Gold King Secures Key Wyoming Permit; Ivanhoe, BHP Launch Mining Alliance; Compass Minerals Reports Financial Results And More: Wednesday's Top Mining Stories
Top Stories for May 8, 2024:
1. U.S. Gold (NYSE:USAU) announced that its subsidiary, Gold King, received a Surface Gold Mine Permit from the Wyoming Department of Environmental Quality, moving them closer to project development.
President George Bee highlighted the clearance of major regulatory hurdles and ongoing progress toward obtaining final development authorizations.
The remaining conditions for the mine operating permit include approval of a $5,010,000 reclamation bond, obtaining WYPDES and AQD permits and updating the approved mining plan accordingly.
2. Ivanhoe Electric (NYSE:IE) entered into a three-year Exploration Alliance Agreement with a subsidiary of BHP (NYSE:BHP) to jointly explore and potentially develop mining projects in Arizona, New Mexico and Utah.
BHP will provide initial funding of $15 million, with subsequent investments split equally.
Under the agreement, Ivanhoe Electric will contribute advanced geophysical survey technologies and machine learning software to identify critical mineral deposits, enhancing the exploration efficiency.
The alliance aims to leverage both companies' resources and expertise to capitalize on the growing demand for minerals critical to energy transition and technological advancements.
Also Read: Uranium Executives Anticipated Russian Nuclear Fuel Ban Despite Senate Delay
3. Compass Minerals (NYSE:CMP) reported fiscal second-quarter results and detailed initiatives to enhance cash flow and reduce debt, including halting dividends to save about $25 million annually.
These actions were prompted by a mild winter and challenges in their fire-retardant business.
The company will reduce production and inventory at the Goderich mine, cutting the corporate workforce and implementing cost-saving and governance measures aimed at increasing operational efficiency and financial performance.
4. Idaho Strategic Resources (NYSE:IDR) signed a non-binding memorandum of understanding with Radiant Industries to potentially operate its Kaleidos meltdown-proof microreactors.
Kaleidos is designed for clean and efficient power in remote areas, capable of running for five years before needing refueling.
Now Read: Future Of Deep-Sea Mining Might Rest On International Seabed Authority Leadership Election
Benzinga Mining is the bridge between mining companies and retail investors. Reach out to [email protected] to get connected with the Benzinga community!
Photo: Shutterstock
