Ferroglobe Acquires Strategic High-purity Quartz Mine In The U.S. For ~$11M In Cash With An Additional $4M Expected In Capital Expenditures To Build Out The Infrastructure, Including Rail Access, Loadout, And A Processing Facility
Portfolio Pulse from Benzinga Newsdesk
Ferroglobe PLC (NASDAQ:GSM) has acquired a high-purity quartz mine in South Carolina, U.S. for approximately $11 million in cash, with an additional $4 million expected in capital expenditures for infrastructure development. The mine is expected to produce more than 300kt of high-purity quartz per year, with over ten years of reserve life. The acquisition is part of Ferroglobe's strategy to be self-sufficient in quartz supply, a critical raw material in the production of silicon metal.
October 30, 2023 | 12:40 pm
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Ferroglobe's acquisition of a high-purity quartz mine is a strategic move to ensure self-sufficiency in quartz supply. This could potentially reduce costs and increase production efficiency, which may positively impact the company's stock in the short term.
The acquisition of the quartz mine is a strategic move for Ferroglobe, as it ensures self-sufficiency in quartz supply, a critical raw material in the production of silicon metal. This could potentially reduce costs and increase production efficiency, which are factors that investors often look for. Therefore, this news could have a positive impact on the company's stock in the short term.
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