#ExploringMining #Podcast 308 - News from (NYSE: $MT) (TSX: $NCM.TO)
(NYSE: $CCJ) (NYSE: $CDE)
Vancouver, Kelowna, Delta, BC, November
10, 2022 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.
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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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