Atlas Lithium's Modular Plant Nears Completion; White House Imposes New Tariffs; Gold Royalty Reports Record Revenue And More: Tuesday's Top Mining Stories
Top Stories for May 14, 2024
Atlas Lithium
Atlas Lithium‘s (NASDAQ:ATLX) advanced lithium processing plant, using dense media separation (DMS) technology, is in the final fabrication stage.
The modular design simplifies transportation, installation and commissioning. It’s also said to be environmentally conscious due to the plant’s compact, preassembled modules that allow for a smaller footprint and greater efficiency.
It will soon be shipped to the Neves project site in Brazil’s Lithium Valley, a region with significant lithium deposits.
Brazil holds the fifth-largest lithium reserves globally and Atlas is poised to produce high-grade lithium concentrate at a competitive cost.
Biden Tariffs
The Biden administration is imposing new tariffs on Chinese imports to protect U.S. jobs before the November election.
The tariffs, affecting $18 billion worth of goods, will increase rates on Chinese electric vehicles by 100%, nearly triple rates on steel and aluminum and double rates on solar cells. Batteries and semiconductors will also see increased rates.
The administration emphasized the need to prevent unfair competition and support domestic industries.
This move follows a review of tariffs from the Trump administration, with most existing tariffs being maintained.
Also Read: Australia Injects $374M Into Critical Minerals Exploration: ‘We’ve Got Some Huge Advantages’
Gold Royalty
Gold Royalty (AMEX:GROY) reported record quarterly revenue of $2.9 million and total revenue of $4.2 million for Q1 2024, a 112% increase from Q1 2023.
This growth was driven by new revenue from the Borborema project and Cozamin royalty interest, as well as increased revenue from Canadian Malartic and land agreements.
The company achieved its first positive cash flow from operations of $0.3 million and cash operating expenses decreased by 10% to $2.3 million.
Key developments included the first gold pour at the Côté Gold Mine and progress at the Odyssey and Borborema projects. Gold Royalty also formed a strategic alliance with Taurus Mining Royalty Fund to enhance deal origination and investment opportunities.
Ampco-Pittsburgh
Ampco-Pittsburgh (NYSE:AP) reported net sales of $110.2 million for Q1 2024 (up from $104.8 million in Q1 2023).
The results were driven by growth in the Air and Liquid Processing segment.
However, income from operations fell to $100,000 from $2 million, mainly due to higher repair expenses and plant downtime from fire damage at a foreign cast roll facility.
The company also faced an unfavorable product mix, higher production costs and increased selling and administrative expenses in the Air and Liquid Processing segment.
Now Read: Anglo American Rejects BHP’s Improved Bid, Rio Tinto Remains Contender For Prized Copper Assets
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