Barrick Targets Peru; Foremost Lithium Advances Drill Program; Nexa Concludes Tender Offer And More: Monday's Top Mining Stories
Top Stories for April 8, 2024:
1. Barrick Gold (NYSE:GOLD) is ramping up its operations in Latin America, targeting Peru’s Puno district amid gold's record spike to more than $2,350 per ounce.
The company, which already has a presence in the region, has requested a 400-hectare concession and holds interests in the Libélula project and Tres Marias property.
Barrick plans to leverage its Latin American and global assets to enhance its industry leadership and growth, focusing on Tier One gold mines and strategic copper projects.
Barrick’s gold reserves increased to 77 million ounces in 2023, with a 112% replacement rate for annual production.
2. Foremost Lithium Resource & Technology (NASDAQ:FMST) is advancing its winter drill program at the Zoro Property in Manitoba.
The company confirmed lithium mineralization in two drill holes with highlights including 1.52% Li2O over 5.02 meters and 1.09% Li2O over 9.88 meters.
These results add to Dyke 1’s inferred resource of over a million tons at 0.91% Li2O. Dyke 1’s lithium could produce around 400,000 electric vehicle batteries.
Foremost CEO Jason Barnard sees this as a step toward becoming a leading North American lithium supplier, highlighting the potential for significant growth, especially with incentives like the U.S. Inflation Reduction Act boosting domestic supply.
Also Read: Gold Shines Above $2,300, Ends Another Week At Record High: Mining Stocks Rally To 11-Month Peak
3. Nexa Resources (NYSE; NEXA) concluded its cash tender offer for all outstanding 5.375% senior unsecured guaranteed notes due 2027.
Approximately 69.2% of the notes or roughly $484,104,000 were validly tendered by the expiration date.
4. Ivanhoe Electric (NYSE:IE) President and Chief Executive Officer Taylor Melvin announced that Lara Sims will join the Company as the vice president of Health and Safety starting April 8, 2024.
Now Read: Zambia Mining Boom: The Road To 1 Million Tons of Copper
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