Benzinga - by Austin DeNoce, Benzinga Staff Writer.
Top Stories for May 16, 2024:
1. American Battery Technology (NASDAQ:ABAT) completed construction and is ramping up production at its Nevada lithium-ion battery recycling facility, which can process 20,000 metric tons of battery feedstock per year.
In March 2024, it received $60 million in U.S. Department of Energy/IRS 48C tax credits to support its recycling facilities, and it’s negotiating the monetization of these credits.
The company is also working on a $10 million DOE grant for advanced battery recycling technologies and a $57.5 million DOE grant for a commercial-scale lithium hydroxide refinery.
Additionally, ABAT's updated economic assessment for its Tonopah Flats Lithium Project shows an 8% increase in average lithium grade and a 7% reduction in production costs.
2. U.S. Gold (NASDAQ:USAU) CEO George Bee announced that the Wyoming Department of Environmental Quality issued a surface gold mine permit for the CK Gold project.
This permits the company to resume and update its prefeasibility study, aiming for completion by Q3 2024, and to advance its feasibility study.
The project is nearing completion of other conditions, including reclamation bond approval and final stages of pollutant discharge and air quality permits, expected by mid-year.
Also Read: BHP Shareholders Anticipate Final Bid For Anglo American As Deadline Nears
3. Tredegar (NYSE:TG) previously agreed to sell its flexible packaging films business, Terphane, to Oben Group on Sept. 1, 2023, pending customary closing conditions, including competition approvals in Brazil.
The General Superintendence of Brazil’s Administrative Council for Economic Defense (SG-CADE) issued a non-binding opinion recommending rejection of the sale.
The case will now move to the CADE Tribunal for further review.
Tredegar’s CEO John Steitz remains confident in the sale’s benefits for Brazil’s flexible packaging films market and will continue to cooperate with the CADE Tribunal to address any concerns.
4. Ivanhoe Electric (NYSE:IE) announced a multi-year commitment of $150,000 to the Native American Mining and Energy Sovereignty Initiative (NAMES) at Colorado School of Mines’ Payne Institute for Public Policy.
Executive Chairman Robert Friedland and CEO Taylor Melvin expressed excitement about supporting the initiative’s mission to empower Tribal communities and create more opportunities in the mining sector.
Now Read: Anglo American Expedites Plan To Divest De Beers, Other Assets After Rebuffing BHP Takeover Bid
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