Benzinga - by Austin DeNoce, Benzinga Staff Writer.
Top Stories for April 10, 2024: 1. Gatos Silver Inc (NYSE:GATO) announced its first quarter 2024 production results for the Cerro Los Gatos mine in Mexico, highlighting a strong quarter with mill throughput increasing 11% year-over-year to over 3,200 tons per day — a new quarterly record.
Silver equivalent production was at the upper end of guidance despite lower grades for silver, lead and gold.
The company is working on mine debottlenecking and productivity improvements, aiming for a sustained throughput of 3,500 tons per day and extending the mine’s life beyond 2030, with plans to update the life of the mine in the third quarter of 2024 and to increase exploration efforts.
2. AngloGold Ashanti PLC (NYSE:AU) published its 2023 Annual Report, which highlighted significant corporate restructuring, including establishing AngloGold Ashanti PLC in England and Wales as the new parent company.
A potential joint venture between Iduapriem in Ghana and Gold Fields' Tarkwa mine was announced, which could create Africa’s largest gold mine.
Despite challenges, the company met its production and cost guidance, with an adjusted EBITDA of $1.42 billion and revenue of $4.6 billion.
The Full Asset Potential Programme increased its gold mineral reserve by 2.2 million ounces at a cost of $62 per ounce.
Dividends paid were $91 million and the company reported a loss of $235 million to equity shareholders.
Also Read: Bank Of America Sees Gold At $3,000, Warns Of A Copper Supply Crisis: Metals ‘Dance To Their Own Tune’
3. Steve Jurvetson, an investor known for backing disruptive technology companies such as Tesla, SpaceX and others with investments totaling over $800 billion in value, has joined TMC The Metal Company Inc.’s (NASDAQ:TMC) board.
His role aims to guide TMC into commercial production, focusing on exploiting deep-seafloor nodules for critical metals essential for energy transition and national security, amidst growing global policy interest.
4. BMO Capital maintained its Market Perform rating on Coeur Mining Inc (NYSE:CDE) and raised its price target to $4.25.
Now Read: China Defies Decarbonization Trend As Coal Imports Climb 16.9% In Q1 2024
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