Ferroglobe Option Alert: Apr 17 $3 Calls at the Bid: 11000 vs 0 OI; Earnings 5/13 After Close [est] 

Ferroglobe Option Alert: Apr 17 $3 Calls at the Bid: 11000 @ $0.85 vs 0 OI; Earnings 5/13 After Close [est] Ref=$3.825

Ferroglobe (NASDAQ:GSM) Bolsa

Ferroglobe

Ferroglobe PLC provides silicon-based alloys and specialty metals. It produces silicon metal and silicon and manganese-based alloy, serving customers in the specialty chemical, aluminum, solar, steel and ductile iron foundry industries. The company's business segments include North America - Silicon; Europe - Manganese; Europe - Silicon; South Africa - Silicon and Other segments The primary raw materials company uses to produce its electrometallurgy products includes its coal and quartz mining operations and its silicon metal and ferroalloy production.

Ferroglobe PLC

Indiana Resources Ltd

CHEER HOLDING INC. ORD

G&S Minerals Inc

Seaport Global analyst Martin Englert downgrades Ferroglobe (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GSM#NASDAQ">GSM</a>) from Buy to Neutral.

News

Downgrades

Analyst Ratings

Seaport Global Downgrades Ferroglobe to Neutral

Ferroglobe (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GSM#NASDAQ">GSM</a>) reported quarterly earnings of $0.03 per share which beat the analyst consensus estimate of $(0.01) by 400 percent. This is a 66.67 percent decrease over earnings of $0.09 per share from the same period last year. The company reported quarterly sales of $367.50 million which missed the analyst consensus estimate of $394.00 million by 6.72 percent. This is a 2.25 percent decrease over sales of $375.95 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

Ferroglobe Q4 Adj $0.03 Beats $(0.01) Estimate, Sales $367.50M Miss $394.00M Estimate

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Earnings Scheduled For February 19, 2025

Ferroglobe (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GSM#NASDAQ">GSM</a>) reported quarterly earnings of $0.11 per share which missed the analyst consensus estimate of $0.16 by 31.25 percent. The company reported quarterly sales of $433.533 million which missed the analyst consensus estimate of $443.400 million by 2.23 percent. This is a 4.01 percent increase over sales of $416.810 million the same period last year.

Ferroglobe Q3 2024 Adj. EPS $0.11 Misses $0.16 Estimate, Sales $433.533M Miss $443.400M Estimate

<a href="https://x.com/hntrbrkmedia/status/1842207710009237818" title="https://x.com/hntrbrkmedia/status/1842207710009237818">https://x.com/hntrbrkmedia/status/1842207710009237818</a>

Trading Ideas

Shares Of Ferroglobe Seeing Volume, Hunterbrook Post On X, "Hunterbrook Capital is long Ferroglobe Plc…"

Guidance

Ferroglobe Narrows Adj. EBITDA $130M-$170M To $150M-$170M

Ferroglobe (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GSM#NASDAQ">GSM</a>) reported quarterly earnings of $0.13 per share which beat the analyst consensus estimate of $0.05 by 160 percent. The company reported quarterly sales of $451.048 million which beat the analyst consensus estimate of $425.400 million by 6.03 percent. This is a 1.18 percent decrease over sales of $456.441 million the same period last year.

Ferroglobe Q2 2024 Adj. EPS $0.13 Beats $0.05 Estimate, Sales $451.048M Beat $425.400M Estimate

WASHINGTON — While copper, lithium, nickel and cobalt often grab headlines when it <a href="https://www.benzinga.com/government/24/06/39554280/exclusive-glencore-other-experts-say-us-permitting-system-holding-back-domestic-battery-metals-indus">comes to battery metals</a>, there is an array of other minerals important to the energy transition away from fossil fuels.
As the importance of manganese, graphite, silicon and fluorspar grows alongside demand for electric vehicles and renewable energy storage, that dynamic also highlights China's dominance of these industries.
As government leaders in the United States and Europe work to build out their ex-China supply chains for a host of critical and strategic minerals, industry executives gathered at a recent&nbsp;Benchmark Mineral Intelligence&nbsp;mining conference in Washington, D.C., to discuss minerals and geopolitics.
Also Read: <a href="https://www.benzinga.com/markets/commodities/24/06/39525469/exclusive-lithium-may-jump-more-than-60-as-low-prices-knock-out-the-chaff-industry-ceo-says">EXCLUSIVE: Lithium May Jump More Than 60% As Low Prices &#8216;Knock Out The Chaff,&#8217; Industry CEO Says</a>
Here's a look at what they had to say:
Manganese
"We're all facing the issue of China, where the dominance is," said&nbsp;Danny Keating, CEO of&nbsp;Giyani Metals Corp.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/CATPF#OTC">CATPF</a>), a Canadian miner developing manganese assets in Botswana. "We're no different in manganese."
Giyani is looking to help bolster the ex-China supply chain for manganese, he said.&nbsp;
Manganese is mined in multiple countries around the world, but more than 90% of the world's refined manganese comes from China. That creates a key choke point for a material used in lithium batteries.&nbsp;
Batteries, which account for 2%-3% of global manganese demand, are the largest market for the metal outside of its use as an alloy in various metals, according to the&nbsp;International Manganese Institute. The industry group said manganese is the fourth most used metal in the world based on tonnage, behind only iron, aluminum and copper.
Manganese ore prices rallied earlier in the year when a cyclone took out production at an Australian mine owned by&nbsp;South32 Ltd.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/SOUHY#OTC">SOUHY</a>) and&nbsp;Anglo American&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/NGLOY#OTC">NGLOY</a>), halting 12% of global supply, according to&nbsp;S&amp;P Global Commodity Insights.&nbsp;
Prices have since pulled back but remain elevated compared to the beginning of the year.
Aside from Giyani, other small publicly traded companies involved in manganese include&nbsp;Euro Manganese Inc.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/EUMNF#OTC">EUMNF</a>) and&nbsp;Manganese X Energy Corp.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/MNXXF#OTC">MNXXF</a>).
Graphite
After spending the better part of a decade in the lithium business,&nbsp;Vincent Ledoux-Pedailles&nbsp;three months ago took a job as the chief commercial officer for privately-held New Zealand-based&nbsp;CarbonScape Ltd.
The venture-capital backed company is commercializing technology to make graphite more sustainably than the current synthetic or natural versions. Its process turn waste from the timber industry into what it calls "biographite"
Because the process uses cheap wood chips, Ledoux-Pedailles said the technology can produce graphite at a lower cost than in China, which dominates graphite production.
The company points out that its process can be used anywhere in the world, enabling nations concerned about critical materials to produce graphite locally, potentially freeing electric vehicle markets in Europe and North America from China's grip on the material.
CarbonScape's last round of funding raised $18 million in September, according to private market data provider&nbsp;PitchBook. Ledoux-Pedailles said at the conference that the company plans to have another round of financing later this year.
Publicly-traded graphite companies include&nbsp;Graphite One Inc.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/GPHOF#OTC">GPHOF</a>) and&nbsp;Nouveau Monde Graphite (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NMG#NYSE">NMG</a>).
Silicon
While graphite has proven its use in lithium batteries, silicon is more of an emerging technology.
Silicon can hold more energy than graphite, but the material swells during charging, degrades over time and is too expensive for mass use in electric vehicles.
Several companies are working on improving silicon battery technology because it holds the potential to increase electric-vehicle range, decrease charging times and lower battery costs.
One of those companies is venture-capital backed&nbsp;Advano, which last month announced the final stage of commissioning at its industrial pilot plant in anticipation of beginning production.
The company's CEO,&nbsp;Chris York, said at the conference that the industry needs to lower the cost of batteries and remove supply chain control from China.
"You don't have to make a profit in China," he said. "Everything is state-owned at the end of the day."
Publicly traded silicon companies include&nbsp;HPQ Silicon Inc.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/HPQFF#OTC">HPQFF</a>) and&nbsp;Ferroglobe&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GSM#NASDAQ">GSM</a>).
Fluorspar
The Oregon Group, an investment research firm, recently called fluorspar "the EV critical mineral no one has heard of."
The mineral is often used to make refrigerants, steel and aluminum, as well as to process uranium.&nbsp;
There is also more fluorspar contained in a lithium-ion electric battery than there is lithium, and, according to Benchmark, demand for electric vehicles and renewable energy storage promises to increase the use of fluorspar.
"We need investment in fluorspar mining now just like we needed (in) lithium mining 10 years ago," said James Rodriguez de Castro, managing director of privately held Mongolian Minerals, a mining company specializing in fluorspar.
China is by far the world's biggest fluorspar miner, followed by Mexico and Mongolia. But China only has about 10 years' worth of supply based on reserves and production rate, he said.
In Mongolia, the executive has been building up and exploring a portfolio of fluorspar mining and exploration licenses.
Mongolian Minerals needs $200 per metric ton to mine fluorspar and ship it to China, he said. Fluorspar in China ended the first quarter at $462 per metric ton, according to chemical market intelligence firm&nbsp;ChemAnalyst.
Investors looking for publicly-traded fluorspar companies can consider&nbsp;Ares Strategic Mining Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ARSMF#OTC">ARSMF</a>) and&nbsp;Energy Transition Minerals Ltd.&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/GDLNF#OTC">GDLNF</a>), although the latter's project containing fluorspar in Greenland is in arbitration.
Read Next:
<ul>
<li> <a href="https://www.benzinga.com/markets/commodities/24/06/39509851/exclusive-chariot-corp-leads-us-lithium-land-acquisition-to-strengthen-domestic-supply-grab-a#google_vignette">EXCLUSIVE: Chariot Corp. Leads US Lithium Land Acquisition To Strengthen Domestic Supply — &#8216;Grab As Much As You Can&#8217;</a></li>
</ul>
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Beyond Lithium: Strategic Battle For Fluorspar And Other Essential Minerals In Global Energy Politics

<h3 class="wp-block-heading">U.S. Antimony</h3>
U.S. Antimony (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/UAMY#AMEX">UAMY</a>) reported its first-quarter (Q1) results with revenues rising 28% to $2.83 million and a 108% increase in gross profit due to a lower rise in sales costs.&nbsp;
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<li>Operating expenses increased by 183%, partly due to non-cash stock compensation and net income for Q1 was $86k.&nbsp;</li>
<li>The company ceased its Mexico operations, reduced overhead and shifted to a &#8220;Discontinued Operation.&#8221;&nbsp;</li>
<li>Cash position improved to $11.94 million and chairman and co-CEO Gary C. Evans called the quarter a turning point, emphasizing improved U.S. operations and a strong cash position.</li>
</ul>
Also Read:<a href="https://www.benzinga.com/topic/mining"> </a><a href="https://www.benzinga.com/news/large-cap/24/05/38826363/anglo-american-expedites-plan-to-divest-de-beers-other-assets-after-rebuffing-bhp-takeover-bid">Anglo American Expedites Plan To Divest De Beers, Other Assets After Rebuffing BHP Takeover Bid</a>
<h3 class="wp-block-heading">Piedmont Lithium</h3>
Piedmont Lithium (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLL#NASDAQ">PLL</a>) announced new high-grade lithium zones at North American Lithium (NAL) in Quebec, jointly owned by Piedmont (25%) and Sayona Mining Limited (75%).&nbsp;
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<li></li>
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<li>The 2023 drill program suggests a potential mineral resource upgrade and mine life extension, discovering thick spodumene-bearing pegmatites beyond current operations.&nbsp;</li>
<li>NAL, which restarted production in March 2023, has consistently set record production volumes.&nbsp;</li>
<li>President and CEO Keith Phillips highlighted the potential for resource upgrades, emphasizing NAL&#8217;s strategic importance and exciting possibilities for extended mine life and increased production.</li>
</ul>
<h3 class="wp-block-heading">Ferroglobe</h3>
Ferroglobe (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GSM#NASDAQ">GSM</a>) reported Q1 financial results with an adjusted EBITDA of $25.8 million. The company achieved a positive net cash position for the first time.&nbsp;
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<li>The company's gross debt hit an all-time low of $81 million. It initiated and announced quarterly cash dividends of 1.3 cents per share.&nbsp;</li>
<li>A $200 million stock buyback program over five years was also approved, pending a shareholder vote in June 2024.&nbsp;</li>
<li>French operations were fully restarted on April 1. The company is applying for a permit to expand U.S. silicon metal production and signed an MOU with Coreshell, followed by a post-quarter investment after positive lab test results.</li>
</ul>
<h3 class="wp-block-heading">Solitario Resources</h3>
Solitario Resources (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/XPL#AMEX">XPL</a>) discovered three new high-grade gold zones – Holland, Top Dollar and Wildcat – at its Golden Crest project.&nbsp;
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<li>Reconnaissance sampling revealed gold values up to 57.9 grams per ton (gpt).&nbsp;</li>
<li>The zones span a four-square-kilometer area between Downpour and Sleeping Beauty targets, with 203 samples collected, including 27 samples exceeding one gpt gold.&nbsp;</li>
<li>President and CEO Chris Herald highlighted these as some of the highest-grade initial samples at Golden Crest and anticipates the upcoming drilling program starting in June.</li>
</ul>
Now Read:<a href="https://www.benzinga.com/"> </a><a href="https://www.benzinga.com/news/24/05/38791907/australia-injects-374m-into-critical-minerals-exploration-weve-got-some-huge-advantages">Australia Injects $374M Into Critical Minerals Exploration: &#8216;We&#8217;ve Got Some Huge Advantages&#8217;</a>
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UAMY

US Antimony Halts Mexico Operations; Piedmont Lithium New Discoveries; Ferroglobe Sees Positive Net Cash And More: Wednesday's Top Mining Stories

Buybacks

Ferroglobe Board Approves Share Buyback Program Pending Shareholder Vote; Seeks Authorization For $200M Repurchase Over 5 Years

Top Stories for March 13, 2024:
1. MX Holdings and Century Aluminum Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CENX#NASDAQ">CENX</a>) are forming a joint venture to create and market low-carbon secondary billet, focusing on advanced alloys with high levels <a href="https://www.benzinga.com/topic/mining">of recycled content.</a> 
The venture aims to offer quality billets that help customers meet sustainability goals, with production starting in 2026. The facility location is under consideration in the Ohio Valley region.
The companies are aiming for an annual output of 250 million pounds, making it the largest American-owned secondary billet supplier globally.&nbsp;
Matt Rohm, CEO of MX Holdings, highlighted the complementary partnership and the venture's commitment to environmental goals.
Rohm said, "In addition to the joint venture's offering, we plan to continue to produce billet at our existing, wholly owned Pennex facilities. Each company will produce various alloys to meet specific customer needs."
2. TMC the metals company Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMC#NASDAQ">TMC</a>) praised new U.S. legislation aimed at supporting seafloor nodule collection, processing and refining, along with advancing international rules for seafloor resources. 
The Responsible Use of Seafloor Resources Act (RUSRA) seeks U.S. backing for ethical polymetallic nodule collection and federal investment in refining infrastructure for critical minerals, essential for the energy transition and national defense.&nbsp;
This comes as supply challenges for critical battery metals are on the rise due to growing demand from the automotive and battery industries to comply with incentives laid out in the Inflation Reduction Act.&nbsp;
The bill has wide support across offshore energy, marine exploration and global research sectors.
Chairman and CEO of The Metals Company Gerard Barron said, "we eagerly await the forthcoming Pentagon report on nodules as directed by the House Armed Services Committee. The Pentagon's ability and willingness to support a feasibility study for a domestic refinery could help establish mineral independence for the U.S. in nickel, cobalt and manganese."
Also Read:<a href="https://www.benzinga.com/etfs/sector-etfs/24/03/37568022/gold-etfs-diverge-from-spot-prices-record-ninth-consecutive-month-of-outflows"> </a><a href="https://www.benzinga.com/markets/asia/24/03/37633689/us-lawmakers-mull-bill-to-support-deep-sea-mining-aimed-at-challenging-chinas-grip-on-critical-miner">US Lawmakers Mull Bill To Support Deep-Sea Mining Aimed At Challenging China&#8217;s Grip On Critical Minerals</a>
3. ArcelorMittal (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AMSYF#OTC">AMSYF</a>) agreed to buy a 28.4% stake (65,243,206 shares) in Vallourec from Apollo Global Management for €955 million, paying €14.64 per share. 
The deal is expected to close in the second half of the year pending regulatory approval and will boost ArcelorMittal&#8217;s presence in the high-value tubular market.&nbsp;
Vallourec is a leader in tubular solutions for the energy sector and more, with a focus on low-carbon production in the U.S. and Brazil.&nbsp;
Vallourec&#8217;s 2023 EBITDA was €1.2 billion from €5.1 billion in sales, with energy transition business expected to grow significantly by 2030.&nbsp;
ArcelorMittal will not seek to acquire more Vallourec shares within six months.
4. Ferroglobe PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GSM#NASDAQ">GSM</a>) appointed Carsten Larsen as chief commercial officer starting April 1, 2024. 
Larsen has 30 years of international experience in business growth, sales and team leadership, and comes from Agilyx ApS, a plastic recycling tech company.&nbsp;
His background includes extensive roles at Dow where he covered global markets in Germany, Denmark, Sweden and South Africa.
5. Citigroup analyst Alexander Hacking downgraded Cleveland-Cliffs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CLF#NYSE">CLF</a>) from Buy to Neutral and announced a <a href="https://www.benzinga.com/quote/CLF/analyst-ratings">$22 price target</a>.
6. Morgan Stanley analyst Carlos De Alba downgraded MP Materials (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MP#NYSE">MP</a>) from Overweight to Equal-Weight and announced a <a href="https://www.benzinga.com/quote/MP/analyst-ratings">$15.50 price target</a>.
Now Read:<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37569351/gold-rises-to-all-time-highs-marks-longest-winning-streak-since-july-2000-driven-by"> </a><a href="https://www.benzinga.com/news/24/03/37623431/lithium-mining-causes-pollution-but-new-methods-could-showcase-more-eco-friendly-approach">Lithium Mining Causes Pollution, But New Methods Could Showcase More Eco-Friendly Approach</a>
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AMSYF

CENX

MX Holdings, Century Aluminum Form Joint Venture; TMC Supports Seafloor Legislation And More: Wednesday's Top Mining Stories

Top Stories for March 12, 2024:
1. Alcoa Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AA#NYSE">AA</a>) signed a deal to buy Alumina Limited (OTC:<a class="ticker" href="https://www.benzinga.com/stock/AWCMF#OTC">AWCMF</a>) in an all-stock transaction valued at A$1.15 per share <a href="https://www.benzinga.com/markets/equities/24/03/37611427/alcoa-seals-2-2b-deal-to-acquire-alumina-limited-amplifying-market-presence">or $2.2 billion in total.</a>
Post-transaction, Alumina shareholders will own 31.25% and Alcoa shareholders 68.75% of the merged entity.&nbsp;
The deal also involves issuing CHESS Depositary Interests for Alumina shareholders to trade on the ASX, with Alcoa planning an ASX secondary listing and maintaining it for at least 10 years. 
Additionally, two Australian directors from Alumina will join Alcoa&#8217;s Board, and Alcoa will provide short-term liquidity support to Alumina if needed, with conditions for repayment by September 2025 if the transaction is incomplete.&nbsp;
Allan Gray Australia, Alumina&#8217;s largest shareholder, supports the transaction.
2. Ferroglobe PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GSM#NASDAQ">GSM</a>) and Coreshell signed an <a href="https://www.ferroglobe.com/news-releases/news-release-details/ferroglobe-coreshell-sign-memorandum-understanding-deliver">agreement</a> to produce the first battery-ready metallurgical silicon for low-cost, high-range EV batteries.
The goal is to overcome current cost and range limitations by replacing graphite with silicon.&nbsp;
This partnership leverages Coreshell&#8217;s unique nanomaterial electrode coating to prevent silicon degradation and Ferroglobe&#8217;s cost-effective purification process for high-purity silicon.&nbsp;
The companies' combined technologies expect to enhance EV batteries&#8217; driving range by up to 30%, making electric vehicles more affordable and efficient.
CEO of Coreshell Jonathan Tan said, "Silicon stores 10 times the energy of graphite and it is available in sufficient quantity and quality. It is the only viable pathway to low-cost, long-range electric vehicle batteries that can be scaled rapidly using a 100% domestic supply chain." 
Also Read: <a href="https://www.benzinga.com/news/24/03/37611000/teslas-german-factory-back-online-after-arson-attack-disrupts-production">Tesla&#8217;s German Factory Back Online After Arson Attack Disrupts Production</a>
3. A number of executives at Nucor Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NUE#NYSE">NUE</a>) made significant insider purchases. 
<ul>
<li>The Chief Operating Officer David Sumoski made an insider purchase of 1,345 shares for a total of $250,030.</li>
<li>Executive Vice President Chad Utermark made an insider purchase of 6,115 shares for a total of $1,136,426.</li>
<li>Executive Vice President Daniel Needham made an insider purchase of 2,324 shares for a total of $431,860.</li>
</ul>
4. B. Riley Securities analyst Lucas Pipes maintained Ramaco Resources (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/METC#NASDAQ">METC</a>) with a Buy and lowered <a href="https://www.benzinga.com/quote/METC/analyst-ratings">his price target</a> from $32 to $25. Pipes maintained Alpha Metallurgical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMR#NYSE">AMR</a>) with a Buy and lowered <a href="https://www.benzinga.com/quote/AMR/analyst-ratings">his price target</a> from $406 to $381.
Now Read: <a href="https://www.benzinga.com/news/large-cap/24/03/37547023/gold-shines-brighter-than-ai-driven-semiconductor-stocks-7-mining-stocks-to-watch-with-prices-at-r">Gold Shines Brighter Than AI-Driven Semiconductor Stocks: 7 Mining Stocks To Watch With The Ore At Record Highs</a>
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Price Target

AWCMF

METC

Alcoa Agrees To Buy Alumina Limited; Ferroglobe And Coreshell Explore EV Batteries; Nucor Insider Buys And More: Tuesday's Top Mining Stories

Ferroglobe & Coreshell Sign Memorandum Of Understanding To Produce Battery-Grade Metallurgical Silicon For Electric Vehicles

Together, Ferroglobe and Coreshell expect to produce the first battery-ready metallurgical silicon for the development of low-cost, high-range EV batteries in compliance with the U.S. Inflation Reduction Act.&nbsp;

Ferroglobe & Coreshell Ink MoU To Deliver First Battery-Grade Metallurgical Silicon For Electric Vehicles

Top Stories for Mar. 4, 2024: 
1. The <a href="https://www.benzinga.com/topic/mining">silicon metal and ferro alloys</a> producer Ferroglobe PLC (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gsm#NASDAQ">GSM</a>) and the solar technology company LONGi announced a long-term silicon supply agreement which took effect on Jan. 1, 2024.
Under the three-year agreement, Ferroglobe will provide LONGi with high-quality quartzite and metallurgical grade silicon to support LONGi&#39;s strategy of increasing purchases from top Western silicon suppliers.
2. MP Materials Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mp#NYSE">MP</a>) plans to offer $500 million in Convertible Senior Notes due in 2030 to qualified institutional buyers, with an option to purchase up to an additional $75 million in notes.
The notes are senior unsecured obligations, will pay interest semi-annually and are set to mature on March 1, 2030, unless they are converted, redeemed or repurchased earlier.
The notes can also be converted into cash, MP Materials&#39; common stock or a combination thereof, at the company&#39;s discretion.
The net proceeds from the offering are intended for funding capped call transactions, repurchasing up to $300 million of the company&rsquo;s common stock, repurchasing a portion of its 0.25% green convertible senior notes due in 2026 and for general corporate purposes.
3. Cleveland-Cliffs Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/clf#NYSE">CLF</a>) announced plans to offer $750 million in senior unsecured guaranteed notes due in 2032, exempt from the Securities Act&#39;s registration requirements.
The notes will be guaranteed on a senior unsecured basis by its major wholly-owned domestic subsidiaries, with certain exclusions.
The proceeds and the company&rsquo;s current available liquidity are intended to fully repurchase or redeem the company&#39;s outstanding 6.750% Senior Secured Notes due in 2026.
Cleveland-Cliffs&rsquo; Senior Vice President of Finance Paul R. Finan said this is a standard refinancing, replacing its 2026 secured notes with 2032 unsecured notes due to a favorable decrease in the call price and healthy high-yield market conditions.
The move eliminates $3.7 billion in secured debt, improves financial flexibility, maintains leverage and keeps interest expenses unchanged.
4. BHP Group Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bhp#NYSE">BHP</a>) signed non-binding agreements for all potash production in both phases of the mine it is building in Jansen, Saskatchewan.
The company will convert the agreements to firm offtakes within 12 to18 months.
BHP CEO Ragnar Udd also said the company is not looking to acquire the idle Cobre Panama copper mine from First Quantum Minerals (OTCMKTS: FQVLF).
5. Newmont Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nem#NYSE">NEM</a>) and its wholly owned subsidiary, Newcrest Finance Pty Limited, initiated a private offering of their notes due in 2026 and 2034, guaranteed by Newmont USA Limited.
The proceeds from this offering will primarily be used to repay all outstanding borrowings under Newmont&#39;s revolving credit facility, with any remaining funds allocated for general corporate purposes.
This effort follows Newmont&rsquo;s use of its revolving credit facility and cash on hand to repay around $1.9 billion of bilateral credit debt incurred from acquiring Newcrest Mining Limited.
The offering is restricted to qualified institutional buyers and certain non-U.S. persons, as the notes will not be registered under the Securities Act or any state securities laws and cannot be sold in the U.S. without registration or an exemption.
Now Read:&nbsp;<a href="https://www.benzinga.com/news/large-cap/24/03/37469946/gold-breaks-above-2-110-inches-closer-to-record-high-with-rallying-mining-stocks">Gold Breaks Above $2,110, Inches Closer To Record High, With Rallying Mining Stocks</a>
Photo: Shutterstock

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Ferroglobe Enters Supply Agreement With LONGi; MP Materials and Cleveland-Cliffs Announce Offerings And More: Monday's Top Mining Stories

Chinese solar technology company&nbsp;LONGi&nbsp;has entered into a long-term supply agreement with the silicon metal and ferroalloys producer&nbsp;Ferroglobe PLC&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GSM#NASDAQ">GSM</a>),&nbsp;<a target="_blank" href="https://www.benzinga.com//node/37449685" rel="noreferrer noopener">effective January 1, 2024.</a>
Under the terms of the agreement, Ferroglobe will supply high-quality quartzite and metallurgical grade silicon (MGS) to LONGi.
This is expected to support LONGi&#8217;s strategy to increase purchases from Western suppliers of silicon materials.
LONGi has manufacturing facilities and sales offices in more than 150 countries and regions worldwide.
&#8220;We are thrilled to announce our long-term partnership with Ferroglobe,&#8221; said Tian Ye, Vice President, LONGi. &#8220;This strategic move will enable us to supply our trusted customers and partners with LONGi&#8217;s dependable, high-efficiency, and eco-friendly solar products worldwide.&#8221;
Last month, Ferroglobe registered a 36% year-on-year decline in&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/02/g37248313/ferroglobe-reports-solid-fourth-quarter-and-full-year-2023-financial-results" rel="noreferrer noopener">revenue in FY23 to $1.7 billion</a>.
Price Action: GSM shares are trading higher by 0.44% at $4.57 in premarket on the last check Monday.
Photo via Shutterstock

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General

Solar Firm LONGi Inks Silicon Supply Agreement With Ferroglobe

LONGi, the world&#39;s leading Solar technology company, and Ferroglobe PLC, a world leading producer of Silicon Metal and Ferroalloys, are pleased to announce that they have entered into a long-term supply agreement effective&nbsp;January 1, 2024.
This agreement consolidates the partnership between the two companies and paves the way for even stronger collaboration in the future. Under the terms of the agreement, Ferroglobe will supply high-quality quartzite and metallurgical grade silicon (MGS) to LONGi to support its strategy to increase purchases from the leading Western suppliers of silicon materials.

LONGi and Ferroglobe Announce Silicon Long-Term Agreement, Financial Terms Unidsclosed

Ferroglobe Sees FY24 Adj. EBITDA $100M-$170M

Ferroglobe (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GSM#NASDAQ">GSM</a>) reported quarterly earnings of $0.09 per share which beat the analyst consensus estimate of $0.02 by 350 percent. The company reported quarterly sales of $375.95 million which beat the analyst consensus estimate of $318.80 million by 17.93 percent. This is a 16.20 percent decrease over sales of $448.63 million the same period last year.

Ferroglobe Q4 2023 Adj EPS $0.09 Beats $0.02 Estimate, Sales $375.95M Beat $318.80M Estimate

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Earnings Scheduled For February 21, 2024

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Ferroglobe Reports Solid First Quarter 2024 Financial Results

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Ferroglobe Reports Strong Second Quarter 2024 Financial Results

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