Foremost Lithium Completes Winter Drilling Program; NDAA Proposes Refining Study; Buenaventura Suspends Plant Operations And More: Thursday's Top Mining Stories
Portfolio Pulse from austin@walkonholdings.com
Foremost Lithium completed its winter drilling program, TMC praised a legislative proposal for refining studies, Buenaventura suspended plant operations due to community issues, and BHP secured an extension for its takeover bid of Anglo American.
May 23, 2024 | 8:27 pm
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POSITIVE IMPACT
Foremost Lithium completed its 2024 winter drilling program, extending the mineralized body by 150 meters to over 400 meters. Initial assays confirmed lithium presence, with more results pending.
The successful completion of the drilling program and the extension of the mineralized body indicate potential for increased resources, which is positive for the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
TMC praised a legislative proposal to allocate $2 million for studying the feasibility of refining polymetallic nodule-derived intermediates domestically. TMC's U.S. subsidiary applied for a $9 million grant for this work.
The legislative support and potential funding for refining studies could enhance TMC's capabilities and market position, positively impacting the stock.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
BHP secured a one-week extension for its proposed takeover of Anglo American, requiring Anglo American to demerge its South African assets.
The extension provides more time for negotiations, but the outcome remains uncertain, leading to a neutral short-term impact on the stock.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Buenaventura Mining temporarily suspended operations at El Brocal’s processing plant due to unauthorized entry by a community group. Underground mining continues with ore stockpiled for later processing.
The suspension of plant operations due to community issues could disrupt production and negatively impact the stock in the short term.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 90