Metals & Mining Monitor | Aluminum Prices Maintain Upward Trend；NEM, FMG, WHC, IGO Release Quarterly Earnings and Operational Reports

Additionally, aluminum prices have found support from supply risks associated with bauxite, a key raw material for aluminum production. Input costs for smelters and furnaces have escalated due to these risks. Notably, Emirates Global Aluminum, a major bauxite supplier to Chinese furnaces, had to halt exports from Guinea after local customs authorities blocked shipments. $Aluminum Futures Current Contract (ALIcurrent.US)$

The demand for silver as an industrial and green metal provides robust support for this eco-friendly precious metal. Joni Teves, a precious metals strategist at UBS, forecasts that silver could reach $36 per ounce by the end of 2024 and ascend to $40 per ounce in 2025. Given the ongoing supply deficits and amidst rising gold prices and the Federal Reserve's easing policies, silver is likely poised to outperform gold. $Silver Futures Current Contract (SIcurrent.US)$

$Whitehaven Coal Ltd (WHC.AU)$ has reported a significant 62% increase in its coal production for the first fiscal quarter, following the acquisition of two mines in eastern Australia. The company announced that its saleable coal production for the three months ending in September reached over 7.1 million metric tons, a substantial rise from the 4.4 million tons produced in the same period last year.

$Newmont Corp (NEM.AU)$ disclosed mixed results for its third-quarter earnings, with adjusted earnings per share (EPS) of $0.81, which did not meet analyst estimates. Despite this, the mining giant surpassed revenue expectations, posting $4.61 billion and achieving a free cash flow (FCF) of $760 million for the period. In a significant gesture towards shareholder value, Newmont’s Board has approved an additional $2 billion for its share buyback program. This expansion is in addition to the $1 billion plan previously announced, of which $750 million has already been repurchased. This move underscores Newmont's commitment to enhancing shareholder returns amidst its financial performance.

$Fortescue Ltd (FMG.AU)$ announced a 4% increase in its iron-ore shipments for the first quarter, reaching a record high for the period, although it faced rising production costs due to persistent inflationary pressures. The company, which ranks as the world's fourth-largest iron-ore producer, shipped 47.7 million metric tons in the three months ending in September, up from 45.9 million tons in the same quarter last year. The figure represents a decrease from the 53.7 million tons shipped in the preceding quarter.

$IGO Ltd (IGO.AU)$, an Australian mining firm, reported an EBITDA loss for its first fiscal quarter, attributing the downturn to falling lithium prices and diminished nickel revenue. Despite a production increase in lithium-rich spodumene and refined lithium hydroxide—rising 22% and 13% respectively from the previous quarter—the prices for these battery components continued to decline. Additionally, the company faced a 41% reduction in nickel output, primarily due to lower ore grades at one of its mines and the closure of another mine caused by a seismic event.

$Freeport-McMoRan (FCX.US)$ announced its third-quarter results on Tuesday, revealing a slight decrease in adjusted net income but an increase in revenue. The mining giant reported an adjusted net income of $0.38 per share, a decrease from $0.39 per share a year earlier. Despite the dip in earnings, the company saw a significant revenue rise from $5.82 billion in the previous year to $6.79 billion for the quarter ending September 30. This performance highlights the company's resilience amidst fluctuating market conditions.

$Agnico Eagle (AEM.US)$ announced on Friday its strategic investment of $40 million in ATEX Resources, signaling a significant move into the copper-gold sector. The investment, executed through a non-brokered private placement, will see Agnico Eagle subscribing for approximately 33.9 million units of ATEX Resources at a price of 1.63 Canadian dollars ($1.18) per unit. Each unit comprises one common share and a half of a share purchase warrant. This investment will secure Agnico Eagle a 13.21% ownership stake in ATEX on a non-diluted basis, providing it with exposure to a promising early-stage copper-gold exploration project located in Chile. This move aligns with Agnico Eagle's strategy to diversify its mineral portfolio and enhance its presence in the global mining sector.

$Teck Resources (TECK.US)$ delivered a robust performance in its third-quarter earnings, reporting an adjusted earnings from operations of C$0.60 ($0.43) per diluted share, a significant increase from $0.16 per share in the same period last year. Revenue for the quarter ending September 30 also saw a notable rise, reaching C$2.86 billion up from C$1.99 billion a year earlier.