PLL - Nucor OKs Rebar Mill; Gatos Silver Q4 Results; Dakota Gold Drill Assays; Piedmont Sells Sayona Shares: Wednesday's Top Mining Stories | Benzinga
Top Stories for Feb. 21, 2024:
1. Nucor Corporation’s (NYSE: NUE) board approved $860 million in funding to build its fourth and largest rebar micro mill in the Pacific Northwest, with a capacity of 650,000 tons per year, 50% larger than their North Carolina project.
The location is under evaluation, and the construction, pending regulatory approvals, is expected to take two years.
President and Chief Executive Officer Leon Topalian commented, "The rebar we produce at our Nucor micro mills is made from nearly 100 percent recycled scrap, making it some of the cleanest steel made anywhere in the world.... This new rebar micro mill in the Pacific Northwest will help Nucor maintain its leadership in the steel bar market and further execute our strategy to better serve our customers west of the Rocky Mountains, which also includes the addition of a melt shop at our Arizona bar mill."
2. Gatos Silver (NYSE: GATO) announced fourth-quarter and full-year 2023 financial results.
LGJV 2023 Results: The Cerro Los Gatos mine's lifespan extended to the end of 2030 and increased silver production by 46%. Despite processing more material, costs rose only 4%, with significant cash from operations and free cash flow, maintaining a low adjusted all-in-sustaining cost (AISC) per silver ounce.
LGJV Q4 2023 vs. Q4 2022: Revenue fell 21% to $73.5 million, net income declined ...