Key Highlights for February 21, 2024:
1. Nucor Corporation’s board approved $860 million in funding to construct its largest rebar micro mill in the Pacific Northwest, exhibiting a 50% increase in capacity over its North Carolina project.
The location is under evaluation, and the construction, pending regulatory approvals, is predicted to take two years.
President and Chief Executive Officer Leon Topalian hailed the efforts, commenting, “The rebar we produce at our Nucor micro mills is made from nearly 100 percent recycled scrap, making it some of the cleanest steel made anywhere in the world…. This new rebar micro mill in the Pacific Northwest will help Nucor maintain its leadership in the steel bar market and further execute our strategy to better serve our customers west of the Rocky Mountains, which also includes the addition of a melt shop at our Arizona bar mill.”
2. Gatos Silver announced fourth-quarter and full-year 2023 financial results, including an extended lifespan for the Cerro Los Gatos mine and robust production growth alongside cost management.
Despite processing more material, costs rose only 4%, with significant cash from operations and free cash flow, maintaining a low adjusted all-in-sustaining cost (AISC) per silver ounce.
Gatos Silver reported net income of $12.9 million ($0.18 per diluted share) and received $59.5 million of capital distribution from LGJV, ending the year with $55.5 million in cash and no debt.
3. Dakota Gold Corp. announced successful assays from 12 drill holes at the Richmond Hill Gold Project in South Dakota, revealing expanded mineralization in new areas and confirming significant mineral blocks in the north Richmond Hill Breccia Pipe and MW3 Zone, including a high-grade zone near the surface.
Drilling at Richmond Hill Gold Project’s Breccia Pipe Zone and MW3 Zone showed promising expansions of mineralization, with thick, higher-grade intervals indicating an expansion of the known mineral zone.
Vice President of Exploration James Berry commented, “These exploration results are very positive.… The shallow mineralization is open and we are finding better grades in zones internal and external to the global resource area, which will improve the ultimate economics of the project. Once we finish the initial Richmond Hill maiden S-K 1300 resource estimate in Q1 2024, work will begin to expand it using the great results reported here today.”
4. Piedmont Lithium announced the sale of 1,152.2 million shares of Sayona Mining for A$0.052, resulting in gross proceeds of roughly A$59.9 million ($39.4 million).
Piedmont no longer holds any shares of Sayona Mining, and the sale has no impact on Piedmont’s joint venture or offtake position with Sayona Quebec.
President and CEO Keith Phillips made it clear, “We acquired our initial Sayona shares as part of our strategic investment in the Sayona Quebec joint venture and will recognize a meaningful gain on the investment. We remain fully committed to our joint venture with Sayona, with a particular focus on the ongoing ramp up of North American Lithium, the largest lithium operation in North America.”
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