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American Battery Optimizes Lithium Project; Steel Dynamics Reports Q1 Results; Gold Royalty Teams Up With Taurus Mining And More: Wednesday's Top Mining Stories

Author: austin@walkonholdings.com | April 24, 2024 06:17pm

Top Stories for April 24, 2024:

  1. American Battery Technology (NASDAQ:ABAT) updated its initial assessment for the Tonopah Flats Lithium Project (TFLP).

It refined the project’s scope to use only measured and indicated mineral resources, excluding the more speculative inferred resources. 

This strategy improves the project's economics by enhancing access to higher-quality resources and optimizing processing at its newly built demonstration facility. 

Key updates include a 7% reduction in total processed claystone, an 8% increase in lithium grade, a 7% decrease in production costs and a 6% rise in the project’s net present value to $4.67 billion.

  1. Steel Dynamics (NASDAQ:STLD) reported first-quarter results, with net sales of $4.7 billion and net income of $584 million. 

Highlights include 3.3 million tons of steel shipments, operating income of $751 million and adjusted EBITDA of $879 million. 

The company’s financial health was further supported by liquidity of $3.1 billion and shareholder returns through $298 million in stock repurchases and an 8% dividend increase. 

Demand was solid across sectors, particularly automotive and construction, driving sequential improvements in earnings and operational performance.

Also Read: Copper Prices Approach 2-Year Highs: What’s Behind Analyst’s $12,000 Price Prediction For 2026?

  1. Gold Royalty Corp (AMEX:GROY) entered into a three-year mutual cooperation agreement with Taurus Mining Royalty Fund that allows both parties to co-invest in precious metals royalties and streams. 

The agreement focuses on assets valued at $30 million or more and provides a framework for identifying and evaluating co-investment opportunities, with the option for each party to invest 25% to 50% in selected transactions. 

Additionally, any future sales of interests acquired through this partnership will offer first rights to the other partner.

  1. Coeur Mining Inc (NYSE:CDE) released its 2023 ESG Report, emphasizing its progress in environmental, social and governance efforts aligned with shareholder value. 

The report highlights Coeur’s achievement of the lowest injury rate among peers at 0.46 and its adoption of the Global Industry Standard on Tailings Management (placing it among the top 17% of non-International Council on Mining and Metals companies).

The company also shared its commitment to biodiversity through the Biodiversity Management Standard and advancements in climate resilience, aiming for a 35% reduction in GHG emissions by the end of 2024.

Now Read: Equinox Gold Snaps Up Greenstone Gold Mines For $995 Million In ‘Incredibly Rare’ Deal

Benzinga Mining is the bridge between mining companies and retail investors. Reach out to licensing@benzinga.com to get connected with the Benzinga community!

Photo: Jose Luis Stephens via Shutterstock.

Posted In: ABAT CDE GROY STLD

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