Foremost Lithium Completes Winter Drilling Program; NDAA Proposes Refining Study; Buenaventura Suspends Plant Operations And More: Thursday's Top Mining Stories
Top Stories for May 23, 2024:
Foremost Lithium (NASDAQ:FMST): The Vancouver-based company completed its 2024 winter drilling program on its Zoro property, achieving over 5,800 meters across 21 diamond drill holes.
- Results show lithium mineralization continuity along Dyke 1, extending the mineralized body by 150 meters to over 400 meters, with potential for further expansion. Dyke 1 remains open in all directions.
- Initial assays confirmed lithium presence, with more results pending. This expansion could lead to new resource calculations and further exploration.
TMC, The Metals Company (NASDAQ:TMC): The company praised a decision from the U.S. House of Representatives about the fiscal year 2025 National Defense Authorization Act.
- The legislation proposes allocating $2 million to study the feasibility of refining polymetallic nodule-derived intermediates into high-purity nickel, copper and cobalt domestically.
- TMC’s U.S. subsidiary applied for a $9 million grant for feasibility work on a domestic refinery for these intermediates.
- With commercial-scale nodule collection starting in Q1 2026 and a partnership with Pacific Metals, refining these intermediates in the U.S. could boost domestic production of clean energy, infrastructure and defense technologies.
- The legislation, backed by the House Armed Services Committee, aims to strengthen supply chains and American manufacturing as per Executive Order 14017.
Also Read: 3 Stocks To Watch As Copper Surges To Record Highs: ‘Something Is Cooking In China’
Buenaventura Mining Co (NYSE:BVN): The Lima, Peru-based company temporarily suspended operations at El Brocal’s processing plant due to unauthorized entry by a small group from the Huaraucaca Community.
- Underground mining is continuing, with ore stockpiled for later processing.
- The company is in discussions with the community to resolve the issue and is prioritizing the safety of its employees and facilities.
BHP (NYSE:BHP): The Melbourne, Australia-based company secured a one-week extension for its proposed takeover of Anglo American (OTC:AAUKF).
- The extension came hours before the May 22 deadline that would have required a formal bid or withdrawal for six months.
- BHP’s proposals require Anglo American to demerge its South African assets, Anglo American Platinum and Kumba Iron Ore.
Now Read: Zijin Mining Sets Ambitious 50% Growth Target For Copper Production By 2028
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