Radiopharm Theranostics (RAD:AU) has announced Radiopharm achieves Nasdaq listing of ADS
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Cyprium Metals Limited (ASX: CYM, OTC: CYPMF) is pleased to present the Prefeasibility Study (“PFS”) for the Nifty Copper Complex. The PFS confirms the economic viability of large-scale production of copper in concentrate (“Concentrate Project”) through the refurbishment and expansion of Nifty’s brownfield concentrator and accompanying new surface mine. The PFS also confirms economics of producing copper cathode by re-treating Nifty’s Heap Leach Pads 1-6 (“Initial Cathode Project”) which is a subset of oxide opportunities. This PFS supports the first Ore Reserve Estimate (“ORE”) to be published on the Concentrate Project and Initial Cathode Project (collectively referred to as the “Projects”).
Highlights on a combined basis include:
- $1,129 million pre-tax NPV8 ($756 million after-tax); pre-tax IRR of 28.9% (23.6% after-tax)
- All major permits currently in hand, to be updated using PFS information
- Concentrate Project Ore Reserves of 83Mt at 0.90% Cu for 753Kt contained Cu
- Initial Cathode Project Ore Reserves of 10.6mt at 0.41% Cu for 44Kt contained Cu
“The successful completion of this comprehensive PFS marks a pivotal milestone for Cyprium. This is important, foundational work that we will build on” said Executive Chair Matt Fifield.
“The PFS highlights the long duration and immense profitability of Nifty’s Concentrate Project. With 797,000 tonnes of copper in total reserve supporting more than $3 billion dollars of pre-tax cash flow, Nifty is a large and important copper source and economic engine for Australia,” said Fifield.
“There are few near-term copper development opportunities that present the scale, longevity and positive economics of Nifty’s Concentrate Project, and really none that have the speed and cost advantages of a permitted brownfield site and access to Western Australia’s world-class supply chain,” added Fifield. “The important information in this PFS serves as a strategic foundation for our forward activities as we move towards project execution.”
For a copy of this announcement and a short introductory video please visit Cyprium Metals Investor Hub at https://investorhub.cypriummetals.com/link/drLK0e.
Click here for the full ASX Release
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Newmont (TSX:NGT,NYSE:NEM), the world’s largest gold miner, is continuing its divestiture program through the sale of its Éléonore mine in Québec to Dhilmar, a private UK-based mining firm, for US$795 million in cash.
Located in the Eeyou Istchee James Bay region, Éléonore is a prominent underground gold operation. Since producing its first gold in 2014, the mine has contributed significantly to Newmont’s output, averaging 215,000 ounces annually.
The sale is expected to close in Q1 2025, pending regulatory approvals and other standard closing conditions.
The transaction follows Newmont’s recently announced sale of the Musselwhite gold mine in Ontario to Orla Mining (TSX:OLA,NYSEAMERICAN:ORLA) for US$850 million.
Together, these two deals contribute substantially to Newmont’s efforts to reshape its portfolio — the company has now exceeded its initial target of generating US$2 billion through asset sales.
“Proceeds from this transaction will support Newmont’s comprehensive approach to capital allocation, which includes strengthening our investment-grade balance sheet and returning capital to shareholders,” said Tom Palmer, the company’s president and CEO, in a Monday (November 25) press release.
“We are pleased to be selling this operation to Dhilmar,” he added. “They have a wealth of experience in gold and copper mining and we believe Dhilmar will be excellent stewards of this asset.’
Éléonore, acquired by Newmont as part of its 2019 purchase of Goldcorp, is the second Canadian asset to be sold by Newmont as part of its ongoing divestiture program. The program aims to concentrate Newmont’s resources on its core Tier 1 gold and copper assets — those with long mine lives and the scale to generate sustainable free cash flow.
Dhilmar, the purchaser of Éléonore, is a relatively new player in the global mining industry. Alexander Ramlie, the firm’s CEO, is known for his role in the 2016 acquisition of Indonesia’s Batu Hijau copper-gold mine.
Newmont’s current approach stems from its broader portfolio optimization strategy, initiated after its acquisition of Newcrest Mining in 2023. The company initially said it was aiming to generate US$2 billion through asset sales to improve its balance sheet, increase shareholder returns and allocate capital efficiently.
Both the Musselwhite and Éléonore sales alone have added US$1.65 billion to Newmont’s divestiture proceeds.
Combined with other completed and planned asset sales, the company has raised approximately US$3.6 billion from its optimization program, significantly surpassing its original target.
In addition to Éléonore and Musselwhite, Newmont has identified other assets for potential sale, including its Porcupine mine and Coffee project in Canada, as well as its Cripple Creek & Victor mine in the US.
This strategy coincides with a broader industry trend of large mining firms divesting smaller, less profitable or more geographically dispersed assets to focus on core projects. Newmont’s approach is consistent with the strategy of prioritizing high-margin, scalable operations that promise consistent cashflow over long periods.
Companies like Dhilmar and Orla are taking advantage of these sales to expand their own portfolios.
Orla’s acquisition of the Musselwhite mine, for example, is expected to more than double its gold production, underscoring the opportunities presented by divestitures for mid-tier and private mining firms.
The gold price, which has remained strong due to global economic uncertainty, continues to play a significant role in shaping these transactions. A stable or rising price increases the attractiveness of gold assets, providing an opportune time for companies like Newmont to sell non-core properties at favorable valuations.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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Anglo American (LSE:AAL,OTCQX:AAUKF) said on Monday (November 25) that it has entered into definitive agreements to sell its entire steelmaking coal business in Australia to Peabody Energy (NYSE:BTU).
The portfolio primarily consists of an 88 percent interest in the Moranbah North joint venture, a 70 percent interest in the Capcoal joint venture and an 86.36 percent interest in the Roper Creek joint venture.
It also includes a 51 percent stake in the Dawson joint venture, the Dawson South joint venture, the Dawson South Exploration joint venture and the Theodore South joint venture, plus 50 percent of the Moranbah South joint venture.
“(This) sale is another important step towards delivering the strategy that we set out in May to create a world-class copper, premium iron ore and crop nutrients business,” said Anglo Chief Executive Duncan Wanblad.
The company said it will generate up to US$4.9 billion in aggregate gross cash proceedsfrom the Peabody transaction, along with the sale of its interest in Jellinbah Group to Zashvin for approximately US$1.1 billion.
The Peabody deal will amount to up to US$3.78 billion for Anglo, with upfront cash consideration of US$2.05 billion at completion. Anglo will also receive deferred cash consideration of US$725 million four annual installments.
In addition, the agreement covers the potential for up to US$550 million in a price-linked earnout, and contingent cash consideration of US$450 million connected to the reopening of the Grosvenor mine.
“We’re pleased to acquire these world-class assets from Anglo American, a company that shares our strong values of safety, sustainability and social license to operate,” commented Peabody President and CEO Jim Grech.
“We look forward to integrating these assets, teaming up with their highly skilled workforce, and aligning with our new mine joint venture partners to create long-term value,’ he added.
The transaction between Anglo and Peabody is subject to certain conditions, such as customary competition and regulatory clearances and pre-emption arrangements. Peabody has agreed to pay a US$75 million deposit on signing, which Anglo is entitled to keep should the sale be terminated under limited circumstances.
Anglo is in the midst of a portfolio transformation, and said that all transactions related to these changes are in place. The demerger of Anglo American Platinum (OTC Pink:AGPPF,JSE:AMS) is expected by mid-2025.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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He sees the yellow metal reaching US$3,800 to US$5,700 per ounce during this cycle.
“Post-election we had a selloff, which I think was wonderful and needed and healthy. These are buying opportunities, this is not the end of the bull market — not even close. None of the factors suggesting that are firing right now,” he said.
Looking at silver, he said the charts show a 45 year cup-and-handle formation, which is highly bullish.
‘We’ve now broken out of that long cup and handle. I’m not a technician, (but) friends who are suggest that given the boundaries of that cup and handle we’re looking at about US$90 (per ounce) for silver,’ he said.
“I think that is very doable, but it’s probably going to be mostly late stage.’
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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Spanish retailer Mango is embarking on a bold expansion plan in the U.S. as it looks to shed its fast-fashion image and position itself as a premium brand.
The privately held company, headquartered in Barcelona, plans to open 42 new storefronts in the U.S. by the end of the year and aims to launch 20 more in 2025, primarily in the Sun Belt and Northeast, Mango CEO Toni Ruiz told CNBC in an interview.
The $70 million expansion plan includes a new logistics center outside of Los Angeles and about 600 new jobs, bringing the company’s U.S. headcount to about 1,200 employees by next year.
“This is a long-term commitment,” Ruiz said. “We have also the opportunity to have bigger stores in the U.S.,” he noted, adding Mango will open some multiline stores that feature men’s and kids’ items.
Mango’s sales grew more than 10% in the U.S. this year and the company expects to see double-digit growth again next year.
Currently, Mango’s largest market is its home base in Spain. While the U.S. is among its top five markets, the company is aiming to grow sales in the region so it can breach the top three. The goal is part of a larger strategic plan at Mango focused on growing sales from about 3.1 billion euros annually to 4 billion euros by 2026.
Mango, known for its European chic basics, is looking to reposition itself as a premium brand and signal to consumers that it is not a fast-fashion label. Its design process takes between seven and eight months, and everything is designed in-house in Barcelona, Ruiz said.
“Internally we have all the design, all the patterns, all the fittings — this is very important for us so 100% is done here. We also have 500 people taking care of the product from end to end,” said Ruiz. “We are trying to elevate. What does it mean, elevate? We think that our customer appreciates a lot this creativity, this design, this own style. So this is why we are pushing a lot, not only in terms of quality, design and also, why not prices? Because our proposal is getting better.”
Ruiz said Mango’s U.S. growth plans are focused on stores because a physical presence will allow the company to get closer to its consumer and tell its story in a new way.
The company follows a string of other international competitors such as Sweden’s H&M, Spain’s Zara and Japan’s Uniqlo that have turned to the U.S. market for growth. They are all competing to win over the average American household, which spends on average about $2,000 annually on clothes, according to a Lending Tree study.
Mango has opened stores in Pennsylvania; Washington, D.C.; and Massachusetts, but has turned its sights to the Sun Belt for its next phase of growth, driven by insights from e-commerce.
Mango’s website now represents about 33% of overall sales and helps the retailer determine where its customers are shopping from and what they are buying, said Ruiz.
“It’s a big challenge for us, because we have understood that every state in the U.S. is like a country in Europe, so because of the customer, because of the way of dressing,” said Ruiz. “It’s very important to understand the difference between the states. … So this is why we try to go step by step.”
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Walmart on Monday confirmed that it’s ending some of its diversity initiatives, removing some LGBTQ-related merchandise from its website and winding down a nonprofit that funded programs for minorities.
The nation’s largest employer, which has about 1.6 million U.S. workers, joined a growing list of companies that have stepped back from diversity, equity and inclusion efforts after feeling the heat from conservative activists.
Some have also attributed changes to the U.S. Supreme Court’s decision last year that struck down affirmative action programs at colleges.
Those companies include Tractor Supply, which said in June it was eliminating DEI roles and stopping sponsorship of Pride festivals. Lowe’s, Ford and Molson Coors have also walked back some of their equity and inclusion policies in recent months.
Others, such as Anheuser-Busch-owned Bud Light and Target, have faced sharp backlash and falling sales after marketing campaigns or merchandise focused on the LGBTQ community.
In a statement, Walmart said it is “willing to change alongside our associates and customers who represent all of America.”
“We’ve been on a journey and know we aren’t perfect, but every decision comes from a place of wanting to foster a sense of belonging, to open doors to opportunities for all our associates, customers and suppliers and to be a Walmart for everyone,” the statement said.
Walmart’s DEI changes were first reported by Bloomberg News.
Among the changes, Walmart will no longer allow third-party sellers to sell some LGBTQ-themed items on Walmart’s website, including items marketed to transgender youth like chest binders, company spokeswoman Molly Blakeman said.
She said it also recently decided to stop sharing data with the Human Rights Campaign, a nonprofit that tracks companies’ LGBTQ policies, or with other similar organizations.
Additionally, the big-box retailer is winding down the Center for Racial Equity, a nonprofit that Walmart started in 2020 after George Floyd’s murder sparked protests across the country. At the time, Walmart and the company’s foundation pledged $100 million over five years to fight systemic racism and create the center.
Over the past year, the company has phased out supplier diversity programs, which gave preferential financing to some groups, such as women and minorities, after the Supreme Court decision striking down affirmative action.
It’s also moved away from using the term “diversity, equity and inclusion” or DEI in company documents, employee titles and employee resource groups. For example, its former chief diversity officer role is now called the chief belonging officer.
Yet, Walmart will continue to award grants, disaster relief, and funding to events like Pride parades, but with more guidelines of how funding can be used, Blakeman said.
Some recent changes came on the heels of pressure from conservative activist Robby Starbuck, who threatened a consumer boycott of Walmart. Starbuck, a vocal DEI-opponent who had also put heat on Tractor Supply, touted Walmart’s changes in a post on X, describing them as “the biggest win yet for our movement to end wokeness in corporate America.”
Walmart had conversations with Starbuck over the last week and already had some DEI-related changes underway, Blakeman said.
Walmart’s DEI changes were first reported by Bloomberg News.
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Kenneth Leech, the former co-chief investment officer of Western Asset Management Co, was charged by U.S. authorities on Monday with running a fraudulent “cherry-picking” scheme where he improperly favored some clients’ accounts over others when allocating trades.
The U.S. Securities and Exchange Commission said that between January 2021 and October 2023, Leech disproportionately allocated better performing trades to favored portfolios, and worse performing trades to other portfolios.
Leech also faces related criminal charges from the U.S. Attorney’s office in Manhattan, the SEC said.
Lawyers for Leech did not immediately respond to requests for comment. The U.S. attorney’s office did not immediately respond to a similar request.
Western Asset Management, known as Wamco, is part of Franklin Resources, which acquired the business through its purchase of Legg Mason in 2020.
Clients have pulled tens of billions of dollars from Wamco in the last few months, after Franklin announced that authorities were investigating Leech.
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Kohl’s is getting a new CEO, its third since 2018.
The off-mall department store’s current CEO Tom Kingsbury is stepping down effective Jan. 15. He will leave the position he held first on an interim basis starting in late 2022, and then permanently since early 2023.
Michaels CEO Ashley Buchanan will take over the top job at Kohl’s as Kingsbury departs, after leading the crafting retailer since 2020. Prior to his time at Michaels, Buchanan was at Walmart and its Sam’s Club division for 13 years.
Kohl’s shares fell about 3% in extended trading following the announcement.
At the world’s largest retailer, he held the roles of chief merchandising and chief operating officer for Walmart U.S. e-commerce and chief merchant at Sam’s Club before that. Buchanan is currently on the board of Macy’s, but will be stepping down from that role.
Kingsbury will remain with Kohl’s in an advisory role to Buchanan and stay on the board until he retires in May. Kohl’s doesn’t intend to replace Kingsbury and will reduce the board size by one seat.
Buchanan will step in just after the critical holidays end and as the retailer closes its fiscal year. There’s a lot of work to be done at a time when department stores are struggling to resonate with shoppers who have more options than ever before. While Kohl’s off-mall physical format has insulated it a bit more than other department stores, it has had a difficult several years.
Kohl’s shares fell 17% during Kingsbury’s interim period from Dec. 2, 2022 to Feb. 2, 2023 and then dropped a further 45% since. Kingsbury hasn’t been able to return sales to growth at Kohl’s. Its comparable store sales, a key metric for retailers, have fallen for the past 10 quarters.
Kingsbury took over as CEO after Michelle Gass left Kohl’s to become president and then eventual CEO of Levi Strauss. Kingsbury had been a member of the Kohl’s board since 2021. He previously served as CEO of Burlington Stores from 2008 to 2019.
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Today Carl looks at the small-caps and mid-caps that have now begun to outperform the market. Clearly the rally is broadening, the question now is can we continue to make new all-time highs. It does seem very likely especially given the positive outlook on the Secretary of Treasury nomination.
Carl reviews the signal tables and discusses which sectors/groups are getting ready to see signal changes. He also looks at the equilibrium of the Bias Table that suggests half of the sectors/groups/indexes have bearish biases despite the market reaching new all-time highs.
Carl also takes us through the Magnificent Seven charts where we see some of the stocks setting up bearishly, but many are still showing bullish biases.
Erin covers sector rotation with a review of all of the sectors in Candleglance to see which are lining up for breakouts and which are showing signs of distress.
The pair finish with a look at viewer symbol requests including Home Builders, TSEM and SMCI.
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01:10 DP Signal Tables
03:20 Market Rally Broadens
04:06 Market Overview
10:32 Magnificent Seven
18:58 Questions (Energy and the Dollar among others)
24:04 Sector Rotation Discussion
32:30 Symbols Requests
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