SA - Exploring Mining Podcast Episode 82: News from (NYSE: RIO) (NYSE: SA) (NYSE American: GORO) (TSX: STGO)
Point Roberts, WA and Delta, BC - July 9, 2020 (Investorideas.com Newswire) Investorideas.com, a global investor news source covering mining and metals stocks releases today's edition of Exploring Mining Podcast, featuring stock news from TSX, TSXV, CSE, ASX, NASDAQ, NYSE companies plus interviews with CEO's and leading experts.
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Exploring Mining Podcast Episode 82: News from (NYSE: RIO) (NYSE: SA) (NYSE American: GORO) (TSX: STGO)
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Rio Tinto Group (NYSE:RIO) plans to wind down operations and eventually close its New Zealand Aluminium Smelters (NZAS) over the next 14 months following a strategic review that showed that "the business is no longer viable given high energy costs." Alf Barrios, the CEO of Rio Tinto Aluminium, said:
"It is not a decision we have made lightly and without significant careful consideration. It is very unfortunate we could not find a solution with our partners to secure a power price reduction aimed at making NZAS a financially viable business. We will therefore terminate the power contract and move to close the operation."
Seabridge Gold Inc. (NYSE:SA) has begun geotechnical drilling along the route of the Mitchell Treaty Tunnels (MTT), considered a "key infrastructure component of its 100%-owned KSM gold-copper project in north western British Columbia, Canada." The company is set to drill 4,000 meters in 10 holes this year. Rudi Fronk, the Chairman and CEO of Seabridge, explained:
"Our permit allows us to drill 40 holes, but we have limited this summer's program to only one drill rig and 10 holes to reduce the load on our camp facilities and protect our employees and contractors. We will be following a very detailed protocol to minimize risks to our workers and local Indigenous groups."
Gold Resource Corporation (NYSE American:GORO) has revealed its Q2 2020 production results from the Tucano mine in Brazil, and Topia and the Guanajuato Mine Complex (GMC) in Mexico, its three 100 percent-owned mines. The quarterly production reached 38,540 gold equivalent ounces and boasted record monthly production in June at Tucano. Company CEO Rob Henderson commented:
"In Brazil , Tucano outperformed this quarter despite the challenges of COVID-19, and in Mexico, Topia and GMC have returned to stable production following the lifting of government mandated restrictions on mining. I would like to thank our teams for delivering these strong results while prioritizing the safety and health of our people and communities and adjusting to these unprecedented times."
Steppe Gold Ltd. (TSX:STGO) has announced a $15 million CAD strategic investment from Eric Sprott. According to the press release, Steppe Gold will use the proceeds of this private placement to "advance their exploration and development projects as well as for working capital and general corporate purposes." Matthew Wood, Executive Chairman of Steppe Gold, said:
"On behalf of the Board and the Management of Steppe Gold, I am delighted to welcome Mr. Sprott's initial investment. His support serves as a strong endorsement for Steppe Gold's exciting gold assets."
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