BHP In $25B Settlement; 5E Advanced Materials Begins Boric Acid Production; GoldMining Reduces Crucero Royalty And More: Monday's Top Mining Stories

BHP Billiton Limited Sponsored ADR +0.18% Post
5E Advanced Materials Inc Ordinary Shares -4.67% Post
GOLDMINING INC +1.53% Post
U.S. Gold Corp +2.69% Post
Vale S.A. Sponsored ADR -0.54% Post

BHP Billiton Limited Sponsored ADR

BHP

61.58

61.66

+0.18%

+0.12% Post

5E Advanced Materials Inc Ordinary Shares

FEAM

1.43

1.43

-4.67%

0.00% Post

GOLDMINING INC

GLDG

0.87

0.87

+1.53%

-0.01% Post

U.S. Gold Corp

USAU

6.11

6.11

+2.69%

0.00% Post

Vale S.A. Sponsored ADR

VALE

12.92

12.95

-0.54%

+0.23% Post

BHP’s Settlement

  • Vale (NYSE:VALE), BHP Group (NYSE:BHP) and their joint venture Samarco have offered Brazilian authorities a $24.88 billion settlement proposal for the 2015 Mariana dam disaster.
  • The settlement includes $24.88 billion in total payments; $7.29 billion was already disbursed. The plan includes $14.08 billion for governments and $3.52 billion for future obligations, aiming for a final agreement by mid-2024. 
  • This follows an initial 2016 agreement that established a foundation for reparations.

Also Read: Elliott Management’s $1 Billion Anglo American Stake Ups Ante As Mining Megamerger Collapses

5E Achieves Milestone, CEO Says

  • 5E Advanced Materials (NASDAQ:FEAM) announced the first production of boric acid at its 5E Boron Americas Complex and amended its senior secured convertible notes to extend a waiver on the cash covenant. 
  • CEO Susan Brennan says the achievement established a U.S.-based boron supply chain. The company will now begin customer qualification for its boric acid product and anticipates scaling up deliveries upon successful validation. 
  • The financial waiver on the notes is extended until Dec. 31, 2024. Afterward, the company must maintain a cash balance of at least $7.5 million.

GoldMining’s Burdensome Royalty

  • GoldMining (NYSE:GLDG) reduced a burdensome royalty on its Crucero gold project in Peru from a maximum 5% to 3%, with the option to reduce it further to 1% for an additional $200,000 within ten years. 
  • The original royalty was established with gold prices above $800 per ounce. 
  • This strategic move initially cost $70,000 and aims to enhance the project's value and support the company's broader strategy in the Americas.

U.S. Gold Shareholders Approve 5 Directors

  • U.S. Gold (NASDAQ:USAU) announced the outcomes of its annual shareholder meeting where shareholders approved the election of five directors.
  • The shareholders also ratified Marcum, LLP as the independent accountant for the fiscal year ending Tuesday, April 30. 
  • Chairman Luke Norman expressed gratitude to shareholders and highlighted the company’s focus on advancing its CK Gold Project in Wyoming and exploration projects in Nevada and Idaho.

Now Read: Gold Glitters On Stagflation Tailwinds: Newmont Soars 13% In Biggest Post-Covid Gain, Leads Mining Sector Surge

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