US Antimony Halts Latin American Operations; US Steel Invests In Freespace Robotics And More: Monday's Top Mining Stories
Top Stories for March 11, 2024:
1. United States Antimony Corporation (NYSE:UAMY) announced the immediate discontinuation of all operations in Latin America, including the sale or closure of its U.S. Antimony de Mexico subsidiary.
This action will affect the company's Madero smelter and the Puerto Blanco mining facility due to their long-standing negative cash flow and lack of future profitability.
The move aims to improve cash flow for its remaining business in Thompson Falls, Montana.
The company plans to sell or lease the affected assets and has begun looking for buyers or lessees. The financial impact of these actions is currently unclear.
United States Antimony will retain its Los Juarez mining claims, which have significant exploration potential but no active operations.
Chairman and Co-CEO Gary C. Evans said, "Based upon a thorough review of historical financial numbers of our Mexican operations… it became painfully obvious that these operations have always been unprofitable.… Antimony continues to be a ‘Critical Mineral’ on the U.S. Government’s Defense and Energy lists of needs. Our existing operation in Thompson Falls is profitable and continues to operate efficiently."
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2. United States Steel Corporation (NYSE:X) invested in Freespace Robotics, a Pittsburgh-based company specializing in innovative robotic storage and retrieval systems for global warehouses.
The company’s autonomous storage system uses robots for efficient handling and storage of goods.
Funds from U.S. Steel will be used for pilot programs, establishing a manufacturing base in the region and hiring local talent and expanding its team.
U.S. Steel's Director of Strategy and Corporate Development, Jim Cook, will also join Freespace Robotics' Board of Directors.
Senior Vice President and Chief Technology Officer Christian Gianni stated, "Investing in Freespace Robotics is another way we're promoting innovation while supporting the regional economy and its workforce…we’re doubling down on the region because we believe in its potential to be a force for innovation in the U.S. and beyond."
The details of the investment were not disclosed.
3. Benchmark analyst Nathan Martin maintained Ramaco Resources (NASDAQ:METC) with a Buy and raised his price target from $20 to $27.
4. Seaport Global analyst Martin Englert initiated coverage on Worthington Steel (NYSE:WS) with a Neutral rating.
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