Nexa Resources Suspends Morro Agudo Operations; Metals Acquisition Reports Drilling Results; Golden Minerals Shares FY 2023 Results And More: Tuesday's Top Mining Stories
Top Stories for March 19, 2024:
1. Nexa Resources (NYSE:NEXA) announced the suspension of mining operations at the Morro Agudo Complex in Minas Gerais, Brazil, starting May 1, 2024.
Mining activities will slow until the end of April 2024, while limestone production continues at full capacity.
In 2023, Morro Agudo produced 23 karats of zinc and 8.3 karats of lead, with no estimated mineral reserves.
The Ambrósia mine reached the end of its life in late 2020 and operations have since been suspended as part of Nexa’s strategy to optimize its portfolio, improve cash flow and maximize shareholder value.
The Morro Agudo Complex contributes 5% and 6% to Nexa’s monthly zinc and lead production, respectively, and the 2024 financial outlook for Nexa remains unchanged.
2. Metals Acquisition Limited (NYSE:MTAL) gave an update on its ongoing exploration and resource development at the CSA Copper Mine.
Results from the exploration are after the August 31, 2023, cutoff and feature high copper grades across several areas, including 14m at 7.9% Cu, 16m at 10.4% Cu and 19.2m at 10.4% Cu from QTS North.
The company also reported high-grade findings from QTS Central and QTS South Upper A, with copper grades up to 21.3%.
The exploration was initiated after the company's acquisition of the CSA Copper mine in June 2023, and aims to expand the high-quality resource base for a new reserve estimate and mine plan.
Also Read: Copper Prices Surge To 11-Month High Amid Supply Concerns, Freeport CEO To Politicos: ‘Stop Giving Lip Service’
3. Golden Minerals Company (NYSE:AUMN) reported its financial results and activities for the fiscal year ending Dec. 31, 2023.
Golden Minerals' 2023 revenue was $12 million, down from $23.3 million in 2022, with a net loss of $9.2 million, an improvement over the previous year’s $9.9 million loss.
The company processed and sold 3,000 tons from Velardeña between March and September 2023.
Mining at Velardeña began in December 2023 but stopped by February 2024 due to poor performance, prompting a potential short-term sale of the properties.
Its Rodeo mine ceased operations in June 2023, producing 31,126 ounces of gold and 126,151 ounces of silver by year’s end, with cash costs at $1,275 per ounces of gold.
Initial estimates at the Yoquivo property showed 937,000 tons with 12.3 million ounces of silver and 64,000 ounces of gold.
Finally, the company sold its Santa Maria property in December 2023 for $1.5 million, plus a 1.5% smelter royalty.
4. ArcelorMittal (OTC:AMSYF) announced Kleber Silva as the new Executive Vice President and CEO of ArcelorMittal Mining, starting April 8, 2024.
Silva brings 35 years of extensive experience in the mining and metals industry, having held senior roles at MBR, Vale S.A (NYSE:VALE) and previously at ArcelorMittal, where he led significant operations and strategic projects.
Now Read: BHP To Slash Australian Workforce As Nickel Market Downturn Continues
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