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Cleveland-Cliffs slumps after quarterly revenue misses estimates
Cleveland-Cliffs' shares fell over 17%?Monday after the steelmaker reported a fourth-quarter profit that was below Wall?Street expectations. Shares of the company were trading at $12.22 and were on track for their largest single-day decline since October 21. Cleveland-Cliffs CEO Lourenco Goncalves stated that the company's performance in 2025 would be affected by the weak production levels of the automotive industry, the termination a 5-year contract for slab supply with ArcelorMittal, and the impact the Trump administration’s sweeping metal tariffs will have on its Canadian operations. Goncalves stated that "Canada became a dump for producers who were trying to avoid US tariffs and downstream Canadian manufacturing suffered as well." Commercial contracts lagged behind despite the tariffs, which boosted U.S. spot steel prices. The industry had to adjust to an older price index, leading to a 'lower fourth-quarter selling price. Tariffs have further hurt the sales of?the automobile sector?, which accounts for 28% of Cleveland-Cliffs quarterly steelmaking revenues. The bottom line of U.S. carmakers has also been hit by higher production costs. LSEG data shows that the company's revenue for the quarter decreased marginally to $4.31 Billion from a previous year, which is below analyst expectations of $4.59 Billion. The total revenue for 2025 also dropped to $18.61 from $19.19 billion. The steel producer, however, posted a narrower-than-expected quarterly loss. Its adjusted loss per share was 43 cents in the quarter that ended on December 31 compared to 68 cents one year earlier. Analysts, on average, had expected a loss per share of 60 cents. Goncalves stated that the company expects to incur higher costs during the next quarter due to "the recent spike in utilities costs" and a change in (product) mix, before returning to normal in Q2, with improved steel pricing and increased shipment volumes. The company wants to?finalize a deal in the first half 2026 with Korean steelmaker Posco. The median price target compiled by LSEG of 15 brokerages that cover Cleveland-Cliffs was $13. By 2025, this stock would have gained 41.3%. Reporting by AnshumanTripathy and AatreyeeDasgupta from Bengaluru, Editing by MajuSamuel and Shakesh Kuber
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Harmony Gold announces that newly acquired Australian copper mine will require a two-year overhaul
Beyers Nel, the Chief Executive of Harmony Gold in South Africa, said that the CSA Copper Mine acquired by Harmony Gold recently could require a capital 'injection' and a strategic rethink. This could take up to two years. Harmony, South Africa’s largest gold producer, has diversified into copper, a critical metal for electric vehicles and grid infrastructure. Gold mining in South Africa is becoming more expensive and geologically challenging due to the deepness of the mines. Harmony acquired the CSA mine from Australian Mac Copper Ltd last October in a $1.03 billion deal. Harmony has not yet said whether it can increase or maintain the output of 40,000 tons per year. Nel stated that the operation required significant work. He said that it could take up to two years or more to de-risk the mine and un-bottleneck it, on the sidelines the Africa Mining Indaba. It is a mine which is currently constrained. This mine needs a little rethinking and capitalisation. He said that the two main issues are inadequate ventilation and a lack of flexibility in mining due to poor insulation. Harmony examines short-term projects that will improve ventilation and allow deeper mining. The company will 'give the first official production outlook for mine when it reports its half-year results on March. This period covers?the six month from January to the end of June. We don't expect it to blow the lights out. "I mean, the mine has a constrained space," said?Nel. Harmony is also the sole owner of the Eva copper project located in Queensland (Australia) and is a joint-owner with Newmont for Wafi-Golpu - a gold-copper mine in Papua New Guinea that is currently undergoing the?process to obtain a special mining license. Nel stated that "we don't have a timeline for when we will get the licence, but we feel confident that we are making progress towards achieving our goal." Reporting by Nqobile dludla, Olivia Kumwenda - Mtambo and Susan Fenton; Editing by Nelson Banya
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Botswana's economic recovery is projected but debt spirals upward
Botswana is projected to grow in this year's economic forecast after two consecutive years of contraction. However, debt will likely rise above 'the' government's statutory limit due to another large budget deficit. Ndaba Gaolathe, in a speech on the budget, said that economic growth was expected to be 3.1% this year, compared with estimated contractions of?2.8% last year and 0.4% last. Southern Africa's economy has suffered a severe downturn, largely due to the economic uncertainty and growing popularity of lab-grown diamonds. About one-third of Botswana’s revenue is generated by diamonds, and about three-quarters comes from its foreign exchange earnings. Gaolathe told lawmakers that the 'budget deficit for the fiscal year starting in April is seen as 26.35 billion Pula ($1.91billion), or 8.9% gross domestic product. This compares with a projected deficit of 25,48 billion pula for this fiscal year. The minister stated that "this reflects a structurally stretched fiscal framework?where expenditure commitments consistently exceed realistic and available realisable resources." By March 2026, the debt-to GDP ratio will be estimated at?38.77% and by March '2027 it will reach 44.66%. This is a breach of the current statutory debt limit of 40%. Gaolathe said that while such a rise in the ceiling may cause short-term concerns about credibility, they are far outweighed by the "significantly higher economic risks" arising from the fiscal consolidation required to remain within the existing ceiling. He continued that it was urgent to increase economic diversification, and strengthen growth sources other than mining. $1 = 13.8313 pula (Reporting and editing by Alexander Winning, Tomaszjanowski and Tomasz Winning in Cape Town and Johannesburg).
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Cleveland-Cliffs slumps after quarterly revenue misses estimates
Cleveland-Cliffs' shares fell in early trading on Monday after the steelmaker reported a fourth-quarter profit that was?below Wall Street expectations. Lourenco Goncalves, CEO of the company, said that the performance in 2025 would be affected by a weak production level in the automotive industry, a five-year slab agreement expiring in its final year and 'a new adverse dynamic on the Canadian market. Commercial contracts lagged behind despite President Donald Trump’s sweeping metal tariffs, as the industry adapted to an older price index. This resulted in lower selling prices for the fourth quarter. Tariffs have further harmed demand for?automotive products, which is a major market for Cleveland-Cliffs. Several U.S. carmakers cited?increasing production costs. LSEG data shows that the company's revenue for the quarter decreased marginally to $4.31 Billion from a year earlier, falling below analyst expectations of $4.59 Billion. The total revenue for 2025 also dropped to $18.61 from $19.19 billion. The company, however, posted a narrower-than-expected quarterly loss. The adjusted loss per share was 43 cents, compared to 68 cents in the same quarter last year. Analysts had predicted a loss of 60 cents. Gordon Johnson, an analyst at GLJ Research, said that "U.S. car production?remains weak (and deteriorating), Canada remains weak and neither has provided much ballast 'to results." Cleveland-Cliffs shares are down 18.8% to $11,96. The stock has gained 41.3% in 2025. (Reporting and editing by Maju Sam in Bengaluru, AnshumanTripathy, AatreyeeDasgupta).
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Lebanese Health Ministry: Israeli strikes kill 4 in Lebanon, including a child
Lebanon's National News Agency, citing Lebanon's Health Ministry, reported that Israeli forces killed four people in southern Lebanon, including a young child, on Monday. The Israeli military claimed they targeted members of the Shi'ite Muslim-led armed group Hezbollah. According to Hezbollah and the Lebanese Sunni Islamist Jama'a Islamiya group, in a third raid, Israeli forces seized a senior official of Jama'a Islamiya. According to the Israeli military, he is a senior terrorist and was sent to Israel for questioning. Israel has been conducting regular strikes on Lebanon since the 2024 war with Hezbollah. According to Lebanese security sources, around 400 people have died since the ceasefire. NNA, citing the Health Ministry, reported that three of the victims, including a child of 3 years, were killed by an Israeli airstrike on the village of Yanouh. Israeli military claimed to have killed a Hezbollah fighter in an airstrike?in Yanouh. They identified him as the leader of Hezbollah artillery -in that area. He was also said to have carried out many attacks against Israel during the war and be working on rehabilitating Hezbollah artillery's capabilities. The Israeli military stated that they were "aware" of the claim of uninvolved civils being killed, that measures were taken to minimize harm to civilians such as use of precise munitions or surveillance and that they regretted any harm caused to innocent civilians. The incident was under review, it said. NNA reported that the fourth death occurred in Aita al-Shaab. The Lebanese Health Ministry said,?a gunman was killed by Israeli fire. Israeli troops have "eliminated" a Hezbollah terror in Aita al-Shaab. He was "involved with gathering intelligence on IDF soldiers and operated to restore Hezbollah’s terrorist infrastructure". Hezbollah said in a statement that the incidents were a "dangerous escalate" and "signals a new phase of Israeli aggressiveness." Israel accuses Hezbollah that it is attempting to rearm, in violation of the ceasefire agreement with Lebanon. Hezbollah claims it has respected the southern Lebanon ceasefire. Early in the morning, a Jama'a Islamiya official, who fired rockets against Israel during the Gaza War, was arrested from the village Habbariyeh near Hasbaiyaa.
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TSX increases as mining stocks rise
Canada's main index of stocks rose on Monday. The gains were boosted by mining shares as precious metals prices continued to rise and helped?the commodities heavy benchmark climb for the second consecutive session. As of 10:28 a.m., the S&P/TSX composite index was up 0.6% to 32,667. ET. On Friday, the index posted its largest daily gain in four months as miners advanced after a "recovery" in precious metals prices supported by a weaker U.S. Dollar. The spot price of?gold and silver rose by 1.8%, respectively, and copper prices also increased. TSX gold index grew by 2.3% while materials index, including mining shares, grew by 2%. Analysts said that despite recent volatility in the gold price, investors remain optimistic about long-term gold prices. Brian Madden is the chief investment officer of First Avenue Investment Counsel. He said, "Volatility may have increased, but we still hold a fairly?core position. We think that gold's path of least-resistance will be higher." Financials, which is the sector that has the most weight, gained 0.5%. Oil prices fluctuated as traders assessed the U.S.?and Iran's commitment to continue discussions following Friday's positive talks in Oman and slowed Russian flows into Indian refineries. TSX energy index was up by 0.1%. However, technology shares fell by 0.6% while industrials dropped 0.3%. Investors now await ?U.S. Investors are now awaiting?U.S. This week, a slew corporate?results will be released. Vizsla's shares fell 14% when the miner announced that workers abducted from its Concordia project site, Mexico, had been found dead. (Reporting and editing by Jonathan Ananda; Utkarsh Tushr Hathi)
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Eramet shares drop as CFO's suspension deepens management crisis
Eramet shares fell on Monday after news broke that the French mining group's finance chief was temporarily suspended. This exacerbated a management crisis triggered by the removal of the former CEO a few days earlier. Eramet?said earlier in a press release that the suspension of Abel MartinsAlexandre pending an investigation of his management methods was not connected to the firing Paulo Castellari from the CEO position on February 1. Maxime Kogge, an analyst at Oddo BHF, said that the timing of this announcement was not ideal. "Eramet faces the risk of being downgraded by rating agencies because of its stressed financial situation." Eramet’s?stock dropped 6% in Paris by mid-afternoon, making it one of the largest losers on the SBF 120 index. The Nickel, Manganese, and Lithium miner attributed the dismissal to "operating methods", particularly coordination with the company's board and teams. Analysts worry about the'management upheaval' after praising Castellari for his early efforts to overhaul the company, which has seen its results fall and debt rise in the last year due to the weak metal markets and investments made in lithium. Eramet will announce its?annual results, with a market cap of almost 2 billion euros (2.38 billion dollars), on February 18. Christel Bories, the chairwoman of Eramet and former CEO, is now acting CEO. She has taken over the role that she handed to Castellari in 2017. The 'group' said that MartinsAlexandre was temporarily relieved from his duties to "allow for the proper conduct of an independent investigation which has been launched following a warning by several employees of?the finance department regarding?the department management." The Financial Times reported that the company initially confirmed the suspension of the CFO late Friday night. The French state and the Duval?family are its largest shareholders, with approximately 27% each. The Duval family and the French Finance Ministry did not immediately respond to comments. Reporting by Gus Trompiz, Dominique Vidalon and Gianluca Nostro. Additional reporting by Gianluca. Editing by Inti and Anil D’Silva.
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Mining chamber: Three of ten kidnapped miners found dead in Mexico
The country's mining chamber announced on Monday that three of the 10 miners kidnapped from a mine in Mexico's northern Sinaloa state last month by Vizsla's Silver Corp. were found dead. Local authorities confirmed the death of Ignacio Aurelio Salazar and Jose Manuel Castaneda, according to a statement by Mexico's mining chamber Camimex. Camimex demanded an investigation in order to determine who was responsible. Camimex said that it was important to find our missing coworkers alive and return them home where they belong. The group was taken at the end January from a mine of silver in an area that security authorities claim is controlled by the Chapitos. This faction of the Sinaloa cartel is led?by sons of former Mexican drug lord Joaquin 'El Chapo' Guzman. Vancouver-based Vizsla said that it was focused on the safe return of those who are still missing and support the affected families. Michael Konnert, CEO of the company, said: "We are deeply saddened by this tragic outcome and the tragic death. Vizsla Silver said that it would provide updates once it received confirmations from Mexican officials. Since the kidnapping, its Panuco Mine has been closed and company shares are down almost 6% on Monday. The Attorney General's Office of Mexico did not respond immediately to a comment request. Mexican authorities announced on Friday that a body found in a secret grave near Mazatlan, some 45 kilometers (28 miles) away from Concordia, matched the description for one of the missing miner's. Mexico sent more than?1,000 troops to the area, including elite Marines, over the weekend, in an effort to find the missing miners. Four suspects were arrested Thursday in the case. In a Monday press conference, President Claudia Sheinbaum stated that the federal government is 'in close contact with workers' families and mining companies. She said, "We're examining everything that might have led to this situation." "We hope that a situation such as this never happens again." The relatives of four kidnapped miner families said they were not asked to pay a ransom. However, workers told them that the area is dangerous because of local criminal groups. Reporting by Pranav Mathematics in Bengaluru; Sarah Morland, Raul Cortes and LizabethDiaz in Mexico City. Editing by Arun K. Koyyur and Mark Porter.
United States natgas drillers cut costs, decrease activity in the middle of rate crash
U.S. natural gas producers are slashing costs and minimizing drilling activity following a. sharp decline in prices, companies said today throughout. earnings presentations and expert calls.
For months of reasonably low gas prices, numerous manufacturers kept. output mostly steady on expectations that need would increase in. When numerous liquefied natural gas (LNG) export, 2024 and 2025. plants get in service.
However, this week's collapse in gas rates to a 3-1/2- year. low convinced some drillers to reverse course.
Comstock Resources, a major U.S. gas manufacturer, stated. it would decrease the variety of rigs in operation from seven to. 5 and suspend its dividend till gas costs rise. sufficiently.
Antero Resources, another huge U.S. gas manufacturer, stated. it would cut its drilling and conclusion capital budget by 26%. after lowering the number of rigs in operation to two from. 3. It also dropped one of its two completion teams.
Antero anticipates a 3% decline in gas volumes this year versus. 2023.
[It's] great to see operators plainly lay out strategies to slow. D&C (drilling and conclusion) capital at current gas prices,. stated Jake Roberts, an analyst for Perella Weinberg Partners'. TPH&C o, in a note.
In recent months, gas costs have actually dropped on near-record. output and low heating need from a mild winter season that left ample. amounts of gas in storage.
After falling about 24% over eight days, front-month gas. futures settled at $1.581 per million British thermal. units on Thursday, their least expensive close since June 2020 throughout the. height of COVID-19 demand destruction.
The market is requesting for not only production curtailments,. however likewise activity decreases, Jeremy Knop, CFO at EQT,. the nation's most significant gas manufacturer, told analysts in a profits. call this week.
Analysts said EQT was much better positioned to avoid output. cuts near-term since it is well hedged in 2024, lowering its. exposure to the rate collapse.
EQT lowered its 2024 production assistance variety by about 50. billion cubic feet equivalent (bcfe) from earlier guidance in. mid-January to 2,200-2,300 bcfe, which the company said includes. some flexibility to reduce volumes must rates remain weak.
EQT's had total sales volumes of 2,016 bcfe in 2023.
If drillers continue to reveal decreasing production. assistance and weather stabilizes ... gas may quickly form a. short-term bottom with an overdue relief rally possible,. analysts at energy consulting company EBW Analytics Group stated in a. note.
Antero shares were up about 11% to a one-month high of. $ 23.47 after falling to a two-month low on Wednesday. Comstock. shares, which hit a two-year short on Wednesday, were up 2% to. $ 7.46.
Shares of EQT were up about 4% to $34.24 on Thursday after. dropping to a nine-month short on Wednesday.
(source: Reuters)