American Battery Technology Commissions Lithium Hydroxide Pilot Plant
American Battery Technology (ABAT) has successfully constructed and commissioned its lithium hydroxide pilot plant in Reno, Nevada. This plant is a significant step in commercializing the company’s proprietary technology for extracting lithium from unconventional sources in Nevada’s Tonopah Flats. The pilot plant will produce battery-grade lithium hydroxide and provide samples to strategic customers to demonstrate the technology’s commercial viability. A spokesperson for ABAT highlighted the plant’s importance in reducing reliance on foreign lithium supplies and supporting a circular economy for battery-grade metals. This project is supported by a $4.5 million grant from the U.S. Department of Energy.
ArcelorMittal Calvert to Build Advanced Electrical Steel Manufacturing Facility
ArcelorMittal Calvert, a subsidiary of ArcelorMittal (AMSYF), plans to build an advanced manufacturing facility in Calvert, Alabama. The facility will produce 150,000 metric tons of non-grain-oriented electrical steel (NOES) annually, which is crucial for energy applications, according to the U.S. DOE’s 2023 assessment. The project has received $280.5 million in investment tax credits under the 48C program, backed by the Inflation Reduction Act. The facility will enhance the domestic supply of NOES, essential for electric vehicle motors, supporting the U.S. goal of net-zero emissions by 2050 and reducing import dependency.
Gold Royalty Reports Strong Q1 Results
Gold Royalty (GROY) reported preliminary Q1 results, including $4.2 million in total revenue from land agreement proceeds and interest. Revenue from gold sales was $2.9 million, equating to 2,019 gold equivalent ounces, a 112% increase year-over-year. The company anticipates reaching its 2024 target of 5,000 to 5,600 gold ounces, projecting revenues of $10 million to $11.2 million, based on a gold price of $2,000 per ounce.
Saudi Arabia’s Manara Minerals Close to Acquiring Stake in Pakistan’s Reko Diq Mine
Saudi Arabia’s Manara Minerals (FQVLF) is close to acquiring a minority stake in Pakistan’s Reko Diq gold and copper mine, with production expected to start by 2028. An official announcement could be made soon, facilitated by Pakistan’s Special Investment Facilitation Council. Currently, Barrick Gold (GOLD) owns 50% of the project, with the Pakistani federal and Balochistan provincial governments each holding 25%. Barrick’s CEO has expressed openness to Saudi Arabia acquiring part of Pakistan’s stake.
