuters) - Canadian gold and copper miner Aura Minerals ( opens new tab said on Tuesday it plans to raise about $196.4 million from its U.S. initial public offering. The company had said last week that it was preparing to list its shares on the Nasdaq. It said on Tuesday that it plans to sell 8.1 million shares in the offering. Many foreign companies list in the U.S. to secure higher valuations and tap deeper capital markets. Aura said that it intends to use the proceeds from the IPO for exploration activities and to provide incremental liquidity and financial flexibility to support the execution of its current strategic growth initiatives. Founded in 1946, the gold and copper mining company is focused on project development and operations in the Americas. BofA Securities and Goldman Sachs are serving as global coordinators for the offering, while BTG Pactual and Itau BBA are acting as joint bookrunners.
Yahoo
3 hours ago
- Business
- Yahoo
Canada's Aura Minerals plans to raise over $196 million in US IPO
(Reuters) -Canadian gold and copper miner Aura Minerals said on Tuesday it plans to raise about $196.4 million from its U.S. initial public offering. The company had said last week that it was preparing to list its shares on the Nasdaq. It said on Tuesday that it plans to sell 8.1 million shares in the offering. Many foreign companies list in the U.S. to secure higher valuations and tap deeper capital markets. Aura said that it intends to use the proceeds from the IPO for exploration activities and to provide incremental liquidity and financial flexibility to support the execution of its current strategic growth initiatives. Founded in 1946, the gold and copper mining company is focused on project development and operations in the Americas. BofA Securities and Goldman Sachs are serving as global coordinators for the offering, while BTG Pactual and Itau BBA are acting as joint bookrunners. Sign in to access your portfolio
Globe and Mail
3 hours ago
- Business
- Globe and Mail
Newmont Announces Monetization of Equity Received Through Successful Divestiture Program
Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) ('Newmont' or the 'Company') is pleased to announce that it has executed agreements for the sale of shares in Greatland Resources Limited ('Greatland') and Discovery Silver Corp ('Discovery') for aggregate cash consideration of approximately $470 million, net of taxes and commissions. In February 2024, Newmont announced its intent to divest certain high-quality non-core assets, building an unparalleled portfolio of world class gold and copper operations and projects. The monetization of the Greatland and Discovery shares further streamlines Newmont's equity portfolio, while generating cash for the business. Newmont remains on track to deliver on its 2025 guidance, while continuing to generate strong free cash flow from the Company's world class portfolio of high-quality, long-life assets. With today's announcement, Newmont now expects to generate $3.0 billion in after-tax cash proceeds from its divestiture program in 2025 to support Newmont's capital allocation priorities, which include strengthening our balance sheet and returning capital to shareholders. Sale of Greatland Shares Working in conjunction with Greatland, Newmont agreed to divest half of its shares in June 2025. The Greatland shares sold were received as part of the consideration for the divestment of the Telfer operation and Newmont's 70% interest in the Havieron gold-copper project to Greatland in 2024 (the 'Telfer-Havieron Transaction'). The sale reflects an approximately 230% return relative to the value announced at the time of the Telfer-Havieron Transaction. Following the sale of the shares, Newmont's remaining equity stake in Greatland is approximately 9.9%. Sale of Discovery Shares Working in conjunction with Discovery, Newmont agreed to divest 100% of its shares in May 2025 and July 2025. The Discovery shares sold were received as part of the consideration for the divestment of the Porcupine mine to Discovery in 2025 (the 'Porcupine Transaction'). The sales reflect an approximately 200% return relative to the value announced at the time of the Porcupine Transaction. To facilitate the sales, Discovery agreed to waive certain provisions of the Investor Rights Agreement entered into between the parties with respect to the Porcupine Transaction. Following the settlement of the July 2025 sales 1, Newmont will not be a shareholder of Discovery. About Newmont Newmont is the world's leading gold company and a producer of copper, zinc, lead, and silver. The Company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the Company has been publicly traded since 1925. At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont's sustainability strategy and initiatives, go to Cautionary Statement Regarding Forward-Looking Statements This news release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. Forward-looking statements in this news release include, without limitation, expectations regarding divestment of non-core asset and completion of the most recent July agreements for the sale of Discovery shares, including expectations regarding net proceeds. Such statements remain subject to risk and uncertainties, and are based upon assumptions, including, without limitation, final settlement of the share sale transaction, which has not yet occurred as of the date of this release. Forward-looking statements may also include expectations regarding 2025 guidance, including free cash flow generation, capital allocation priorities, future financial performance and portfolio strength. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. Estimates or expectations of guidance or future financial performance are based upon certain assumptions, which may prove to be incorrect. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of operations and projects being consistent with current expectations and mine plans; (iii) political developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) certain exchange rate assumptions being approximately consistent with current levels; (v) certain price assumptions for gold, copper, silver, zinc, lead and oil; (vi) prices for key supplies; (vii) the accuracy of current mineral reserve, mineral resource and mineralized material estimates; and (viii) other planning assumptions. Uncertainties include those relating to general macroeconomic uncertainty and changing market conditions, changing restrictions on the mining industry in the jurisdictions in which we operate, impacts to supply chain, including price, availability of goods, ability to receive supplies and fuel, and impacts of changes in interest rates. Uncertainties in geopolitical conditions could impact certain planning assumptions, including, but not limited to commodity and currency prices, costs and supply chain availabilities. The Company does not undertake any obligation to release publicly revisions to any 'forward-looking statement,' including, without limitation, outlook, to reflect events or circumstances after the date of this news release, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued 'forward-looking statement' constitutes a reaffirmation of that statement. This announcement does not constitute or form part of any offer or invitation or inducement to sell, or any solicitation of any offer to purchase, any securities of Greatland or Discovery nor shall there be any sale of these securities, in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. 1 The sales of Discovery shares in July 2025 are subject to final settlement, currently anticipated to be in late-July 2025.
Reuters
4 hours ago
- Business
- Reuters
Rio Tinto misses estimates for iron ore output, copper forecast upbeat
July 16 (Reuters) - Rio Tinto ( opens new tab, (RIO.L), opens new tab on Wednesday posted a lower-than-expected rise in iron ore shipments for the second quarter, but forecast fiscal 2025 copper production at the higher end of its guidance range. Iron ore shipments at Rio Tinto, the world's largest producer of the steel-making commodity, are recovering after a series of tropical cyclones snarled operations in the March quarter. In the three months ended June 30, the miner shipped 79.9 million metric tonnes (Mt) of iron ore from its Pilbara operations, a 13% rise from the previous quarter but below a Visible Alpha consensus estimate of 81.98 Mt. Rio Tinto shipped out more of its lower-quality SP10 iron ore. SP10 levels accounted for 29% of Pilbara shipments. It forecast full-year copper production at the higher end of its guidance range and expects unit costs around the lower end, as its Oyu Tolgoi underground mine in Mongolia ramps up. The miner reaffirmed its full-year iron ore shipment forecast at the lower end of its range of 323 million metric tonnes (Mt) to 338 Mt. Rio Tinto on Tuesday named Simon Trott, head of its most profitable iron ore division, as CEO, succeeding Jakob Stausholm, who unexpectedly announced in May he would step down after four-and-a-half years.
CBS News
4 hours ago
- Business
- CBS News
Minnesota cannabis business owner sees costs rise as Trump threatens copper tariffs
President Donald Trump's new tariff policy could have an impact on a blossoming Minnesota business. The Trump administration on Tuesday celebrated a new trade deal with Indonesia, which is one of the world's largest producers of copper. He's threatened a 50% tariff on copper imports starting next month. For cannabis business owner Steven Brown, who founded Nothing But Hemp, he's already seen his costs rise. It takes a container made out of copper to reach the right temperature in order to create hard candies. "This one bowl alone cost me $3,000, now with the new tariffs it would be $4,500," Brown said. With a full-scale operation, there are other tariffs he can't beat. "Oh gosh, our packaging has been a nightmare," Brown said. He imports herbs and mushrooms, as well as plastic pouches. "The cost has been atrocious so it definitely hurts. And we've had a lot of issues of it getting stuck in customs where we've never had any of those issues before," he said. "We haven't had to pass it on to the the consumer yet but we are getting really close in some areas." His eyes are on the prize as cannabis grows in Minnesota. Latest numbers show that even before it became legal, 34% of Minnesotans over age 12 used cannabis. "We hope for the best and hopefully there is going to be some policy changes on these tariffs," Brown said. The White House says tariffs are needed to ensure fair trade, bring back manufacturing and protect national security.
