Tanzania Gives Lifezone Metals A License; Worthington Steel Reports Financial Results; Potential Of Ramaco's Brook Mine And More: Friday's Top Mining Stories
Top Stories for March 22, 2024:
1. Lifezone Metals Limited (NYSE:LZM) was granted a license by the Tanzanian government to operate a facility refining nickel, copper and cobalt at its Kabanga Nickel Project located near Barrick Gold’s (NYSE:GOLD) former Buzwagi Gold Mine in northwest Tanzania.
This project is managed by Lifezone’s subsidiary Tembo Nickel and 16% is owned by the Tanzanian Government. It's also among the largest undeveloped nickel sulfide deposits globally.
A feasibility study for the project is expected to be completed by the third quarter of 2024.
Lifezone Metals also signed a formal agreement for $50 million of unsecured convertible debentures from a group of investors that will be used for this project.
2. Worthington Steel Inc. (NYSE:WS) reported Q3 fiscal 2024 earnings. Net sales rose by $25.1 million (3%) to $805.8 million and earnings were $49 million (98 cents per share), largely driven by increases in direct and toll selling prices and volumes.
The product mix was 55% direct to 45% toll tons, slightly shifted from the previous year’s 56% to 44%. Gross margin grew by $56.9 million to $120.1 million, primarily due to better direct spreads and volume.
Operating income jumped by $56.8 million to $66.3 million, mainly from improved gross margin and reduced costs post-separation from Worthington Enterprises, which were partially offset by wage increases and inflation.
The company also announced a quarterly dividend of 16 cents per share, payable on June 28, 2024 to shareholders as of June 14, 2024.
Also Read: Barrick Trains New Staff In Africa, Eyes Congo Expansion: ‘Kibali Now Flourishing’
3. Ramaco Resources Inc. (NASDAQ:METC) announced the publication of an updated technical report by the independent reserve geologist Weir International on the rare earth potential of the Brook Mine.
The updated estimates show more than 1.5 million tons of rare earth oxide at concentrations of 550 ppm, with some lithologies exceeding 9,000 ppm.
Over 10% of the mine contains significant amounts of critical minerals gallium and germanium.
In a shareholder letter by Chairman and CEO Randall Atkins, he noted the Brook Mine is the largest unconventional deposit of rare earth elements and critical minerals in the U.S., with advancements indicating a promising path toward commercialization.
4. Alcoa Corporation’s (NYSE:AA) subsidiary Alcoa Nederland Holding closed its offering of $750 million in 7.125% senior notes due 2031, guaranteed by Alcoa and select subsidiaries on an unsecured basis.
This marks Alcoa’s first Green Finance Instrument, aligning with its Green Finance Framework outlining the criteria for what constitutes a "green project."
Proceeds will fund eligible new and existing projects under this framework and support Alcoa’s cash needs, including portfolio actions.
Now Read: Gold Investors Should Own These ETFs, Says Bank Of America: Why Analysts Expect Gold Spike To $2,600
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