Top Stories for April 22, 2024:
1. American Battery Technology (NASDAQ:ABAT) successfully constructed and began commissioning its lithium hydroxide pilot plant in Reno, Nevada.
This plant marks a significant step in commercializing its proprietary technology at Nevada's Tonopah Flats for extracting lithium from unconventional sources.
The pilot plant will produce battery-grade lithium hydroxide, providing samples to strategic customers to demonstrate the commercial viability of the technology.
A spokesperson for American Battery noted this plant is a key step toward using U.S.-based unconventional lithium sources, reducing reliance on foreign supplies and supporting the demand for battery-grade metals in a circular economy.
This project is supported by a $4.5 million grant from the U.S. Department of Energy.
2. ArcelorMittal Calvert, the wholly-owned subsidiary of ArcelorMittal (OTC:AMSYF), is set to build an advanced manufacturing facility in Calvert, Alabama, aiming to produce 150,000 metric tons of non-grain-oriented electrical steel (NOES) annually.
This project is critical for energy applications according to the U.S. DOE's 2023 assessment and has received $280.5 million in investment tax credits under the 48C program, backed by the Inflation Reduction Act.
The facility will enhance the domestic supply of NOES that is crucial for electric vehicle motors to support the U.S. goal of net-zero emissions by 2050 and also reduce import dependency.
Also Read: Biden Plan To Reportedly Block Alaska Mine Access Draws Industry Ire: 'Frankly, I Am Disgusted'
3. Gold Royalty (AMEX:GROY) reported preliminary Q1 results, including $4.2 million in total revenue, land agreement proceeds and interest.
Revenue was $2.9 million, equating to 2,019 gold equivalent ounces (a 112% increase from the previous year).
The company anticipates reaching its 2024 target of 5,000 to 5,600 gold ounces, projecting revenues of $10 million to $11.2 million, based on a gold price of $2,000 per ounce.
4. Saudi Arabia's Manara Minerals (OTC:FQVLF) is close to acquiring a minority stake in Pakistan's Reko Diq gold and copper mine, with production expected to start by 2028.
An official announcement could be made soon, facilitated by Pakistan's Special Investment Facilitation Council.
Currently, Barrick Gold (NYSE:GOLD) owns 50% of the project, with the Pakistani federal and Balochistan provincial governments each holding 25%.
Barrick's CEO is open to Saudi Arabia acquiring part of Pakistan's stake.
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