Top Stories for Jan. 23, 2024:
In a bid to support the broader energy transition, BHP Xplor has announced the launch of a second accelerator program aimed at providing essential assistance to early-stage mineral exploration companies.
The program, which attracted over 500 applicants, will offer grants of up to $500,000 to six chosen companies, along with access to a network of internal and external industry experts to bolster their development across technical, business, and operational facets.
The six selected companies are:
- Longreach Mineral: A private company innovating in mineral exploration using petroleum expertise and AI for new tier 1 deposits.
- East Star Resources EST: A U.K.-based company exploring copper and metals in Kazakhstan.
- Pallas Resources: A private firm focusing on large-scale copper, gold, nickel sulfide and lithium in Kazakhstan.
- Hamelin Gold Limited HMG: An Australian mineral exploration firm targeting the West Tanami Gold Project in Western Australia.
- Cobre Limited CBE: An Australian-listed company specializing in copper and base metals exploration in Botswana.
- Equivest Minerals: A private company utilizing technology and machine learning for locating major metal deposits.
In other significant news, Golden Minerals Company AUMN has unveiled the commencement of silver-gold mining operations at its Velardeña Properties in Mexico.
The company has initiated mining in six stopes and plans to gradually ramp up production to about 150 tons per day in March and approximately 325 tons per day in Q2.
Moreover, Ramaco Resources, Inc. METC has bolstered its team by appointing Dr. Alex Moyes as director of Critical Minerals and Planning. His mandate includes overseeing rare earth element operations and managing geological and chemical assessments at Ramaco’s Brook Mine in Wyoming.
Last year, the company revealed that the mine could potentially house the largest unconventional deposit of rare earth elements discovered in the United States. Initial findings indicated high concentrations of heavy and medium magnetic rare earth elements.
Chairman and CEO Randall Atkins expressed his excitement, stating, “The Brook Mine has the potential to be the first magnetic rare earth element mine opened in the United States in decades, presenting an exciting but formidable opportunity. We are proud to have the brilliant geologist, manager, and engineer Dr. Alex Moyes join us to work alongside the Department of Energy’s national laboratories, ensuring the development path forward is built on a solid scientific, geological, and techno-economic foundation.”
Lastly, Keybanc analyst Philip Gibbs has maintained an Overweight rating on Universal Stainless USAP and raised the price target from $19 to $21.
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